BT is a diverse business and offers a range of products and investment solutions. Where BT is acting as the trustee (for example Responsible Superannuation Entity (RSE) lisencee) or Responsible Entity (RE) and making an investment decision on behalf of our customers, the governance of strategies for managing ESG risks (including climate change) in BT’s investment and superannuation portfolios is the responsibility of the BT Boards and associated committees of the trustee or RE entities (together the ‘BT Boards’).
The BT Boards have approved a set of investment beliefs which shape the way that the BT Boards expect investments to be managed and the way investment decisions are made. The BT Boards believe that the active consideration of ESG factors in the investment analysis and decision making process for our investment portfolios enhances our ability to meet the long-term investment objectives of our funds. The BT Boards also believe that asset stewardship, including proxy voting and engagement with companies in which we invest, is fundamental to driving positive portfolio outcomes. The BT Boards have also approved a range of policies and frameworks for managing ESG impacts, including climate risks in our funds.
The BT Boards and associated committees are regularly provided with information relevant to climate-related impacts including, for example, providing information on climate developments in the industry and engagement and proxy voting activities of our internal investment managers and external engagement providers.
The day-to-day responsibility for the management of ESG factors in our portfolios is delegated to the relevant investment manager, where applicable to the investment strategy. It is expected that investment managers give consideration to the BT investment beliefs and invest in accordance with BT’s frameworks and policies when making decisions on behalf of the trustee or RE. This can include taking into account climate-related risks and opportunities.
BT’s approach to climate change gives consideration to Westpac Group policies and governance frameworks, however governance and strategies for managing ESG impacts in these portfolios is the responsibility of the BT Boards and management. More information regarding Westpac’s approach to climate change can be found in the Westpac Group Climate Change Position Statement and 2020 Action Plan, along with the Group’s annual reporting suite, available at www.westpac.com.au.
More information on our approach to climate-related risk is available in the BT climate-related disclosures at BT.com.au/sustainability