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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 Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles 

          Global Head of Responsible Investing

Other description (1) 

          Risk Management / Oversight

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Board Committees: The Corporate Governance and Social Responsibility Committees (“Committees”) are standing committees of the TIAA Board of Trustees and TIAA-CREF Fund Complex Board of Trustees. These Committees were established to assist the Boards in fulfilling their oversight responsibilities of the firm’s responsible investing program and activities across the TIAA enterprise and the TIAA-CREF Fund Complex. These Committees meet at minimum, on a quarterly basis. Full charters can be found on TIAA.org or via the links below:

TIAA CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY COMMITTEE CHARTER: https://www.tiaa.org/public/pdf/tiaasocialresponcharter.pdf

TIAA-CREF FUNDS CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY COMMITTEE CHARTER: https://www.tiaa.org/public/pdf/socialresponsibilitycharter.pdf

Global Head of Responsible Investing: Nuveen’s global head of RI reports directly to the CEO of Nuveen and is a member of the Nuveen Global Investments Committee, which brings together our most senior investment leaders from across the firm. The committee draws from Nuveen’s specialized investment affiliates as well as our experts in asset allocation and responsible investing.

Nuveen Real Estate Investment Committee: This Committee includes the Chief Investment Officer and the Head of Sustainability. The Investment Committee reviews all transactions from a sustainable investment perspective and has the power to approve or reject investment decisions based on ESG criteria. The Investment Committee also reviews Fund Strategy on a biannual basis and specifically considers strategic ESG risks and opportunities as part of this.

RI Team: The overall RI program is administered by the centralized Nuveen Responsible Investing team (“RI team”). The RI team is made up of 28 dedicated RI subject matter experts specialized by asset class and/or role in enacting Nuveen’s three key principles; ESG integration, engagement and impact. This team drives knowledge sharing, new insights and synergies at the security, portfolio, asset class and thematic levels. In addition, they are responsible for effective and scaled portfolio company engagement.

Members of the RI team with asset class specialization, work closely with our investment specialists, their  investment teams and other professionals across the organization to drive and implement Nuveen’s responsible investing principles. Nuveen’s centralized structure allows us to implement our unified policy and processes via a “central strategy, local ownership” model which strengthens accountability, ownership, effectiveness, ability to scale and credibility.

Investment Teams: For Fixed Income and Equity, much of the integration of ESG information occurs at the company and sector level where analysts attempt to capture ESG impact to financial models and valuations over the long term. When material to an investment thesis, key ESG issues are thoroughly investigated and reviewed across the investment teams, through a financial materiality lens, as well as through a spectrum of engagement approaches. In addition, certain portfolio managers run dedicated ESG strategies. Please see relevant asset class modules for more information. For Real Estate, the investment teams are required to follow mandatory sustainable investment standard operating procedures which ensure that global policy and program governance frameworks are embedded throughout the investment lifecycle. For Real Assets and Private Markets, ESG integration is undertaken by the deal and investment teams with the support of the RI team.

Additionally, property managers are required to adhere to a set of sustainable property management requirements of which they are accountable for the respective portfolios they manage.

Distribution/Marketing Team: Nuveen’s distribution and marketing teams are responsible for communicating Nuveen’s responsible investing approach and for reporting the firm’s RI performance and activities. The distribution teams are also responsible for relaying any particular responsible investing requests to the RI, Client Portfolio Management and/or appropriate teams to ensure they are fulfilled back to the client.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

52 Number

07.4. Additional information. [Optional]

Total RI Professionals: Nuveen has 24 investment professionals across the firm who are responsible for one or more of our ESG – and/or impact – focused portfolios. Our ESG/Impact investment professionals combined with our centralized RI team (28) totals 52 dedicated RI professionals across the firm.    

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Investment analysts

Dedicated responsible investment staff

Investor relations

External managers or service providers

Other role, specify (1) 

          Risk Management / Oversight

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

The Corporate Governance and Social Responsibility Committees (“Committees”) are standing committees of the TIAA Board of Trustees and TIAA-CREF Fund Complex Board of Trustees. These Committees were established to assist the Boards in fulfilling their oversight responsibilities of the firm’s responsible investing program and activities, including climate-related issues, across the TIAA enterprise and the TIAA-CREF Fund Complex. These Committees meet at minimum, on a quarterly basis. Full charters can be found on TIAA.org. 

Other committees of the aforementioned boards, such as the Investment Committee are also briefed on climate-related issues on an as-needed basis.

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

Our internal Climate Risk Task Force (refer to 1.9) meets on a weekly basis and is co-owned by the Global Head of Responsible Investing for Nuveen and the Chief Risk Officer of TIAA. Additional committee members include colleagues from Operational Risk, Model Risk, asset class SMEs from the Responsible Investing group, Corporate Social Responsibility and asset class heads from TIAA’s General Account*.

The primary responsibilities of the CRTF include conducting analysis of internal practices versus the TCFD guidelines, recommending new practices and processes to fill any gaps, and implementing those practices and processes within each members’ respective group.  In 2019, the CRTF focused primarily on establishing governance structures and evaluating potential climate risk data vendors.  Looking ahead, the CRTF will continue its focus on selecting and embedding climate risk data into internal processes, as well as formalizing climate risk within Nuveen’s enterprise risk management process and supporting engagement with policymakers, regulators, and issuers on climate issues.

*The TIAA General Account, Nuveen’s largest client, insures assets from the TIAA Traditional Annuity, a retirement plan option for current or former employees of a non-profit or governmental organization.

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.

SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

We have a dedicated Joint TIAA and TIAA CREF Funds Corporate Governance and Social Responsibility Board Committees (“Committees”) responsible for overseeing our responsible investing activities.

A biennial, day-long educational retreat is held for the Committees to educate and share insights on current responsible investing trends and best practices within the industry.

For real estate, training is provided to Board Members and the Executive Leadership Team via strategy update meetings and dedicated ESG-focused workshops.

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department 

          Global Head of Responsible Investing

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investor relations

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other role (1) [from SG 07] 

          Risk Management / Oversight

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

Responsible investing is one of Nuveen’s key areas of expertise. In 2019, Nuveen’s Global Investments organization cascaded a number of responsible investing related goals to the entire investment organization with the objective of extending the firm’s responsible investing leadership position.

Additionally, as professional development for Nuveen’s employee base, responsible investing is frequently messaged at company town halls, employee power hours and “meet the leaders”  series (educational sessions that highlight different business areas and activities across the firm, including responsible investing), corporate brochures, and within internal communications via email and intranet sites.

For real estate, sustainability objectives were in place for all investment teams in 2019. Performance against these objectives is assessed as part of the annual performance review.
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