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PBI Actuarial Consultants Ltd.

Service Provider Reporting Framework 2017

You are in Advisory and Consultancy » Selection, appointment, and monitoring

Selection, appointment, and monitoring

AC 12. Manager selection activities

12.1. Indicate what activities you undertake during the process of selecting a manager.

12.2. Additional information. [OPTIONAL]

AC 13. ESG in manager selection, appointment and monitoring

13.1. Provide a brief description of how you consider ESG factors in your selection, appointment, and monitoring process.

          We provide facts and comparisons on the candidates as to whether the firms themselves adhere to ESG considerations and how they incorporate ESG considerations in their investment process.

AC 14. Research and up-to-date information in selection, appointment and monitoring

14.1. Describe your approach to research and how you collect the relevant data for the selection, appointment, and monitoring process.

          Top-level screen through internal database of managers within a mandate, drill-down of manager style, run analytics on risk and performance, drill-down further on style consistency, risk minimization and return, determine "fit" between client and manager product.

14.2. Describe how you ensure that you are using up-to-date information for the selection, appointment, and monitoring process.

          Our firm meets with more than 100 Investment managers each year in person to get updates on each firm, teams and/or relevant products. In addition, we use institutional fund databases for top-level screening (such as Evestment).

14.3. Additional information. [OPTIONAL]

AC 15. Incorporating asset owners’ investment principles in selection of manager

15.1. Describe how you incorporate asset owners' investment principles into the selection process.

          Review Asset Owner's principles and beliefs and compare them with the candidate's (Investment Manager) style, structure & beliefs. We also verify for suitability/fit.

AC 16. ESG in selection due diligence

16.1. Indicate whether you include ESG factors in your due diligence process for manager selection.

16.2. Describe how you weight ESG in your manager evaluation.

          We request information from Investment Managers regarding their firm's beliefs and their views on ESG (and in relation with specific products as well).

AC 17. Monitoring investment managers on ESG

17.1. Indicate whether you monitor investment managers on ESG factors.

17.2. If yes, describe how you monitor investment managers on ESG factors.

          During Manager due dilligence, we will ask Managers on their perspectives and beliefs and how their investment decisions incorporate ESG factors in their investment process.

17.3. Describe how you raise and manage concerns when monitoring investment managers on ESG factors.

          We selectively look at certain investments that managers make and raise a question as to the reason for certain decisions backing an investment

AC 18. Reporting back to asset owners

18.1. Indicate whether you report back to asset owners on your manager selection, appointment and monitoring activities.

18.2. If yes, describe how you report back and the frequency.

          We report back quarterly through our performance reports and our compliance verification process.

18.4. Indicate whether consultants in your organisation receive compensation linked to manager performance on ESG/RI factors

          No, we do not receive any compensation linked to Manager performance either with or without ESG/RI factors.

AC 19. Demonstrating value on manager selection, appointment and monitoring

19.1. Describe how you measure, track or otherwise demonstrate your value on manager selection, appointment, and monitoring services.

          Quantitatively by analyzing returns, comparing with peers and with market indices, measuring volatility and long-term track record.
Qualitatively by reviewing firm structure and beliefs, people and tenure, product strategy, product fit in clients' overall portfolio.

19.2. Additional information. [OPTIONAL]