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Stanhope Capital

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

10.2. Indicate why you do not engage and do not require external managers to engage.

Investment into single securities is a very small part of our business, thus, we do not feel this is a priority area for our engagement efforts. Our efforts are instead focused on the pooled funds we invest in, where we are usually a minority holder. The majority of the managers of the funds we invest in engage with companies on ESG factors; we encourage this and regularly discuss ESG risks and opportunities with them. For the few who do not engage with companies on ESG issues, we see this as an engagement opportunity for Stanhope and express a preference to the manager for them to start engaging and try to highlight the benefits of this

Listed equity – voting

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Our direct bond exposure is primarily in US Treasuries and thus we do not feel this is a priority for our engagement efforts at this time.
        

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Investment into single securities is a very small part of our business, thus, we do not feel this is a priority area for our engagement efforts. Our efforts are instead focused on the pooled funds we invest in, where we are usually a minority holder. The majority of the managers of the funds we invest in engage with companies on ESG factors; we encourage this and regularly discuss ESG risks and opportunities with them. For the few who do not engage with companies on ESG issues, we see this as an engagement opportunity for Stanhope and express a preference to the manager for them to start engaging and try to highlight the benefits of this.
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Investment into single securities is a very small part of our business, thus, we do not feel this is a priority area for our engagement efforts. Our efforts are instead focused on the pooled funds we invest in, where we are usually a minority holder. The majority of the managers of the funds we invest in engage with companies on ESG factors; we encourage this and regularly discuss ESG risks and opportunities with them. For the few who do not engage with companies on ESG issues, we see this as an engagement opportunity for Stanhope and express a preference to the manager for them to start engaging and try to highlight the benefits of this
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Private equity

Property

Cash

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Commodities

Commodities - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Hedge funds

Hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Cash

Cash - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Money market instruments

Money market instruments - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.3b. If your organisation does not integrate ESG factors into investment decisions on your externally managed assets, explain why not.

We do not currently incorporate explicit ESG analysis into our external manager selection for money market instruments. However, we do conduct due diligence on this, as part of which credit ratings will be assessed - we feel that, to some degree, ESG factors are implicit in these scores. 

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

As part of our due diligence process for active equity funds, fixed income funds, private credit funds, commodity funds and hedge funds, we use a dedicated RI DDQ to assess managers' incorporation of ESG factors and to gain a greater understanding of their attitude to responsible investment and engagement. Information gleaned from here, alongside information gathered through engagement with the management company and from our operational due diligence process, is incorporated into our final information pack on funds and helps to inform selection and appointment. As part of ongoing monitoring, we consider our funds formally on a quarterly basis including any changes to their responsible investment approach and outcomes reporting. 

As part of our due diligence process for private equity funds and real estate funds, we consider managers' approach to responsible investment as part of our selection process. Depending on the strategy itself, these factors may be more or less relevant in terms of our manager appointment, but we have a strong preference for managers who consider environmental, social and governance factors as part of their investment process. As part of our ongoing monitoring, we consider any changes in our managers' approach to responsible investing and review any related output.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Fixed Income

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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