This report shows public data only. Is this your organisation? If so, login here to view your full report.

Railways Pension Trustee Company Limited

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We were a member of PRI’s cybersecurity engagement steering group and an active participant in the initiative.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are a strong advocate for ACGA's work and participate regularly on investor calls.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We were the first non-Australian based pension fund member of ACSI and continue to be strong advocate for their work. We received voting advice from ACSI as an ACSI member in 2019 voting season.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

During 2019 we incorporated CDP in our global voting policy and met with the secretariat.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We engaged with one company as part of the non-discloser engagement initiative.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2017, Railpen signed up to Climate Action 100+ a five-year climate risk initiative intended to co-ordinate pressure on companies to cut greenhouse gas emissions, and improve disclosure and oversight of climate-related risks. Climate Action 100+ is aligned with the TCFD, which we are proud to support.

Railpen is the European sector lead for Construction Materials. We engaged with CRH and Heidelberg Cement in 2019.

  • Heidelberg Cement became the first cement company globally to set a verified science-based target to 2030, and a goal to achieve carbon neutrality by 2050. Heidelberg also committed to reviewing its public policy work to ensure it is Paris-aligned.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Long standing international member of CII. We serve on the Corporate Governance Advisory Committee and attended the March conference. We also dial into multiple CGAC calls throughout the year.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We attended meetings and participated in collective engagements. We also spoke on behalf of other Eumedion members at Unilever and RELX’s AGMs.

  • Our RELX statement can be accessed here: https://www.rpmirailpen.co.uk/wp-content/uploads/2018/05/RELX-AGM-25-April-19-Question_F.pdf.
  • Our Unilever statement can be accessed here: https://www.rpmirailpen.co.uk/wp-content/uploads/2018/05/Unilever-AGM-2-May-19-Question_F.pdf

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Railpen has been long-standing member and participant of GIGN.

A member of our Sustainable Ownership team presented a section on the conference call sharing a digest of the UK voting season in 2019. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Regular attender at meetings of IIGCC and co-sign collective letters. Participate in Corporate program. We are the European sector lead for Construction Materials for CA100+, which is facilitated through IIGCC.

We were lead authors for The Investor Expectations for Construction Materials. This can be accessed here: https://www.iigcc.org/download/investor-expectations-of-construction-materials-sector/?wpdmdl=2213&refresh=5e3d4c9a8ede31581075610

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We engaged with Marathon Petroleum as part of the CDP water engagement coordinated by ICCR.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We incorporated their Global Governance Principles into our 2019 voting policy.

Members of our team attended the ICGN Global Conference in London in December 2019. Additionally, we were nominated for the ICGN Global Stewardship Disclosure Award for Asset Owners at the ICGN Global Stewardship Awards 2019.

          UKSIF
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

One staff member served on the Analyst Committee. Another staff member presented at UKSIF’s London Conference in November.

          Workforce Disclosure Initiative
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We attended the WDI working group. We also encouraged Ryanair to disclose to WDI during multiple engagements.

          Transition Pathway Institute
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Railpen was a member of the steering committee in 2019 and has provided input to the initiative's strategy. We also incorporated TPI research within our 2019/20 voting policy and have raised the initiative in our active ownership work.

          30% Club
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Railpen strongly advocates the 30% gender diversity target through our voting policy. Railpen is a regular attendee at meetings and participant in collective engagements.


SG 09.2. Assets managed by PRI signatories (Private)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          An offsite was held with all senior investment professionals where content was delivered by leading ESG investment practitioners. This led to a number of tangible actions on how to integrate ESG into the investment process.
        

Frequency of contribution

Description

          A member of the team contributed to an academic paper entitled ‘Coordinated Engagements’ by Elroy Dimson, Oğuzhan Karakaş and Xi Li. In addition, Professor Andreas G. F. Hoepner presented the findings of his paper ‘Academic Evidence: ESG Engagement and Downside Risk’ at our Sustainable Ownership offsite.
        

Frequency of contribution

Description

          We monitor the ESG practices of a selection of our external managers each year, on a rolling sample basis. The managers are assessed as to how ESG is integrated into the investment process, on their active ownership activities and their approach to climate. The exercise may result in a specific request e.g. that the Manager consider committing to a specific initiative such as the UK Stewardship Code or PRI. In one case the Manager was not willing to commit to becoming a signatory to the 2012 UK Stewardship Code, but they are evaluating becoming a signatory of the 2020 Code
        

Frequency of contribution

Description

          Members of the team spoke at the following:

UKSIF London Analyst Conference 2019 

Divest or Engage? Strategies for Responsible Investing organised by The Centre for Endowment Asset Management (CEAM) - https://www.jbs.cam.ac.uk/ceam-divestorengage/

Our CIO spoke at Investors, Firms and ESG organised by The University of Oxford - https://www.sbs.ox.ac.uk/sites/default/files/2019-04/investorsfirmsandesg2019.pdf
        

Frequency of contribution

Description

          We are a supporter of Just Transition, and have committed to take account of the social dimension of the transition to a low-carbon economy, which we referenced in the Investor Expectations for Construction Materials we authored. The report is available here: https://www.rpmirailpen.co.uk/wp-content/uploads/2018/05/Investor-Expectations-of-Companies-in-the-Construction-Materials-Sector.pdf/. 

In 2019, Railpen worked with the UK pension fund NEST to share insights on how a number of leading UK pension funds currently address the topic. The report includes suggested questions that Trustees can put to their asset managers and portfolio companies. The report also encourages pension funds to: 

•	Consider the risks as part of pre-investment due diligence 
•	Engage portfolio companies as an active owner 
•	Reflect cyber security in voting n Promote research and understanding on the topic
•	Hold fund managers to account. 

The report is available here: https://www.rpmirailpen.co.uk/wp-content/uploads/2018/05/Railpen-Nest-Cyber-Security-Report.pdf.
        

Frequency of contribution

Description

          We are a named respondent to the Investment Association’s Responsible Investment Framework. The Framework is available here: https://www.theia.org/sites/default/files/2019-11/20191118-iaresponsibleinvestmentframeworkglossary.pdf.
        

Frequency of contribution

Description

          One staff member served on the UKSIF Analyst Committee and one served on the PLSA stewardship advisory group. We also participated in the PLSA working group on ESG advice for trustees: https://www.plsa.co.uk/Portals/0/Documents/Policy-Documents/2019/ESG-and-Stewardship-A-practical-guide-to-trustee-duties-2019-v2.pdf
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

We participated in collective engagements alongside the 30% Club, the UK Investor Forum, Eumedion and the Investment Association.

A staff member was interviewed for T. Rowe Price’s ‘Active Pioneers’ study.


SG 11. Dialogue with public policy makers or standard setters (Private)


Top