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UniSuper Management Pty Limited

PRI reporting framework 2020

You are in Strategy and Governance » Asset class implementation not reported in other modules

Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework

Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Fixed income - SSA

We conduct an ESG analysis / risk assessment of the debt issuer (this applies to all forms of FIC)

With the exception of green bonds, all of our SSA investments are in Australian Government and Australian Semi-Government bonds. 

Fixed income - Corporate (financial)

We conduct an ESG analysis / risk assessment of the debt issuer (this applies to all forms of FIC)

Fixed income - Corporate (non-financial)

We conduct an ESG analysis / risk assessment of the debt issuer (this applies to all forms of FIC)

Property

We regularly engage with the management of our property assets regarding ESG.

We review the performance of the managers approach both directly and using the GRESB benchmarking survey. The majority of our investments are in top quartile rated funds. We use this analysis to prioritise engagement activities. 

Infrastructure

We regularly engage with the management of our infra assets regarding ESG.

We conduct ESG due diligence when acquiring a new asset. This includes counterparty, climate risk, OH&S, community sentiment etc risks. 

Typically, the size of our investments in infra assets is such that we also have the ability to (and do) appoint nominee directors to the board of the infra assets that we are invested.

Forestry

UniSuper holds investments in a number of forestry assets in Australia and New Zealand. These are long standing investments. 

We have maintained active oversight of the occupational health and safety performance of these assets for around 5 years and as a consequence of our involvement we have been instrumental in driving improved OHS practices at these assets.

Importantly, UniSuper has the right to appoint nominee directors to the boards of the timber assets we are invested in. These directors maintain direct line of sight and provide oversight of the ESG issues arising at those assets. They also report back to Unisuper management regarding key ESG issues and risks. In 2016 we appointed a director who is a safety expert and who has been driving improved safety performance and culture at these assets by chairing the Board Safety committee. 

Cash

Our cash exposures are almost always held in over night and term deposits at large Australian banks (CBA, ANZ, NAB, WBC, Suncorp, Bendigo Bank, Bank of Queensland). We are an active share owner and engage with these organisations regarding a range of ESG related matter. As such, our cash exposures are captured by our active ownership program.

Money market instruments

With regard to this short term duration cash instruments, we are an active share owner and engage with the institutions with whom we transact in this manner, in relation to a range of ESG related matters. As such, our money market instruments are captured by our active ownership program.

16.2. Additional information [Optional].


SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Fixed income - SSA

We assess the ESG capabilities of the manager. We engage with the manager regarding ESG. We have the manager report to us every two years regarding how it integrates and considers ESG.

Fixed income - Corporate (non-financial)

See above.

Fixed income - Securitised

See Fixed income approach.

Property

See above. We use the GRESB benchmark survey to assess manage performance with respect to ESG and engage with the manager where appropriate

Cash

We manage our cash exposures internally. As mentioned previously, they are held with large Australian banks which fall within the remit of our active overship program.

17.2. Additional information.


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