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Aware Super

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 Responsible Investment
        

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

The Board and our Investment Committee are responsible for approving our Responsible Investment Policy.  A bi-annual report is prepared and presented regarding our adherence to the policy and implementation of our ESG integration plan.

The CIO and Head of Responsible Investment are responsible for setting and implementing the RI Strategic initiatives and oversee and participate in the activities that the dedicated responsible investment team and PMs and Analysts in the investment team undertake in implementation of our ESG integration plan. 

Regular reporting is provided via reports and research papers.

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

5 Number

07.4. Additional information. [Optional]

Alongside our internal staff who manage responsible investment, we utilise Hermes Eos, and ACSI’s governance, research, engagement and proxy voting team to implement our responsible investment program.


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

External managers or service providers

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

Our Board has approved a Climate Change Adaptation Plan (CCAP) that sets out our approach to climate change. Reporting against the initiatives in the CCAP are reported to the Investment Committee & Board bi-annually.

ACSI and Hermes Eos, on behalf of First State Super, manages and monitors climate-related priority companies and provides updates to member funds via formal semi-annual engagement reports and other informal member briefings on a quarterly basis. These reports track progress on climate-related objectives for specific companies and provides updates on broader climate change trends in the market.  These reports are provided to our Board.

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 Responsible Investment is responsible for implementation of the CCAP including company engagement; working with the portfolio managers and analysts to assess climate related opportunities - e.g. renewables.  The Head of RI is also responsible for engaging with investment managers to understand how they are managing climate related risks.  Portfolio managers and analysts assist in understanding climate change related risks when conducting due diligence of investments.

ACSI, on behalf of First State Super, manages and monitors climate-related priority companies and provides updates to member funds via formal semi-annual engagement reports and other informal member briefings on a quarterly basis. These reports track progress on climate-related objectives for specific companies and provides updates on broader climate change trends in the market.

Management can also be informed on climate-related issues through ACSI’s Member Council and climate specific events and meetings.

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.

Specify

          We request our stewardship provider Hermes EOS to specifically address TCFD recommendations and their implementation as part of their engagement with companies invested.
        

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.

Our board members (which included Investment Committee members) attend events such as the PRI Annual Conference; ACSI Annual Conference and other industry related events where ESG incorporation is on the agenda (e.g. AIST Australian Superannuation Investment Conference; AIST's CMSF (Conference of Major Super Funds) conference)  

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 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.

Currently our C-level and Portfolio Managers and Analysts all have goals and KPI's aligned to ensuring we deliver member outcomes consistent with our investment objectives and strategy - including Responsible Ownership.  As part of those objectives and strategy is the adherence to our RI/ESG Policies.  Specific goals and KPIs have been developed for asset sectors relating to our key strategic pillar - Responsible Ownership.

08.4. Describe the level of experience board members/trustees/chief-level staff have with incorporating ESG factors into investment decision-making processes.

          All investment related staff including board and investment committee members have a basic level of understanding of incorporating ESG into investment decisions.  Certain board and executive level members have a more advanced knowledge based with our Chair having implemented RI at CFSGAM and through the education and dialogue with managers and the RI team.  A number of board members have also attended the PRI in person event and attend ESG related industry events in Australia including PRI and ACSI events.
        

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