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Pictet Asset Management

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (C) Implementation: Integration [FI 10 - 12] ESG incorporation in passively managed fixed income [FI 13] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

 
          Risk Management
        
          Reporting to clients

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

We are convinced that Environmental, Social and Governance (ESG) considerations can help us make better long-term investment decisions for our clients.

For decades, sustainability has been central to our way of thinking. Since the Pictet Group was founded in 1805, we have aimed to ensure the prosperity of our clients over the long term. In doing so, we have instinctively considered the interests of future generations.

Pictet Asset Management believes in responsible capitalism and takes an enlarged view of the economy and its interactions with civil society and the natural environment.

Consistent with our fiduciary duty to act in the best interests of our clients and our adherence to the UN Principles for Responsible Investment (UN PRI), we are committed to integrating material ESG criteria in our investment processes and ownership practices with a view to enhance returns and/or mitigate risks. We also aim to embed ESG in our risk management and reporting tools in order to maintain high standards of transparency and accountability.

Our commitment to responsible investment is supported by a set of basic principles covering six domains: Investment process, Active ownership, Exclusion toolbox, Risk management, Portfolio reporting, Marketing & Communication.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

Our commitment to responsible investment is supported by a set of basic principles covering six domains:

1. Investment process: Material ESG issues are embedded in research and investment processes with a view to enhance returns and/or mitigate risks. To help integrate ESG factors all investment professionals have access to a wide range of ESG data from various providers. Each provider was selected for its leading edge on specific ESG datasets.

2. Active ownership: Voting rights are exercised systematically in the best interest of our clients. Where appropriate, we engage with corporate and sovereign issuers in order to positively influence ESG performance.

3. Exclusion toolbox: Pictet Asset Management implements an exclusion policy on companies involved in the production of anti-personnel mines, cluster munitions, biological & chemical weapons (including white phosphorous) and nuclear weapons from countries not signatory to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT).

4. Risk Management: ESG forms an integral part of risk management. Investment teams monitor ESG news flow of relevant issuers and take action where material changes occur. Investment Risk team provides quantitative information and qualitative comments on portfolio ESG characteristics in Quality Reviews.

5. Portfolio reporting: Relevant ESG metrics and qualitative comments are being included in standard reports of products/strategies that integrate ESG in their investment process.

6. Marketing & Communication: ESG metrics at portfolio level are developed by the Reporting team with the support of the ESG team. ESG features such as Proxy voting activity, Carbon footprint, Governance profile, Controversy profile are included in relevant marketing material and internal & external communications.

01.6. Additional information [Optional].

SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

URL https://www.am.pictet/en/globalwebsite/our-company/about-u

URL/Attachment

URL https://www.am.pictet/en/globalwebsite/our-company/about-us

URL/Attachment

URL https://www.group.pictet/about/responsible-investing

URL/Attachment

URL https://am.pictet/en/globalwebsite/global-articles/2019/expertise/esg/active-ownership-report

URL/Attachment

URL https://am.pictet/en/globalwebsite/global-articles/2019/expertise/esg/active-ownership-report

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

URL/Attachment

URL https://www.am.pictet/en/globalwebsite/global-articles/2017/pictet-asset-management/sustainability

URL/Attachment

URL https://www.group.pictet/about/responsible-investing

URL/Attachment

URL https://www.am.pictet/en/globalwebsite/global-articles/2016/pictet-asset-management/sustainability-and-investments-nov2015

URL/Attachment

URL https://am.pictet/en/globalwebsite/global-articles/2019/expertise/esg/active-ownership-report

URL/Attachment

URL https://www.am.pictet/en/globalwebsite/global-articles/2019/expertise/esg/proxy-voting

02.3. Additional information [Optional].

SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Pictet Asset Management has taken reasonable steps to identify potential conflicts of interest. We take all appropriate measures to manage any conflicts of interest arising, which includes the following:

- Separation of the fund management and dealing functions

- Research Commission Governance Committee oversight

- The pre-allocation of orders

- A fair trade allocation policy. Where orders that cannot be executed in full, reduced allocations are normally made on a pro-rata basis, unless this would result in uneconomic allocations to clients

- Fair allocation of investment ideas

- Side-by-side management (performance fee funds vs non-performance fee funds)

- Trading with affiliates only where permitted by clients, and where best execution can be obtained and monitored

- Reconciliation of commission volumes traded via Commission Sharing Agreements

- Periodic review and assessment of services paid under CSA arrangements to ensure eligibility

- No proprietary trading

- A strong Code of Ethics imposing strict rules on staff personal trading and the giving or receipt of gifts or entertainment, including the prior approval of the Compliance department.

Our Compliance department undertakes regular monitoring to provide assurance to senior management that conflicts of interest are effectively assessed and managed.

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Private)

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