QBE Gender Equality Bond Annual Review 2018

Transcription

1 QBE Gender Equality Bnd 2018 Type f engagement: Engagement Leader: Lili Hcke, (+31) Intrductin In 2017, QBE Insurance Grup Limited (QBE) issued a gender equality bnd aimed at financing and/r refinancing investments in rganisatins that are leaders in fstering wrkplace gender equality. In March 2018, QBE engaged Sustainalytics t review the cmpanies financed thrugh the issued gender equality bnd and prvide an assessment as t whether the investments met the Use f Prceeds criteria and the Reprting cmmitments utlined in the QBE Gender Equality Bnd. Evaluatin Criteria fr the Gender Equality Bnd Sustainalytics evaluated the cmpanies and assets funded in 2017 based n whether the cmpanies financed and QBE: 1. Met the Use f Prceeds and Eligibility Criteria utlined in the Gender Equality Bnd Framewrk; and 2. Reprted n at least ne f the Key Perfrmance Indicatrs (KPIs) fr each Use f Prceeds criteria utlined in the Gender Equality Bnd Framewrk. Table 1 lists all the Use f Prceeds and Eligibility Criteria, while Table 2 list the assciated the KPIs. Table 1: Use f Prceeds and Eligibility Criteria Use f Prceeds Eligibility Criteria Gender Equality 1. The bnd has been issued by a Cmpany that is a signatry t the United Natins Wmen s Empwerment Principles (UN WEP) 1, a jint initiative f the UN Glbal Cmpact and UN Wmen. The principles being: Principle 1: Establish high-level crprate leadership fr gender equality Principle 2: Treat all wmen and men fairly at wrk respect and supprt human rights and nn-discriminatin Principle 3: Ensure health, safety and well-being f all wmen and men wrkers Principle 4: Prmte educatin, training and prfessinal develpment fr wmen Principle 5: Implement enterprise develpment, supply chain and marketing practices that empwer wmen Principle 6: Prmte equality thrugh cmmunity initiatives and advcacy Principle 7: Measure and publicly reprt n prgress t achieve gender equality 2. The bnd has been issued by a cmpany recgnized as ne f the tp 200 ranked cmpanies in the Equileap Gender Equality Glbal Reprt and Ranking Exclusinary criteria are listed in Appendix Sustainalytics 2018

2 Table 2: Key Perfrmance Indicatrs Key perfrmance indicatrs Gender Equality Percentage f wmen n the bards f cmpanies that meet the eligibility criteria Issuing Entity s Respnsibility Fr the Gender Equality Bnd, QBE is respnsible fr prviding accurate infrmatin and dcumentatin relating t the cmpanies financed, realized investment in debt securities, and impact metrics. Independence and Quality Cntrl Sustainalytics, a leading prvider f ESG and crprate gvernance research and ratings t investrs, cnducted the verificatin f QBE s Gender Equality Bnd. Fr the Gender Equality Bnds, the wrk undertaken as part f this engagement included review f dcumentatin, research related t the Equileap Gender Equality Ranking and Sustainalytics cntrversy and prduct invlvement research t cnfirm the cnfrmance with the Gender Equality Bnd Framewrk. Sustainalytics made all effrts t ensure the highest quality and rigr during its assessment prcess and enlisted its Sustainability Bnds Review Cmmittee t prvide versight ver the assessment f the review. Cnclusin Based n the limited assurance prcedures cnducted 3, nthing has cme t Sustainalytics attentin that causes us t believe that, in all material respects, the reviewed cmpanies, funded thrugh prceeds f the QBE Gender Equality Bnd, are nt in cnfrmance with the Use f Prceeds and Reprting Criteria utlined in the Gender Equality Bnd Framewrk. QBE has disclsed t Sustainalytics that the prceeds f the sustainability bnds were fully allcated as f March Sustainalytics limited assurance prcess includes reviewing the dcumentatin relating t the details f the prjects that have been funded, including descriptin f prjects, estimated and realized csts f prjects, and prject impact, which were prvided by the Issuer. The Issuer is respnsible fr prviding accurate infrmatin. Sustainalytics has nt cnducted n-site visits t prjects. 2

3 Detailed Findings Table 3: Detailed Findings Eligibility Criteria Prcedure Perfrmed Factual Findings Errr r Exceptins Identified Use f Prceeds Criteria Reprting Criteria Verificatin f the prjects funded by the gender equality bnd in 2017 t determine if prjects aligned with the Use f Prceeds criteria utlined in the Gender Equality Bnd Framewrk and abve in Table 1. Verificatin f the prjects funded by the gender equality bnd in 2017 t determine if impact f prjects was reprted in line with the KPIs utlined in the Gender Equality Bnd Framewrk and abve in Table 2. Fr a list f KPIs reprted please refer t Appendix 2. All prjects reviewed cmplied with the Use f Prceeds criteria. All prjects reviewed reprted n at least ne KPI per Use f Prceeds criteria. Nne Nne Lili Hke 6 March 2018 Sustainalytics, De Entree 35-37, 1101 BH Amsterdam-Zuidst 3

4 Appendix 1: Exclusinary Criteria QBE s Gender Equality excluded investments in cmpanies and bnds that are invlved r finance the fllwing activities: Manufacture r whlesale retail f alchlic beverages Manufacture r whlesale retail f tbacc prducts Ownership r peratin f gambling enterprises Prductin r distributin f adult entertainment materials Manufacture r retail sale and distributin f weapns and small arms Transprtatin f live cattle Whaling Predatry lending activities Prductin r refining f palm il Extractin r refining f fssil fuels Large scale hydr prjects (i.e. prjects that generate greater than 20 MW f electricity) Technlgy and equipment fr large scale hydr prjects Transmissin infrastructure and systems where 25% r mre f electricity transmitted t the grid is fssilfuel-generated Technlgies that increase the energy efficiency f fssil fuel prductin and/r distributin Systems and infrastructure used primarily fr the transprtatin f fssil fuels Agricultural r affrestatin peratins lcated n land designated as primary frest, high cnservatin value areas, r legally preserved areas Green bnd issuers that are invlved in majr envirnmental, scial r gvernance cntrversies (Categry 5 cntrversies), as assessed by Sustainalytics. Appendix 2: Impact Reprting by Eligibility Criteria Use f Prceeds and Eligibility Criteria Categry Gender Equality Envirnmental Impact Reprted by Eligibility Criteria Percentage f wmen in bard psitins: CBA : 40% Westpac: 22% ANZ: 37.5% 4

5 Disclaimer Sustainalytics All rights reserved. N part f this secnd party pinin (the Opinin ) may be reprduced, transmitted r published in any frm r by any means withut the prir written permissin f Sustainalytics. The Opinin was drawn up with the aim t explain why the analysed bnd is cnsidered sustainable and respnsible. Cnsequently, this Opinin is fr infrmatin purpses nly and Sustainalytics will nt accept any frm f liability fr the substance f the pinin and/r any liability fr damage arising frm the use f this Opinin and/r the infrmatin prvided in it. As the Opinin is based n infrmatin made available by the client, Sustainalytics des nt warrant that the infrmatin presented in this Opinin is cmplete, accurate r up t date. Nthing cntained in this Opinin shall be cnstrued as t make a representatin r warranty, express r implied, regarding the advisability t invest in r include cmpanies in investable universes and/r prtflis. Furthermre, this Opinin shall in n event be interpreted and cnstrued as an assessment f the ecnmic perfrmance and credit wrthiness f the bnd, nr t have fcused n the effective allcatin f the funds use f prceeds. The client is fully respnsible fr certifying and ensuring its cmmitments` cmpliance, implementatin and mnitring. 5

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