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New York City Employees Retirement System

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

Our investment beliefs reflect several ESG and climate change beliefs.  Our investment policy statement reflects commitment to PRI. We have policies on proxy voting and shareholder engagement. We include ESG questions in the due diligence questions for managers in all asset classes. Additionally, we have a Responsible Contractor Policy for private real estate investments.  And we have exclusion policies related to gun manufacturers and retailers, private prisons, thermal coal, tobacco and certain countries.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

PRI, climate change, human capital, responsible contracting, diversity, fair labor practices, economic equality, ethics, transparency

01.6. Additional information [Optional].

          In our corporate governance work, we address carbon emissions, disclosure of climate risks, ensuring climate competency on boards and other environmental sustainability issues in our public portfolio companies. In our investment strategy, we have conducted a carbon footprint analysis of our public equity and public fixed income. We have also divested from thermal coal and approved a resolution of studying a prudent strategy for potentially divesting from securities issued by fossil fuel reserve owners in a 5 year period.
        

SG 01 CC. Climate risk (Private)


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Additional information [Optional].

The link to the US proxy voting guidleines is in SG 02.1 and global proxy voting guidelines are available to the public upon request. Summary of engagements is included in NYC Pension Funds annual Postseason Report on shareowner initiatives, with the fiscal 2019 report avaiable here: https://comptroller.nyc.gov/wp-content/uploads/documents/2019_Shareowner_Initiatives_Postseason_Report.pdf


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

We have a Ethics and Compliance policy statement and comprehensive conflicts policy for managers regarding prohibitions of placement agents, gifts, and political contributions and disclosure of fees, affiliates, contacts, compliance policies and practices and other relationships that may give rise to conflicts. Our employees are also subject to NYC Conflicts of Interest Law.  We receive annual tailored training on this law.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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