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Bloomberg LP Retirement Plans

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2017 Bloomberg became the first U.S.-domiciled corporate retirement plan sponsor (ERISA plan sponsor) to join the Principles for Responsible Investment (PRI). Engagement with the PRI was limited in 2019.

          Multiple other entities - see comments below.
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Bloomberg Retirement Plans efforts regarding collaborative initiatives have been primarily focused thus far on the PRI, but it recognizes that next steps are encouraged.

As a result, Bloomberg Retirement Plans participated in interviews and collaborative workshops sponsored by the World Business Council for Sustainable Development (WBCSD) in the initiative “Aligning Retirement Assets”.  The Bloomberg Retirement Plans integration efforts were included as a key case study in the second publication, “Toolkit #2”, which was focused on the practical implementation of Responsible Investment considerations into retirement plans.

https://docs.wbcsd.org/2019/06/WBCSD_ARA-toolkit_USA_version.pdf

Beyond the Global Retirement Plans, the activities of Bloomberg LP also serve as an important representation of the firm’s commitment to this issue, and Bloomberg LP engaged with numerous organizations to promote responsible investing, including but not limited to:

- CDP
- GRESB
- ICMA Green Bond Principles
- IIGCC
- IIRC
- UNEP FI
- SASB
- TCFD
- WBCSD
- LMA
- LSTA

Bloomberg LP also hosted several Sustainable Business Summits around the world and held its second annual Global Responsible Investing Forum.


SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

90 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          In 2019, the focus of Bloomberg’s RI promotion efforts were segments within the Bloomberg Sustainable Business conferences, which included discussions on Responsible Investment.  

Bloomberg LP was the host and organizer of these 5 events in the following locations: New York, Toronto, London, Seattle, and Sao Paulo.

https://www.sustainablebizsummit.com/past-summits/
        

Frequency of contribution

Description

          Bloomberg Philanthropies supports numerous standard setting and capacity building organizations that promote Responsible Investing, including, but not limited to, TCFD, SASB, CDP and PRI.
        

Frequency of contribution

Description

          Bloomberg constantly strives for better transparency/disclosure of responsible investment practices, both through its product offerings and leading by example as an organization.
        

Frequency of contribution

Description

          Bloomberg hosted several public events and discussed the progress of Responsible Investment at its forums. See link in prior response.
        

Frequency of contribution

Description

          Bloomberg’s Investment Consultant, Mercer, has reported that Bloomberg is considered a leading Plan provider as it relates to Responsible Investment.  Mercer serves as the investment consultant to other defined contribution plan sponsors that have expressed a desire to pursue Responsible Investment integration in the same form that Bloomberg has, including potentially becoming a signatory to the PRI.  The work with WBCSD supported the publicity of Bloomberg's efforts.
        

Frequency of contribution

Description

          Bloomberg is the Secretariat for FSB TCFD and ran consultation effort for that process, in addition to participating in various other consultations.
        

Frequency of contribution

Description

          Bloomberg contributed to Environmental Finance's 2019 ESG Data Guide, which included a thought leadership piece on how Bloomberg's ESG offerings are meeting the demands of a changing investing landscape.

https://www.environmental-finance.com/content/guides/esg-guide-corporate-statement.html?vendorid=4&editionid=1&corpid=1

Bloomberg also posts regular content on sustainable investing on its Bloomberg Professional Services blog, some of which is published by external media outlets first: 

https://www.bloomberg.com/professional/blog/category/sustainable-investing/
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

In 2019, Bloomberg engaged the provider responsible for recordkeeping activities in a discussion on how it is communicating Responsible Investment efforts on behalf of its clients, Plan Providers, to the participants.  These discussions are ongoing and are intended to inform how Bloomberg Global Retirement Plans can most appropriately and dutifully inform its participants that Responsible Investment is integrated within the plan’s construction.  Thus far, the recordkeeper reported that few clients have expressed a desire in communicating Responsible Investment efforts, and therefore Bloomberg is serving as a leader in supporting further development of Responsible Investing in the defined contribution market by expanding discussions to more service providers.


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

specify description

          Bloomberg LP held key roles in the Task Force on Climate-related Financial Disclosures (TCFD), developing reporting recommendations for all sectors, including Financial.  (See below)
        

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

provide URL
provide URL

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

In 2015, the governor of the Bank of England, Mark Carney, appointed Mike Bloomberg as chair of the Task Force on Climate-related Financial Disclosure (TCFD). Working with 31 private-sector partners on the Task Force, Bloomberg L.P. helped develop recommendations for climate-related financial disclosures. These recommendations are intended to be used in all sectors, including the financial sector to identify the climate-related financial impact of portfolio holdings.

All TCFD partners are now encouraging companies and investors to adopt these recommendations. The more companies that join the growing effort to measure and share climate risks, the faster the market will see progress toward a lower-carbon world.


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