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Jupiter Asset Management

PRI reporting framework 2020

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Objectives and strategies

SG 05. RI goals and objectives

05.1. Indicate if and how frequently your organisation sets and reviews objectives for its responsible investment activities.

05.2. Additional information. [Optional]

There are various components to our responsible investment agenda and the setting and review of objectives can be split between an annual and quarterly cycle depending on the consideration.

UK STEWARDSHIP CODE STATEMENT: This is reviewed on an annual basis. The review process entails input from the CIO, GS Team external auditors and then approved by the Board of Jupiter Fund Management plc.

STEWARDSHIP POLICY (Incorporating voting, governance and sustainability): This is reviewed annually by the GS Team and approved by the CIO.

JAPAN STEWARDSHIP CODE: This is reviewed annually by the GS Team, Japan investment strategy and approved by the CIO.

INVESTMENT PERSONNEL OBJECTIVES: These are set on an annual basis with involvement from the CIO, Deputy CIO, HR and fund manager Heads of Strategy. The objectives are also formally reviewed on an annual basis.

COMMITTMENT TO CODES AND RESPONSIBLE INVESTMENT INITIATIVES (e.g. TCFD, IIGCC): These matters are discussed at our Stewardship Committee and where relevant (e.g. climate / TCFD) at  the CSR committee as well.


SG 06. Main goals/objectives this year

06.1. List the main responsible investment objectives that your organisation set for the reporting year.

Responsible investment processes

Key performance indicator

          Expand messaging and insights around stewardship outcomes as a key focus on ESG incorporation.
        

Progress achieved

We have engaged an external consultant to provide ESG seminars to investment personnel. The GS Team also provided training sessions to wider staff members across departments. Training has been provided to various strategies and analyst personnel with respect to general ESG integration. We also held specific sessions towards the end of 2019 to inform teams about the 2020 Stewardship Code requirements. The progress achieved was centred on an understanding of best practice but also an appreciation of how we need to communicate outcomes to clients and enhance our record keeping around engagement. ​

Key performance indicator

          Reinforce messaging about collective engagement as a useful investor tool.
        

Progress achieved

The executive director of the Investor Forum provided training to our fund managers on the subject of collective engagement. Although the Forum's work is predominantly UK based, the focus was on the principle of collective engagement and how it can be applied to all geographies.

Key performance indicator

          Key messaging to Jupiter executive management and board members.
        

Progress achieved

Given the various regulatory and best practice developments within ESG we have taken measures so that these measures are effectively communicated to our corporate leadership (board and ExCo members) and other senior managers beyond fund management. Therefore, we have had policy specialists from the PRI, IA and UKSIF i.e. our ESG partners and industry bodies to present to members of our corporate leadership team.

Key performance indicator

          Formally incorporated stewardship within the performance objectives of our investment personnel.
        

Progress achieved

The CIO Office in collaboration with the HR team and GS Team positioned stewardship within the personnel objectives of our investment personnel. The CIO and Deputy CIO used this information as part of their annual review assessment. This involved reviewing voting and engagement records and considering how ESG was factored into trading activity. Progress is considered to be greater ESG scrutiny and support for our investors.

Key performance indicator

          Revised approach from fund of fund team.
        

Progress achieved

Using the 2020 Stewardship Code we set about helping our 'beyond listed' teams with these matters. The fund of fund team has revised their approach to be more clear (to clients) in how they articulate the specific ESG factors they are monitoring and engaging their managers.

Financial performance of investments

ESG characteristics of investments

Key performance indicator

          Maximising resources and greater internal collaboration of disciplines and teams.
        

Progress achieved

Jupiter increased its investment into data science and ESG data during the period. A lot of time and resource has been dedicated into creating our own ESG portal which aggregates third party ESG and links it to portfolios and stocks to help our fund managers with their ESG integration. The objective is not to rehash third party data through this portal but the ultimate goal is to i) tailor preferences / weightings to individual managers and ii) ultimately use data science to be able to model outcomes around company ESG performance - but that is something we are working towards. The intensive work in the period under review has been to cleanse and review the data which was a huge endeavour, we worked closely with our partners to provide feedback and help them as well.

Other activities

Key performance indicator

          Formally joined the Institutional Investors Group on Climate Change, Climate Action 100+, Workforce Disclosure Initiative and Healthy Markets Initiative in 2019.
        

Progress achieved

IIGCC membership has been instrumental in improving our investor practice, elevating our engagement and peer connectivity in this regard. We have participated in various collaborative engagements in the resource and banking sector.

Key performance indicator

          Discussed merits of joining and utilising the Investor Forum to an investor.
        

Progress achieved

The investor in question wanted to consider our views of the Forum and how we have utilised its services. We mentioned how they have been helpful to us, particularly in cases where we have had a small position. 

Key performance indicator

          Reporting work around climate change
        

Progress achieved

Duties and expectations around climate change have become stronger and that has required a focus and re-organisation internally in terms of how we consider these systemic issues. As discussed above, this is an area where collaborations come to the fore, so we have documented both internally and externally the work we have done with IIGCC and CA100+ with respect to the company engagements.

Key performance indicator

          Client demand for ESG engagement data and case studies has gained prominence and evidencing this is key.
        

Progress achieved

We have worked with clients on various matters to present case studies across our asset base, this includes climate change, board leadership and discussions around ESG scores.  

06.2. Additional information.


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