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PRI reporting framework 2020

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Outputs and outcomes

LEI 12. How ESG incorporation has influenced portfolio composition

12.1. Indicate how your ESG incorporation strategies have influenced the composition of your portfolio(s) or investment universe.

Describe any reduction in your starting investment universe or other effects.

We only screen out tobacco - this excludes a proportion of the index but is not material.

Specify the percentage reduction (+/- 5%)

5 %

Select which of these effects followed your ESG integration.

12.2. Additional information.[Optional]


LEI 13. Examples of ESG issues that affected your investment view / performance

13.1. Provide examples of ESG factors that affected your investment view and/or performance during the reporting year.

ESG factor and explanation

In reviewing the board set incentives for senior management in an effort to understand the connection between strategy and incentives we noted that there is a single date each July that LTI vesting is measured against the share price. We note that it sets a potential incentive for guidance to be given around this date depending on the prevailing share price. As such we approach each July with an awareness of the price required to trigger vesting and note this may impact positioning around that time. This governance issue impacts our positioning coming into reporting season each financial year end and is likely to impact performance.

ESG incorporation strategy applied

Impact on investment decision or performance

As such we approach each July with an awareness of the price required to trigger vesting and note this may impact positioning around that time. This governance issue impacts our positioning coming into reporting season each financial year end and is likely to impact performance.

13.2. Additional information.[Optional]


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