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Boston Trust Walden

PRI reporting framework 2020

You are in Direct - Fixed Income » Fixed income - Engagement

Fixed income - Engagement

FI 14. Engagement overview and coverage

14.1. Indicate the proportion of your fixed income assets on which you engage. Please exclude any engagements carried out solely in your capacity as a shareholder.

Category
Proportion of assets
SSA

14.2. Indicate your motivations for conducting engagement (SSA fixed income assets).

14.3. Additional information.[OPTIONAL]

As stated previously, we believe our public policy advocacy (e.g., promoting legislation addressing energy efficiency and renewables, mechanisms to price greenhouse gases, and SEC rule-making regarding shareholder rights and mandated ESG disclosure) is a relevant and meaningful approach to engagement with U.S. sovereign debt issuers. While considerable staff time is devoted to public policy advocacy, these initiatives do not equate to specific SSA investments; hence, we responded conservatively as 0-5% in FI 14.1 above. With respect to green bonds, we have sought information directly from some issuers and underwriters. We also have provided comments on frameworks developed to assess and assure green bonds. 


FI 15. Engagement method

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate how you typically engage with issuers as a fixed income investor, or as both a fixed income and listed equity investor. (Please do not include engagements where you are both a bondholder and shareholder but engage as a listed equity investor only.)

Select all that apply
Type of engagement
SSA
Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

15.2. Indicate how your organisation prioritises engagements with issuers.

Select all that apply
SSA
Size of holdings
Credit quality of the issuer
Duration of holdings
Quality of transparency on ESG
Specific markets and/or sectors
Specific ESG themes
Issuers in the lowest ranks of ESG benchmarks
Issuers in the highest ranks of ESG benchmarks
Specific issues considered priorities for the investor based on input from clients and beneficiaries
Other

15.3. Indicate when your organisation conducts engagements with issuers.

Select all that apply
SSA
We engage pre-investment.
We engage post-investment.
We engage proactively in anticipation of specific ESG risks and/or opportunities.
We engage in reaction to ESG issues that have already affected the issuer.
We engage prior to ESG-related divestments.
Other, describe

If ‘other’ has been selected, please give a description

As stated previously, we believe our public policy advocacy (e.g., promoting legislation addressing energy efficiency and renewables, mechanisms to price greenhouse gas emissions, and rule-making regarding shareholder rights and SEC mandated ESG disclosure) is a relevant and meaningful approach to engagement with U.S. sovereign debt issuers. This is not an issuer-specific approach (i.e. we are not engaging specifically with the Federal Home Loan Bank). With respect to green bonds, we have sought information directly from some issuers and underwriters. We also have provided comments on frameworks developed to assess and assure green bonds. Where we engage corporations as both a stock-holder and bond-holder, we generally do not specify the investment vehicle in our discussions.

15.4. Indicate what your organisation conducts engagements with issuers on.

Select all that apply
SSA
We engage on ESG risks and opportunities affecting a specific bond issuer or its issuer.
We engage on ESG risks and opportunities affecting the entire industry or region that the issuer belongs to.
We engage on specific ESG themes across issuers and industries (e.g., human rights).
Other, describe

15.5. Indicate how your organisation ensures that information and insights collected through engagement can feed into the investment decision-making process.

Select all that apply
SSA
Ensuring regular cross-team meetings and presentations.
Sharing engagement data across platforms that is accessible to ESG and investment teams.
Encouraging ESG and investment teams to join engagement meetings and roadshows.
Delegating some engagement dialogue to portfolio managers/credit analysts.
Involving portfolio managers when defining an engagement programme and developing engagement decisions.
Establishing mechanisms to rebalance portfolio holdings based on levels of interaction and outcomes of engagements.
Considering active ownership as a mechanism to assess potential future investments.
Other, describe
We do not ensure that information and insights collected through engagement can feed into the investment decision-making process.

15.6. Additional information.[OPTIONAL]

We report on public policy advocacy initiatives and outcomes in quarterly, annual, and ad-hoc reports that are posted on our website under Impact Investing Resources: https://www.bostontrustwalden.com/investment-services/impact-investing/resources/.


FI 16. Engagement policy disclosure

16.1. Indicate if your publicly available policy documents explicitly refer to fixed income engagement separately from engagements in relation to other asset classes.

16.2. Please attach or provide a URL to your fixed income engagement policy document. [Optional]

16.3. Additional information [OPTIONAL]

We report on our federal and state-level public policy advocacy initiatives in quarterly and annual ESG impact reports, as well as in other relevant documents (e.g., press releases, blogs), all of which are available on our website under Impact Investing Resources: https://www.bostontrustwalden.com/wp-content/uploads/2020/02/2019-ESG-Impact-Report_Digital-PDF.pdf/ 


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