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CBUS Superannuation Fund

PRI reporting framework 2020

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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

          All managers are required to exclude tobacco and controversial weapons, including pooled trusts.
        
          In the majority of cases, IMA specify that managers are required to integrate ESG as relevant for the strategy. IMA reporting schedules requires summary of integration
        
          IMA reporting schedules requires summary of engagement
        
          Cbus is retaining the rights of all voting issues in accordance to its ESG policies.
        
          The IMA reporting schedule requests PRI assessment scores, where available.
        
          IMA requires summary of where voting and engagement is in accordance with local Stewardship codes
        

Incentives and controls

Reporting requirements

Benchmark

          Bloomberg Ausbond Government Bond Index: All Managers are required to exclude tobacco and controversial weapons
        

ESG Objectives

          All managers are required to exclude tobacco and controversial weapons.
        
          Countries are reviewed on their ESG practices prior to investment
        
          All managers requested to become PRI signatories or outline sufficient rationale as to why not.
        
          We don't set ESG objectives for this asset class.
        

Incentives and controls

Reporting requirements

Benchmark

          Bloomberg Ausbond Bank Bill Index
        

ESG Objectives

          We don't set ESG objectives for this asset class.
        
          All managers are required to exclude tobacco and controversial weapons
        
          Fund managers are reviewed on ESG during due diligence on selection or through ESG survey (which also applies to existing fund managers). In majority of cases, IMA reporting schedules requires summary of integration
        
          All managers requested to become PRI signatories or outline sufficient rationale as to why not.
        

Incentives and controls

Reporting requirements

Benchmark

          No benchmark other than as part of the Ausbond Bank Bill Index
        

ESG Objectives

          Other, specify: we don't set ESG objectives for this asset class.
        
          Fund managers are reviewed on ESG during due diligence on selection or through ESG survey (which also applies to existing fund managers). In majority of cases, IMA reporting schedules requires summary of integration
        
          All managers requested to become PRI signatories or outline sufficient rationale as to why not.
        

Incentives and controls

Reporting requirements

Benchmark

          An example is: S&P/ASX300 Accumulation Index + 5%pa (lagged 3 months)
        

ESG Objectives

          ESG assessment is required as part of LPA or side letter.
        
          All managers requested to become PRI signatories or outline sufficient rationale as to why not.
        

Incentives and controls

Reporting requirements

Benchmark

          An example is: MSCI / IPD Australian Property Pooled Fund (NOF)
        
          GRESB real estate benchmark
        

ESG Objectives

          Cbus has a focus on green buildings for both external managers and direct investments. Cbus also has a focus on safety during construction. All property investments report using GRESB.
        
          All property investments report using GRESB.
        
          All property managers are encouraged to be PRI signatories and report using GRESB.
        

Incentives and controls

Reporting requirements

Benchmark

          MSCI/ Mercer Australia Core Wholesale Fund Index
        
          We encourage our infrastructure fund managers to report against GRESB infrastructure benchmark
        

ESG Objectives

          Renewables specific related strategy
        
          Infrastructure is held predominantly through pooled funds and therefore Cbus has less ability to directly influence each individual acquisition. However, Cbus requires that ESG forms a part of due diligence for infrastructure assets. External managers are required to report annually on new assets and any adaptation or mitigation requirements relating to ESG particularly climate change. This is also required during the asset management phase.  During the second half of 2018 Cbus became a member of GRESB infrastructure.
        
          All managers are encouraged to become signatories to PRI and GRESB.
        

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]

          
        

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