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Somerset Capital Management LLP

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 recently spoke to the PRI about their ongoing engagement with a prospective portfolio company listed by ClimateAction100+ as a ‘systemically important emitter’. We have been closely following the PRI's important work with the UK’s Churches, Charities and Local Authorities (CCLA) Association on Find it, Fix it, Prevent it and significant contribution to the Finance Against Slavery and Trafficking (FAST) principles and with this in mind reached out to the Head of Social Issues to explore the possibility of organising a workshop on treatment of labour and overcoming disclosure challenges in EM. We look forward to discussing this further. 

          We have been working with several of our asset owners clients on direct ESG engagements with portfolio companies.
        

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 have historically found co-ordination of large scale initiatives to be quite unwieldy, particularly when different parties are trying to achieve different outcomes. We have to date preferred to work with a handful of investors or asset owners on a case by case basis. For example, we continue to work with a Scandanavian client of ours on Samsung Electronics.

We are open and actively looking for initiatives where there is sufficient coverage of our investment universe and opportunities for meaningful collaboration. While we are reluctant to sign up to a long list of initiatives as a marketing exercise, we do following these initiatives closely and regularly draw on their publications and research tools. The Transition Pathway Initiative and FAIRR Initiative have been particularly welcome developments while SASB industry guidelines continue to inform our bottom up analysis of our portfolio companies. Several pieces of research by the IIGCC are helping us to refine our assumptions to inform scenario analysis.

More widely we have found our work is informed and improved by research published by bodies such as: the ILO, the ICCR, The Fair Labour Association, Know the Chain, Responsible Mining Foundation, Mekong Club, China Labour Watch, Solidaridad Network, Greenpeace and Sedex.


SG 09.2. Assets managed by PRI signatories (Not Applicable)


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

          We have spoken to a number of academics about changing dietary habits and consequences for food safety over the next decade and what the role of investors could/should be.
        

Frequency of contribution

Description

          Convened workshop for New City Initiative members to learn more about PRI and benefits of becoming a signatory
        

Frequency of contribution

specify description

          Recently participated in an FRC/FCA workshop on ‘Aligning stewardship objectives across the institutional investment community’.
        

Description

          Shared insight and perspectives on how asset owners set and communicate their stewardship objectives and how effectively these are adopted by asset managers and service providers.
        

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]


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


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