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Sycomore Asset Management

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 Sustainable & Responsible Investment
        

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

Sycomore AM's board members and partners have oversight responsibilities for Sycomore AM's RI activities especially as part of the realisation of Sycomore AM's strategy whose first priority is to lead in SRI. The President reviews these activities on an ongoing basis and at least once a year to establish the company's annual report. 

Sycomore AM also has a dedicated RI team in charge of implementing the RI strategy and accountable for its implementation. 

All fund managers and investment analysts are involved in the roll-out of RI.

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

7 Number

07.4. Additional information. [Optional]


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

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

Sycomore AM's board members and founders have oversight responsibilities for Sycomore AM's RI activities, including climate-related issues.

They review the strategy with the Head of Environment Strategy on an ongoing basis, which is at least discussed every quarter and they are updated on its implementation, in particular in 2019 (as in 2018) on the overall risk exposure to transition risk and on progress regarding our investments' environmental impact, through the Net Environmental Contribution (NEC) implementation for the entire investment platform and its potential development outside Sycomore AM as an open-source tool.

The NEC for all Sycomore AM's aggregated investments is computed annually and presented at the steering committee since 2018. This initial assessment is very usefull to better understand the overall exposure to transition risk and to inform about the company-wide investments contribution to the environmental transition. It serves as a basis for discussions at the Purpose and Sustainable Development committee level and at the Steering Committee level about setting mid- and long-term company-wide targets.

Overall commitment toward the environment (as a stakeholder) and objective for Sycomore as a company are also discussed within the Sustainable Development Committee with final decision taken at the board level.

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

The Head of Environment Strategy is accountable for the environmental strategy and its implementation, it includes climate-related issues but also biodiversity, water, ressources and waste and air quality issues.
The whole ESG team (7 professionals at end-2019) is involved in the roll-out of our environmental impact metric (NEC), supported in this by fund managers and analysts.

The risk management team is responsible for the integration of climate transition risk into risk management tools and into reporting tools (monthly for SRI open-ended funds and annually for all Sycomore AuM). The risk team, together with the ESG team also works on better assessing and monitoring climate-related physical risks.

The Environmental Steering committee, which is a multi-stakeholder group of external experts reprensenting academics, NGOs, investment professionals, industrial and environmental experts, meets twice a year. In 2019, main topics discussed were about risks, environmental contribution, scenario analysis and temperatures.

Overall commitment toward the environment (as a stakeholder) and objective for Sycomore as a company are also discussed within the Purpose and Sustainable Development Committee with final decoision taken at the board level.

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

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

Sycomore AM's board members (3 out of 5) are part of the firm executive management (2 asset managers and 1 business developer). In this regard, they are fully involved with the company's responsible investment policies. They work in close link with our Head of Sustainable & Responsible Investment to implement ESG criteria at both the funds and the corporate level.

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 Sustainable & Responsible Investment
        

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.

Every year, all investment professionals set objectives and specific KPIs with their manager as part of their appraisal. Some of these KPIs are directly linked to responsible investment, such as quantity and quality of SPICE analyses undertaken during the year, RI project management, engagement programmes, etc. Variable pay reflects the achievement of underlying KPIs, including RI KPIs.


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