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Pendal

PRI reporting framework 2020

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Head of Risk & Compliance
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

RI oversight or responsibilities are accounted for in remuneration metrics (such as RI fund performance or KPIs).

RI has been confirmed by the Group Board as one of the strategic pillars within the Pendal Group strategy.

Roles and responsibilities for RI oversight, accountability and execution of our RI strategy are outlined in the Pendal Australia RI Governance Structure, approved by Pendal Australia CEO in 2018. This governance structure sets out the Group Board's role in overseeing implementation of Pendal's RI strategy, including the incorporation of ESG considerations within the investment decision making process as well as responsibilities for all other roles involved in the oversight and execution of our Responsible Investment Strategy. This covers philosophy and approach, engagement, proxy voting as well as specific ESG issues. In addition, it specifically calls out senior leaders as having a responsibility for establishing an RI culture across the business.

As outlined in the RI Governance Structure, the Pendal Boards have delegated some of their Australian responsibilities (including RI) to the Australian Executive Committee. The Committee is made up of Pendal Australia's senior management including the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Investment Director, Head of Risk & Compliance, Head of Legal, Head of Sales & Marketing, Head of Corporate Development and the Head of Employee Experience.

 

 

 

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

15 Number

07.4. Additional information. [Optional]

There roles are:

  • Head of Responsible Investments
  • Responsible Investments Manager
  • Portfolio Manager - Sustainable Equity
  • Portfolio Manager - Sustainable Fixed Income
  • Portfolio Manager - Sustainable Multi-Assets 

And our in-house ESG specialist team, Regnan:

  • Chief Operating Officer, Regnan
  • Head of Research, Regnan
  • Head of Advisory, Regnan
  • Senior Advisor - RI Projects, Regnan
  • Head of Client Services, Regnan
  • Head of Engagement, Regnan
  • 2 x Senior ESG Analysts, Regnan
  • ESG Analyst, Regnan
  • Head of Sales and Distribution 

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Investment analysts

Dedicated responsible investment staff

External managers or service providers

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

Climate-related risks and opportunities for our business are considered by the Board within Pendal Group's broader risk management framework. Climate-related investment risk and opportunities are considered within our investment governance processes. These processes include a series of forums dedicated to responsible investment (including ESG integration) and include representatives from investment teams, across all asset classes. This framework is publicly outlined in the 2019 Pendal Group Corporate Sustainability and Responsibility (CSR) Report - https://annual-report-2019.pendalgroup.com/csr/

Oversight on climate-related issues also comes through the Pendal Australia RI Governance Structure, approved by Pendal Australia CEO in 2018. This governance structure sets out the board’s role in overseeing implementation of Pendal’s RI strategy, including the incorporation of climate-related considerations within the investment decision making process. As outlined in the RI Governance Structure, the Pendal Boards have delegated some of their Australian responsibilities (including RI) to the Australian Executive Committee. The Committee is made up of Pendal Australia’s senior management including the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Investment Director, Head of Risk & Compliance, Head of Legal, Head of Sales & Marketing, Head of Corporate Development, and the Head of Employee Experience.

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

The Executive Committee approved Pendal's Responsible Investment Philosophy which, with respect to climate change, commits us to "consider the impacts of risks and opportunities more broadly and across all sectors". Under the governance model investment and corporate teams are required to support implementation of the framework and identify and manage material climate-related risks and opportunities.

Responsible Investments (RI) team is part of the investments arm of the business reporting through the Pendal Australia Investment Director to the Pendal Australia CEO. The RI team’s role is focused on the development and implementation of Pendal Australia’s RI framework and strategy. Key areas of responsibilities include:

• working with investment teams to build upon the strong foundation of ESG integration and active ownership practices. This includes ensuring relevant climate-related information is communicated along the investment chain in order to most effectively leverage the skills and knowledge available across our multi-boutique structure - from company specific issues to market wide themes.

• working with Product and Strategy on RI related product development and innovation including the evolution of existing product and the launch of new climate-aware RI products

• supporting Group Company Secretary & Head of Corporate Governance and Head of Risk & Compliance to develop and implement ESG (including climate / TCFD aligned)-related risk management, measurement and reporting policies and frameworks

• working with Regnan (Pendal’s in-house ESG team) to build out investment team’s RI capabilities and supporting frameworks, including ESG integration, sustainability, impact investing and active ownership.

In addition to the focused RI team, Pendal Australia has established the Responsible Investments Working Group (RI Group) to facilitate knowledge sharing and provide input into RI guidelines, strategy and solutions. The RI Group consists of senior members of the investments (all asset classes) and corporate teams (Risk & Compliance, Legal, Sales and Marketing) and its responsibilities are set out in the Responsible Investments Governance Structure.

 The objective of the RI Group is to oversee the development and application of Pendal Australia’s Responsible Investment (RI) process across offerings and communications to ensure alignment with Pendal Australia’s RI philosophy as well as client expectations and needs.

The RI Group does not replace prior risk management and compliance processes, rather it serves to enhance the existing controls already in place. Our RI Group meets at least quarterly and more frequently if required. The RI Group sets high level annual RI objectives as well as quarterly RI objectives. Specific objectives range from the development and maintenance of Pendal Australia's RI process and products as well as considerations of broader industry trends, standards and practices - with a particular focus on the RI needs of our clients.

Key RI initiatives of the RI Group are shared with the Executive Committee via the Executive Risk & Operations Group which meets on a monthly basis to discuss key risk issues and initiates across the business. 

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department

          Head of Risk & Compliance
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

For portfolio managers: RI is included in objectives, appraisal, reward and training for those responsible for RI strategies.


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