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Environment Agency Pension Fund

PRI reporting framework 2020

You are in Strategy and Governance » Governance and human resources

ガバナンスおよび人事

SG 07. RI roles and responsibilities

07.1. 組織が採用している内部または外部の役割、ならびにそれぞれの責任投資に対する監督責任および実施責任の有無について明示してください。

組織における役職

下記の内部の役割より選択;

07.2. RIの監督/説明責任または実施責任を担う役職について、このような責任をどのように果たすのか記載してください。

We integrate management of Environmental Social and Governance (ESG) issues throughout the investment and funding strategy in our asset allocation.  For pooled assets through Brunel we input to, mandate design, risk management, fund manager appointment and monitoring.  For legacy assets we do this in-house. We also take part incollaborative engagement and transparent reporting.

All the assets of the pension fund are selected by external fund managers. This means that it is our external fund managers who make the detailed decisions in which companies we invest in. This is important in avoiding conflicts of interest for our employers, but also gives us the flexibility to select the best managers for each set of assets. The skills needed to decide environmental and other issues vary from one asset class to another. We place a high importance, and indeed time and energy, in selecting good quality managers who deliver financially and can manage the wide variety of risks that come with making investments.

Our policy approach on ESG and its implementation is reported on a quarterly basis to our pension committee.

 

07.3. 組織にいる専任の責任投資担当者の人数を記載してください。

2

07.4. 補足情報 [任意]

Responsible Investment is integrated throughout our team from officers to Committee members. We encourage a broad range of expertise and opinion and will consider all available options.


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. 気候関連問題について監視、説明責任および/または管理責任をもつ組織の役職を示してください。

取締役会メンバーまたは受託者

専任の責任投資担当者

組織外の運用会社またはサービスプロバイダー

07.6 CC. 気候関連の問題の監督/説明責任または実施責任がある取締役会レベルの役職については、これらの責任の遂行方法を説明してください

Our work on climate change is led at board-level in setting ambitious aims and targets.  Addressing the financial risks from climate change is a constant in our approach and in all Pension Committee meetings. 

The members of the Pension Committee have a very high attendance record and have individualised training plans, which will include the consideration of climate change within investments issues.  Last year as part of the review of our investment strategy, members received training on the climate change scenario analysis undertake by Mercer and the work done by our actuaries to model the impact of climate change on our liabilities.

The Pension Committee consistently challenge all advisers and officers on issues of climate change to ensure that due process and attention is given to this issue by the Fund and by our pool provider Brunel. This also happens at meetings of the Investment sub Committee which will delve down into more detail on climate risks which our portfolio and individual asset classes face.

Every year we report to Committee and externally on our progress in line with our stated aims and targets on climate change. We also report every quarter to Pension Committee and Investment sub Committee on our progress on climate-related initiatives.

Pension Committee members also frequently take part in extra events to further our ambitions to tackle climate change.  As well as speaking at events and attending conferences, the most significant activity last year was attending AGMs to ask questions directly of the Board on climate-related issues. Of 9 AGMs Pensions Committee members took part in 7.

07.8 CC. TCFDの提言やその実施について、組織が外部運用会社またはサービスプロバイダーに何を求めるかについて説明してください。

TCFDの提言およびその実施について、外部運用会社またはサービスプロバイダーを採用していません。

          We request our stewardship provider Hermes EOS to specifically address TCFD recommendations and their implementation as part of their engagement with companies invested.
        

SG 08. RI in performance management, reward and/or personal development

08.1. 組織のパフォーマンス管理、報奨や個人の能力開発プロセスに責任投資の要素があるかどうかを記載してください。

取締役会メンバーまたはトラスティ―(受託者)

08.1b. 個人の能力開発または研修計画における責任投資

08.2. 報告年度に取締役が責任投資に関連したスキルや知識を開発し、維持するために行った活動について説明してください。

All members have individualised training plans which will help develop their knowledge on all issues, including RI.  Members are able to ask for training on any issue either as an individual or collectively as a committee.  Over the last year, there has been collective training on the following RI issues:

- RI approaches across the world to inform the development of our new Responsible Investment Strategy

- Modelling the impact of climate change on our new Strategic Asset Allocation

- Modelling the impact of climate change on our future liabilities

- RI across our asset classes and in particular:

our targeted opportunities portfolio which focuses on providing seed funding to invest directly in a few outstanding opportunities, which have strong financial and sustainability credentials.

- sustainable multi-asset credit

- Transition Pathway Initiative (TPI)

- Understanding beneficiaries’ views on responsible investment

- Trustee training courses

 

専任の責任投資担当者

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

08.3. 組織の責任投資に関連したパフォーマンス管理、報奨や個人の能力開発プロセスについて詳細を説明してください。

All officers have a quarterly performance review and responsible investment will be assessed based on individual roles.

Staff with specific responsibility for responsible investment can attend events and seminars on responsible investment or specific sub-topics to further their understanding.

 

08.4. 投資決定プロセスへのESGファクターの組み入れに関取締役会メンバー/受託会社/チーフ・レベルのスタッフの経験レベルについて記載して下さい。

          We have a very stable membership of our Pension Committee. Members can serve up to 10 years and the average number of years served is currently  3 years. Given we have been applying a responsible investment approach for over 15 years now and that this is a constant issue at each meeting, this should demonstrate the exceedingly high levels of knowledge our trustees have on ESG issues.
        

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