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BBC Pension Trust Limited

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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

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Topic or issue	Manager support for TCFD and Climate Action 100+
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Asset class
Scope and process	At a manager monitoring meeting in 2019 we raised the issue of climate risk, specifically engagement with companies on using the TCFD framework and support for shareholder resolutions on this topic. The manager stated that they were supportive of the TCFD recommendations and actively promoted the framework when engaging with companies, but had not signed up to any collaborative investor initiatives on climate change such as Climate Action 100+.
Outcomes	The manager has subsequently announced that they have become a signatory to Climate Action 100+ and aim to improve transparency around voting and engagement at investee companies.

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Topic or issue	ESG and climate risk in property management
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Asset class
Scope and process	At review meetings we raised ESG considerations with one of our property managers who was lagging in this area. We discussed their plans for improving the ESG credentials of buildings in the portfolio and the need to manage climate risk in particular.
Outcomes	The manager has put in place an ESG strategy and reporting for each asset in the portfolio, with clear targets for 2020-21. It incorporates consideration of climate risk, including issues such as energy efficiency, on-site power generation and water consumption.

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Topic or issue	Further investment in renewable energy assets
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Asset class
Scope and process	We continue to work closely with specialist managers in renewable energy assets. Various opportunities to expand the Scheme's investments in this area were considered, including offshore wind turbines and a biomass plant.
Outcomes	Following due diligence the Scheme was able to make these investments. The Scheme's investments in renewable energy are now nearly 5% of assets.

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