Provide an example per asset class of your benchmarks, objectives, incentives/controls and reporting requirements that would typically be included in your managers’ appointment.
Ex tobacco for the relevant investment universe if appropriate
Incentives and controls
Provide additional information relevant to your organisation`s appointment processes of external managers.
All managers have an appropriate benchmark that they are monitored to. This is a financial return benchmark - we will then require ad-hoc ESG reporting - both on process and on specific issues related to investee companies.
Some managers will have performance fees associated with performance above their benchmark. Where appropriate, the benchmark will be ex-tobacco, as that is the screen that we have in place across the fund.