Eastspring Investments: Responsible Investment Report 2022
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Governance: Groupwide Responsible Investment Advisory Committee (“GRIAC”) Co-chaired by Prudential’s CIO and the CIO of Eastspring, the GRIAC provides a regular forum for the main asset owner and asset management businesses to consider responsible investment approaches. Eastspring’s Vice Chairman and Head of Sustainability are also in attendance of this meeting. The GRIAC meets monthly to monitor the implementation of current responsible investment activities, in
addition to assessing new initiatives. In 2022, the GRIAC met 10 times and discussed a range of responsible investment topics, including: Progress updates on WACI and coal divestments; Eastspring’s progress on engaging with companies on climate change; New classification frameworks for fund products with ESG characteristics; Expanding third-party toolkits for Eastspring investment teams, such as templates to assess sectoral decarbonisation pathways;
Developing and integrating forward- looking metrics for climate risk into Eastspring’s investment process; Prudential’s active involvement in the Net Zero Asset Owner Alliance; and Developing internal carbon pricing for relevant climate scenario planning.
Prudential Governance Structure
At the Board level, the Group Risk Committee (“GRC”) has assumed additional oversight responsibilities for environmental and climate- related risk, and the Group’s ongoing external commitments to the decarbonisation of its operations and investment portfolio, as well as other climate-focused external responsible investment commitments. The board- level Responsibility & Sustainability Working Group (“RSWG”) oversees overall embedding of Group ESG strategy. The Group ESG Committee oversees responsible investment activity, with operational responsibilities being delegated to the Group Responsible Investment Advisory Committee (“GRIAC”).
Responsibility & Sustainability Working Group (RSWG) Board-level working group, oversees overall embedding of the Group’s ESG strategy. In 2022, the RSWG re-positioned to focus more on customer, culture, and digital matters, transferring its climate, decarbonisation, and responsible investment oversight to the Group Risk Committee (GRC).
Group Risk Committee (GRC) Board Committee, reviews the Group’s material risk exposures, including climate-related exposures, and monitoring progress of the group’s reporting against the recommendations of the TCFD. In 2022, the GRC started overseeing ongoing external Group commitments to
decarbonise its operations and investment portfolio, and other climate-focused external responsible investment commitments.
Group ESG Committee Focused on the holistic assessment of ESG matters material to the Group.
Group Responsible Investment Advisory Committee (GRIAC) Operational responsibility for oversight of responsible investment activity.
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