Eastspring Investments: Responsible Investment Report 2022
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United Nations-supported Principles of Responsible Investment (“PRI”)
PRI Assessment
Modules opted out of reporting 1 Direct – Fixed Income – Securitised 2 Direct – Fixed Income – Private Debt 3 Indirect – Private Equity Eastspring Singapore has opted out of reporting for the following modules since, combined, they constitute 0.8% of total AUM. PRI has defaulted the rating to ★ for these categories. For fixed income categories, these assets represent a nominal part of the total assets under management by the firm and are not typically included in our conventional fixed income portfolios. Issuers which also issue conventional fixed income securities would also be subject to the ESG assessment conducted by the Fixed Income team. In the case of private equity, at the point of reporting, the investment team was managing legacy funds which were in wind-down mode. These were not originally set up with any ESG targets nor was ESG considered part of the decision- making/investment process. Therefore, it is not possible to incorporate ESG into the assets retrospectively. For our current approach to ESG integration for private assets, please refer to page 55.
Eastspring has been a PRI signatory since February 2018. The 2021 PRI Reporting cycle, which would cover RI activities in 2020, marks the second year that Eastspring has produced a PRI Report. Over the last two years, progress has been made to enhance Eastspring’s RI capabilities.
Investment & Stewardship Policy
Additional modules 1 Direct – Listed Equity – Active Quantitative – Incorporation 2 Direct – Listed Equity – Passive – Incorporation
Direct
Listed Equity Active Fundamental Incorporation
The underlying AUM allocation for both categories constitute less than 10% of total AUM. PRI has allocated the rating of ★ for these categories. At the point of reporting: The active quantitative strategies reflected historic client requirements, which did not explicitly consider ESG integration. The passive quantitative strategies may not have ESG issues as a central focus in financial markets historically. The team, however, believes that the quality of corporate governance practices, and how companies manage the environmental and social aspects of their operations, can be material to delivering superior longer-term shareholder value. This encouraged the team to incorporate ESG as a formal stream of their research program as a starting point. For our current approach to ESG integration for combined quantitative strategies, please refer to page 55.
Listed Equity Active Fundamental Voting
Listed Equity Active Quantitative Voting
Listed Equity Passive Voting
Fixed Income SSA
Fixed Income Corporate
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