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StatewideSuper

PRI reporting framework 2020

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

Appointment

SAM 04. Appointment processes (listed equity/fixed income)

04.1. Indicate if in the majority of cases and where the structure of the product allows, your organisation does any of the following as part of the manager appointment and/or commitment process

04.2. Provide an example per asset class of your benchmarks, objectives, incentives/controls and reporting requirements that would typically be included in your managers’ appointment.

Asset class

Benchmark

ESG Objectives

Incentives and controls

Reporting requirements

Benchmark

          Mercer IPD Australian Property Index
        

ESG Objectives

Incentives and controls

Reporting requirements

Benchmark

          Bloomberg AusBond Bank Bill Index (+4%)
        

ESG Objectives

Incentives and controls

Reporting requirements

04.3. Indicate which of these actions your organisation might take if any of the requirements are not met

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

          The approach taken will vary depending on the severity of a situation. The first response would be to review performance, discuss the issue with manager, identify what had gone wrong and whether it is a systemic failure or a one-off mistake. Where a systematic issue is identified, our preference is to seek resolution of the issue through process changes - this may result in a manager being placed on a watch list while we monitor the efficacy of changes. We would only seek to terminate a manager where they were not willing or able to resolve the issue. We utilise performance fees with meaningful hurdle rates in place, and therefore would be paying lower fees if the situation resulted in a loss. However, there could be situations where a negotiation of the fee would also be appropriate.
        

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