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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]
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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

Description

The negative exclusionary screens selected apply in the following specific instances:

Country/geographic region:

All public market securities within the TIAA-CREF Funds Complex (CREF, TIAA-CREF Funds, TIAA Separate Account VA-1 and TIAA-CREF Life Funds) and the General Account avoid investment in the following four oil and gas companies that continue to have ties to Sudan:

  • China Petroleum& Chemical Corporation (Sinopec)
  • Kunlun Energy (formerly CNPC Hong Kong Oil)
  • Natural Gas Corporation
  • PetroChina

Product/Activity/Sector:

In addition, ESG products at Nuveen are subject to environmental, social and governance ("ESG") criteria. Certain of these funds will not invest in companies significantly involved in business activities such as the production of alcohol, tobacco, military weapons, firearms, nuclear power and gambling products and services.

Screened by

Description

Positive/best-in-class screening apply to Nuveen's ESG products, which are subject to certain environmental, social and governance ("ESG") criteria. The ESG evaluation process is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more relative weight. The evaluation process favors companies with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics. Concerns in one area do not automatically eliminate an issuer from being an eligible investment. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their industry and relative to their peers.

Screened by

          In addition to the above, a number of other norms and conventions are addressed related to ESG practices (e.g. EITI, Global Sullivan, etc ).

Description

Norms-based screening applies to Nuveen's ESG products, which are subject to certain environmental, social and governance ("ESG") criteria.The ESG evaluation process utilized within those strategies considers a company's involvement in ESG-related controversies, including violations of international norms and conventions such as those stated above, and how well companies adhere to international norms and principles.

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

Changes are communicated to clients and beneficiaries via the ESG-product prospectus and in other company communications.

LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure ESG screening is based on robust analysis.

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.4. Indicate how frequently you review internal research that builds your ESG screens.

05.5. Additional information. [Optional]

We source screening criteria from credible third party ESG research providers, as well as conduct our own internal research. The RI team conducts thorough due diligence on an at least an annual basis on any ESG research or providers used at the organization. Our process for evaluating potential ESG research partners is robust, and includes considerations of analytical capabilities, sources of data, track record and history in ESG research, company coverage, and approach to ESG performance evaluation, among other factors.

In addition, for the Social Choice ESG products, the firm's recommended approach to implementing the Fund's ESG criteria and ESG research partner are annually reviewed and approved by the Fund's Independent Board of Trustees.

LEI 06. Processes to ensure fund criteria are not breached

06.1. Indicate which processes your organisation uses to ensure fund criteria are not breached.

06.2. If breaches of fund screening criteria are identified, describe the process followed to correct those breaches.

Explicit restrictions in the trading system prevent the execution of Sudan names on the restricted list for applicable strategies.

Multiple checks also prevent the trading of names that do not meet minimum ESG criteria for inclusion in our ESG-focused funds. However, an ineligible name could be held in the case where (1) a name previously held in the funds no longer met the minimum ESG criteria necessary for these portfolios or (2) a corporate action. In both cases, the portfolio manager will put the name up for sale. The trading desk will sell this name in an orderly fashion, to minimize market impact.

06.3. Additional information. [Optional]

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