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Munro Partners

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities

ESG incorporation in actively managed listed equities

Implementation processes

LEI 01. Percentage of each incorporation strategy

01.1. Indicate which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities; and the breakdown of your actively managed listed equities by strategy or combination of strategies.

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied — you may estimate +/- 5%
100 %
Total actively managed listed equities 130%

01.2. Describe your organisation’s approach to ESG incorporation and the reasons for choosing the particular strategy/strategies.

Munro Partners’ Responsible Investment approach, in order of importance, is to:

  1. Assess and integrate ESG risks into our investment process;
  2. Observe negative screening advice from firms where we provide investment management services; and
  3. Where material ESG risks are identified, to act responsibly through direct engagement, proxy voting and/or divesting in such companies.


We have chosen the approach and our order of priority for the following reasons:

  • Our investment process is a fundamental, bottom up process, stock selection is based on key qualitative and quantitative measures (explained in detail below).
  • Munro’s portfolios are concentrated portfolios (max 60 stock portfolios).
  • Munro is index and sector unaware, unlike passive managers / index managers our flexible mandates mean we do not have to hold positions simply because they are in an index or because we have to hold a certain portfolio weight across sectors.
  • We observe exclusions (negative screens) provided by clients, which ensures that they have delegated their choice of approach; and
  • While we recognise the importance of engagement as a stakeholder, we understand that our ability to directly influence behaviour is proportionate to our size and the portion of each companies’ equity that we hold.  We do hundreds of meetings annually with companies and use these as an opportunity to express any issues or concerns on ESG issues.  We view our decision to buy or sell a company as the most effective signal to the market and management.

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]

LEI 02. Type of ESG information used in investment decision (Private)

LEI 03. Information from engagement and/or voting used in investment decision-making (Private)

(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by


Munro comply with exclusion screen provided by CI Investments Inc.

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

We do not notify clients when changes are made, we comply with the our clients advice.

LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure ESG screening is based on robust analysis.

          Screening is conducted by our partner CI Investments Inc.  Munro are required to comply with this under contractual obligations to CI.

05.5. Additional information. [Optional]

We have never had any issues or been required to make changes arising from updates and changes to the exclusion screen provided to us by CI Investments Inc.

LEI 06. Processes to ensure fund criteria are not breached (Private)

(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the proportion of actively managed listed equity portfolios where E, S and G factors are systematically researched as part of your investment analysis.

ESG issues

Proportion impacted by analysis




Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on robust analysis.

09.3. Indicate how frequently third party ESG ratings that inform your ESG integration strategy are updated.

09.5. Describe how ESG information is held and used by your portfolio managers.

09.6. Additional information. [Optional]

LEI 10. Aspects of analysis ESG information is integrated into (Private)