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CBUS Superannuation Fund

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] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
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] (C) Implementation: Integration of ESG factors [LEI 08 - 10] 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] ESG incorporation in passively managed fixed income [FI 13] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Pre-Investment (Selection) [INF 05 - 09] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure Monitoring and Operations [INF 12 - 14] Infrastructure Maintenance [INF 15] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Cbus was represented on several of the PRI working groups/committees including Australian Advisory Committee; Sustainable Development Goals Advisory Committee and Infrastructure Advisory Committee.  

CEO, CIO and Portfolio Head, Responsible Investment all attend PRI in Person. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Participated in briefings.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Cbus is represented on the Board and Member Advisory Council of ACSI and plays an active stewardship role with the organisation.  We also participate actively in many ACSI engagements and research projects.

Cbus sponsored the ACSI annual conference. CEO, CIO and several Executive staff in attendance including directors. The Chair of the Investment Committee spoke at ACSI Trustee Forum.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Cbus participates as a support investor for a number of Climate Action 100+ engagements.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We require all Cbus property fund managers to report using GRESB. We have 100% participation. We use this information in annual reporting. 

​Cbus is  an investor member of GRESB real estate.

Cbus has also become a member of GRESB Infrastructure 

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Participated in briefings. Cbus is now represented on the Board governance committee of ICGN and actively participates in working groups. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Cbus was represented on the IGCC management committee until December 2018.  Our IC Chair is now the Chair of the IGCC.  Cbus plays an active role in stewardship and promotion of the organisation.  Portfolio Head, Responsible Investment is actively involved in several IGCC working groups/committees.

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Cbus was in the Australian pilot group for creating intergrated annual reports. Cbus is in its forth year of preparing an Annual Integrated Report in 2020.

 
          RIAA

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We support RIAA engagement and participate in teleconferences, provide resources and input into developing new approaches to promoting RI. Cbus is actively involved in RIAA Human Rights WG. 

 
          Australian Sustainable Finance Initiative (ASFI)

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Our CEO is on the steering committee of the ASFI, a collaboration involving Australia’s major banks, superfunds, insurance companies and other notable participants. ASFI is developing a Sustainable Finance Roadmap, to help shape an Australian economy that prioritises human wellbeing, social equity and environmental protection while maintaining a stable financial system. The roadmap will be consistent with global goals such as the SDGs. Our contribution gives us the opportunity to provide input into the future direction of the finance industry in a way that will encourage more sustainable outcomes for our members. Our Portfolio Head of Responsible Investment Co Chairs one of the four working groups and our Head of Responsible Investment participates on a working group.

 
          Workforce Disclosure Initiative

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

This initiative is investor led to increase transparency in global supply chains on how companies are managing workers. The purpose of the WDI is to request companies to provide comparable ‘social’ data via an annual survey. The WDI is sending the survey to the top 500 global companies to complete. Responsible Investment Association of Australasia (RIAA) is sending to top 50 ASX via the working group in which Cbus is involved. 

SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

84 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description 

          - Hosted Europe’s “Financing Sustainable Growth” Action Plan: Lessons and  implications for Australia (RIAA, Climate KIC)
- Facilitated MSCI/Peer Fund discussion regarding climate change
- Chair of the IC spoke at ACSI's Trustee Forum

Frequency of contribution

Description 

          - Illegal Importation of Asbestos and Best Practice Controls Research. Cbus funded this research and facilitated a multi stakeholder working group.

Frequency of contribution

Description 

          - Transforming Australia: Sustainable Development project with Monash University. Cbus co-funded this with other asset owners.
- Received input from Monash University on internal Carbon Pricing Research.

Frequency of contribution

Description 

          - Request fund managers to advocate and provide greater disclosure themselves and of the companies in which they invest   
- Requested companies reported on sustainability, through engagement. 
- Cbus requires its property fund managers to report under GRESB.  We are also GRESB infrastructure members.
- Cbus is also an active participant on the Stakeholder Council of the GRI.

Frequency of contribution

Description 

          Multiple presentations by CIO, Portfolio Head Responsible Investment, Head of Responsible investment on climate change, SDGs and other responsible investment topics.

Frequency of contribution

Description 

          We have conducted Carbon Pricing Research to test the impact of carbon pricing on company valuations with Monash university. This new and innovative research will guide us in reducing our exposure to carbon emitting companies in the future. It also supports our commitment to SDG13: Climate Action.

Frequency of contribution

Description 

          Encouraged fund managers to be members of PRI.

Frequency of contribution

Description 

          Cbus was represented on several working groups/committees including  Sustainable Development Goals, and the Australian PRI Advisory Committee.

Frequency of contribution

specify description 

          30% club investor working group

Description 

          CEO is member of Investor working group and Cbus actively participates to support this initiative

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

In March 2019 Cbus participated in the first National Housing Financing and Investment Corporation (NHFIC) bond issue which raised $315 million to support social housing.

The bond issue was designed to bring together large amounts of capital to provide low interest, loans to not-for-profit community housing providers. Cbus provided assistance to develop this overall strategy.  

This is being used to develop affordable housing and to provide services for disadvantaged households. The bonds have a Government guarantee and a AAA credit rating, the highest credit rating a bond can receive. Cbus provided extensive input and support for the development of this bond aggregator model over many years, together with other investors, government and social services. Assets like the NHFIC bond issue help diversify our portfolio and drive strong returns for our members. They also address important social issues that align with the UN SDGs. 

 

SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

provide URL https://igcc.org.au/wp-content/uploads/2019/06/GLOBAL-INVESTOR-STATEMENT-TO-GOVERNMENTS-ON-CLIMATE-CHANGE.pdf
provide URL
provide URL

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

 Cbus signed a global investor statement to governments on climate change.
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