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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 Strategy and Governance » Objectives and strategies

Objectives and strategies

SG 05. RI goals and objectives

05.1. Indicate if and how frequently your organisation sets and reviews objectives for its responsible investment activities.

05.2. Additional information. [Optional]

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

Additionally, the global head of RI is a member of the Nuveen Global Investments Committee, which brings together Nuveen’s most senior investment leaders from across the firm on a quarterly basis. The committee draws from Nuveen’s investment specialists, as well as our experts in asset allocation and responsible investing. Its members represent a full range of public equity and debt, private capital, real assets, real estate and commodities. The committee shares insights, identifies and elevates consensus points of view (or differences) and delivers our best, most actionable thinking to clients.

SG 06. Main goals/objectives this year

06.1. List the main responsible investment objectives that your organisation set for the reporting year.

Responsible investment processes

Key performance indicator 

          Provide training, information and insights on ESG integration and data, providing access to tools for investment teams across equity, fixed income, real assets, real estate.

Progress achieved

  • Training via information sessions, interactive discussions and individual meetings across investment teams.
  • Extended access to ESG data and tools through Nuveen's RI Data Platform (RIDP).
  • Incorporated proprietary financial materiality maps into our RIDP to show relevant ESG risks and opportunities based on issuer industry and geography.
  • Delivered training to credit analysts on how to think about ESG and impact data in investment research process.
  • Trained Taxable Fixed Income and Equity Portfolio Mangement teams on the value of ESG data and how to incorporate analyst ESG ratings into investment decisions.
  • Trained 100% of Nuveen Real Estate investment teams on ESG.

Key performance indicator 

          Development of ESG questions and tools for use by investment teams with company management

Progress achieved

  • Our engagement and proxy voting activities within equity are conducted in close collaboration with our investment teams.
  • In 2019, we expanded our ESG integration and engagement activities in a more formally connected and synergistic manner to further our investment teams’ convictions on material ESG themes and factors through development of proprietary ESG materiality frameworks.
  • To date, we have trained 100% of Nuveen Real Estate investment teams on ESG.

Key performance indicator 

          Strengthen and streamline the communication and understanding of the firm’s ESG integration, engagement, and impact activities across asset classes

Progress achieved

Nuveen’s RI team worked with investment, marketing, distribution and other teams across the organization to drive and implement Nuveen’s responsible investing principles.

Additionally, one of Nuveen’s identified areas of expertise includes responsible investing, which 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.

Within Nuveen Real Estate, ESG performance and activities are included via internal communications channels.

Key performance indicator 

          Strengthen systemic monitoring across all company engagements

Progress achieved

Continued to improve tracking procedures to better capture and evaluate company responses to recommendations and concerns regarding ESG-related enhancements that we raise through our engagement and voting activities.

Key performance indicator 

          Train investment teams on the value of ESG data and how to incorporate analyst ESG ratings into investment decisions

Progress achieved

  • Within Taxable Fixed Income, research analysts assigned propriety ESG ratings to over 1200 corporate issuers, using the RI Data Platform as the primary input.
  • Within municipals, ~20,000 issuers received a proprietary data-driven ESG scores, which is accessible by the full Nuveen municipal investment team.
  • Within private markets and real assets, proprietary ESG ratings are applied with an aim to have 100% coverage in 2021. Additionally, investment analysts collect proprietary ESG data as they make and manage private investments.
  • Within Nuveen Real Estate and Real Assets, we have continued to integrate ESG into transaction underwriting, investment asset management, and portfolio management strategy.
 
          Increased access to ESG information and tools across all investment teams

Key performance indicator 

          Access to external ESG platforms and data to investment teams

Progress achieved

Continued to expand our RI capabilities through our proprietary RI Data Platform and proprietary ESG materiality frameworks.

other description (2) 

          Implement climate risk screens

Key performance indicator 

          Develop climate risk screening tools across asset classes

Progress achieved

Conducted climate change risk screening using proprietary tools and data for our real assets and real estate investments. 

Financial performance of investments

Key performance indicator 

          Identify material ESG risk and opportunity and implement into investment strategy

Progress achieved

Provided proprietary financial materiality frameworks that show relevant ESG risks and opportunities based on issuer industry and geography to our investment teams, which allows them the ability to implement into their investment strategies across asset classes. 

other description (1) 

          Conduct research on the financial performance of ESG strategies compared to benchmarks

Key performance indicator 

          Publish findings externally

Progress achieved

  • Published research results in industry presentations
  • Published research results within a whitepaper

ESG characteristics of investments

Key performance indicator 

          Public equity, FI and real estate investment teams will over or underweight investments on a case by case basis

Progress achieved

Public equity example:

  • Sector: Pharmaceutical company
  • Activity: Cancer litigation for household product franchise & opioid litigation exposure
  • How Nuveen took action: Contributed to Neutral / Underweighted position despite very good fundamentals within the core business that would normally warrant an overweight

Fixed income example:

  • Exited African mining investment after company posted worst safety record in the sector and engagement with the company left a negative impression about commitment to change practices.

Real estate example:

  • Nuveen real estate will over or underweight real estate property, resulting in improved sustainability performance of the portfolio via a combination of asset management and investment management strategy.

Key performance indicator 

          Improve ESG ratings through a combination of investment management and asset management strategy.

Progress achieved

Nuveen Real Estate ongoing initiative. This includes a focus on targeting voluntary certification regimes such as BREEAM or LEED.

Key performance indicator 

          Established targets for portfolio

Progress achieved

Nuveen Real Estate has established targets for all assets. 

Other description (1) 

          Social & environmental impact reporting

Key performance indicator 

          Measure and disclose impact in public fixed income markets and private markets. Multiple KPIs reported by theme for select ESG and impact portfolios

Progress achieved

Industry leading impact reports published online:

  • Core Impact Bond (formerly Social Choice Bond): https://documents.nuveen.com/Documents/Nuveen/Default.aspx?fileId=73430
  • Core Impact Bond: https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=c7ca4b55-5063-44cb-b9cc-cf1340668b2b
  • Green Bond: https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=dcea54a1-0bca-4d84-805f-8292d4b0373d
  • Impact Investing in Private Markets 10-year impact report: https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=EA3F25BA-BF80-4A00-857E-E7174FD1DEA9&subid=6%7C7

Other description (2) 

          Sustainability reporting

Key performance indicator 

          Measure and disclose sustainability metrics in real assets and real estate. Multiple KPIs reported

Progress achieved

Farmland, Timberland and Real Estate sustainability reports published online:

  • Farmland: https://documents.nuveen.com/Documents/Global/Default.aspx?uniqueId=5BF02483-C626-4B9F-B850-5A563A9E418C
  • Timberland: https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=06396d8a-d80a-488c-ad02-03fd1798b44e
  • Real Estate: https://documents.nuveen.com/Documents/Nuveen/Default.aspx?fileId=75461

Other description (3) 

          Setting energy reduction targets for the portfolio

Key performance indicator 

          30% reduction in energy use intensity by 2030 across global real estate portfolio (2015 baseline). Commitment made for Net Zero Carbon investment portfolio by 2050.

Progress achieved

  • Achieved 11% reduction in energy intensity across our Real Estate portfolio from 2015 to June 30 2019 (on-track)
  • Nuveen Real Estate’s Net Zero Carbon investment portfolio initiative is ongoing.

Other activities

Key performance indicator 

          Active involvement in RI conferences and speaking opportunities, and active involvement in RI initiatives

Progress achieved

Attended and/or spoke at approximately 250 external events in 2019 and are active members in approximately 30 RI industry organizations. 

Key performance indicator 

          Use our influence as a large investor to encourage RI policies and practices

Progress achieved

Submitted a number of comments letters on engagement and proxy voting processes. Met with legislatures to discuss ESG policies and best practices. Engaged 500 portfolio companies who did not have a women on their board requesting they add a woman to their board, which resulted in 30% of those companies engaged adding a woman to their board by the end of the 2019 proxy-voting season. We also promote RI initiatives across our many partnerships (i.e. operating partners).

Key performance indicator 

          Document case studies publicly

Progress achieved

Developed case studies on ESG integration, engagement and impact within a number of our marketing collateral and websites including: RI Summary report, Responsible Business report, Proxy Voting review paper, Nuveen Knows whitepapers, Impact Investing reports, all of which are made available to clients and external stakeholders. Additionally, we capture and share best practice case studies through our participation in industry groups.

Key performance indicator 

          Develop and publish case studies on ESG integration, engagement and impact

Progress achieved

Developed and published case studies within a number of our marketing collateral and websites including: RI Summary report, Responsible Business report, Proxy Voting review paper, Nuveen Knows whitepapers, Impact Investing reports, all of which are made available to clients and external stakeholders. Within real estate, we capture and share best practice case studies through our participation in industry groups such as the Better Buildings Partnership.

06.2. Additional information.

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