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Eaton Vance Corp.

PRI reporting framework 2020

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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]

Over the last year, Calvert continued to engage agricultural companies about water risk. We led engagement with a large packaged food company on water risk in its agricultural supply chain. This is part of a broader investor engagement under the auspices of the UN PRI, including 36 investors with US$ 6 trillion in assets under management engaging 15 apparel, food and beverage, and agricultural products companies. The company published a list of its priority agricultural commodities, which will be the basis for further work to understand and address water risks in its supply chain through supplier standards and certified sustainably sourced commodities.

In 2018, Parametric became an independent signatory to the UN Principles of Responsible Investment. Previously, we were a signatory through the affiliation with its parent company, EVC, which became a signatory in 2015.

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]

Calvert asked companies to disclose information to CDP and engaged with laggards in order to encourage reporting. Calvert has also worked with companies on setting greenhouse gas reductions goals or targets.

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]

Calvert is both a signatory and member.

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]

Calvert is both a signatory and member.

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]

Part of Calvert’s engagement was under the auspices of Climate Action 100+, a global investor initiative seeking to enhance corporate governance of climate change, curb emissions and strengthen climate-related financial disclosures at companies with great opportunities to tackle climate change.

Calvert has volunteered to engage three companies as a lead and is in a co-lead or supporting role with six other companies. Calvert's focus is on high-emitting sectors including electric utilities, construction machinery and heavy trucks, transportation, industrial machinery and consumer products.

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]

Calvert is a member of the Council of Institutional Investors.

Parametric's Responsible Investing investment professionals regularly attend educational events held by CII to keep current on and further advance the firm's collective understanding of corporate governance topics. Additionally Parametric supported the organization by sponsoring their semi-annual conference.

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]

Calvert is a member.

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]

As part of its ICCR participation, Calvert joined the Investors for Opioid Accountability (IOA) in November 2017, a month after its launch. As part of IOA, Calvert engages with manufacturers and distributors of opioids. Specifically, the IOA is asking the independent directors of the boards of these companies to investigate how they are responding to increasing risks related to opioids. The coalition is asking boards of such companies to adopt good governance practices and policies to increase transparency and accountability, and deter misconduct.

Parametric's Responsible Investing investment professionals regularly attend educational events held by ICCR to keep current on and further advance the firm's collective understanding of ESG-related topics. Particularly, Parametric draws on the organization's social and faith-based expertise.

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]

Calvert worked with Ceres to build leadership and drive solutions to tackle challenges like climate change, water scarcity and pollution, and human rights abuses. Calvert helped convene a meeting with four large steel manufacturers to discuss the feasibility of setting science-based greenhouse gas emissions reduction targets, with expert input from the Science Based Targets initiative and emphasizing opportunities in energy efficiency and renewable energy.

Parametric's Responsible Investing investment professionals regularly attend educational events held by CERES to keep current on and further advance the firm's collective understanding of environmental and sustainability topics. In addition, Responsible Investing team members belong to several working groups.

          U.S. SIF
        

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]

Calvert's Director of Research participated in a panel on ESG in fixed income investments at US SIF 2019, and Calvert was a Supporting Sponsor of the conference. CRM was a Benefactor sponsor for 2019 US SIF Trends Report.

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]

Calvert remains a member of the UNEP FI.

 

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]

Calvert is a signatory to the UN Global Compact. CRM reports annually on progress to the UN Global Compact and UN CEO Water Mandate.

          SASB
        

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]

As founding members of both the SASB Investor Advisory Group and the SASB Alliance, Calvert was able to voice its views over several years as SASB developed its framework to determine the financially material sustainability issues relevant to each industry and the companies within that industry. Calvert's collaboration extends across our organization. CRM's ESG analysts - some of whom participated in SASB's standard-setting industry consultations and working groups and hold SASB's Fundamentals of Sustainability Accounting (FSA) credential - incorporate SASB's concepts of materiality into the research Calvert conducts on sectors and companies.

For Atlanta Capital, three PMs completed SASB's Fundamentals of Sustainability Accounting Credential and one PM serves on the advisory board

          30% Coalition
        

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]

Calvert works with the 30% Coalition, a collaboration between corporations, investors and advocacy groups.

          As You Sow
        

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]

Parametric's clients have the ability to co-file shareholder resolutions with As You Sow. The Responsible Investing Team currently coordinates client co-filings with As You Sow's engagement team.


SG 09.2. Assets managed by PRI signatories (Not Applicable)


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, Calvert continued with the Calvert Institute; there were 5 educational sessions on responsible investment and presented to registered investment advisers. Also, Calvert participated in conferences and engaged with companies on substantive ESG topics like the opioid crisis in the United States, guns and safety, climate risk and water risk, establishing ESG impact metrics, and global inequalities that threaten our future. Calvert served as a sponsor of the US SIF ESG conference, and has since the initial event in 2011, as well as the annual SRI conference, the SASB 2019 symposium, and the Yale Symposium on the State of ESG Standards. In 2019, Parametric conducted ESG training across a number of key areas: • Ongoing due diligence with existing and new ESG vendors. • Participation in external ESG speaking engagement and attended conferences. • Conducted meetings on a monthly basis to train and update sales personnel on ESG-related activities. • Offered responsible investing training to all internal departments. • Published blogs discussing responsible investing topics on a monthly basis.
        

Frequency of contribution

Description

          Calvert continued its collaborative relationship with George Serafeim, Professor of Business Administration at Harvard Business School, to publish "When Sustainable Practices Yield Sustainable Profits: The Path To A Strategic Edge" in 2019. As growing numbers of companies embrace sustainability practices, the question of whether those efforts can provide a competitive edge through strategic differentiation becomes increasingly important.
        

Frequency of contribution

Description

          For Calvert, please see the previous answer related to George Serafeim.
        

Frequency of contribution

Description

          Calvert had dialogue with several other companies about ESG disclosure broadly. As an active member of the Investor Advisory Group of the Sustainability Accounting Standards Board (SASB), Calvert engaged three companies to encourage disclosure to SASB standards. With regards to active ownership, Parametric supports resolutions that encourage the board to improve relevant policies and disclosures as well as take action on certain matters. Calvert’s guiding principles are that businesses must adhere to internationally recognized labor and human rights standards; be transparent around corporate practices involving weapons, repressive governments, public health and product safety; maintain accountability for lobbying and political contributions; and set and report on environmental performance goals related to the firm's long-term strategy. With regards to portfolio construction, Parametric has also built-out an online reporting tool that displays key metrics relevant to the responsible investing criteria clients have applied to their portfolio. These metrics quantify the implementation of client-directed responsible investing goals and allow for greater investment transparency.
        

Frequency of contribution

Description

          As in prior years, Calvert speaks publicly at events and conferences to promote responsible investment, 2019 was no different. Events at which Calvert spoke included: US SIF, SASB Symposium, Yale Symposium on the State of ESG, SRI Impact Investing Regional event, and Barron's Round table. In 2019, members of the Parametric Responsible Investing Team spoke at numerous conferences and events, including: • Parametric Advisor Forums • CFA Society Orlando Active vs Passive Dinner • Schwab Impact Conference • Gitterman Wealth Management UN Sustainable Investing Conference • ESG Panel at CFA Society of Minnesota • UBS Elite Advisor Conference • Catholic Values Investing Conference
        

Frequency of contribution

Description

          Calvert's staff and CEO and staff write blog posts which are regularly available on Calvert’s website at https://www.calvert.com/impact.php?since=2019-12-05&until=2020-03-05 Parametric's The Responsible Investing Team actively publishes blog posts and thought leadership pieces that address responsible investment topics. Blog posts are publicly available on Parametric's website and other materials are distributed when appropriate.
        

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]

Calvert's CEO served on the Sustainability Advisory Council at FMC Corporation, a publicly traded chemical manufacturer, as well as attending quarterly AHC Group's speaker series, influencing the sustainability of high-impact companies.

Calvert's Shareholder Advocacy Manager serves on the board of Bethesda Green, UNEP FI Investment Commission Board and is a member of the Corporate Governance Advisory Council of the Council of Instructional Investors.


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.

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

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

A component of Calvert's engagement strategy includes working with regulators and policymakers to ensure that officials are informed about Calvert’s position on critical issues. Both on their own, and as a part of larger coalitions, Calvert makes their voices heard. Issues we addressed in policy work included shareholder rights, Banking, Housing, and Urban Affairs on the subject of "The Application of Environmental, Social, and Governance Principles in Investing and the Role of Asset Managers, Proxy Advisors, and Other Intermediaries." As well as, Clean Air and Nuclear Safety on the subject of "Reducing Emissions While Driving Economic Growth: Industry-led Initiatives."

Calvert has worked with The Forum for Sustainable and Responsible Investment (US SIF) and the Ceres Investor Network (Ceres) to engage policymakers to make their position clear. Calvert will continue to track policy and regulatory developments and speak out when shareholder rights and progress on corporate sustainability are at stake.


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