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Aware Super

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Our sovereign exposure is managed externally by a passive manager.  Due to the size of our team we do not focus on sovereign engagement rather we focus on our material corporate holdings.
        

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement


OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Property

Infrastructure

Cash

Other (1)

`Other (1)` [as defined in OO 05]

          Credit Income
        
Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Hedge funds

Hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Cash

Cash - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

First State Super has established an assessment framework to review internal and externally managed investment managers and direct assets. This forms an integrated part of the initial due diligence process.

Potential externally managed investment managers are rated (positive, neutral, negative) on their:

- stage of ESG policy development;

- level of ESG integration in investment analysis and decision-making processes;

- stewardship (voting, engagement and stock lending practices);

- resources available to incorporate ESG in investment analysis and be involved in engagement activities;

- transparency; and

- alignment.

Appointment

All else being the same, we prefer investment managers and assets that demonstrate sound ESG practices, and require any newly appointed investment managers to monitor ESG risks that relate to the Funds’ investments.  Our Investment Management Agreements include clauses relating to Responsible Investment activities and reporting requirements.

Monitoring

Once an internal or externally managed investment manager or direct asset is assigned an internal rating (positive, neutral, negative), it is used to encourage improvements in ESG practices on an ongoing basis.

In addition, each investment manager who manages money on behalf of members is required to report at agreed intervals to the Trustee about:

- improvements to the integration of ESG considerations in its investment analysis and decision-making processes;

- how they exercised their voting rights (if any); and

- their ESG engagement activities with companies and how they intend to progress ESG issues with them.

We also discuss ESG issues in manager review meetings which occur quarterly or half-yearly depending on the location of the manager.

 


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Listed Equity active ownership

Direct - Fixed Income

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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