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Momentum Metropolitan Life Ltd

PRI reporting framework 2020

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Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework

Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Fixed income - Corporate (non-financial)

Fixed income, credit, liability-driven investments

Credit Team

-Supports the fixed income and liability-driven investments
-ESG analyst serves on the credit committee
-Responsible Investment committee members also serves on the credit committee
-Adopted the responsible investment policy
-Credit application forms have an ESG section
-Monthly credit newsletter has an ESG section
-Support RI initiative through information sharing with the broader investment team and responsible investment team

Fixed income, credit and liability-driven teams

-Engage with investee companies and state owned entities

- Maintains an engagement register

Fixed income - Securitised

Fixed income, credit, liability-driven investments

Credit Team

-Supports the fixed income and liability-driven investments
-ESG analyst serves on the credit committee
-Responsible Investment committee members also serves on the credit committee
-Adopted the responsible investment policy
-Credit application forms have an ESG section
-Monthly credit newsletter has an ESG section
-Support RI initiative through information sharing with the broader investment team and responsible investment team

Fixed income, credit and liability-driven teams

-Engage with investee companies and state owned entities

-Maintains an engagement register

Private equity

-Extensive due diligence process with ESG section, the due diligence questions took into account the proposed PRI Limited Partners report on due diligence questions.
-Side letters that stipulates ESG consideration in agreements
-Engagement with general partners on their ESG integration initiatives
-ESG reporting required from investments

- ESG analyst serves on the Alternative Investment committee

Property

The direct property portfolio by its nature complies responsible investment practices.

These include:
- Responding to tenant demands for more environmentally efficient buildings that could contribute to lower tenants’ occupancy costs and environmental impacts:
- Water consumption saving through the use of ground water where available
- Energy saving by use of solar at certain properties
- Energy saving by installation of energy efficient lighting
- New development properties are normally a minimum 4 green star rating
- New developments are considerate of opportunities in under resourced areas
- The main development contractor would employ from the local community
- The local staff would also be provided with the necessary up skilling via training programs
- The development will be carried out mindful of the environment and ensuring that all necessary legislations are
complied with
 

Infrastructure

Infrastructure Investments have the ability to create assets which will have a positive community impact, as well generating an acceptable rate of return. Our focus is on investments which brings more people into the economic mainstream. South Africa is one of the most unequal countries in the world, and these investments contribute to reducing inequality. Sectors that will be considered for investment that fulfil the requirements include roads, renewables, student accommodation, telecoms, water utilities, and waste treatment facilities.

High standards of governance are particularly important in these investments. They would tend to be minority positions in unlisted companies. The due diligence process would ensure that the governance processes are in place to our satisfaction.

Commodities

Our company appoints a broker to manage our commodity exposure.  This appointment only happened after the broker underwent our due diligence process that includes ESG considerations.

Hedge funds - DDQ

Select whether you have responded to the PRI Hedge Fund DDQ

Fund of hedge funds


-Extensive due diligence process with ESG section
-Ongoing engagement with externally appointed fund managers to discuss controversies that may arise in the market
 

Cash

The same investment team processes as mentioned throughout the questionnaire will also apply to any other asset class even if it is below the UN PRI's minimum threshold. We prefer to appoint managers who integrate ESG risks in their risk management process. Our due diligence process applies to all managers and asset classes.

The Fixed income, credit and liability-driven teams will engage with investee companies and state owned entities.

Money market instruments

Fixed income works closely with the credit team

-Supports the fixed income and liability-driven investments
-ESG analyst serves on the credit committee
-Responsible Investment committee members also serves on the credit committee
-Adopted the responsible investment policy
-Credit application forms have an ESG section
-Monthly credit newsletter has an ESG section
-Support RI initiative through information sharing with the broader investment team and responsible investment team

The Fixed income team will engage with investee companies and state owned entities and maintain an engagement register.

16.2. Additional information [Optional].


SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Fixed income - SSA

The Fixed Income team works closely with the Credit team.  

The credit committee and the responsible investment committee serves as an oversight function which brings support when it comes to making investment decisions that may be regarded as controversial or high risk.  The committees serves as a support structure to ensure that we comply with the companies responsible investment policy.  We've seen many positive outcomes from this process and has served as a great risk mitigation process.

 

Fixed income - Corporate (financial)

The Fixed Income team works closely with the Credit team.  

The credit committee and the responsible investment committee serves as an oversight function which brings support when it comes to making investment decisions that may be regarded as controversial or high risk.  The committees serves as a support structure to ensure that we comply with the companies responsible investment policy.  We've seen many positive outcomes from this process and has served as a great risk mitigation process.

Fixed income - Corporate (non-financial)

The Fixed Income team works closely with the Credit team.  

The credit committee and the responsible investment committee serves as an oversight function which brings support when it comes to making investment decisions that may be regarded as controversial or high risk.  The committees serves as a support structure to ensure that we comply with the companies responsible investment policy.  We've seen many positive outcomes from this process and has served as a great risk mitigation process.

Property

All investments need to comply with our responsible investment policies.

The following ESG outcomes will be considered when we invest with Property:

- Green Building Initiatives

- Infrastructure Development

- Water & Sanitation

- Community Empowerment

- Enterprise and Supplier Development

- Solar Energy

 

Commodities

The Portfolio Solutions and Manager Research team works closely with each other and allows them to flag any concerns they may have around the brokerage appointment. 

The responsible investment committee serves as an oversight function of the overall investment team, which brings support when it comes to making investment decisions that may be regarded as controversial or high risk.  The committee serves as a support structure to ensure that we comply with the companies responsible investment policy.  We've seen many positive outcomes from this process and has served as a great risk mitigation process.

Cash

The members of these teams engage with investee companies and state owned entities on behalf of their investors with regards to ESG related concerns and liaise closely with the responsible investment team and credit team.

They've adopted the responsible investment policy.

Money market instruments

The Fixed Income team works closely with the Credit team.  

The credit committee and the responsible investment committee serves as an oversight function which brings support when it comes to making investment decisions that may be regarded as controversial or high risk.  The committees serves as a support structure to ensure that we comply with the companies responsible investment policy.  We've seen many positive outcomes from this process and has served as a great risk mitigation process.

17.2. Additional information.


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