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Government Superannuation Fund Authority

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

          Investment restrictions are stated in the Investment Management Agreements (IMAs) for all managers. All agreements, where possible, mandate adherence to our exclusion list. Other examples of restrictions that may be included are investment in derivatives (some mandates) and prudential limits. 

GSFs current product exclusions cover the following:

•            Manufacture of cluster munitions;
•            Manufacture, testing or storing of nuclear explosive devices;
•            Manufacture of anti-personnel mines;
•            Manufacture of tobacco;
•            Processing of whale meat; 
•            Recreational cannabis; and
•            The manufacture of civilian automatic and semi-automatic firearms, magazines or parts.

GSF also has a company-specific category for exclusions based on breaches of ESG standards. Included within this is an escalation strategy to consider exclusion when engagement has not worked.

The list of excluded companies can be found on our website
        
          The Manager shall give full consideration to all voting rights attached to any securities in the Portfolio and vote for, against or abstain, as it sees fit, in accordance with the Manager’s duties and obligations under this Agreement and in the best interests of the Fund.  In general this will be in accordance with the Manager’s Proxy Voting Policies and Procedures, as amended from time to time (“Manager’s Voting Guidelines”).
        

Incentives and controls

Reporting requirements

Benchmark

          Barclays Global Aggregate
        

ESG Objectives

          A schedule provides a restricted list of countries that the manager is prevented from investing in for government securities. Our list of excluded countries consists of those countries facing sanctions from the United Nations.
        

Incentives and controls

Reporting requirements

Benchmark

          Global Aggregate
        

ESG Objectives

          A list of excluded entities is provided every 6 months or more frequently if our list is updated
        
          To vote if any resolutions arise
        

Incentives and controls

Reporting requirements

Benchmark

          Global Aggregate
        

ESG Objectives

          A list of excluded entities is provided every 6 months or more frequently if our list is updated
        
          To vote if any resolutions arise
        

Incentives and controls

Reporting requirements

Benchmark

          Global Aggregate
        

ESG Objectives

          A list of excluded entities is provided every 6 months or more frequently if our list is updated
        
          To vote if any resolutions arise
        

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]

          We have managers for a Global Aggregate portfolio and we do not appoint separate managers for SSA, corporates and securitised.
        

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