Ensuring alignment between pension funds and fund managers. Maria Lettini and Fong Yee Chan - PRI Jane Ambachtsheer - Mercer
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1 Ensuring alignment between pension funds and fund managers Maria Lettini and Fong Yee Chan - PRI Jane Ambachtsheer - Mercer 1 March 2013
2 1 The 6 principles for responsible investment
3 The starting point an investment belief As institutional investors, we have a duty to act in the best long-term interests of our beneficiaries. In this fiduciary role, we believe that environmental, social, and corporate governance (ESG) issues can affect the performance of investment portfolios (to varying degrees across companies, sectors, regions, asset classes and through time). We also recognise that applying these Principles may better align investors with broader objectives of society. 2
4 What are ESG issues? beta Stability & health of the market alpha 3
5 4 Canadian context
6 The evidence is mounting High sustainability companies significantly outperform their counterparts over the long term, both in terms of stock market and accounting performance The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance - Eccles and Serafeim, Harvard Business School 5
7 ESG in volatile markets high ESG companies display lower risk Companies with high ESG scores are found to have less company specific risk (Boutin-Dufresne and Savaria, 2004; Lee and Faff, 2009; Bauer, Derwall and Hann, 2009). Corporations with better employee relations or proactive environmental management practices are found to have lower cost of debt and higher credit ratings (Bauer et al., 2009; Bauer and Hann, 2011). ESG criteria are found to provide an insurance like protection for firms in legitimacy crisis (Godfrey, Merrill and Hansen, 2009). 6
8 What can we do? ESG at a strategic level through asset allocation/ tilted benchmarks Cap portfolio turnover Strategic collaborative engagement Public policy capital adequacy, derivatives, etc internalise externalities corporate sustainability disclosure clarify fiduciary duty Incentivise managers for longer-term performance inc. integrating ESG 7
9 Long-term Investing in an age of Quarterly Capitalism Average holding period gone from 7 years to 7 months Institutional turnover averages more like 16 months Short-termism is detrimental where companies under-invest in the future to meet short term goals CEO and fund manager compensation structures may exacerbate this This can reduce focus on long-term management of ESG risks and opportunities How do we ensure the interests of relevant actors are aligned towards long-term value creation? 8 Source: Mercer
10 Injecting patience into the asset ownermanager relationship Impatient Capital Fiduciary Quarterly monitoring Focus on relative, short term results Little engagement with underlying companies Manager turnover Impact High turnover (stocks and managers) Low active stock High marketing costs Companies encouraged to focus quarterly earnings Patient Capital Annual monitoring Focus on performance vs. expectations Engage with companies, convey patience Less manager turnover Impact Less turnover (stocks and managers) Lower management fees Companies can focus on value creation 9 Source: Mercer
11 What about ESG integration and engaged ownership? Today s reality: Only 9% of managers do a great job. Are fund managers hearing the message that they need to do a better job on this? 10 Source: Mercer
12 Framing discussions (1/3) Objectives Selection and monitoring Contracts Ensure that the fundamental rationale for pursuing RI is understood Familiarity with RI policies, voting and engagement policies Consider whether ESG is a contributing or deciding factor Examples: 11
13 Framing discussions (2/3) Objectives Selection and monitoring Contracts How does the manager: identify and manage ESG factors in the portfolio? Undertake voting and engagement? Report on ESG factors during investment monitoring? Request for evidence / concrete examples! Examples: 12
14 Example questions What internal or external skills/expertise/research does the manager use to identify and assess ESG risks and opportunities relevant to prospective and actual investments? How are portfolio managers incentivised to incorporate ESG factors? How are ESG factors incorporated into investment analysis and decisionmaking processes? (e.g. asset allocation, definition of the investable universe, fundamental or sector analysis, portfolio construction, stock selection, etc.) How do you use ESG information to identify investment risks and opportunities or opportunities for engagement? How does this information impact investment decisions? 13
15 Framing discussions (3/3) Objectives Selection and monitoring Contracts Examples: 14
16 How do we get to the next level of fund management? Consider your investment philosophy at the total fund and mandate level What are your time horizons and how are these reflected in various mandates? Could you consider longer term mandates? Do you monitor turnover? Is actual turnover similar to expected? Do manager agreements address ESG, stewardship, turnover? How do manager compensation structures align with time horizon, ESG integration and voting/engagement? What is the quality of reporting on ESG and engagement and can this be improved? 15 Source: Mercer
17 Additional resources Aligning expectations guidance for asset owners on incorporating ESG factors in manager selection, appointment and monitoring (PRI, 2013) ICGN Model Mandate (ICGN, 2013) Integrated Analysis how investors are addressing ESG factors in fundamental equity valuation (PRI, 2013) Private equity and responsible investment guide for LPs (PRI, 2011) 16
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