Every external manager who is selected is required to integrate ESG policy into his investment process. In RFP's that hey receive during the selection process there is a section on ESG and on how they integrate ESG in their investment process and more broadly within their organisation. Also they have to be able to incorporate PNO Media's exclusion list in the portfolio.
Managers are required to know and comply with PNO Media's ESG policy when appointed. This is stated in all Investment Management Agreements with external managers.
In our regluar monitoring process, for which we use an extensive manager monitor which we update every quarter, we monitor the external manager's ESG policy in a separate section. In the yearly RFP's that we send to all of our external managers there is also a separate section with questions on the manager's ESG policy.