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BBC Pension Trust Limited

PRI reporting framework 2020

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

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Manager support for TCFD and Climate Action 100+
        
Conducted by
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.

Topic or issue
          ESG and climate risk in property management
        
Conducted by
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.

Topic or issue
          Further investment in renewable energy assets
        
Conducted by
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.

09.2. Additional information.


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