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Alberta Investment Management Corporation

PRI reporting framework 2020

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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

          Long-only externally managed assets must adhere to AIMCo's investment exclusions policy
        
          For segregated accounts, we specify that AIMCo retains voting privileges for our externally managed public equities
        

Incentives and controls

Reporting requirements

Benchmark

          CPI-based benchmark
        

ESG Objectives

          Private Equity team evaluates a managers' investment strategy and past returns in relation to stated investment objectives and risks, including ESG objectives.
        
          Where possible, investment exclusions considerations are included as part of side letters.
        
          The Private Equity team, working closely with the Responsible Investment team, ensures that the External Manager complies with very high standards of ESG integration and responsible investing including, but not limited to, restricting investments in sanctioned countries or regions as well as specific industries such as tobacco and weapons development.
        
          We specify that AIMCo retains voting right for our externally managed private equities.
        
          Post-investment, AIMCo actively monitors any material developments in ESG-related issues at portfolio companies and encourages all managers to maintain the highest level of responsible investment criteria.
        

Incentives and controls

Reporting requirements

Benchmark

          Managers are assessed on an annual basis on various factors that have been a part of the decision process throughout the reporting year.
        

ESG Objectives

          AIMCo's Real Estate Sustainability Guidelines identifies improving ESG performance as an investment strategy to be considered.
        
          External managers must adhere to AIMCo's investment exclusions policy.
        
          AIMCo's Real Estate Sustainability Guidelines requires the identification of under performing assets as it relates to ESG. A plan to remediate the under performance must be implemented.
        
          AIMCo's Real Estate Sustainability Guidelines requires the consideration to community/stakeholder engagement to be made over the course of the investment.
        
          AIMCo's Real Estate Sustainability Guidelines in its entirety promotes responsible investment.
        
          AIMCo's Real Estate Sustainability Guideline presents a set of environmental targets to be achieved by a certain date as it relates to office/retail assets.
        
          ESG-related strategies are written in the partnership agreement and the general partner (manager) will be expected to integrate ESG strategies included.
        

Incentives and controls

Reporting requirements

Benchmark

          Hurdle rate
        

ESG Objectives

          AIMCo's Infrastructure team evaluates external managers' risk strategy, including ESG factors, which could impact long-term financial performance and the overall ESG risk profile of the fund (e.g. a high risk portfolio may require additional mitigation measures). Further, the team evaluates the target market of the fund (sector, industry, geography and ownership).
        
          Where possible, investment exclusions considerations are included as part of side letters.
        
          We encourage our external managers to become GRESB members and undertake annual global benchmarking (GRESB Infrastructure).
        
          Whether fund managers comply with UN PRI principles on ESG and ILPA guidelines on transparency is taken into consideration in the appointment phase. AIMCo supports the GRESB Infrastructure sustainability benchmarking survey tool and process and requests fund managers' participation.
        
          AIMCo is a founder member of GRESB infrastructure and requests fund managers to complete GRESB Survey.
        
          Fund managers that comply with UN PRI guidelines on ESG and ILPA guidelines on transparency carry more weight. AIMCo supports the GRESB Infrastructure sustainability benchmarking survey tool and process and requests fund managers' participation.
        

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]

          
        

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