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British Columbia Public Service Pension Board of Trustees

PRI reporting framework 2020

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Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

01.3. Additional information. [Optional]

The Plan is a jointly trusteed defined benefit pension plan continued under a Joint Trust Agreement (Agreement) authorized by the Public Sector Pension Plans Act. The partners to the Agreement are the Provincial Government and the British Columbia Government and Service Employees’ Union (Partners). The Agreement describes the composition, appointment, powers, functions and duties of the Public Service Pension Board of Trustees (Board) and provides the authority for the Board to make the pension plan rules. We will refer to "the Board" in our reporting to represent the Public Service Pension Board of Trustees. 

Membership in the Plan is open to eligible employees of the Province of British Columbia and certain crown corporations, agencies, institutions, and other employers approved by the Board, and eligible Members of the Legislative Assembly.

Roles and responsibilities

Partners

The Partners and other organizations representing the plan members and employers are responsible for appointing the 14 trustees to the Board.

Board

The Board is responsible for the management of the Plan, including investment of assets and administration of the Plan. The Board may amend the pension plan rules as long as changes can be funded by the Plan’s surpluses or are cost-neutral to the Plan. Unless required to ensure compliance with regulatory enactments applicable to the Plan, only the Partners can initiate pension plan rule changes that result in contribution rate increases. The Agreement allows the Board to either appoint a chair from among the 14 trustees or appoint a person not appointed by the Partners. The vice-chair is appointed by the other trustees, from among the 14 trustees.

British Columbia Pension Corporation (Pension Corporation)

Pension Corporation provides benefit administration services as an agent of the Board. The Board appoints two members to the eight-member board of directors of Pension Corporation.

British Columbia Investment Management Corporation (BCI)

BCI provides investment management services, including the valuation of investments, as an agent of the Board. The Board appoints one member to the seven-member board of directors of BCI.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Canada

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

3 FTE

02.4. Additional information. [Optional]


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]

Net assets are reported as at December 31, 2019. All assets are unaudited. Audited 2019 values will not be available within this PRI reporting period, however, our investment agent BCI is confident that the percentage ranges reported for this period will not be significantly affected.


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 45.4 0 0
Fixed income 10-50% 14.2 0 0
Private equity 10-50% 11.3 0 0
Property 10-50% 14.8 0 0
Infrastructure <10% 8.6 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry <10% 1.1 0 0
Farmland <10% 0.9 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Money market instruments <10% 3.7 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Not Applicable)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

84.51 Developed Markets
14.03 Emerging Markets
0.01 Frontier Markets
1.45 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

The Board recognizes that strong corporate governance and responsible corporate behaviour pertaining to environmental and social factors will generally contribute to better long-term financial performance of a company. This belief and the PSPP approach to responsible investment are set out in section 11 and Appendix C: Section 13 of our Statement of Investment Policies and Procedures ("SIPP"). These sections may be found at the following URL: 

https://pspp.pensionsbc.ca/documents/824580/824637/pspp-statement-of-investment-policies-and-procedures.pdf/c9bfb617-f375-4eb6-a3cd-753ff3638ec3

BCI is our sole investment manager and is also a signatory to the PRI as an investment manager.


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