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Central Finance Board of the Methodist Church / Epworth Investment Management

PRI reporting framework 2020

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Head of Research
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

The CFB Council oversees the activities of the organisation, which has an ethical pledge, stating that "the securities held by all CFB funds will, to the best of our ability, be in line with the ethical policy of the Methodist Church". The CFB Council is appointed by the CFB Board, which is the equivalent of a shareholder/stakeholder base. Board members are appointed from positions within Methodism or elected. The CFB reports to its board members on its ethical investment activities.

The CFB is advised on its ethical investment approach by the Joint Advisory Committee on the Ethics of Investment (JACEI). This body consists of representatives from the Methodist Church. Observers from other churches also attend its meetings. It reports to the Methodist Conference, a body of democratically-elected delegates. JACEI normally meets each quarter. It reviews CFB Epworth investments and decisions, it commissions new ethical investment research, it advises on exclusions and responses to engagement; it advises on ethical/ESG investment policies.

Our structure means the CFB has one of the most transparent and accountable oversight mechanisms of all PRI members.

Ethical investment is integral to our work and consequently members of staff who have oversight/accountability responsibilities for investment portfolios implement the ethical policies on a day to day basis.  We have a monthly ethics meeting which brings the entire team together to discuss the relevant ethical issues.  All team members contribute into the meeting.  Minutes of the meeting are viewed by the CFB Council and JACEI.

 

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

8 Number

07.4. Additional information. [Optional]

We operate on a fully integrated basis, whereby ethical issues are considered alongside financial issues by a single team.  All of the investment staff are involved with the ethical work as part of their normal responsibilities.  This reflects our belief that responsible investment issues share equal importantance with financial issues. 


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Investment analysts

Dedicated responsible investment staff

External managers or service providers

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

The CFB Council reviews the ethical work undertaken by the CFB, including the implementation of its various climate change policies.

The Joint Advisory Committee on the Ethics of Investment (JACEI), which reports to Methodist Conference, has close oversight of CFB climate-related investment activities and policies. JACEI meets quarterly and discusses climate change on each occasion in considerable depth. It commissions new work on climate change and advises on exclusions and engagement. It also is responsible for implementing any Methodist Conference decisions climate change into an ethical investment approach. Five appointees of the CFB Council, along with appointees from elsewhere, sit on the Joint Advisory Committee on the Ethics of Investment (JACEI).

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

The CEO, CIO and Head of Research attend the monthly internal ethics meeting, chaired by the CIO, alongside all other members of the investment team. They also oversee and participate in the climate-related engagement activities of the organisation.

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.


SG 08. RI in performance management, reward and/or personal development (Private)


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