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Infraprev

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

10.2. Indicate why you do not engage and do not require external managers to engage.

Considering our volume of AUM, INFRAPREV is not so much representative through its investments to work engagement in isolation, even through its external managers. In the past, there have been attempts that have demonstrated this, not being successful. We believe that a group of Brazilian investors that brings together other pension funds could be more effective in terms of engagement.
We understand that we engage in another way. For example, when we question our external managers about the ESG criteria used in their asset selection processes.

Listed equity – voting

10.3. Indicate why you do not cast your votes

Minority financial participation in companies.

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors. 

          SSA bond issuer in Infraprev's portfolio is the Brazilian Government.

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors. 

          Considering our volume of AUM, INFRAPREV is not so much representative through its investments to work engagement in isolation, even through its external managers. In the past, there have been attempts that have demonstrated this, not being successful. We believe that a group of Brazilian investors that brings together other pension funds could be more effective in terms of engagement. We understand that we engage in another way. For example, when we question our external managers about the ESG criteria used in their asset selection processes.

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors. 

          Same reasons reported in listed equity engagement above.

Fixed income Corporate (securitised) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors. 

          Same reasons reported in listed equity engagement above.

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Property

Cash

Other (1)

Other (2)

`Other (1)` [as defined in OO 05] 

          Investments abroad. In this case, investment in S&P500 ETF

`Other (2)` [as defined in OO 05] 

          LOANS TO PARTICIPANTS
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

Fixed income - securitised

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

Private equity

Private equity - 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

Hedge funds

Hedge funds - 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.

For the selection process of external managers, we consider one of the main factors the analysis of governance, which includes the existence of a Restricted List of institutions (internal) and the request that a Due Dilingence questionnaire be answered.
In this questionnaire, there are some questions related to ESG aspects, such as: how external managers conduct their ESG process (if they have one), whether there are engagement actions, how they include ESG aspects in their internal analysis, etc. The risk analysis has an ESG risk policy (model), where a score (ranking) is attributed to the issuer / manager.

In addition, Infraprev conducts physical diligences in which the decision-making processes of investments, the risks analysis, the governance aspects and the technological structure are the main factors for the selection. 

In the process of appointment, the contracts are analyzed considering as to always comply with internal contracting rules and adherence to the Investment Policy that includes ESG aspects.

In the monitoring process, Infraprev follows through news, reports sent by the manager, monthly calls with the participation of the manager, where the qualitative and quantitative issues that involve the investment are further explored. In situations where attention points are identified, risk, compliance and legal areas are used to subsidize decision making via the investment committee.

 

 

 

 

 

11.5. For your externally managed pooled funds, describe any mechanisms in place to set expectations as part of the appointment or commitment process.

During the pooled funds selection process, managers go through quantitative filters and qualitative analyzes that help to align expectations.

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 incorporation

Direct - Fixed Income

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]

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