Implementation Statement - Cincom Systems

2y ago
49 Views
2 Downloads
812.51 KB
16 Pages
Last View : 1d ago
Last Download : 2m ago
Upload by : Farrah Jaffe
Transcription

Implementation StatementCincom Systems (UK) Ltd Pension PlanSmith & Williamson Investment ManagementDecember 2020

Contents1.S&W Policy32.Underlying Funds:33.MSCI ESG Extended Summary Report6

1.S&W PolicyIt is Smith & Williamson’s responsibility to undertake due diligence when appointing investment managers andreview each of their policies on environmental, societal and governance (ESG) considerations as well as wherepractical, selecting funds managers who have become or are in the process of becoming a signatory to the UnitedNations-supported Principles for Responsible Investment (PRI) and / or the UK Stewardship Code.The trustee does not impose social, environmental or ethical constraints on the investment manager in relationto the selection, retention and realisation of investments. Smith & Williamson being signatories to the UnitedNations supported Principles for Responsible Investment and the UK Stewardship Code means that they are activewhen it comes to building portfolios to incorporate ESG issues. As the portfolio invests in pooled funds, theunderling fund managers remain in position to make decisions regarding voting votes and engagement. To ensurethat votes are being placed on the trustees’ behalf in a beneficial way, voting, engagement and stewardshippolicies are monitored and reviewed periodically.2.Underlying Funds:Listed below are the collective holdings with summaries of their respective stewardship, engagement and votingpolicies. For a few of the below, some of the voting statistics are shown for the companies.RWC Enhanced Income(Complies with UK Stewardship Code and became signatory of UN PRI in March 2020)RWC supports the introduction of the UK Stewardship Code for institutional investors, as well as therecommendations of the Kay Review. Although the Stewardship Code relates specifically to the UK, RWC seeksto apply the same principles in its overseas investments. RWC recognise that proxy votes are a valuable assetand must be exercised in the best interest of investors to enhance the long-term financial performance ofinvestments. They believe that the authority to vote can be delegated or retained but should always be votedin the best interests of investors. As active investors, many of their teams interact intensively with companymanagement.GVQ UK Focus Fund(Complies with UK Stewardship Code and became signatory of UN PRI in November 2020)GVQ believe that the exercise of voting rights by shareholders is the fundamental expression of the democratic“one share one vote” ownership of public companies. They believe that shareholders have a responsibility tovote at shareholder meetings and will endeavour to ensure that the votes of their underlying funds are alwayscast. GVQ aim to ensure that they are well enough informed on the relevant issues so as to be able to exercisegood judgement in their voting. GVQ aim to vote all of their holdings on a best endeavours basis. For pragmaticreasons they do not publish their raw voting records but will always disclose their voting records on request.Their voting is typically executed on their behalf by proxy voting services.JP Morgan UK Equity Core Fund(Complies with UK Stewardship Code and became signatory of UN PRI in February 2007)J.P. Morgan Asset Management recognises its wider stewardship responsibilities to its clients as a major assetowner. To this end, they support the UK Stewardship Code. J.P. Morgan Asset Management endorses theStewardship Code for its UK investments and supports the Principles as best practice elsewhere. JPM believethat regular contact with the companies in which they invest is central to their investment process, and alsorecognise the importance of being an ‘active’ owner on behalf of their clients.The following are voting results from Q1 2020 regarding their UK and European equity holdings: Number of meetings voted in (UK) – 114 (96.6%)Number of meetings voted in (EUR) – 101 (91.8%)Votes with management – 2757 (94.3%)Votes against management – 159 (5.4%)Abstentions – 9 (0.3%)

Findlay Park American USD Dis(Complies with UK Stewardship Code and became signatory of UN PRI in December 2018)Findlay Park Partners LLP (Findlay Park) is an independent investment partnership based in London. TheirInvestment Philosophy helps them to identify businesses that should generate sustainable returns and believethat they can achieve this by taking less risk. This Policy outlines why responsible investment matters to them.It details how meaningful consideration of environmental, social and corporate governance (“ESG”) issues andregular engagement are embedded in their investment process, and why they believe that responsibleinvestment practices play an important role in delivering their purpose. It also outlines the structure and culturewhich underpins their approach.From their responsible investment and engagement report 1H 2020: 100% voting record 150 one on one meetings with companiesOver 70 engagements with their companies where ESG issues were a focusTheir last voting records report was from 1H 2019:Schroder Unit Tst Qep Us Core I Acc(Complies with UK Stewardship Code and became signatory of UN PRI in October 2007)As well as becoming a signatory to the UN PRI, Schroders further committed to the integration of theirEnvironmental, Social and Governance (‘ESG’) process across 100% of the assets that they manage. Schroders isvery conscious of its own responsibilities in this era of significant disruption. Informed by their commitment tothe United Nations Global Compact and the Sustainable Development Goals, their plans across the business for2020 and beyond will play their own, very active role in supporting environmental and social change. Schrodershave complied and supported the UK Stewardship Code since 2011.CRUX Euro Special Sits(Complies with UK Stewardship Code and became signatory of UN PRI in November 2018)Engagement and proxy voting form the two main pillars of CRUX’s active ownership approach. As active investors,CRUX recognise their responsibility to make considered use of voting rights by evaluating voting issues on theirinvestments and vote on them in line with their fiduciary responsibilities to clients. CRUX aims to vote on allresolutions. At the core of CRUX’s rigorous investment approach is finding businesses whose management haveproven track records. By this very nature, therefore, CRUX fund managers need to have significant confidencein the management’s decision-making ability as a prerequisite for holding the investee company. It is for thisreason that CRUX’s default position is to vote with management, although they do reserve the right to voteagainst management if they believe it is their clients’ best long-term interests.Their voting records for Q3 2020: No of meetings voted in– 40No of resolutions – 468o With management – 463o Against management 5o Abstain 0

CF Morant Wright Nippon Yield B Inc(Generally supports the UK Stewardship Code, but not formally due to their exclusive operations in Japan.Signatory to the Japan Stewardship Code)Morant Wright seeks to engage actively in a constructive and beneficial way with the companies in which theyinvest on their clients’ behalf. Morant Wright place particular importance on corporate governance with the aimof contributing to the sustainable, long-term value creation of investee companies. They do this through acontinuing dialogue with their companies and through having a clear and publicly disclosed policy on voting.Morant Wright will always vote against measures which they consider to be contrary to shareholders’ interests.Their general stance is to be supportive of those managements which they believe prioritise good governanceand shareholders’ interests. While all shareholder votes are considered individually, they will generally vote infavour of proposals put forward by management which are considered to score highly in this regard. MorantWright are long-term investors following a bottom-up, fundamental investment approach. A core part of theirapproach is to identify the financial and operational risks of the companies in which they invest. By analysingoperational risks in particular, they aim to recognise the impact of environmental and social factors on theirholdings.Veritas Funds Plc Veritas Asian D Gbp Inc(Complies with UK Stewardship Code and became signatory of UN PRI in April 2018)Veritas acts as an owner of the companies in which it invests, developing relationships and using its shareholderinfluence to improve long-term value creation. They regard shareholder voting as an important means ofcommunicating with companies and therefore exercise their right to vote on behalf of clients. They subscribe toa proxy voting service provided by Institutional Shareholder Services (ISS), a global leader in corporategovernance and responsible investment advice. ISS provides in-depth analysis of shareholder meeting agendasand voting recommendations based on their policies. Investment managers consider ISS reports, alongside theirown analysis, experience and dialogues with the company concerned and apply their independent judgementwhen reaching each voting decision.Hermes Global Emerging Markets GBP Dist J(Complies with UK Stewardship Code and became signatory of UN PRI in April 2006)Hermes engage with companies that form part of the public equity and corporate fixed income holdings of theirclients to seek positive change for their clients, the companies and the societies in which they operate. Engagingwith legislators, regulators, industry bodies and other standard-setters to shape capital markets and theenvironment in which companies and investors can operate more sustainably. They make recommendations thatare, where practicable, engagement led and involve communicating with company management and boardsaround the vote. This ensures that their rationale is understood by the company and that the recommendationsare well-informed and lead to change where necessary. They help their clients to fulfil their stewardshipobligations by monitoring their portfolios to regularly identify companies that are in breach of, or near tobreaching, international norms and conventions.The following figures refer to Q3 2020:Over the last quarter Hermes made voting recommendations at 751 meetings (5,842 resolutions). At 288 meetingsHermes recommended opposing one or more resolutions. They recommended voting with management byexception at 16 meetings and abstaining at five meetings. Hermes supported management on all resolutions atthe remaining 442 meetings.BlackRock Gold & General D Inc(Complies with UK Stewardship Code and became signatory of UN PRI in October 2008)Blackrock engage company leadership on key topics emphasising governance practices including management ofenvironmental and social factors that potentially have material economic, operational or reputationalramifications for the company. The purpose of engagement is to provide companies with their feedback as along-term investor and to understand a company’s approach. Where and when appropriate, in their voting theyhold directors accountable for their action or inaction on material governance matters. In determining how tovote at shareholder meetings, Blackrock take into consideration a number of factors and inputs including acompany’s disclosures, external proxy research and any past engagements. Where necessary, they will alsoengage with company leadership to ensure they cast informed votes aligned with clients’ long-term interests.They aim to cast votes at the shareholder meeting of every company in which their clients hold shares as theybelieve voting is an important feedback mechanism between companies and investors. BlackRock adheres to theUK, Dutch, Japanese and Taiwan Stewardship Codes.

3.MSCI ESG Extended Summary Report

FROM MSCI ESG RESEARCH LLCCincom Systems (UK) LtdMSCI ACWINick MurphyDecember 3, 20Cincom Systems (UK) LtdESG PORTFOLIO EXTENDED SUMMARY REPORTPrepared for:Portfolio Name:Benchmark:Report Date:Nick MurphyCincom Systems (UK) Ltd Pension PlanMSCI ACWIDecember 3, 2020Benchmark:December 3, 20#Information Classification: GENERAL

December 03, 2020ESG PORTFOLIO EXTENDED SUMMARY REPORTMSCI ESG RATINGSPortfolioCincom Systems (UK) LtdPension PlanAColored bars correspond to portfolio and benchmark ESG Quality ScoresPortfolioWeighted Avg ESG 1%7.49%7.44%0.88%0.056.256.08Adjustment ESG Trend Positive- ESG Trend NegativeBenchmark- ESG LaggardsMSCI ACWIAdjustment TotalADistribution of MSCI ESG Fund Ratings UniverseHow the MSCI ESG Rating is calculatedScore AdjustmentESG Quality ScoreAESG BLAGGARDBBBAAAAVERAGEAAALEADERPORTFOLIO ESG RATING SUMMARYESG RATINGS DISTRIBUTIONESG QualityESG RatingsDistributionAverage2.7% above benchmarkPortfolio 11.2%1.9%4.7%48.4%2.0%Leaders 16.1% under benchmarkLaggards 5.5% under benchmarkBenchmarkESG RatingsMomentum42.3%ESG RATINGS MOMENTUMUpward momentum 11.1% under benchmarkDownward momentum 5.5% under benchmark27.3%Leader64.9%AverageLaggard7.4%Not Covered15.8%75.6%UpwardStableDownwardCarbon RiskReputational RiskGovernance Risk(T CO2E/ M SALES)(Very Severe Controversy Exposure)(Global Percentile)156.7114.21.8%Very HighHighVery HighHigh1.0%ModerateModerateLowLowVery LowPortfolio14.1%11.8%5.6%PortfolioModerate Carbon Risk27.1% less than benchmarkBenchmarkModerate Reputational Risk0.8% less than benchmark#Information Classification: GENERALLeadersAverage16.4%PortfolioNot Rated23.2%60.0%Very LowBenchmark7.5%LaggardsNot CoveredBenchmarkLaggards 10.8% less than benchmarkLeaders 9.1% less than benchmarkPage 2 of 10

December 03, 2020ESG PORTFOLIO EXTENDED SUMMARY REPORTLARGEST POSITIONSESG RATINGMOMENTUMCARBON RISK(T CO2E/ M SALES)REPUTATIONALRISKGOVERNANCE RISKN/AStableN/AN/AN/AAN/AN/AModerateVery LowN/A5.0BBBN/AN/ALowVery AAN/AN/AModerateHighN/ATM CRUX EUROPEAN SPECIAL SITUATIONS IGBP INC3.96%3.96%7.7AAN/AN/ALowModerateN/ASCHRODER ISF ASIAN TOTAL RETURN C DISGBP AV3.81%3.81%6.3AN/AN/AModerateModerateN/ASCHRODER QEP US CORE I ACC2.97%2.97%5.9AN/AN/AModerateLowN/ANINETY ONE DIVERSIFIED INCOME I INC 2GBP2.70%2.70%5.5BBBN/AN/AHighModerateN/ARWC DIVERSIFIED RETURN B GBP H2.61%2.61%6.4AN/AN/AHighVery LowN/APORTFOLIOWEIGHTACTIVEWEIGHTESG QUALITYESG RATINGSCOREUNITED KINGDOM OF GREAT BRITAIN ANDNORTHERN IRELAND17.26%17.26%6.0ASMITH & WILLIAMSON GL INFLATIONLINKED BOND X INC5.52%5.52%6.8VERITAS ASIAN GBP D4.71%4.71%JPM UK EQUITY CORE E NET INC4.57%RWC ENHANCED INCOME B GBP DIS#ESG HIGHLIGHTSInformation Classification: GENERALPage 3 of 10

December 03, 2020ESG PORTFOLIO EXTENDED SUMMARY REPORTESG RISK EXPOSUREESG QUALITY SCORECARDESG RATING DISTRIBUTIONPortfolio Benchmark ActivePortfolioBenchmark43%26%ESG QUALITY SCORE(0-10)6.36.126%2.7%30%18%ENVIRONMENTAL SCORE5.15.8-12.5%13%10%SOCIAL SCORE5.84.821.5%10%8%3%GOVERNANCE SCORE5.94.629.3%AAA3%AALEADERENVIRONMENTAL LEADERREPUTATIONAL RISKBBBBBAVERAGEBCCC0%NotRatedLAGGARDGOVERNANCE RISK(Very Severe Controversy Exposure)Carbon Risk (T CO2E/ M SALES)Fossil Fuel Reserves (%)High Impact Fossil Fuel Reserves(%)Exposure to High WaterRisk (%)Portfolio Benchmark Active114157-27.1%1.9%5.1%Overall Reputation Risk (%)Portfolio Benchmark Active1.0%1.8%-0.8%Governance Leaders (%)Portfolio Benchmark Active14.1%23.2%-9.1%-3.2%Environmental (%)0.6%0.8%-0.2%Governance Laggards (%)5.6%16.4%-10.8%Customer (%)0.0%0.2%-0.2%Board Flag (%)6.5%17.9%-11.4%Human Rights (%)0.6%0.5%0.1%Lack of Independent Board (%)5.8%11.6%-5.8%Labor (%)0.0%0.6%-0.5%No Female Directors (%)2.8%4.3%-1.5%Governance (%)0.0%0.3%-0.3%Female Rep. 30% of Directors (%)13.9%48.3%-34.4%Accounting Flag (%)6.3%24.1%-17.8%Pay Flag (%)4.8%11.5%-6.6%Ownership & Control Flag mation Classification: GENERALPage 4 of 10

December 03, 2020ESG PORTFOLIO EXTENDED SUMMARY REPORTSUSTAINABLE IMPACT EXPOSUREOVERALL SUSTAINABLE IMPACTENVIRONMENTAL rtfolioBenchmarkCLIMATE CHANGEAlternative Energy (%)SOCIAL IMPACTNegligibleLow2.9%BenchmarkBASIC NEEDSPortfolio Benchmark Active0.1%0.4%-0.4%Major Diseases Treatment (%)Portfolio Benchmark Active0.4%1.8%-1.4%0.3%1.9%-1.6%Sanitation (%)0.1%0.4%-0.3%Green Building (%)0.2%0.3%-0.1%Nutrition (%)0.1%0.4%-0.3%Sustainable Water (%)Pollution Prevention (%)EMPOWERMENTPortfolio Benchmark Active0.0%0.1%-0.1%0.0%0.1%-0.1%Education (%)Portfolio Benchmark Active0.2%0.0%0.2%SME Finance (%)0.0%0.1%-0.1%Affordable Real Estate (%)0.0%0.1%-0.1%#2.9%PortfolioBenchmarkHow to read this pageEnergy Efficiency (%)NATURAL CAPITALLow0.9%Information Classification: GENERALThe exposure figures represent revenue exposure toSustainable Impact Solutions which reflects the extentto which company revenue is exposed to products andservices that help solve the world's major social andenvironmental challenges. It is calculated as aweighted average, using portfolio weights and eachissuer's percent of revenue generated from SustainableImpact Solutions. To be eligible to contribute, an issuermust maintain minimum ESG standards.The classifications below help interpret the differentdegrees of exposure.Impact Exposure ClassificationPage 5 of 10

December 03, 2020ESG PORTFOLIO EXTENDED SUMMARY REPORTVALUES ALIGNMENT EXPOSUREGlobal CompactComplianceViolation (%)ControversialWeapons rkPortfolioBenchmarkPortfolioBenchmarkBUSINESS INVOLVEMENTAdult Entertainment (%)Portfolio Benchmark Active0.0%0.1%-0.1%Alcohol (%)1.8%4.9%-3.2%Civilian Firearms Retailer (%)0.0%0.4%-0.4%Civilian Firearms Producer (%)0.0%0.2%-0.2%Gambling (%)0.7%1.5%-0.9%Nuclear Power (%)0.1%2.5%-2.4%RELIGIOUS VALUESHow to read this pageCatholic Values Non-Compliant (%)3.0%0.0%3.0%Islamic Non-Compliant (%)17.7%72.6%-54.9%Values Alignment metrics provide transparency to helpidentify funds that align with ethical, religious orpolitical views. The metrics measure the percentage ofportfolio's market value exposed to companies flaggedfor controversial business involvement, controversies,global norms violations, and religious compliance.Portfolio Benchmark ActiveINTERNATIONAL NORMSBusiness InvolvementGlobal Compact ComplianceViolation (%)1.0%1.4%-0.4%Global Compact ComplianceViolation or Watch List (%)4.1%13.1%-9.0%Tobacco (%)0.5%0.9%-0.4%Weapons (%)0.3%2.5%-2.3%Controversial Weapons (%)0.0%0.5%-0.5%Direct Predatory Lending (%)0.2%0.2%-0.1%Human Rights Norms Violation (%)0.6%0.9%-0.3%Genetic Engineering (%)0.3%0.8%-0.6%Human Rights NormsViolation or Watch List (%)3.0%11.6%-8.6%Labor Norms (%)0.0%0.6%-0.5%Labor Norms Violation orWatch List (%)1.3%9.7%-8.3%#The percentage of portfolio's market value exposed tocompanies flagged for any tie, including ownership ofand by, in the difference categories, this is consideredzero tolerance.Religious ValuesInformation Classification: GENERALThe percentage of portfolio's market value exposed tocompanies that have been flagged for non-compliancefor Catholic Values or Islamic Values.International NormsThe percentage of portfolio's market value exposed tocompanies in violation of global.Page 6 of 10

December 03, 2020ESG PORTFOLIO EXTENDED SUMMARY REPORTMARKET VALUE COVERAGEESG QUALITY55%100%PortfolioPrimary BenchmarkCARBON RISK31%100%REPUTATIONAL RISK42%100%GOVERNANCE RISK32%100%Some of the metrics presented in this report vary in their availability across MSCI ESG Research’s equity, fixed income, and fund coverage. The table below shows the expected coverage for each page of thereport – note that actual results are populated based on subscription levels.Page 2Fixed esYesYesYesYesYesYesYesNoYesYesNoYesYesNoSame as page 2 except for the YesESG Quality Sc

ESG PORTFOLIO EXTENDED SUMMARY REPORT December 03, 2020 Portfolio Benchmark Weighted Avg ESG Score 6.20 6.03 Adjustment ESG Trend Positive 4.74% 15.81% LAGGARD AVERAGE LEADER Distribution of MSCI ESG Fund Ratings Universe Adjustment Total 0.81% 0.88% Score Adjustment 0.05 - ESG Trend Negative 2.02% 7.49% - ESG Laggards 1.91% 7.44% ESG Quality .

Related Documents:

statement, the entity can summarize the statement, but they must still present the details in the financial statement notes (Exhibit 4). The new cash flow statement The Cash Flow Statement is the only statement that will retain its existing name. Its format is similar to today’s f

E5-13 Statement of cash flows—classifications. Moderate 15–20 E5-14 Preparation of a statement of cash flows. Moderate 25–35 E5-15 Preparation of a statement of cash flows. Moderate 25–35 E5-16 Preparation of a statement of cash flows. Moderate 25–35 E5-17 Preparation of a statement of cash flows and a statement of financial position.

a. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. b. Balance sheet, auditor's report and income statement. c. Earnings statement and statement of retained earnings. d. Statement of cash flows and five-year summary of key financial data

Business Intelligence for SUPRA is a cost-effective analytics solution for SUPRA PDM. In comparison, third-party business intelligence products can be very expensive. They do not provide a solution that integrates with SUPRA, so you also have the added cost of developing custom data access or data extraction procedures. Low Risk

Introduction Bold Statement #1: Unification of Bricks-and-Mortar and Online Retail Bold Statement #2: Unprecedented Intimacy with the Consumer Bold Statement #3: Conversion of Shopping Centers Into Communities Bold Statement #4: Mall Environments that Engage Millennials Bold Statement #5: Incorporating Distribution Into Shopping Centers Bold Statement #6: Accelerated Developer–Retailer .

STATEMENT OF WITNESS ir. .11rli QP 0r 25 0t/{)6 d l:l Occurrence #: Statement no.: Date: Statement of Name of witness: Date of birth: KEOGH. James Patrick Age: Occupation: Superintendent of Police Police officer taking statement Name of police officer: Rank: Reg. no.: Region/Comrnand/Divi sion : Station: Statement: James Patrick Keoqh states. 1.

PROFIT AND NOT-FOR-PROFIT TIER 2 ENTITIES from paragraph OBJECTIVE 1 SCOPE 3 TIER 2 DISCLOSURES Financial Statement Presentation 8 Statement of Financial Position 34 Statement of Profit or Loss and Other Comprehensive Income 48 Statement of Changes in Equity and Statement of Income and Retained Earnings 59 Statement of Cash Flows 64

defines adventure tourism as a trip that includes at least two of the following three elements: physical activity, natural environment and cultural immersion. It’s wild and it’s mild The survey also asked respondents to define the most adventurous activity undertaken on holiday. For some people, simply going overseas was their greatest adventure whilst others mentioned camping in the .