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BT Funds Management (NZ) Limited

PRI reporting framework 2020

You are in Organisational Overview » Asset class implementation gateway indicators

Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement

Fixed income Corporate (securitised) – engagement


OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Fixed income - securitised

Cash

Money market instruments

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - securitised

Fixed income - securitised - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fund of hedge funds

Fund of hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

Selection -

All external investment managers (IMs) are reviewed and scored during the selection stage in relation to:

  • Responsible Investment policy
  • Integration and consideration of ESG factors - if not, how open is the process to inclusion of ESG considerations?
  • Implementations - demonstration though examples of how ESG factors have impacted investment decisions
  • People and Resources - dedicated to the research and integration of ESG risks and opportunities.
  • Active ownership policy - including methods for integrating proxy voting practises.
  • UN PRI signatory status 
  • ESG reporting

RFP documents include the following questions :

  • Please describe how you integrate your consideration of ESG issues in your investment decision making.
  • Please include information on ESG research and its role in the investment process.
  • Do responsible investment practices form any part of investment managers' goals/incentives/remuneration? If yes, please provide brief details.
  • Do you have any additional resources outside the investment team with specific ESG related responsibilities or incentives? If yes, please provide brief details.
  • Do you identify and prioritise ESG issues and set engagement objectives for a particular company and, if so, how?

Appointment -

Investment Management Agreements include the following requirements on the IMs:

  • Requirement for the IM to act consistently (best endeavours) with BTNZ RI policy
  • Requirement for the IM to invest in accordance with the BTNZ's exclusion list
  • Requirement to vote in a way consistent with BTNZ's proxy voting policy
  • Reporting requirements covering ESG activities, engagement, voting activities etc.

Monitoring-

IMs Monitoring process includes:

  • Review of developments / amendments to IMs RI policy (if applicable)
  • Examples of ESG research undertaken including new ESG risks and opportunities identified
  • Examples of the application of ESG factors in the investment decision making process
  • Examples of peer engagement and collaboration on RI matters
  • Review of managers' voting activity
  • Review of managers' engagement activities
  • Review of PRI reporting

11.5. For your externally managed pooled funds, describe any mechanisms in place to set expectations as part of the appointment or commitment process.

All asset managers of the externally managed pooled funds are signatories to the PRI and have RI policies and statements in place that align with our beliefs that integration of ESG considerations can have a positive impact on portfolio return outcomes. The pooled vehicles additionally have security specific restrictions in place that broadly align with BTNZ's asset exclusion policy.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Fixed Income

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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