Investing for the Long-Term BC Pension Conference Sagarika Chatterjee, Associate Director, Principles for Responsible Investment
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1 Investing for the Long-Term 2015 BC Pension Conference Sagarika Chatterjee, Associate Director, Principles for Responsible Investment
2 OUR MISSION: CREATE A SUSTAINABLE GLOBAL FINANCIAL SYSTEM
3 AT A GLANCE Launched in April 2006 at the NYSE, the Principles for Responsible Investment has:
4 THE SIX PRINCIPLES
5 LONG-TERM INVESTMENT Academic perspective, Paul Woolley, LSE: When it comes to choosing an investment strategy, the long run is not equal to the sum of the intervening short runs. Put simply, trying to achieve the best possible return each year is a recipe for doing badly in the long run. OECD 2012 pension survey 28% listed equity 1% infrastructure Long-termism within the capital markets. Different signatory perspectives: For asset owners, it s important that asset allocation is appropriate for the liability profile of the fund. Long-term investing is a process that centres on business fundamentals, paying attention to market noise as a secondary consideration. Long-term investing means that the investor s horizon is over 5 years.
6 GLOBAL DEBATE ON LONG-TERMISM A global trend: Measurement, Governance, Long-Term Investing, WEF, March 2012 The Kay Review, John Kay, July 2012 From Short-Term Salesmanship to Long-Term Stewardship, 300 Club, October 2012 Focusing Capital on the Long-Term, HBR, January 2014 Proving Incentives for Long-Term Investment by Pension Funds, World Bank, May 2014 Moving from analysis to implementation: 92% of respondents identified short-termism as being relevant or highly relevant to addressing barriers to a sustainable financial system. PRI Policy and Research work programme
7 WHERE ARE THE LEADING EXAMPLES? Buffet is the typically quoted example of a long-term investor. Many Canadian pension funds have strong licenses from their sponsors, good pension scheme governance, and publicly stated investment beliefs, which have the characteristics necessary to achieve long-term investment. NZ Super has a return target of NZ T-bills + 2.5% over a 20-year rolling period, enabling them to implement longterm investments The UK s Environment Agency Pension Fund is currently developing the mandate for the future, running a search for an investment manager that can deliver on a long-term equity mandate. Various PRI signatories are providing case studies of long-term investments, often characterised by a concentrated selection of holdings, detailed due diligence prior to investing and high levels of executive corporate engagement.
8 PRI POLICY AND RESEARCH PRI work focuses on: Operationalising long-term investment mandates Policy frameworks to enable responsible investment Working with other third party global initiatives. Steering Committee: Desjardins BCIMC on behalf of British Columbia Municipal Pension Plan PGGM Alliance Trust PLC CalPERS APG Asset Management Cbus Superannuation Fund Environment Agency Pension Fund Caisse des dépôts et consignations (CDC) MN Simply put, shorttermism is undermining the ability of companies to invest and grow, and those investments, in turn, have far-reaching consequences, including slower GDP growth, higher unemployment, and lower return on investment for savers. Harvard Business Review January 2014
9 LONG-TERM MANDATES: Areas for discussion Investment beliefs A long time investment horizon is a responsibility and an advantage, CalPERS Investment Beliefs Many corporate CIOs actively seek long-term investors to join their shareholder register as documented in the PRI and UNGC report, Coping, Shifting, Changing: Strategies for Managing the Impacts of Investor Short-Termism on Corporate Sustainability. A statement of investment beliefs can guide asset allocation and investment decision making processes. Having agreed a statement of investment beliefs it s important to monitor implementation.
10 LONG-TERM MANDATES: Areas for discussion Turnover High turnover can suggest shorter-term investment horizons, acting as a disincentive to effective corporate engagement. Asset owners should agree a calculation method for portfolio turnover or average holding periods, and set targets. Investment managers should calculate and report the costs incurred from turnover, including commissions. Reporting frequency and indicators The quality of reporting, with a focus on content, is an important driver of long-term investment. Reporting should include ESG indicators and summaries of company engagement meetings. Many long-term investors have concluded that existing risk indicators such as volatility and tracking error provide limited information on long-term risk. Incentives Asset owners should have, and publish, a policy on the characteristics they look for in performance fee structures. There should be a correlation between length of mandate and fee: the longer the mandate the cheaper the fee.
11 LONG-TERM MANDATES: Areas for discussion Performance benchmarks Performance measurement is one of those basically good ideas that somehow got totally out of control, Lars Dijkstra, Kempen Capital Some long-term investment managers have moved to LIBOR, inflation, or another liability measure, as the longterm benchmark for an equity mandate. Diversification A portfolio that is highly diversified, global, intermediated and rotating will likely negatively impact engagement efficiency and hence increase costs. Conversely, managing a concentrated portfolio is likely to require detailed research, monitoring of information and active ownership.
12 LONG-TERM CHALLENGES Passive investment One of the challenges that many passive investors face is the presence of companies in their equity benchmarks that have poor governance structures. Asset owners and investment managers should advocate for index providers to exclude companies that do not meet minimum corporate governance standards. Role of brokers The role of brokers is critical within the investment chain. Investment managers should provide financial incentives to brokers to provide research focussed on long-term risk and value. Regulation Regulation can be enabling of long-term investment, for example the French Grenelle Laws. Regulation can also inhibit long-term investment. Asset owners and investment managers, individually or collaboratively, should engage policy makers to promote regulation that encourages long-term investment.
13 Thank you. Any questions?
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