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StatewideSuper

PRI reporting framework 2020

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

Property
Infrastructure
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

Property
Infrastructure
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

The consultant continually assess managers relative to their peer group.

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

          Our investment consultant has a relatively high touch approach to manager monitoring, typically conducting meetings twice a quarter. ESG issues will typically be covered in these meetings when they arise. Within listed equities, the consultant also requires the manager to respond to a set of ESG questions on a regular basis (quarterly for Australian equities and fixed interest, six-monthly for global equities). These questions are designed to ensure that any changes to team or process are identified, and asks the manager to report on their proxy voting and engagement activities.

In addition to regular surveys noted in prior sections, our investment consultant undertakes other ad-hoc research into manager ESG practices. This serves two purposes - it ensures that the consultant has a sound basis for assessing what is best practice and what the peer group "average" is; and they believe it serves to place pressure on managers to continually develop their approach and keep up with the peer group (pieces of research are shared with respondents and the consultant spends time with laggards).
        

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

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

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

The investment consultant reviews any changes in the managers' staffing or process in relation to engagement.

(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

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

The investment consultant reviews any changes in the managers' staffing or process in relation to proxy voting.


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.

100 %

Specify the basis on which this percentage is calculated.

07.2. For the listed equities for which you have given your external managers a mandate to engage on your behalf, indicate the approximate percentage (+/- 5%) of companies that were engaged with during the reporting year.

1873 Number of companies engaged
Proportion (to the nearest 5%)

07.3. Additional information [OPTIONAL]

          Not all of our investment managers provide quantitative date on the number of ESG engagements they undertake so the number of companies engaged shown in 7.2 is from those managers that did report this information to us. It is therefore not possible to know what proportion of companies were engaged overall. Our managers were also asked to record the split of engagements between environment, social and governance - again some do not record that split but of those that did the results were: environment - 722, social - 575 and governance - 576. This data shows the increasing number of engagements relating to environmental matters, with climate change being a key topic.
        

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