The Pri Leaders' Group 2020
THE PRI LEADERS’GROUP 2020An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
THE SIX PRINCIPLESPREAMBLE TO THE PRINCIPLESAs institutional investors, we have a duty to act in the best long-term interests of our beneficiaries. In this fiduciary role, webelieve that environmental, social, and governance (ESG) issues can affect the performance of investment portfolios (tovarying degrees across companies, sectors, regions, asset classes and through time). We also recognise that applying thesePrinciples may better align investors with broader objectives of society. Therefore, where consistent with our fiduciaryresponsibilities, we commit to the following:123456We will incorporate ESG issuesinto investment analysis anddecision-making processes.We will be active owners andincorporate ESG issues into ourownership policies and practices.We will seek appropriatedisclosure on ESG issues bythe entities in which we invest.We will promote acceptance andimplementation of the Principleswithin the investment industry.We will work together toenhance our effectiveness inimplementing the Principles.We will each report on ouractivities and progress towardsimplementing the Principles.PRI's MISSIONWe believe that an economically efficient, sustainable global financial system is a necessity for long-term value creation. Sucha system will reward long-term, responsible investment and benefit the environment and society as a whole.The PRI will work to achieve this sustainable global financial system by encouraging adoption of the Principles andcollaboration on their implementation; by fostering good governance, integrity and accountability; and by addressingobstacles to a sustainable financial system that lie within market practices, structures and regulation.PRI DISCLAIMERThe information contained in this report is meant for the purposes of information only and is not intended to be investment, legal, tax or other advice, nor is it intendedto be relied upon in making an investment or other decision. This report is provided with the understanding that the authors and publishers are not providing advice onlegal, economic, investment or other professional issues and services. PRI Association is not responsible for the content of websites and information resources that maybe referenced in the report. The access provided to these sites or the provision of such information resources does not constitute an endorsement by PRI Association ofthe information contained therein. Unless expressly stated otherwise, the opinions, recommendations, findings, interpretations and conclusions expressed in this reportare those of the various contributors to the report and do not necessarily represent the views of PRI Association or the signatories to the Principles for ResponsibleInvestment. The inclusion of company examples does not in any way constitute an endorsement of these organisations by PRI Association or the signatories to thePrinciples for Responsible Investment. While we have endeavoured to ensure that the information contained in this report has been obtained from reliable and up-to-datesources, the changing nature of statistics, laws, rules and regulations may result in delays, omissions or inaccuracies in information contained in this report. PRI Associationis not responsible for any errors or omissions, or for any decision made or action taken based on information contained in this report or for any loss or damage arising fromor caused by such decision or action. All information in this report is provided “as-is”, with no guarantee of completeness, accuracy, timeliness or of the results obtainedfrom the use of this information, and without warranty of any kind, expressed or implied.2
THE PRI LEADERS’ GROUP 2020ABOUT THE PRI LEADERS’ GROUPAs part of our 10-year Blueprint for responsible investment,tthe PRI committed to showcasing leadership andincreasing accountability, with a view to raising standards ofresponsible investment amongst all our signatories.The Leaders’ Group showcases signatories at the cuttingedge of responsible investment, and highlights trendsin what they are doing. We use signatories’ reportingresponses and assessment data to identify those that aredoing excellent work in responsible investment – acrosstheir organisations and with a focus on a given theme eachyear. Read more about our methodology in the Appendix.OTHER PRI INITIATIVES TO SHOWCASELEADERSHIP AND INCREASE ACCOUNTABILITYIn 2019, we also launched our first ever PRI Awards.Where the Leaders’ Group evaluates broad organisationalpractice based on PRI reporting and assessment, thePRI Awards recognises individually excellent projects,nominated by signatories and assessed for innovation andimpact by an independent panel of judges.The counterpoint to our two initiatives on showcasingleadership is our work on increasing signatoryaccountability. Our minimum requirements introducedin 2018 use reporting data to identify signatoriesthat we believe are not making sufficient progressin implementing the six Principles for ResponsibleInvestment. Signatories that do not meet the minimumrequirements are informed privately, provided withadditional PRI support to help them improve, and – asa last resort following unsuccessful engagement –informed that they can no longer remain PRI signatories.3
THE LEADERS’ GROUP 2020The PRI Leaders’ Group 2020 showcases PRI signatoriesthat demonstrate a breadth of responsible investmentexcellence, and that excel specifically in this year’s theme:climate reporting.The longer governments, investors and businesses operatewithout a safe trajectory on climate change, the greater therisks for investors of an abrupt policy response1. Supportingthe adoption of the recommendations of the FinancialStability Board’s (FSB) Task Force on Climate-relatedFinancial Disclosures (TCFD) is a high priority for the PRI,as they provide a global framework for translating climateinformation into financial metrics. As part of our programmeon championing climate action, we added climate reportingindicators – designed to complement TCFD reporting – intothe PRI Reporting Framework in 2018.The 2020 Leaders’ Group has, through its PRI reporting onthe climate indicators, demonstrated strategic approach toaligning their organisation with the TCFD recommendations.There is no ranking within the Leaders’ Group. Signatoriesare listed alphabetically below, and an interactive versioncan be used to filter and search. To look at any givensignatory’s practices in detail, especially their climatereporting, follow the link to their public responses to the2020 Reporting Framework2.The PRI congratulates the following 36 signatories for being included in the PRI Leaders’ Group 2020:Signatory4Investor categoryMain asset class3AUM(US bn)Country50 - 249.99NetherlandsACTIAMInvestment Manager 50% Fixed Income SSAInternally ManagedAkademikerPensionAsset OwnerMulti-Asset10 - 49.99DenmarkAllianz SEAsset OwnerMulti-Asset 250GermanyAMP Capital InvestorsInvestment ManagerMulti-Asset50 - 249.99AustraliaAP2Asset OwnerMulti-Asset10 - 49.99SwedenAPG Asset ManagementInvestment ManagerMulti-Asset 250NetherlandsAustralian Ethical Investment Ltd.Investment Manager 50% Listed EquityInternally Managed1 - 9.99AustraliaAware SuperAsset OwnerMulti-Asset50 - 249.99AustraliaAXA Investment ManagersInvestment ManagerMulti-Asset 250FranceBridges Fund ManagementInvestment Manager 50% PropertyInternally Managed0 - 0.99United Kingdom1You can read about the Inevitable Policy Response on our website.2Public Transparency Reports contain signatories’ public responses to all relevant indicators in the 2020 Reporting Framework3Please note that the main asset class represents where 50% of AUM is invested, and is not the only asset class invested in.
THE PRI LEADERS’ GROUP 2020SignatoryInvestor categoryMain asset class3AUM(US bn)Country10 - 49.99United KingdomBrunel Pension Partnership (BPP)Asset Owner 50% Listed EquityExternally ManagedCandriam Investors GroupInvestment ManagerMulti-Asset50 - 249.99LuxembourgCBUS Superannuation FundAsset OwnerMulti-Asset10 - 49.99AustraliaCDC - Caisse des dépôts etconsignationsAsset Owner 50% Fixed Income SSAInternally Managed50 - 249.99FranceCharter Hall GroupInvestment Manager 50% PropertyInternally Managed10 - 49.99AustraliaChurch Commissioners for EnglandAsset OwnerMulti-Asset10 - 49.99United KingdomDexusInvestment Manager 50% PropertyInternally Managed10 - 49.99AustraliaEnvironment Agency Pension FundAsset OwnerMulti-Asset1 - 9.99United KingdomESG Portfolio ManagementInvestment Manager 50% Fixed IncomeCNF Internally Managed0 - 0.99GermanyIlmarinen Mutual Pension InsuranceCompanyAsset OwnerMulti-Asset50 - 249.99FinlandLegal & General InvestmentManagement (Holdings)Investment ManagerMulti-Asset 250United KingdomLendleaseInvestment Manager 50% PropertyInternally Managed10 - 49.99AustraliaManulife Investment ManagementInvestment ManagerMulti-Asset 250CanadaMirovaInvestment Manager 50% Listed EquityInternally Managed10 - 49.99FranceNatixis AssurancesAsset OwnerMulti-Asset50 - 249.99FranceNeuberger Berman Group LLCInvestment ManagerMulti-Asset 250United States5
Signatory6Investor categoryMain asset class3AUM(US bn)Country10 - 49.99New ZealandNew Zealand Superannuation FundAsset Owner 50% Listed EquityExternally ManagedNuveen, a TIAA CompanyInvestment ManagerMulti-Asset 250United StatesPayden & RygelInvestment ManagerMulti-Asset50 - 249.99United StatesRobecoInvestment Manager 50% Listed EquityInternally Managed50 - 249.99NetherlandsState Street Global Advisors(SSGA)Investment Manager 50% Listed EquityInternally Managed 250United StatesStichting Pensioenfonds ABPAsset OwnerMulti-Asset 250NetherlandsSwedfund International ABAsset OwnerMulti-Asset0 - 0.99SwedenThe international business ofFederated Hermes (formerlyHermes Investment Management)Investment Manager 50% Listed EquityInternally Managed10 - 49.99United KingdomUniversities SuperannuationScheme - USSAsset OwnerMulti-Asset50 - 249.99United KingdomVarma Mutual Pension InsuranceCompanyAsset OwnerMulti-Asset50 - 249.99Finland
THE PRI LEADERS’ GROUP 2020HOW DOES THE LEADERS’ GROUPCOMPARE TO THE OVERALL SIGNATORYBASE?INVESTOR CATEGORYWhile the Leaders’ Group consists of a largely even splitbetween investment managers and asset owners, with20 investment managers and 16 asset owners identifiedas leaders in climate reporting, asset owners are betterrepresented relative to the PRI’s total reporting signatorybase. Some 4% of all asset owners made it to the 2020Leaders’ Group, compared to 1% of all investment managers.Proportion of signatories reporting on climate that are leaders, by investor categoryInvestmentManager1%Asset IONAll the leading signatories identified are representativesfrom European, Oceanian and North American countries.The largest group are European, with 23 identifiedcompared to eight in Oceania and five in North America.In relative terms, Oceanian signatories are particularly wellrepresented: 5% of our Oceanian signatory base is part ofthe 2020 Leaders’ Group.Proportion of signatories reporting on climate that are leaders, by region2%Europe5%OceaniaNorth America1%Latin America0%Asia0%Africa & ME0%020040060080010001200Leaders4Sign-up years with zero leading signatories have been removed from the graph7
SIGN-UP YEARMore than a third of those identified signed up to thePrinciples in 2006, indicating a clear trend for longerstanding signatories to demonstrate more advancedpractices in climate reporting.Like the 2019 Leaders’ Group, signatories from the PRI’sinaugural year are overrepresented in the 2020 Leaders’Group.Leaders by sign-up 6%20098%20086%20078%200636%02468101214SIZELarger signatories are better represented in the 2020Leaders’ Group than smaller ones, a trend especially visiblewhen looking at the proportion in each size bracket thathave been identified as leading signatories. Nearly 10%of signatories with an AUM above US 250bn made it tothe Leaders’ Group in 2020, compared to less than 1% ofsignatories with an AUM below US 10bn.While larger signatories are also better represented inabsolute terms, it should be noted that smaller-sizedsignatories are also able to report well on climate practices.Nearly 50% of the identified leading signatories have anAUM of less than US 50bn.Proportion of signatories that are leaders, by AUM100%80%60%40%20%0%0.4%0.3%2.8%0 - 0.991 - 9.9910 - 49.99Leaders85.1%9.6%50 - 249.99 250
THE PRI LEADERS’ GROUP 2020EXAMPLES OF LEADING CLIMATEREPORTING PRACTICESGOVERNANCESTRATEGYLEADERS HAVE A ROBUST GOVERNANCESTRUCTURE FOR CLIMATE-RELATED ISSUESLEADERS LOOK AT CLIMATE RISKS ANDOPPORTUNITIES OVER DIFFERENT TIMEHORIZONSSignatories in the Leaders’ Group have a well-developedprocess for reporting on climate-related practices, alongwith robust governance structures to manage them.Ultimate oversight and accountability for climate-relatedissues tends to lie with boards, but many leading signatoriesalso demonstrate well-established internal climate andESG functions, such as cross-functional advisory groups,committees and task forces. Senior-level staff often haveassessment and management responsibilities for climaterelated issues. They review strategies and policies onclimate which cover the entire investment process, frominvestment beliefs to evaluation, and set priorities andreview targets. We see examples of leading signatoriesthat address climate change through an overarching riskreporting framework, where data-driven dashboards areused for senior management to monitor climate risks.Boards receive regular and comprehensive updates tomonitor and oversee the progress made on climate-relatedtargets and goals.In their PRI Transparency Reports, leading signatoriesare transparent about their governance functions, andoften mention the specific internal roles with climateresponsibilities. Detailed governance frameworks are furtherset out in publicly available documents, such as in annualreports and/or policies.Some of our leading signatories also apply a varietyof instruments to foster board and management-levelcompetency on climate issues and link their KPIs andremuneration to climate-related targets, making climate anintegral part of their organisations.Additional resourcesThe PRI Asset Owner guide to TCFDLeading signatories report on a range of climate-relatedrisks and opportunities, identified using scenario analysisand/or modelling for transitional and physical risks inportfolios and companies. There is a strong trend amongthe Leaders’ Group to look at different time horizons intheir scenario analyses, going beyond short-term risks andopportunities to explore how risks will evolve over time.Many leading signatories publicly provide examples of short,medium and long-term climate risks and opportunitiesidentified as material for their organisations. They allevaluate the potential impact of climate-related risks ontheir investment strategy as well, over a range of time scaleswithin and beyond their investment time horizon.Almost all leading signatories use a below 2 C scenario,envisioning an orderly transition where countries start toreduce emissions in a consistent and measured way in linewith the objectives of the Paris Agreement. Many assessfor more than one scenario, by using a 4 C scenario and/or a disorderly scenario in line with the Inevitable PolicyResponse, based on a forceful and abrupt tightening ofclimate policy.Climate-related scenario analysis is used to improveinvestment decisions, and the leading signatories reportmultiple uses for their scenario analyses. Examples includestress testing, due diligence, ESG reappraisal, portfolioallocation, stewardship efforts, and to test that theirinvestment strategies are fit for purpose.Additional resourcesThe Use of Scenario Analysis in Disclosure ofClimate-Related Risks and OpportunitiesDirectory of climate-scenario toolsThe TCFD Knowledge Hub9
RISK MANAGEMENTMETRICS AND TARGETSLEADERS INTEGRATE CLIMATE-RELATED RISKINTO RISK MANAGEMENTLEADERS SET LONG AND SHORT-TERM TARGETSThe leading signatories use a robust set of tools to manageclimate-related risks and opportunities. In addition tousing scenario analysis and various metrics to set climaterelated targets, they provide disclosures on emissionsrisks to clients, trustees, management and beneficiaries,and encourage internal and external portfolio managersto monitor emission risks. We also see that signatoriesin the Leaders’ Group formalise emission-risk monitoringand reporting into contracts when appointing managers tomanage climate-related risks.Nearly all leading signatories have processes in place tointegrate climate-related risks, such as climate change, intotheir organisations’ overall risk management policies. Theymanage climate risks by downgrading ESG scores whererelevant and engage with companies where risks are high.They also use their voting rights to vote against board chairsif a company refuses to take adequate steps to improve thequality of management in relation to greenhouse gas (GHG)emissions or risks and opportunities related to the transitioninto a low-carbon economy.Many leading signatories are active members ofcollaborative engagement efforts such as Climate Action100 , but also engage individually with companies. We seeexamples of leading signatories that engage with companiesto adopt TCFD recommendations and improve disclosure onclimate, and that vote against annual reports if companiesrefuse to adequately disclose climate data. Externalmanagers are also actively encouraged to provide TCFDdisclosures, and climate considerations are often factoredinto mandates for external managers to manage risks.Finally, we also see that leading signatories are participatingin policy engagement, including on climate-related riskmanagement.Additional resourcesLeading signatories use climate metrics to benchmarktheir portfolios and track performance over time. Themost commonly used key metrics to measure and manageclimate-related risks and opportunities in line with theirstrategies and risk management processes are carbonfootprinting (scope 1 and 2), portfolio carbon footprinting,total carbon emissions, carbon intensity and weightedaverage carbon intensity.These metrics are used for various purposes. They oftendetermine the performance of holdings in various climatescenarios, the risks and exposure in portfolios, and as suchinform investment decisions and stewardship strategies.Other examples include: achieving long-term carbon emissions reduction targets;achieving desired exposure to climate-relatedopportunities; orsteering investments towards alignment with the ParisAgreement.Metrics are also used by leading signatories in their climatereporting to demonstrate the GHG emissions intensityof investments to clients and progress towards meetingclimate-related targets. They demonstrate long and shortterm accountability by setting multiple targets over differenttime periods, ranging between 2020 and 2050. An exampleof targets from leading signatories demonstrating this isto achieve net-zero targets for scope 1 and 2 by 2030 andscope 3 by 2040 for all property assets, and to achieve netzero targets for scope 1 and 2 by 2050 for all assets.Additional resourcesUK PRA – FCA Climate Financial RiskForum Disclosure ChapterImplementing the Recommendations of the TaskForce on Climate-related Financial DisclosuresThe PRI Asset Owner guide to TCFDTCFD Taskforce guide on risk management5510The TCFD is working on new guidance for implementing the risk management recommendations, to be published in 2020
THE PRI LEADERS’ GROUP 2020CLOSING REMARKSClimate change remains the highest priority ESG issuefacing investors and the PRI will continue to supportsignatories in protecting their investments from climaterelated risks. Investors are strongly encouraged to adoptthe TCFD recommendations to assess financial impactsof climate-related risks. This report aims to help investorslearn from the examples of leading practices and associatedresources, and to inspire more investors to align theirorganisations with the FSB’s TCFD.General resourcesImplementing the Recommendations of the TaskForce on Climate-related Financial Disclosures.Advancing TCFD guidance on physical climaterisks and opportunities2020 Climate change snapshot report11
APPENDIXBACKGROUNDFAQSExtensive consultation with signatories in recent years hasshown strong support for the PRI to use the Reporting andAssessment Framework to further differentiate signatoriesat different stages of implementing the Principles. Thisincludes showcasing leadership to share good practiceand to encourage other signatories to improve theirperformance.WHO WAS NOT ELIGIBLE FOR THE 2020 LEADERS’GROUP? METHODOLOGYSignatories were screened based on this year’s leadershiptopic: Climate reporting Signatories must be asset owners or investmentmanagers demonstrating a strategic approach toaligning their organisation with the FSB’s TCFD, asidentified by the PRI. publicly expressing support for the TCFD;having a board-approved implementation plan inplace; how their organisation is using scenario analysis; considering short- and long-term climate risks; working towards specific climate-related targets.A combined score using responses from across theReporting Framework was then used to identify, from thatpool, a group of leading signatories.The combined score covers three areas of responsibleinvestment practice:COMBINED SCOREGovernance 25%Strategy & Governancemodule score12Implementation50%Asset class module scores,weighted by AUM splitTransparency25%% of voluntaryindicators disclosed (20%)number of voluntarymodules reported on (5%)signatories that do not publicly disclose their responsesto the climate change reporting indicators of theStrategy and Governance (SG) module; andsignatories that opted out of being included in theLeaders’ Group (2020 Reporting Framework indicatorCM 10.3).WHAT IS THE LEADERS’ GROUP NOT? To assess this, we looked at their publicly disclosedresponses throughout the climate change reportingindicators of the Strategy and Governance (SG) module,as well as whether they report: signatories that are classified as service providers; a ranking of signatories – the Leaders’ Group identifiesa group of leading signatories, it does not rank thesignatories within it (nor those outside); an exhaustive list of all leading practices in climatereporting – it identifies a group of leading signatories,and the associated commentary highlights trends andcommon practices amongst that group. Other leadingpractices might exist that this approach does notcapture; PRI validation of signatories’ reported data – whilethe PRI encourages signatories to pursue assurancemechanisms, the Leaders’ Group is based on the sameself-reported data that underpins all PRI reporting andassessment.
The Principles for Responsible Investment (PRI)The PRI works with its international network of signatories to put the six Principlesfor Responsible Investment into practice. Its goals are to understand the investmentimplications of environmental, social and governance (ESG) issues and to supportsignatories in integrating these issues into investment and ownership decisions. ThePRI acts in the long-term interests of its signatories, of the financial markets andeconomies in which they operate and ultimately of the environment and society asa whole.The six Principles for Responsible Investment are a voluntary and aspirational set ofinvestment principles that offer a menu of possible actions for incorporating ESG issues into investment practice. The Principles were developed by investors, for investors. In implementing them, signatories contribute to developing a more sustainableglobal financial system.More information: www.unpri.orgThe PRI is an investor initiative in partnership withUNEP Finance Initiative and the UN Global Compact.United Nations Environment Programme Finance Initiative (UNEP FI)UNEP FI is a unique partnership between the United Nations Environment Programme(UNEP) and the global financial sector. UNEP FI works closely with over 200financial institutions that are signatories to the UNEP FI Statement on SustainableDevelopment, and a range of partner organisations, to develop and promote linkagesbetween sustainability and financial performance. Through peer-to-peer networks,research and training, UNEP FI carries out its mission to identify, promote, and realisethe adoption of best environmental and sustainability practice at all levels of financialinstitution operations.More information: www.unepfi.orgUnited Nations Global CompactThe United Nations Global Compact is a call to companies everywhere to align theiroperations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption, and to take action in supportof UN goals and issues embodied in the Sustainable Development Goals. The UNGlobal Compact is a leadership platform for the development, implementation anddisclosure of responsible corporate practices. Launched in 2000, it is the largest corporate sustainability initiative in the world, with more than 8,800 companies and4,000 non-business signatories based in over 160 countries, and more than 80 LocalNetworks.More information: www.unglobalcompact.org
AMP Capital Investors Investment Manager Multi-Asset 50 - 249.99 Australia AP2 Asset Owner Multi-Asset 10 - 49.99 Sweden APG Asset Management Investment Manager Multi-Asset 250 Netherlands Australian Ethical Investment Ltd. Investment Manager 50% Listed Equity Internally Managed 1 - 9.99 Australia Aware Super Asset Owner Multi-Asset 50 .
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
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