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Environment Agency Pension Fund

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In May 2019 EAPF attended in person the PRI reporting framework consultation.

In December 2019 we had a meeting with PRI on upcoming priorities/projects of both parties.

In December 2019 EAPF signed the PRI’s Investor Expectations Statement on Climate Change for Airlines and Aerospace Companies,

In 2019 we worked closely with PRI to transition the Secretariat of the UK Pension Scheme RI Roundtable to the PRI.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

For the first year EAPF was a lead on CDP Climate non-disclosure. Of 61 companies engaged 11 have begun reporting to CDP.

We Invited CDP and they were able to join us at a company AGM where they made a good company contact.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

For the first year EAPF was a lead on CDP Forest non-disclosure. Of 20 companies engaged 3 have begun reporting to CDP.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

EAPF was a lead on CDP Water non-disclosure. Of 26 companies engaged 1 has begun reporting to CDP.

Through the CDP non-disclosure campaign we initiated a joint case study between ourselves, CDP, a manager and the newly disclosing company.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Following the Civil Society Expectations letter in May 2019 we wrote to all our investment managers to fully understand what level of involvement they have in CA100+.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are taking part in 2 projects within the Investor Practices Programme:

Paris aligned portfolio project, which we are also sponsoring

Understanding Physical Risk

Set of sector focused roundtables in collaboration with Transition Pathway Initiative - EAPF had a speaker at 'A Sectoral Outlook on 2 Degrees Alignment and Net Zero Pathways'.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We regularly attend the LAPFF business meetings and we attend the annual LAPFF conference.
In 2019 we were also speaking to LAPFF on a specific engagement issue but as this is yet to conclude we prefer not to add the detail here.

          Transition Pathway Initiative
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Transition Pathway Initiative (TPI)
EAPF was a co-founder of the TPI. We are members of the Steering Committee.


To go to the TPI website please click here - www.TransitionPathwayInitiative.org


SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

100 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Members of our Pensions Committee are members of and/or speak at industry initiatives or pension conferences on climate change throughout the year. 
We have also attended meetings of other pension funds to explain our approach on responsible investment with a view to encouraging other funds to develop their approach on this agenda.
        

Frequency of contribution

Description

          Key sponsor of Transition Pathway Initiative and London School of Economics Grantham Institute.
We have been engaging and inputting into an initiative on plastic pellets which we have sponsored and that will launch in 2020.
        

Frequency of contribution

Description

          EAPF work with the London School of Economics Grantham Institute on the Transition Pathway Initiative.
Brunel on our behalf also have worked with a number of academic bodies, including:
University of Oxford, Cambridge, Westminster and Stamford.
University of Dublin - Investment Innovation Benchmark and Research
        

Frequency of contribution

Description

          We regularly approach our managers on RI matters and we insist on RI disclosure through reporting and at annual reviews. 

Extensive involvement in A4S through the Chair of the Environment Agency and the Chair of our Pension Committee.
        

Frequency of contribution

Description

          Members of our Pensions Committee and our officers speak on RI at events throughout the year.
        

Frequency of contribution

Description

          PRI signatory status strongly encouraged through tender processes.
PRI promoted as part of the pooling agenda.
        

Frequency of contribution

Description

          Global Commission on Adaptation – our Chair is the UK Commissioner. 
Green Finance Institute – our Chair is on the Advisory Board.
A4S – we are active participants.
        

Frequency of contribution

Description

          We are signatories to the Coalition for Climate Resilient Investment and the Chair of our Investment Sub Committee is an active participant.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

specify description

          Please see additional information for more detail on public policy conducted on our behalf by EOS at Federated Hermes.
        

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

As the EAPF, we have raised the following issues with policy makers and regulators:

Audit and actuary profession incorporating material climate-related risks in financial statements
Managing the physical risks from climate change
The adoption of TCFD
Guidance on RI for the LGPS
Restricting rights relating to shareholder proposals and regulating proxy adviser activity by the Securities and Exchange Commission (SEC)

EOS at Federated Hermes, our engagement specialists have also engage with policy makers and regulators on our behalf on the following issues: carbon pricing and transparency of financial risks

revisions to the Modern Slavery Act

revisions to audit sector

Restricting rights relating to shareholder proposals and regulating proxy adviser activity by the Securities and Exchange Commission (SEC)

Improving governance in South Korea

PRI's Plastics Investor Working Group, advising on strategy and engagement. EOS gave feedback on the research for three PRI reports published in 2019, setting out what investors would find useful. The three reports explore why plastic is a problem, plastic value chain risks and opportunities, and how the plastic landscape is changing. The aim is to help investors identify where and how their portfolios might be exposed to plastic, so they can engage at the corporate and policy levels accordingly.


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