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CBUS Superannuation Fund

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 (non-financial)
FI - Securitised
Private equity
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

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

Cbus uses a number of tools and frameworks to monitor managers including IMAs, Cbus ESG Manager survey and due diligence questions, third party service provider information including Sustainalytics, TruValueLabs and GRESB. 

For segregated mandates, Cbus requires annual reporting as specified in the investment management agreement. 

The majority of managers also provide ESG information in quarterly reviews to Cbus as well as ESG assessment in formal annual reviews.

For property and infrastructure, ESG is monitored in Fund Manager Reporting to Cbus as well as manager's being encouraged to become signatories to GRESB as per the Side Letter instruction. Cbus also monitors responsibilities in relation to governance of conflicts in relation to investments and management. 

ESG Portfolio characteristics: For equities, Cbus has access to third party service provider data both backward looking company and sector information and also real time momentum ESG information with a materiality overlay (SASB).  This can be applied to both companies and fund manager portfolios to determine ESG characteristics of relevant portfolios and individual stocks. For private markets, Cbus uses GRESB benchmarking to assist with ESG portfolio level and asset information.   

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 (non-financial)
FI - Securitised
Private equity
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

Cbus has conducted a fund manager survey to assess the integration of ESG into their portfolios. Each manager has been benchmarked in their asset class. The purpose of this process was to identify key areas for engagement. The survey confirmed that all our managers integrate ESG to some extent and are at various stages in their evolution. .Through this process we also sought manager’s long term thinking on key issues like climate change and the SDGs. We expect our managers practices to develop over time.

Specific areas for improvement are discussed in annual reviews as well as ongoing discussions around Cbus priority RI topics, these include Modern Slavery, Human Rights, and Climate Change.

For Infrastructure, Cbus monitors ESG risks across managers and these are reported to the Investment Committee. Metrics include ESG ratings and OH&S issues, primarily related to fatalities at underlying assets. 

In relation to our property managers we commit to quantifiable measures relating to carbon emissions e.g. net zero carbon emissions by 2030 for portfolio assets.

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

          With regards to ESG performance thresholds all managers in each asset class are asked the same questions so as to accurately benchmark their responses.
        

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 - 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

SAM 07. Percentage of (proxy) votes

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.

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

07.3. Additional information [OPTIONAL]

          Reasons for not voting are:
- share blocking markets 
- operational or timing constraints - fund manager buys a new stock and ballot not generated in time to meet cut off date for AGM
- Administrative impediments
- Strategic decision not to vote on certain types of assets or funds

NB: numbers for SAM 07.2 based on previous years assessment.
        

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