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Midat Cyclops FP

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

The Control Committee will have long-term reference to the Principles for Responsible Investment promoted by the United Nations.

The Control Committee will be supported by the manager, VIDACAIXA, which is also a signatory of UNPRI, and it will delegate the management of the investments under these criteria so that the manager commitment in the progress on the UNPRI implementation will be also reflected in the MIDAT CYCLOPS, PF investments.

The aim of the Control Committee and the Manager is to implement Social Responsible Investment to the 100% of the pension fund.

There is no minimum, but the intention is to apply PRI to the 100% of the pension fund.

The procedure for the implementation, management and monitoring is based on recurrent analysis provided by the manager, in an action plan drawn up by the Control Committee with the help of the Investment Consultant. Additionally there is the commitment of the Control Committe with the annual compliance of the Report on Progress of the United Nations, obligation to which it is subjected as a signatory of the UN PRI principles.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

The Control Committee will have long-term reference to the Principles for Responsible Investment promoted by the United Nations.

The Control Committee will be supported by the manager, VIDACAIXA, which is also a signatory of UNPRI, and it will delegate the management of the investments under these criteria so that the manager commitment in the progress on the UNPRI implementation will be also reflected in the MIDAT CYCLOPS, PF investments.

In particular, the Control Committee defines three basic necessary premises to take into account the fund's investments in terms of Responsible Investment:

1.- Being responsible is to ensure the profitability of all Midat Cyclops, PF participants.

2.- Undertake initiatives that do not represent a cost to the pension fund so that they do not affect neither the fund profitability nor the member profitability.

3.- Establish social issues and human rights aspects in which it should be more involved, namely: 

   - Development of sustainability reports by GRI methodology.

   - Transparency of HR processes.

   - Equal opportunities.

   - Prevention of sexual or moral harassment.

   - Respect practices and procedures and promotion of human rights. Implementation of control mechanisms.

The aim of the Control Committee and the Manager is to implement Social Responsible Investment to the 100% of the pension fund, with the equity category as a priority active in analyzing extra-financial aspects.

There is no minimum, but the intention is to apply PRI to the 100% of the pension fund.

The procedure for the implementation, management and monitoring is based on recurrent analysis provided by the manager, in an action plan drawn up by the Control Committee with the help of the Investment Consultant. Additionally there is the commitment of the Control Committe with the annual compliance of the Report on Progress of the United Nations, obligation to which it is subjected as a signatory of the UN PRI principles.

(Original Spanish text:

La Comisión de Control tendrá como referencia a largo plazo los Principios para la Inversión Responsable promovidos por las Naciones Unidas (UNPRI).

La Comisión de Control se apoyará en la entidad gestora, VIDACAIXA, la cual también es firmante de los UNPRI, y delegará en ella la gestión de las inversiones bajo estos criterios de forma que el compromiso de la gestora en el progreso en la aplicación de los UNPRI se refleje también en las inversiones de MIDAT CYCLOPS, FP.

Por su lado, la Comisión de Control define tres principios específicos que se aplican para la consideración de la existencia de riesgos extrafinancieros para el ejercicio de sus responsabilidades, que son:

1. Ser responsable es velar por la rentabilidad de todos los partícipes de Midat Cyclops, FP. 2. Llevar a cabo iniciativas que no representen un coste para el fondo de pensiones para que éstas no afecten a la rentabilidad del mismo ni a la de los partícipes. 3. Establecer los aspectos sociales y sobre los derechos humanos como los aspectos en los que se debiera incidir más, apoyando iniciativas enfocadas en los siguientes criterios:

- Elaboración de memorias de sostenibilidad con metodología GRI (Global Report Initiative). - Transparencia de los procesos de recursos humanos. - Igualdad de oportunidades. - Prevención del acoso sexual o moral. - Prácticas y procedimientos de respeto y promoción de los derechos humanos, y mecanismos de control implantados.

Categorías de activos del fondo de pensiones sobre los que se efectuará el análisis: El objetivo de la Comisión de Control y de la Gestora es aplicar la inversión socialmente responsable al 100% de la cartera del fondo de pensiones, siendo la renta variable la categoría de activo prioritaria en el análisis de los aspectos extrafinancieros.

Porcentaje mínimo de la cartera que se invierta en activos que tengan en consideración criterios extrafinancieros: No existe un mínimo, sino la intención de aplicar al 100% del fondo de pensiones.

Procedimiento seguido para la implantación, gestión y seguimiento de los principios definidos: El procedimiento para la implantación, gestión y seguimiento de los principios se basa en los análisis recurrentes facilitadlos por la entidad gestora, en un plan de acción elaborado por parte de la Comisión de Control con la ayuda del consultor de inversiones. Adicionalmente existe el compromiso de la Comisión de Control en el cumplimiento anual del Report on Progress de las Naciones Unidas, obligación a la que se somete como firmante de los principios de UN PRI.)

01.6. Additional information [Optional].

          
        

SG 01 CC. Climate risk

01.6 CC. Indicate whether your organisation has identified transition and physical climate-related risks and opportunities and factored this into the investment strategies and products, within the organisation’s investment time horizon.

Describe the identified transition and physical climate-related risks and opportunities and how they have been factored into the investment strategies/products.

The control comittee tries to align its climate strategy with the sponsor's policy. The pension fund control comittee identifies clean energy as one of the main sectors responsible of the transition risks. Due to the small size of the fund, the way to incorporate it is to invest in thematic funds. The fund is currently investing 1% of its AUM in two thematic funds, a water fund and a clean energy fund.

01.7 CC. Indicate whether the organisation has assessed the likelihood and impact of these climate risks?

Describe why your organisation has not yet assessed the likelihood and impact of climate risks

No resources to do that due to the size of the fund.

01.8 CC. Indicate whether the organisation publicly supports the TCFD?

Explain the rationale

Low scale pension fund with limited resources.

01.9 CC. Indicate whether there is an organisation-wide strategy in place to identify and manage material climate-related risks and opportunities.

Describe

Carbon footrpint analysis under process. Increase thematic investing.

1.10 CC. Indicate the documents and/or communications the organisation uses to publish TCFD disclosures.


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

Attachment


URL/Attachment

Attachment


URL/Attachment

Attachment


URL/Attachment

Attachment


02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

URL/Attachment

URL/Attachment

URL/Attachment

02.3. Additional information [Optional].


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

The fiduciary manager has its own conflicts of interests policy.

The Control Committee states on its investment policy principles that the assets of the pension fund will be managed in the sole interest of the plan members.

The control comittee is subject to Spanish pension funds law that establishes the voting requirements to take decisions within the control committee

03.3. Additional information. [Optional]


 


SG 04. Identifying incidents occurring within portfolios

04.1. Indicate if your organisation has a process for identifying and managing incidents that occur within investee entities.

04.2. Describe your process on managing incidents

The procedure for the management of an incident begins with the identification of the asset managers involved and / or suppliers. If it is a matter of an investee companies, it is communicated to the asset managers involved and they are asked for the measures they are going to adopt. In case of being a provider, they will be asked for official notifications of the events that have taken place and measures that they plan to adopt.

On the basis of the information received, the actions to be adopted are decided:

• Start a dialogue process

• Do not increase the positions until you have greater clarity.

• Partial sale

• Total sale.

• No need to take action,


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