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Nuveen, a TIAA Company

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] ESG incorporation in passively managed fixed income [FI 13] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Inclusive Finance
Context [IFD 01 - 06] PIIF Principle 1: Range of services [IFD 07 - 10] PIIF Principle 2: Client protection [IFD 11 - 13] PIIF Principle 3: Fair treatment [IFD 14 - 17] PIIF Principle 4: Responsible investment [IFD 18 - 24] PIIF Principle 5: Transparency [IFD 25 - 27] PIIF Principle 6: Balanced returns [IFD 28 - 31] PIIF Principle 7: Standards [IFD 32 - 34]
Indirect - Inclusive Finance
Context [IFI 01] Selection [IFI 02] Contractual agreements and mandate design [IFI 03] Investment manager monitoring and reporting [IFI 04 - 05] Disclosure [IFI 06 - 07]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Direct - Fixed Income » Outputs and outcomes

Outputs and outcomes

FI 17. Financial/ESG performance

17.1. Indicate whether your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or performance.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
We measure whether incorporating ESG impacts portfolio risk.
We measure whether incorporating ESG impacts portfolio returns.
We measure the ESG performance/profile of portfolios (relative to the benchmark).
None of the above

17.2. Describe how your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or ESG performance. [OPTIONAL]

The Responsible Investing team, in collaboration with product and investment teams, has developed RI product standards to ensure credibility and consistency in ESG/ impact branded strategies across the firm. All strategies must include intentional and transparent RI objectives alongside the investment thesis as well as a commitment to measure the success of the RI intention. For strategies with the intention of investing in ESG leaders, we measure the success of this objective by assessing the ESG quality of the strategy as compared to their broad based benchmark. For example, the Social Choice Bond Fund is benchmarked to the Barclay’s U.S. Aggregate Bond Index which allows investors to compare its financial performance and risk characteristics as well as the ESG quality of the fund against the benchmark. 

17.3. Additional information.[OPTIONAL]

FI 18. Examples - ESG incorporation or engagement

18.1. Provide examples of how your incorporation of ESG analysis and/or your engagement of issuers has affected your fixed income investment outcomes during the reporting year.

Type of fixed income

ESG issue and explanation

Enironmental concerns

RI strategy applied

Impact on investment decision or performance

A chemical company has an unknown liability with respect to ground water contamination which is having a negative effect on its bond prices.  We are currently slightly overweight in the name, but the concern has prevented us from putting on a larger overweight in the company.

Type of fixed income

ESG issue and explanation

Identified social concerns in 2018 and engaged with the company to encourage best practice. In 2019, we continued to see failure by the company to address our concerns. 

RI strategy applied

Impact on investment decision or performance

In 2018, we exited an African mining investment after the company posted the worst safety record in the sector and engagement with the company left a negative impression about commitment to change practices. Our decision was further validated when the company experienced another safety issue in 2019 in which management continuously fails to take responsibility.

Type of fixed income

ESG issue and explanation

Strong governance and envrionmental practices. 

RI strategy applied

Impact on investment decision or performance

We participated in a new deal for a midstream transportation and storage company where ESG factors were a positive influence on the investment decision. Specifically, we believe the sponsor is a conservative long term investor that will exercise financial discipline and prudently use excess cash flow to pay down debt, providing reasonable governance. The company has a strong safety track record and company’s ESG-dedicated website highlights how they’re using technology to control emissions.

18.2. Additional information.

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