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Railways Pension Trustee Company Limited

PRI reporting framework 2020

You are in Strategy and Governance » Asset class implementation not reported in other modules

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

Private equity

A member of the Sustainable Ownership team attends all Private Markets team meetings. ESG considerations, including reputational risk, are reviewed at the due diligence stage for all transactions. 

Property

Quarterly meetings are held with the external sustainability manager/consultant, which a member of the Sustainable Ownership team attends along with the Property Team. One of the outputs of these meetings has been the setting of a stretching target to improve the environmental performance of the assets in the portfolio.

16.2. Additional information [Optional].

For more information on our approach in these areas, please see our 2019 Sustainable Ownership report: https://www.rpmirailpen.co.uk/wp-content/uploads/2018/05/Sustainable-Ownership-Report-2019.pdf


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

This asset class was not selected for SO’s external manager monitoring program during FY2019.

Fixed income - Corporate (financial)

In 2019, we sent a questionnaire to our external managers on their portfolio monitoring, engagement and voting activities.  We compared their responses with their PRI and Stewardship Code public disclosures and other material on their website.  We then met with the manager to discuss their ESG approach.

Fixed income - Corporate (non-financial)

This asset class was not selected for SO’s external manager monitoring program during FY2019.

Property

In 2019, we held a call with one of our external property managers to discuss their ESG approach. 

Infrastructure

A member of the Sustainable Ownership team regularly attends infrastructure team meetings. ESG considerations, including reputational risk, are reviewed at the due diligence stage for all transactions. 

Commodities

This asset class was not selected for SO’s external manager monitoring program during FY2019.

Other (1) [as defined in Organisational Overview module]

This asset class was not selected for SO’s external manager monitoring program during FY2019.

17.2. Additional information.

We include questions on management of ESG risks and active ownership approach where appropriate in manager RFPs which are generic to all asset classes.


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