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Swiss Re Ltd

PRI reporting framework 2020

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You are in Indirect – Manager Selection, Appointment and Monitoring » Monitoring

Monitoring

SAM 05. Monitoring processes (listed equity/fixed income)

05.1. When monitoring managers, indicate which of the following types of responsible investment information your organisation typically reviews and evaluates

ESG objectives linked to investment strategy (with examples)

Evidence on how the ESG incorporation strategy(ies) affected the investment decisions and financial / ESG performance of the portfolio/fund

Compliance with investment restrictions and any controversial investment decisions

ESG portfolio characteristics

How ESG materiality has been evaluated by the manager in the monitored period

Information on any ESG incidents

Metrics on the real economy influence of the investments

PRI Transparency Reports

PRI Assessment Reports

RI-promotion and engagement with the industry to enhance RI implementation

Changes to the oversight and responsibilities of ESG implementation

Other general RI considerations in investment management agreements; specify

None of the above

LE

FI - SSA
FI - Corporate (financial)
FI - Corporate (non-financial)
FI - Securitised
Private equity
Property
ESG objectives linked to investment strategy (with examples)
Evidence on how the ESG incorporation strategy(ies) affected the investment decisions and financial / ESG performance of the portfolio/fund
Compliance with investment restrictions and any controversial investment decisions
ESG portfolio characteristics
How ESG materiality has been evaluated by the manager in the monitored period
Information on any ESG incidents
Metrics on the real economy influence of the investments
PRI Transparency Reports
PRI Assessment Reports
RI-promotion and engagement with the industry to enhance RI implementation
Changes to the oversight and responsibilities of ESG implementation
Other general RI considerations in investment management agreements; specify
None of the above

05.2. When monitoring external managers, does your organisation set any of the following to measure compliance/progress

ESG score or assessment

ESG weight

ESG performance minimum threshold

Real world economy targets

Other RI considerations

None of the above

LE

FI - SSA
FI - Corporate (financial)
FI - Corporate (non-financial)
FI - Securitised
Private equity
Property
ESG score
ESG weight
ESG performance minimum threshold
Real world economy targets
Other RI considerations
None of the above

If you select any `Other` option(s), specify

Review portfolio based on MSCI ESG and Maplecroft rating scores

05.3. Provide additional information relevant to your organisation`s monitoring processes of external managers. [OPTIONAL]

          The ESG integration efforts of external managers are assessed on an ongoing basis. This assessment is done across the following four dimensions:   
1) Governance and Policies (e.g. Responsible Investment Policy, ESG Voting Policy, ESG oversight, etc.)   
2) Integration in Investment Process, Resources and Source of ESG Information (e.g. ESG knowhow, information on ESG factors used in investment process, ESG training, ESG data sources, etc.)   
3) Engagement and Proxy Voting (e.g. engagement with investees, voting activities, etc.)   
4) Reporting (e.g. report on ESG considerations, report on ESG integration efforts, etc.)   

Each of the four above ESG assessment dimensions is evaluated against our expectations for the specific mandate. The overall ESG assessment is documented in the initial due diligence report. The due diligence report is then the basis for the manager appointment for any particular mandate. 

For active listed equities and corporate credit, investment performance is measured against ESG benchmarks.   
For buy-and-hold investment strategies, we prohibit the purchase of (i) issuers rated below ESG BB, and (iii) firms whose revenues stemming from coal-related or oil sand are above a certain threshold. We monitor the manager's purchases against these restrictions; any purchase would be considered an active breach.

For infrastructure loans, the ESG impact and ESG risks are assessed at the screening stage of any new potential loan by external managers. 

For Real Estate, the certification of the individual properties for green building certification programs as e.g. LEED and tracking the ESG performance of mature portfolios through GRESB as well as the approach of the manager to ESG is monitored.
        

SAM 06. Monitoring on active ownership (listed equity/fixed income)

06.1. When monitoring managers, indicate which of the following active ownership information your organisation typically reviews and evaluates from the investment manager in meetings/calls

Engagement

Report on engagements undertaken (summary with metrics, themes, issues, sectors or similar)

Report on engagement ESG impacts (outcomes, progress made against objectives and examples)

Information on any escalation strategy taken after initial unsuccessful dialogue

Alignment with any eventual engagement programme done internally

Information on the engagement activities’ impact on investment decisions

Other RI considerations relating to engagement in investment management agreements; specify

None of the above

LE

FI - SSA
FI - Corporate (financial)
FI - Corporate (non-financial)
FI - Securitised
Report on engagements undertaken (summary with metrics, themes, issues, sectors or similar)
Report on engagement ESG impacts (outcomes, progress made against objectives and examples)
Information on any escalation strategy taken after initial unsuccessful dialogue
Alignment with any eventual engagement programme done internally
Information on the engagement activities’ impact on investment decisions
Other RI considerations relating to engagement in investment management agreements; specify
None of the above

(Proxy) voting

Report on voting undertaken (with outcomes and examples)

Report on rational of voting decisions taken

Adherence with the agreed upon voting policy

Other RI considerations relating to (proxy) voting in investment management agreements; specify

None of the above

LE

Report on voting undertaken (with outcomes and examples)
Report on voting decisions taken
Adherence with the agreed upon voting policy
Other RI considerations relating to (proxy) voting in investment management agreements; specify
None of the above

SAM 07. Percentage of (proxy) votes

07.1. For the listed equities for which you have given your external managers a (proxy) voting mandate, indicate the approximate percentage (+/- 5%) of votes that were cast during the reporting year.

95 %

Specify the basis on which this percentage is calculated.

07.3. Additional information [OPTIONAL]

          Our managers vote in the vast majority of countries, with the exception of a few where voting processes and regulatory obligations require a high level of administrative coordination (e.g. power of attorney) or trigger share blocking.  
We review the managers' engagement reports and discuss significant engagements by managers in our quarterly calls and/or annual on-site meetings. Engagements are only discussed where most material
        

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