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PBI Actuarial Consultants Ltd.

Service Provider Reporting Framework 2017

You are in Strategy and Governance » Responsible investment policy

Responsible investment policy

SG 01. Responsible investment policy

01.1. Describe how your organisation’s philosophy incorporates environmental, social and governance factors, and the link to your business offerings.

          PBI Actuarial Consultants Ltd. uses PRI as a tool to guide our institutional clients who have a fiduciary duty in the administration of their plan's assets.

01.2. Indicate whether you have policies that formalise the incorporation of your beliefs in your business offerings.

01.5. Additional information [OPTIONAL]

SG 02. Publically available policies (Not Applicable)

SG 03. Norms used to develop policies (Not Applicable)

SG 04. Policy offerings to clients

04.1. Indicate whether you offer any of the following policies to clients.

Off the shelf
Asset class-specific RI guidelines
Sector-specific RI guidelines
Screening/exclusions policy
Engagement policy
(Proxy) voting policy
RI guidelines set out within the Investment Policy Statement (IPS)
RI guidelines set out in a freestanding RI policy
Multi-year RI implementation project plan
Conflict of interest management policy
Stockbroker allocation policy
Securities lending policy
Other, please specify (1)
Other, please specify (2)
Other, please specify (3)
None of the above

SG 05. ESG/RI in business offerings

05.2. Describe the resources that your organisation allocates to ESG/RI offerings where these form only a supplementary ESG/RI service.

Business area

Advisory and Consultancy

Describe the resources allocated to ESG/RI offerings

PBI provides internal group sessions on ESG education as well as education about PRI and ESG to clients

SG 06. Outsourcing of services (Private)

SG 06.2. Outsourcing of services (Not Applicable)

SG 07. Providing training/education

07.1. Indicate whether you provide training/educational services on ESG/RI. Tick all that apply.

07.2. Describe the main components of your training/educational services on ESG/RI and any variations depending on the group you provide training/education to.

ESG definition, fiduciary duty, guidelines, implementation and SIP&P language to clients

SG 08. Level of involvement in collaborative organizations and/or initiatives

08.1. Select the collaborative organisation and/or initiatives of which your organisation is a member, or in which it participated during the reporting year and the role you played.

Collaborative Organisation/Initiative

Provide a brief commentary on the level of your organisation’s involvement in the initiative [OPTIONAL]


08.2. Additional information. [OPTIONAL]

SG 09. Applying, advancing and promoting the PRI principles

09.1. Describe how your organisation applies, advances and promotes the PRI Principles.

Attend PRI events, participate in PRI Quebec reunions/events, participate in PRI Quebec recruitment committee, participate in shareholder education events (Share, Groupe Investissement Responsable).

09.2. Highlight whether there are any ways that your organisation would like to engage further with the PRI. [OPTIONAL]

SG 10. Actions taken to promote responsible investment

10.1. Indicate which of the following actions your organisation has taken to promote responsible investments, independently of collaborative initiatives.

10.2. Additional information. [OPTIONAL]

SG 11. Long term trends

11.1. Indicate which of the following long-term trends are addressed in your product outputs.

11.2. Explain how this long term trend affects your product outputs.

Older generation and longer life span influence time horizon investment decisions

11.2. Explain how this long term trend affects your product outputs.

Climate change influences future investment opportunities.

11.2. Explain how this long term trend affects your product outputs.

Resource scarcity must be considered when selecting future investment opportunities

SG 12. Business certifications/accreditations (Private)

SG 13. Interaction with asset owners

13.1. Indicate whether you interact with asset owner clients.

13.2. Indicate the typical frequency and type of interactions with your asset owner clients.

Type of interaction




13.3. Tick boxes across level of employment of investor contact (C-level, PM etc.) and subject areas typically addressed with the contact(s).

Level of employment

Subject area(s)

          How ESG affects the investment strategy / how ESG is integrated in SIP&P / selection of fund managers / portfolio holdings / investor engagement and proxy voting.

Subject area(s)

          How ESG affects the investment strategy / how ESG is integrated in SIP&P / selection of fund managers / portfolio holdings / investor engagement and proxy voting.

Subject area(s)

          How ESG affects the investment strategy / how ESG is integrated in SIP&P / selection of fund managers / portfolio holdings / investor engagement and proxy voting

SG 14. Aligning approach with investor goals

14.1. Describe how you align your organisation’s philosophy on and approach to ESG/RI with investor goals.

          In order to generate superior, risk-adjusted returns in the long-term, it may be better for clients to encourage ESG decisions by being an active shareholder and by voting on relevant issues rather than by divesting and/or screening. 

This entails having a defined ESG values/beliefs philosophy and statement at work and by integrating it with clients who share the same values, setting responsible investing outcomes to be achieved over time, setting timelines for ESG integration, and by training new staff or new clients on ESG/RI factors.

14.2. Additional information. [OPTIONAL]

SG 15. ESG recommendations not aligned with investor goals

15.1. Describe what steps you take, if any, when your ESG recommendations are not in line with investor goals.

          There are some clients who do not conform to ESG issues in their Investment Policy Statements (IPS). For these clients, we will provide ESG education as needed.

15.2. Additional information. [OPTIONAL]

SG 16. Seeking feedback from clients

16.1. Indicate whether you seek feedback from clients on your RI/ESG services and product offerings

16.2. Describe how you use this feedback on your RI/ESG services and product offerings.

We believe it is always important to understand our clients's stance concerning RI/ESG factors and we tailor our services accordingly. We continue to provide guidance and education to all our clients on these issues. 

SG 17. Managing conflicts of interest

17.1. Indicate whether your organisation has a policy for managing potential conflicts of interest.

17.2. Describe how you manage potential conflicts of interest.

Our revenue is paid entirely by our clients on a fee-for-service or retainer basis. PBI does not have any interest in any multi-manager fund products and accordingly we have no internal or associated products to promote to our clients. The success of our consulting work with clients is the sole determinant of our success and as such, our interests are directly aligned with the clients for whom we work.

PBI has a Code of Conduct, a Code of Ethics, and an executive review committee responsible for identifying and evaluating any possible conflicts of interest.  In addition, our associates have both their professional designation’s conduct policies and our clients’ policies to adhere to.  

17.3. Describe how you ensure that company employees do not derive any personal gain from the use of information collected during your work process.

PBI’s Code of Business Conduct states that associates are “prohibited from taking for themselves opportunities that are discovered through the use of corporate property, information or position without the consent of the authorized partners.  No associate may use corporate property, information, or position for personal gain, and no associate may compete with PBI directly or indirectly.  Associates owe a duty to PBI to advance PBI’s interests when the opportunity to do so arises.”

All PBI associates must review, acknowledge their understanding and adherence in writing, and are subject to PBI’s Code of Business Conduct. The Code describes procedures for the internal reporting of violations.  All associates must comply with those reporting requirements and promote compliance with them by others.  Failure to adhere to this Code by any associate may result in disciplinary action, up to and including termination.