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BT Financial Group

PRI reporting framework 2020

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          GM Super, GM PIO
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

In relation to investments made where a Westpac Group entity is acting as a trustee (for example RSE Licensee, Responsible Entity), the governance and strategies for environmental, social and governance impacts is the responsibility of the relevant board and management of these entities. Accordingly, responsibility for responsible investment in BT's funds rests with the relevant  BT Board (together the BT Boards).

Within their relevant business units responsiblity for BT's Responsible Investment performance rests with our General Manager Superannuation (GM Super) and General Manager Platforms, Investment and Operations (GM PIO) (together the Senior Leadership Team (SMT)) . 

BT's investment management team, led by the Chief Investment Officer (CIO), has responsibility for the day-to-day integration and management of ESG impacts, risks and opportunities for the multi-manager investment portfolios.

Investment professionals with specialist knowledge of ESG issues and risks are employed within the investment team.

 

 

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

3 Number

07.4. Additional information. [Optional]


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Investment analysts

Dedicated responsible investment staff

External managers or service providers

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

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

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

Responsibility for responsible investment and sustainability strategy across BT is the responsibility of the General Manager Superannuation and General Manager Platforms, Investments and Operations. This includes disclosure and reporting regarding public targets and commitments made by BT entities as well as product and services development and delivery. 

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.

Where BT acts in the role of investment manager, responsibility for climate-related impacts is led by the Chief Investment Officer (CIO). The CIO and the investment team are responsible to the BT Boards for the management of the relevant portfolios including the analysis and assessment of climate-related risks and opportunities. The investment team adopts a multi-manager approach, where external portfolio managers with complementary styles are combined across different asset classes. As part of our manager selection and monitoring process, we consider the extent to which the manager is effectively managing the financial risks and opportunities that may arise from ESG issues, including climate change, depending on their investment strategy and capabilities.

For portfolios where the investor is making the decision as to the investment choice (for example in IDPS and IDPS like products, and within the ‘choice menu’ of our superannuation products), BT has increasingly focused on how to provide customers with information related to ESG risks, including climate change, to allow them to make informed decisions.

More information on BT's approach to climate-related risk is available in the BT climate-related disclosures at BT.com.au/sustainability

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.


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


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