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You are in Indirect – Manager Selection, Appointment and Monitoring » Appointment
For our passive equities we use MSCI Low Carbon Target.
We ask candidates to explain their technical capacity to take account of environmental, social and governance issues at the Expression of Interest, Request for Proposal and interview stages.
We have our own model investment management agreement (IMA). This makes it clear how managers should implement our RI Policy - as well as our disclosure and reporting requirements. It is straightforward to use our own IMA in segregated mandates. When we use collective investment vehicles (pooled funds) we work with the providers to make sure we are able to monitor such portfolios from an ESG perspective.
We interview the key decision-makers in the candidate's investment team. These include:
• the fund manager who will be responsible for the portfolio on a day-to-day basis
• the ESG lead
• the client contact.
We firmly request that potential mangers avoid providing generic marketing material about their company's strengths and experiences. Our selection process focuses on the particular details that are relevant to us. We question them in great depth about their experience and approach to ESG issues. In particular we look at:
• their practical experience
• their level of understanding
• the relative importance of ESG issues in their decision-making processes.
Quarterly and annually an account of the manager's engagement undertaken on ESG issues.
Quarterly and annually an account of the manager's voting undertaken on ESG issues.
This is part of the requirements of tender documentation and is ensured through legal requirements.
The action here is bespoke depending on the manager.
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