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Aware Super

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Pre-Investment (Selection) [INF 05 - 09] Selection, appointment and monitoring of third-party infrastructure operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure Monitoring and Operations [INF 12 - 14] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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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 

          We have a tobacco exclusion
        
          The Trustee considers that sustainability factors, commonly characterised as environmental, social and corporate governance (ESG) factors can impact the long-term investment outcomes of the Portfolio.  Our investment management agreements set out that managers are required to adhere to our Responsible Investment Policy and integrate ESG into their investment process. 
The Trustee has formulated a Responsible Investment Policy, a copy of which will be provided to the Manager at the commencement of this Agreement. These may be updated from time to time as the Trustee’s approach evolves and an updated copy of the Policy will be provided to the Manager. The Trustee reports on ESG management and development across its Portfolios. 
The Manager acknowledges that it is aware of and will use reasonable endeavours to act consistently with the Trustee’s responsible investment philosophy and beliefs in its management of the Portfolio.
The Trustee is a signatory to The United Nations Principles for Responsible Investment (UNPRI). The Trustee requires the Manager to be aware of the UNPRI and use reasonable endeavours to act consistently with the UNPRI.
        
          We require our managers to engage on material Environmental. Social and Governance issues and this is part of our Investment Management Agreement
        
          We require our managers to vote and this is part of our Investment Management Agreement
        
          Our Investment Management agreements outline that First State Super is a signatory to the PRI and that we expect our fund managers to be aware of the principles

Incentives and controls

Reporting requirements

Benchmark 

          Bloomberg AusBond Composite 0+Yr Index
Bloomberg Barclays Global Aggregate Float Adjusted Index (Fully Hedged)

ESG Objectives 

          Tobacco exclusion
        
          The Trustee considers that sustainability factors, commonly characterised as environmental, social and corporate governance (ESG) factors can impact the long-term investment outcomes of the Portfolio.  Our investment management agreements set out that managers are required to adhere to our Responsible Investment Policy and integrate ESG into their investment process. 
The Trustee has formulated a Responsible Investment Policy, a copy of which will be provided to the Manager at the commencement of this Agreement. These may be updated from time to time as the Trustee’s approach evolves and an updated copy of the Policy will be provided to the Manager. The Trustee reports on ESG management and development across its Portfolios. 
The Manager acknowledges that it is aware of and will use reasonable endeavours to act consistently with the Trustee’s responsible investment philosophy and beliefs in its management of the Portfolio.
The Trustee is a signatory to The United Nations Principles for Responsible Investment (UNPRI). The Trustee requires the Manager to be aware of the UNPRI and use reasonable endeavours to act consistently with the UNPRI.
        
          Where applicable and relevant we require our managers to engage with investee companies on ESG related issues
        
          Where applicable we require our managers to vote on resolutions
        
          Our Investment Management agreements outline that First State Super is a signatory to the PRI and that we expect our fund managers to be aware of the principles

Incentives and controls

Reporting requirements

Benchmark 

          Bloomberg AusBond Composite 0+Yr Index
Bloomberg Barclays Global Aggregate Float Adjusted Index (Fully Hedged)

ESG Objectives 

          Tobacco exclusion
        
          The Trustee considers that sustainability factors, commonly characterised as environmental, social and corporate governance (ESG) factors can impact the long-term investment outcomes of the Portfolio.  Our investment management agreements set out that managers are required to adhere to our Responsible Investment Policy and integrate ESG into their investment process. 
The Trustee has formulated a Responsible Investment Policy, a copy of which will be provided to the Manager at the commencement of this Agreement. These may be updated from time to time as the Trustee’s approach evolves and an updated copy of the Policy will be provided to the Manager. The Trustee reports on ESG management and development across its Portfolios. 
The Manager acknowledges that it is aware of and will use reasonable endeavours to act consistently with the Trustee’s responsible investment philosophy and beliefs in its management of the Portfolio.
The Trustee is a signatory to The United Nations Principles for Responsible Investment (UNPRI). The Trustee requires the Manager to be aware of the UNPRI and use reasonable endeavours to act consistently with the UNPRI.
        
          Where applicable and relevant we require our managers to engage with investee companies on ESG related issues
        
          Where applicable we require our managers to vote on resolutions
        
          Our Investment Management agreements outline that First State Super is a signatory to the PRI and that we expect our fund managers to be aware of the principles

Incentives and controls

Reporting requirements

Benchmark 

          the MSCI All Countries World Index + 6%

ESG Objectives 

          Tobacco exclusion
        
          The Trustee considers that sustainability factors, commonly characterised as environmental, social and corporate governance (ESG) factors can impact the long-term investment outcomes of the Portfolio.  Our investment management agreements set out that managers are required to adhere to our Responsible Investment Policy and integrate ESG into their investment process. 
The Trustee has formulated a Responsible Investment Policy, a copy of which will be provided to the Manager at the commencement of this Agreement. These may be updated from time to time as the Trustee’s approach evolves and an updated copy of the Policy will be provided to the Manager. The Trustee reports on ESG management and development across its Portfolios. 
The Manager acknowledges that it is aware of and will use reasonable endeavours to act consistently with the Trustee’s responsible investment philosophy and beliefs in its management of the Portfolio.
The Trustee is a signatory to The United Nations Principles for Responsible Investment (UNPRI). The Trustee requires the Manager to be aware of the UNPRI and use reasonable endeavours to act consistently with the UNPRI.
        
          Where applicable and relevant we require our managers to engage with investee companies on ESG related issues

For some private equity investments First State Super will have 1-2 Board seats which will enable us to engage for change on ESG related issues. Otherwise, we will work with our General Partners to engage on material ESG risks or opportunities.
        
          Where applicable we require our managers to vote on resolutions
        
          Our Investment Management agreements outline that First State Super is a signatory to the PRI and that we expect our fund managers to be aware of the principles

Incentives and controls

Reporting requirements

Benchmark 

          CPI + 5%

ESG Objectives 

          Tobacco exclusion
        
          The Trustee considers that sustainability factors, commonly characterised as environmental, social and corporate governance (ESG) factors can impact the long-term investment outcomes of the Portfolio.  Our investment management agreements set out that managers are required to adhere to our Responsible Investment Policy and integrate ESG into their investment process. 
The Trustee has formulated a Responsible Investment Policy, a copy of which will be provided to the Manager at the commencement of this Agreement. These may be updated from time to time as the Trustee’s approach evolves and an updated copy of the Policy will be provided to the Manager. The Trustee reports on ESG management and development across its Portfolios. 
The Manager acknowledges that it is aware of and will use reasonable endeavours to act consistently with the Trustee’s responsible investment philosophy and beliefs in its management of the Portfolio.
The Trustee is a signatory to The United Nations Principles for Responsible Investment (UNPRI). The Trustee requires the Manager to be aware of the UNPRI and use reasonable endeavours to act consistently with the UNPRI.
        
          Where applicable and relevant we require our managers to engage with investee companies on ESG related issues
For some majority owned Property investments First State Super will have 1-2 Board seats which will enable us to engage for change on ESG related issues. Otherwise, we will work with our External managers to engage on material ESG risks or opportunities.
        
          Where applicable we require our managers to vote on resolutions
        
          Our Investment Management agreements outline that First State Super is a signatory to the PRI and that we expect our fund managers to be aware of the principles
        
          We have certain direct assets where we measure specific environmental & social impacts - i.e. affordable housing

Incentives and controls

Reporting requirements

Benchmark 

          CPI + 6%

ESG Objectives 

          Tobacco Exclusion
        
          The Trustee considers that sustainability factors, commonly characterised as environmental, social and corporate governance (ESG) factors can impact the long-term investment outcomes of the Portfolio.  Our investment management agreements set out that managers are required to adhere to our Responsible Investment Policy and integrate ESG into their investment process. 
The Trustee has formulated a Responsible Investment Policy, a copy of which will be provided to the Manager at the commencement of this Agreement. These may be updated from time to time as the Trustee’s approach evolves and an updated copy of the Policy will be provided to the Manager. The Trustee reports on ESG management and development across its Portfolios. 
The Manager acknowledges that it is aware of and will use reasonable endeavours to act consistently with the Trustee’s responsible investment philosophy and beliefs in its management of the Portfolio.
The Trustee is a signatory to The United Nations Principles for Responsible Investment (UNPRI). The Trustee requires the Manager to be aware of the UNPRI and use reasonable endeavours to act consistently with the UNPRI.
        
          Where applicable and relevant we require our managers to engage with investee companies on ESG related issues
For some majority owned Infrastructure investments First State Super will have 1-2 Board seats which will enable us to engage for change on ESG related issues. Otherwise, we will work with our External managers to engage on material ESG risks or opportunities.
        
          Where applicable we require our managers to vote on resolutions
        
          Our Investment Management agreements outline that First State Super is a signatory to the PRI and that we expect our fund managers to be aware of the principles
        
          We have certain direct assets where we measure specific environmental & social impacts

Incentives and controls

Reporting requirements

04.3. Indicate which of these actions your organisation might take if any of the requirements are not met 

          Active dialogue to improve a manager's integration of ESG.  We review our manager's approach to ESG integration every two years and are looking for improvements.  Where we are not seeing any improvement we will liaise with our Portfolio Manager to discuss actions required for specific managers.

04.4. Provide additional information relevant to your organisation`s appointment processes of external managers. [OPTIONAL]
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