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BBC Pension Trust Limited

PRI reporting framework 2020

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

Incentives and controls

Reporting requirements

Benchmark

          Scheme liabilities
        

ESG Objectives

Incentives and controls

Reporting requirements

Benchmark

          Barclays Sterling Aggregate £100 million non-Gilt index
        

ESG Objectives

Incentives and controls

Reporting requirements

Benchmark

          85% Barclays Capital Global Aggregate - Corporates, ex Tier 1 and Upper Tier 2 (Banking and Insurance) Index (GBP Hedged) 15% JPMorgan CEMBI (GBP Hedged) prior; Barclays Capital Global Aggregate - Corporates, e x Tier 1 and Upper Tier 2 (Banking and Insurance) Index (GBP Hedged)
        

ESG Objectives

Incentives and controls

Reporting requirements

Benchmark

          The standard benchmark is IPD + a target, or a real return depending on the portfolio. The managers report on performance quarterly detailing a market commentary, portfolio issues (including ESG) and portfolio activity. Key statistics are also monitored including EPC ratings.
        

ESG Objectives

Incentives and controls

Reporting requirements

Benchmark

          Liability proxy +1.5%
        

ESG Objectives

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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