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CBUS Superannuation Fund

PRI reporting framework 2020

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Pre-investment (selection)

PR 04. Incorporating ESG issues when selecting investments

04.1. Indicate if your organisation typically incorporates ESG issues when selecting property investments.

04.2. Provide a description of your organisation`s approach to incorporating ESG issues in property investment selection.

Cbus Property accepts that companies that better manage ESG issues can increase shareholder value. The company, therefore, strives to properly manage risks, anticipate regulatory action and access new markets, while at the same time contributing to the sustainable development of the societies in which it operates.

Further, incorporating ESG issues into investment decision making is consistent with our fiduciary obligations to Cbus members in the light of changing external conditions.

As such, it is incumbent upon Cbus Property to consider ESG factors in its investment decision-making processes in order to protect and manage its Investments on behalf of the Fund and the Fund’s members for the long-term. (ESG Policy)

Examples of Cbus Property’s approach to considering ESG in the various phases of the investment decision process are provided below.

Cbus Property manages Cbus’ direct property portfolio under the terms of an Investment Management Agreement. Under the terms of the IMA the Manager must:

  • take into account the impact of environmental, social and governance issues in making investment decisions;
  • meet the following responsible investment commitments:
    • adhere to the UN Principles for Responsible Investment (UNPRI),
    • use its best endeavours to meet a publicly stated commitment to achieve a net zero carbon emissions target by 2030; and
    • obtain a GRESB Benchmark Report for each reporting period.
  • provide information on the following issues relating to responsible investment:
    • engagement activity undertaken on environmental, social, or governance issues; and
    • timely input into Cbus Group UNPRI reporting.

Cbus Property also incorporates the following ESG matters into the pre-investment review process (as prescribed by our Development Management Policy):

  • ensure appropriate allowances are accommodated for ESG initiatives including reference to meeting GRESB reporting requirements;
  • ensure the development (investment) proposal is capable of meeting the ESG initiatives, unless otherwise approved by the Board;
  • consider and implement of the ESG initiatives as documented;
  • take into account the health and wellbeing of future employees,
  • consider sustainability features, such as implementing on-site renewable energy generation through the use of biofuels, geothermal energy, hydro power, solar / PV or wind;

04.3. Indicate which E, S and/or G issues are typically considered by your organisation in the property investment selection process, and list up to three examples per issue.

Environmental example 1, description

          Physical risks taken into account in building design
        

Environmental example 2, description

          Reported and disclosed in GRESB and sustainability report. Commitment to net zero emissions by 2030
        

Environmental example 3, description

          Energy efficiency measures are incorporated into building design. Ongoing tuning during asset management and building upgrades or maintenance requirements.
        

Social example 1, description [OPTIONAL]

          Incorporated into building design and component of GreenStar ratings.
        

Social example 2, description [OPTIONAL]

          Key component of all construction projects. 'Cbus Charter' outlines expectations of construction partners
        

Social example 3, description [OPTIONAL]

          Labour standards in the supply chain. 'Cbus Charter' outlines expectations of construction partners.
        

Governance example 1, description

          Governance is incorporated into employee training. Key part of risk assessments.
        

Governance example 2, description

          
        

Governance example 3, description

          
        

04.4. Additional information. [Optional]


PR 05. Types of ESG information considered in investment selection (Private)


PR 06. ESG issues impact in selection process

06.1. Indicate if ESG issues impacted your property investment selection process during the reporting year.

06.2. Indicate how ESG issues impacted your property investment deal structuring processes during the reporting year.

06.3. Additional information.


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