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Veritas Pension Insurance Company Ltd

PRI reporting framework 2020

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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

Fixed income - SSA

We care about the quality of rule of law, government, the inclusiveness of organizations and human rights as well as level of corruption in our SSA investments. We only invest in reasonably responsible governments.We are also looking at the initiatives the governments are taking in terms of global agreements like Paris Agreement.

Fixed income - Corporate (non-financial)

In our direct lending for customers we analyze the companies based on a holistic long term fundamental credit analysis process which includes relevant ESG considerations.

Private equity

In direct private equity we are in an active dialogue with the companies in which we are owners. We participate in nomination of the boards of directors and also in monitoring the actions of the companies in order to understand also the ESG side of risk and return. 

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

Our asset manager for EMD mandate has a very good ESG framework and process for managing EM government bonds. We discuss these issues with them periodically as we meet every other week.

Fixed income - Corporate (financial)

Our asset manager for corporate IG credit (mandate) has a very good ESG framework and process. They are trying to find good Green bonds to invest in as well. We discuss these issues with them periodically as we meet every other week.

Our credit managers (funds) conduct fundamental credit analysis which take into account relevant ESG criteria and issues as part of the credit analysis. Anything that can impact cash flows in the short and long term negatively is analyzed. Our managers have quite concenbtrated portfolios. 

We conducted a questionnaire and asked for responses in various ESG matters. Most managers' fundamental focus includes ESG issues in investment analysis.

Private equity

We are in discussions with our managers and participate when applicable as Advisory Board members in interest conflict issues. In the search process ESG factors are taken into account as part of the evaluation process of potential managers. We do not invest in funds that focus on highly emitting sectors. We try to find managers that invest in clean tech or other technologies that will benefit from climate change mitigation.

Property

When analysing external managers we discuss the ESG policies of the managers and evaluate the track record of past investments also including resource efficiency. We like to see our managers take into account the potential future climate related risks.

17.2. Additional information.


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