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CBUS Superannuation Fund

PRI reporting framework 2020

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Board

The Board has oversight and accountability for responsible investment. The Board has delegated responsibility to the IC for oversight of RI policy and ongoing strategy.

RI training/briefings are provided to the Board. Board members also attend external RI related events to increase knowledge awareness such as ACSI conference.  

Investment Committee

Responsible investment is a regular item on the IC to inform management activities. The CIO monthly updates also incorporate RI information. The Chair, IC reports key RI information to the Board following IC meetings. 

CEO

The CEO is a strong advocate and provides RI leadership within the organisation.  The CEO also assists with ensuring the Fund is aligned with Cbus responsible investment approach, for example, he sits on the Australian Institute of Company Directors Working Group of the 30% Club; is a member of Male Champion of Change Institute and is a Workplace Gender Equality Agency Pay Equity Ambassador.

CIO and Deputy CIO

The CIO and deputy CIO are strong advocates of RI. The Responsible Investment team reports to the CIO and have fortnightly meetings on RI.

Portfolio Heads    

Portfolio Heads oversee and implement RI within their respective asset classes and through selection, appointment and monitoring of external Fund Managers. They also directly engage with companies when appropriate. 

Responsible Investment team

Responsible Investment staff provide both guidance on strategy and policy implementation to the CEO, CIOs and Portfolio Managers. The team also drives stakeholder engagement, collaboration initiatives and proxy voting.   

External asset advisors provide RI guidance on Fund Manager selection, appointment and monitoring which includes RI ratings.   

Our Portfolio Head of Responsible Investment is a strong advocate for the Funds responsible investment approach having spoken at numerous RI forums over the period.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

3 Number

07.4. Additional information. [Optional]

A broad range of staff within the investments team and broader organisation support implementation of RI. This includes, data and analytics, internal reporting and communications, risk and governance, legal and corporate affairs.

The size of the RI team will increase to 5 in 2020.


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Portfolio managers

Investment analysts

Dedicated responsible investment staff

External managers or service providers

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

The same governance structure exists for climate change as it does for other RI activities (SG 07.6). The Board has delegated authority to the IC for climate change related activities. The Chair, IC reports to the Board on key actions of note or for approval from the IC meetings. There is a monthly CIO report to the IC that has the capacity to include climate related initiatives, where relevant. 

The Cbus Board approved the Climate Change Position Statement which stated alignment to the Paris Agreement and move towards net zero emissions by 2050.   

Training is also provided to the Board on climate change activities. 

 

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

The Board is highly engaged and attends various training and conferences to increase their knowledge of responsible investment issues, activities include:

- regular briefings on emerging ESG issues through IC updates

- Board offsite session on responsible investment

- attendance at the Australian Council of Superannuation Investors (ACSI) conference

- 2 x attendance at the PRI conference

- A Cbus Board member is on the Board of the Australian Council of Super Investors and another is the Chair of IGCC

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

The Cbus RI policy requires all investment staff to undergo RI training.

The RI team provide 'all staff' briefings on emerging ESG issues such as modern slavery.

Cbus staff at executive level and below attend conferences with ESG content.

RI forms part of the quarterly induction training.

PRI scores are a component of assessing variable pay where variable pay is relevant.

08.4. Describe the level of experience board members/trustees/chief-level staff have with incorporating ESG factors into investment decision-making processes.

          Cbus is an Australian industry superannuation fund and has a unique Board governance structure. There is a very high level of knowledge and engagement with Trustees on the IC due to their involvement with sponsoring organisations.  Given the focus of the fund on members from the building construction and allied industries Cbus and its trustees have a very strong knowledge and focus on safety, labour rights, green buildings and job creation.  

The Board is highly engaged and attends various conferences to increase their knowledge on RI including the PRI in Person and ACSI conferences.
        

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