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National Employment Savings Trust (NEST)

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

Listed equity – voting

Fixed income Corporate (non-financial) – engagement


OO 11. ESG incorporation practices for all assets

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 - corporate (non-financial)

Fixed income - corporate (non-financial) - 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

Cash

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

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

RI forms a fundamental part of our manager selection process whereby we seek evidence that managers are incorporating ESG factors in their investment process.

In the initial evaluation (initial screening questionnaire) of prospective fund managers we include a range of threshold questions including whether a fund manager excludes controversial weapons from the investment universe and whether they're signatories to PRI or equivalent networks/codes. If they are not they need to explain why and demonstrate that they take a serious approach to RI if they are to progress further in the selection process. If they don't exclude controversial weapons we expect them to make the commitment to do so. Fund managers that progress to the next stage will be assessed on questions in the RFP in the following areas:

 1)Team - who has responsibility for the RI decisions, we also ask and assess the diversity of team and whether they're a signatory to the women in finance charter

 2) ESG integration in the asset class - how ESG factors are considered in the investment process for that strategy, we ask for examples of how it influenced security selection. We also ask about the data and proprietary systems used to identify ESG issues

 3) Active ownership - we ask about the voting policy and process, and approach to engagement with examples. We ask for the ability to obtain voting intentions prior to AGMs  so we can engage with fund managers about votes we may not align with

 4) Reporting - We assess what and how fund managers report to clients on ESG and active ownership


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 active ownership

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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