2 0 2 3

Corporate
Sustainability
ReportContents

2 0 2 3C O R P O R A T E

S U S T A I N A B I L I T Y

03Introduction

05

Message from our Managing Director

07

Identifying our Material Sustainability-related Risks

12

Governance and Risk Management

15

Addressing the Impacts of Climate Change

27

Human Capital

33

Human Rights

34

Pinnacle Charitable Foundation

40

Integrity of Report

40

Continuous Disclosure

41

Other Industry Collaborations

43

01 Appendix: Reporting Frameworks

49

02 Appendix: DataR E P O R T

2Introduction
SCOPE & APPROACH

FUTURE REPORTING

This Corporate Sustainability Report (Report)
highlights the sustainability-related activities
of Pinnacle Investment Management Group Limited(ASX:PNI) and its wholly-owned and controlled
entities (Pinnacle, Pinnacle Group, our, we)for the financial year ended 30 June 2023
(reporting period).

The International Financial Reporting Standards(IFRS) Foundation announced the formationof the International Sustainability Standards Board(ISSB) in 2021. In June 2023, the ISSB issued
its first two IFRS Sustainability Disclosure Standards,
IFRS S1 General Requirements for Disclosureof Sustainability-related Financial Information(IFRS S1) and IFRS S2 Climate-related Disclosures(IFRS S2). We support the ISSB’s efforts
to deliver a comprehensive global baseline ofsustainability-related disclosure standards focusedon the needs of investors and financial markets.
Our sustainability reporting is aligned to existing
frameworks which underpin ISSB Standards; the
TCFD recommendations and the SASB Standards.
Although ISSB Standards build on the TCFD
recommendations and the SASB Standards,
by reporting against these frameworks today,
we are best prepared for sustainability disclosures
under IFRS S1 and IFRS S2 in future reporting periods.

Sustainability disclosure is subject to evolving
regulation and increased transparency expectations
from shareholders, clients and employees.
Our sustainability reporting suite aligns to existing
global sustainability frameworks and standards,
including the Sustainability Accounting Standards
Board (SASB) Standards, the Task Force on
Climate-Related Financial Disclosures (TCFD)
recommendations and the United Nations Global
Compact (UNGC) principles. We have reviewed
our sustainability activities against each of thesestandards and frameworks, with relevant disclosuresavailable in the Appendix section of this Report.
Further, we have highlighted the United Nations
Sustainable Development Goals (UN SDGs)
which align to our business practices.

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3OUR BUSINESSBUILDING A SUSTAINABLE,
INCLUSIVE, AND RESILIENT FIRM

We are a leading Australia-based multi-affiliate
investment management firm.

Our Sustainability
Strategy

Our aim is to establish, grow and support a range
of investment management firms to create adiverse world-class stable. Founded in 2006,
we currently hold equity stakes in 15 boutiqueinvestment management firms (Affiliates). As at
30 June 2023, we held shareholdings of between
23.5% and 49.9% in each Affiliate, which together
have $91.9 billion in funds under management(FUM). By providing Affiliates with superior noninvestment services, we enable them to focus ondelivering investment excellence to their clients.

PURPOSE
Ensure sustainability
principles and practices
are integrated into the way
we conduct business.

OUR PURPOSE
Our purpose is to enable better lives throughinvestment excellence.
OUR SUSTAINABILITYOBJECTIVEPEOPLEWe are committed to building a sustainable,
inclusive and resilient firm.

Recruit, retain and support
talented people who
understand and contributestrongly to our Purpose
and Values.

This means fostering a work environmentthat attracts, recruits and retains exceptional
people, aligning firm growth with our climate
ambitions, expanding the reach and impact of ourphilanthropic partnerships and supporting Affiliate
transitions to a more sustainable future.
Our Sustainability Strategy is structured aroundthree principal focus areas guided by our
Sustainability Objective.

PLANET
Acknowledge and act on
the risk that climate change
poses to the economy,
financial markets andsociety as a whole.

BEYOND THIS REPORT
Corporate Governance Statement
Modern Slavery Statement
Gender Equality Reporting2 0 2 3C O R P O R A T E

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Message from ourManaging Director
I am pleased to present Pinnacle’s Corporate
Sustainability Report for the financial year ended
30 June 2023.
This year continued to present challenges on many
fronts. We entered our fourth year of living with
COVID, while experiencing a global slowdownof economic growth and tightening financial
conditions. Amidst this uncertainty, our Values
have remained at the forefront of what we do,
and we have worked together to deliver positive
outcomes for our clients and stakeholders.
I am proud to be associated with such talented,
dedicated and resilient people. I express my sincere
gratitude for their unwavering hard work, dedicationand outstanding contributions throughout thischallenging year.
Over the year, we continued to embed sustainablethinking into the way we conduct business.
In December, we voluntarily submitted our firstModern Slavery Statement. The Statement details
our commitment to partnering with suppliers,
communities and Affiliates who respect and protect
fundamental human rights. It is a complex area,
and our approach is still evolving. I am proudof the work we have done to build a respectful
culture and awareness of our responsibilities
to address and manage modern slavery and broader
human rights risks within our operations.

2 0 2 3This year, we introduced a Group-wide Supplier
Engagement Group to help us build meaningful,collaborative relationships with suppliers to address
global sustainability issues together.
I am proud of the Pinnacle Charitable Foundation’s
efforts to support our communities. Over the year,
we have continued to engage in structured, effective
and strategic philanthropy for the future, closely alignedwith our broad focus on sustainability and commitment
to strong ESG principles across the Group.
We know there is more we can and must do.
As we look ahead, we welcome and support
the ISSB’s efforts to bring standardisation and furthertransparency on sustainability-related risks.

At the heart of our climate-related efforts
is our target to reduce the emissions intensity of ouroperations by 60% per FTE over a ten-year horizon.
While Pinnacle has achieved carbon neutrality since
FY20, this target aims to hold us accountablefor emission reductions while accounting
for continued corporate growth.

I hope this Report demonstrates our strong
commitment to integrate sustainable thinking
across the business to enhance our ability to deliveron our purpose - to enable better lives throughinvestment excellence.

Our future emission reductions rely heavily
on transparent supply chain relationships.

Ian Macoun

C O R P O R A T E

S U S T A I N A B I L I T Y

2 August 2023

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5Our FY23 Highlights
SET AN INTENSIT Y-BASED GHG EMISSION
REDUCTION TARGET
Committed to reducing our tonnes of CO2-e emitted per FTE employee by 60%
by FY30, from a FY20 base year.

SUBMITTED A VOLUNTARY MODERN SLAVERY STATEMENT
Our inaugural Voluntary Modern Slavery Statement demonstrates our progressin addressing modern slavery risk in our operations and supply chain.

WOMEN IN FINANCE SCHOLARSHIPS
We awarded 20 scholarships to students across 4 universities. This is the fourth yearof the program, which commenced in 2019 with 8 scholarships. Since the programcommenced, 14 scholarship recipients have been actively employed within Pinnacle
or the Affiliates.

ESTABLISHED THE PINNACLE GROUP WOMEN
AND ALLIES NETWORKThe Network fosters a supportive, diverse and inspiring community of womenand allies across Pinnacle and Affiliates.

OVER $900,000 DONATED
Through partnerships with 16 not-for-profit (NFP) organisations and workplace giving,
Pinnacle and Affiliates supported community initiatives across the country.

6

Identifying our Material
Sustainability-related Risks
We have been guided by the SASB Standards for AssetManagement and Custody Activities and Professionaland Commercial Services in identifying material
sustainability-related risks that are likely to impact
our ability to create long-term shareholder value.
In addition to the SASB Standards, we integrated insights
and feedback from client discussions and results froma Pinnacle-wide Sustainability Research Study,
to determine the risk areas considered to befinancially material to our firm.
The following pages of this Report showcase
our approach to managing our material
sustainability-related risks and highlightother sustainable themes that are important to us.

PROFESSIONAL INTEGRITY
We have a responsibility to act lawfully, ethically and responsibly by complying with our legal,
regulatory and ethical obligations. Our leadership acknowledges their role in shaping our firm’s
ethical culture and fostering a working environment that integrates the highest professional standards
into our day-to-day operations. Failure to do so could damage our reputation, leading to reduced
stakeholder trust, loyalty, attraction and retention.
WORKFORCE DIVERSITY & ENGAGEMENT
Our people are key to our success. We must continue to focus on recruiting, developing, rewarding
and retaining talented people with diverse backgrounds to meet the needs of our clients, shareholders
and community. Further, ensuring our employees feel valued, respected and supported is essential
for the long-term growth and success of our business. Failure to engage a diverse workforce would
limit diversity of thought, creativity, innovation and problem solving and our ability to interact andanticipate client needs.
DATA SECURITY
We are entrusted by our employees, clients and Affiliates to store, process and transmit increasing
amounts of sensitive data. This increases the risk that sensitive client information may be unveiled
through cybersecurity breaches, other malicious activities or employee negligence. Data breaches
may compromise the perception of the effectiveness of our security measures, which could result
in reputational damage and adversely impact our ability to attract and retain clients.

TRANSPARENT INFORMATION FOR CLIENTSAs a provider of financial services, we have legal obligations to ensure that product-related
information and promotional materials enable investors to understand the product’s environmental,social and governance (ESG) considerations and therefore make informed investment decisions.

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Professional Integrity
We recognise that professional integrity is important
both for strengthening our license to operate as well
as for attracting and retaining employees and clients.
We are committed to conducting business to the highest
levels of integrity and ethical standards.

•

We are committed to not only complying
with all applicable anti-bribery and corruption laws
and regulations, but also to fostering a cultureof zero tolerance to bribery and corruption acrossthe firm. Our Anti-Bribery and Corruption Policy
outlines the controls we have in place to minimise
the risk of bribery and corrupt practices by our
employees and service providers.

Employees are encouraged to always act in accordancewith our values and maintain a line of sight to long-termgoals. To embed a culture promoting quality of workand professional integrity, we have policies andprocedures in place, including, but not limited to:•Anti-Brivery and Corruption Policy

Code of Conduct
Our Code of Conduct articulates standardsof behaviour to guide employee conduct.
The code is supported by internal policies andprocedures and reinforced through employee training.

•

Corporate Governance Statement
Our Board is committed to ensuring that policies
and practices reflect a high standard of corporate
governance. As outlined in our Corporate
Governance Statement, the Board has adopted
a comprehensive framework of corporate
governance guidelines, designed to supportand enhance business performance and governance.

Conflicts of Interest Policy
We have a Conflicts of Interest Policy to ensure
we understand the needs and expectations ofinterested parties who can be adversely affectedby conflicts of interest and how to deal with them.
Risk & Compliance monitors all recorded actual,apparent or potential conflicts, to ensure we haveappropriate and effective controls in place to identify
and manage conflicts of interest.

Code of Conduct•

Anti-Bribery and Corruption Policy•

Whistleblower Policy
Our Whistleblower Policy provides guidanceon how to raise a concern about suspected or actual
unethical or unlawful behaviour. All employees areencouraged to speak up about reporting alleged
wrongdoing without fear of retaliation.

Corporate Governance Statement
Whistleblower Policy•

Risk Management Framework
Our Risk Management Framework (RMF) outlines
a consistent approach to identifying, analysing,evaluating and treating risks, provides a basis
for evaluating risks and prioritising risk treatments
and enables reporting of our overall risk profile,including whether we are operating within
our risk appetite.

•

Risk Appetite Statement
Our Risk Appetite Statement (RAS) identifies
and defines our material risks, specifies the degreeof risk that we are willing to accept in pursuit ofour strategic objectives (risk appetite) and outlines
the tolerances setting the thresholds against whichmaterial risks are to be measured and managed.

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Grievance Resolution Procedure
We have a comprehensive employee behaviour
and grievance resolution procedure including
equal opportunity, harassment, bullying, vilification,
victimisation, whistleblowing and grievanceresolution. Our grievance resolution procedureprovides appropriate avenues for our employees
to speak up, without fear of retaliation, about mattersconcerning their work or other matters connectedwith our firm.
Employees engaged in any type of unlawful
discrimination, harassment or bullying may besubject to disciplinary action. If an allegation
has been investigated and substantiated, actions
could include counselling, disciplinary action
or termination of employment.

8

Workforce Diversity & Engagement

40%

20

81%

of our Board of
Directors are women

Women in Finance
Scholarships awarded
in FY23

Established a Womenand Allies Network acrossPinnacle and Affiliates

Employee Engagement1

DIVERSITY AND INCLUSION•

We are committed to strengthening business
innovation and decision-making through workplace
diversity and inclusion. We recognise the benefitsof fostering equitable employee representationreflecting different backgrounds, perspectives, styles,
knowledge, experience and abilities.

facilitating connections between womenat Pinnacle and Affiliates by establishing the Pinnacle
Group Women and Allies Network as a group-widecommunity of women and their supporters;•

acknowledging the cultural diversity that exists acrossour firm by introducing a Public Holiday Swap Policy;•

analysing and reporting gender pay gap data
to the Workplace Gender Equality Agency (WGEA)
to assess pay equity among our employees; and•creating a work environment of inclusion
for Aboriginal and Torres Strait Islander peoples
by increasing our efforts to promote reconciliation.

To promote diversity in our workplace and thebroader industry we are committed to the following:••

adopting an equal opportunity recruitment processthat draws a diverse pool of both applicants andshortlisted candidates for all positions, including
the Pinnacle Group Board of Directors (Board)and senior management appointments;
building a strong pipeline of future female talent,by encouraging women into the industry throughscholarships, internships, industry partnerships
and university partnerships;•

flexible work arrangements to assist employees
to balance their work, personal and family
responsibilities;•

ensuring equity across like roles when setting
salaries, short-term and long-term incentives,
considering internal promotions and in succession
planning;•

fostering a culture that does not tolerateharassment, bullying, vilification or victimisation
by maintaining a comprehensive employee
behaviour and grievance resolution procedure;1

2 0 2 3EMPLOYEE ENGAGEMENT
Ensuring our people feel valued, respected
and supported is essential for long-term growth.
We conduct an annual engagement survey andengagement ‘pulse checks’ throughout the year
to enable us to measure and optimise our employees’
experience in a data driven way. We aim to giveour employees a high quality and fulfilling workplace
experience and regular analytics help us quickly gather
insights, intervene and drive change.

OUR APPROACH TO DIVERSITYIS SUPPORTED BY:
Diversity Policy

The response rate to our most recent Global ‘Pulse Check’ Survey was 53%.

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9Data Security

Data security training isprovided to all employees

Board-level committee
oversight in place

Regular ongoing testingof employee readinessWe are cognisant of the rapidly changing andevolving cyber threat landscape and the needto have appropriate controls in place to identify,
prevent and protect ourselves from these threats.
We also recognise our clients’ right to privacy andare committed to the protection and confidentialityof personal information.

CYBER INCIDENT RESPONSE PLAN

PRIVACY POLICY

Further, we have cyber insurance in place to further
assist in mitigating and managing risks.

Our Privacy Policy sets out how we collect, hold,use, disclose and protect personal information.
The Policy describes individuals’ rights to accessand correct personal information and how
to contact us or make a complaint. We haveprocesses in place to investigate security incidents
and breaches.
DIGITAL INFORMATION ANDCYBER SECURITY POLICYOur Digital Information and Cyber Security Policy
sets out security controls and standards of behaviour
that we have determined are necessary to achieve
an appropriate level of information security.

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We have a Cyber Incident Response Plan (CIRP)
to manage contemporary cyber threats and incidents.
The CIRP describes the process that is required
to ensure an organised approach to managing cyberincidents and coordinating response and resolution
efforts to prevent or limit damage that may be caused.

EMPLOYEE TRAINING ON CYBERSECURITY
We believe it is imperative that every employee
can identify and mitigate cyber threats as they
become apparent.
All employees are required to undertake mandatory
cyber security training, on an ongoing basis,
provided by an independent, specialist provider.
Phishing testing is conducted on an ongoing basis
across all employees. In addition, we procure
penetration testing, vulnerability assessments
and security architecture reviews by external
parties, which assess us against the requirementsof ISO27001, NIST and CPS234.

10

Transparent Information for Clients
Regulation addressing greenwashing risks forfinancial products continues to increase globally.
We have a responsibility to ensure that disclosure
documents and other marketing materials enable
investors to fully understand ESG considerationsof Affiliate products.

•

not making false or misleading statements;•

not engaging in misleading or deceptive conduct,
including when disseminating or publishingpromotional materials; and•meeting regulator guidelines aroundpromotional materials.

PROMOTIONAL MATERIALS POLICYOur Promotional Materials Policy describes the steps
we take to ensure that all promotional materials give
clear, accurate and balanced messages and fairly
represent the product or service to assist investors
to make informed financial decisions.

Promotional materials for financial products
and services are a key source of information
on which investors base their investing decisions.
As a product issuer and promoter of products
and financial services, we must ensure that we are:•2 0 2 3taking reasonable steps to ensure distribution
is directed to the target market;

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11Governance andRisk Management
CORPORATE GOVERNANCE

These common KPIs are set out below:

Effective corporate governance is underpinnedby our commitment to strong leadership and effective
oversight by Board and senior management.
Responsibility for corporate governance rests with the Board.
The Board’s guiding principles in meeting this responsibility
are to act ethically, in accordance with the law and in theinterests of shareholders, employees and other stakeholders.
Our corporate governance framework is underpinned
by its adoption of the ASX’s Corporate GovernancePrinciples and Recommendations.

Pinnacle Purpose

Understand, and contribute strongly

and Values

to Pinnacle’s purpose and values

Demonstrate commitment to andaccountability for strong client service
Client Focus

and satisfaction, both with externalclients and Affiliates, through deliveringon the promises we make to our clients

Demonstrate flexibility and a

Links to documents that form part of our corporate
governance framework can be found on our website.

Flexibility

preparedness to adapt to the changing
needs of the firmCompliance
Demonstrate a strong personal work

Risk & Compliance is responsible for preparing
and implementing policies to ensure compliancewith our legal and regulatory obligations.

Work Ethic

productive at all times

Contribute to a culture of innovation

Employee training on relevant regulations

and continuous improvement by

Risk & Compliance conduct ongoing training to ensure
our employees are familiar with legal, regulatory and otherobligations under our policy suite. Annual compliancetraining is mandatory for all employees and includes codeof conduct, privacy, whistleblowing, anti-bribery andcorruption and promotional materials in addition to otherrelevant one-off training topics. In addition, all employees
must complete mandatory online training covering bothcompliance as well as cyber and data security topics.

Innovation

operate and interact with clients

Foster a risk aware culture in which
Riskbusiness activity occurs within Pinnacle’s
Risk Management Framework and Risk
Appetite Statement

Contribute to a culture of acting lawfully,
ethically and responsibly by complying

Our approach to remuneration is aligned with our purpose,to enable better lives through investment excellence,and our values.
We have a core set of KPIs, against which the performance of
all employees is measured, in addition to KPIs set at a team, or
individual level. This ensures that core values are embeddedin the behaviours of all employees and are considered
consistently as part of the remuneration review process.

C O R P O R A T E

suggesting ways in which we canenhance the manner in which we

Remuneration

2 0 2 3

ethic and commitment to being highly

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with our legal, regulatory and ethicalobligations, in particular adhering to
Sustainability

Pinnacle’s Code of Conduct and policies
relevant to individual roles.
Contribute to an inclusive culturethat enables performance and fosters
collaboration, leading to investment
excellence.

12

Responsibility for sustainabilityand climate-related risks and opportunities
The Board is ultimately responsible for considering
the social, ethical and environmental impact of
our activities and monitoring sustainability practices.
This includes overseeing the implementationand execution of our broader sustainability strategy
and adoption of sustainability-related policies.
Board responsibility for sustainability-related risk
is reflected in our Board Charter and Corporate
Governance Statement.
The Board’s Audit, Compliance & Risk Management
Committee (ACRMC) is responsible for reviewing
reports from management on risks, including
sustainability- and climate-related risks and risk
controls and measures to deal with those risks.

BOARD-LEVEL OVERSIGHT

BOARD OF DIRECTORS

AUDIT, COMPLIANCE & RISKMANAGEMENT COMMITTEE

Executives ensure our sustainability- and climaterelated initiatives and risk management practices
are effectively implemented.
SUSTAINABILITY COMMITTEE
We have a dedicated Sustainability Committee
to coordinate and provide guidance on the
integration of sustainable strategies and practices
across the broader business. The Sustainability
Committee informs our strategic commitment
to sustainable development with the decisionmaking authority to execute change.
The Sustainability Committee has the responsibility
to monitor progress on the implementationof our Sustainability Strategy, identify and assess
all sustainability-related risks and opportunities,
and establish and implement strategies to mitigate
material risks. The Committee is comprised of
executives, senior management and personnel fromall business sector units to ensure comprehensive
representation. This includes personnel from ourdedicated sustainability team, who are charged withincubating new sustainability ideas and rolling out
sustainability initiatives across the firm.
SUSTAINABILIT Y-RELATEDRISK MANAGEMENT
The ACRMC monitors our exposure to sustainabilityrelated risk via our RMF. The RMF identifies anddefines our material sustainability-related risks,monitors adherence to risk tolerance and outlines
the metrics used to assess and mitigate risks,measure progress and set targets. Our framework
enables us to manage sustainability-related risks
throughout the firm, through our processes andoperations on a day-to-day and long-term basis.

MANAGEMENT-LEVEL OVERSIGHT

CHIEF EXECUTIVE OFFICERCHIEF LEGAL AND
COMMERCIAL OFFICERCHIEF RISK &COMPLIANCE OFFICER

The Board monitors sustainability-related risks against
the RMF, which is reported against at least quarterly.

CHIEF FINANCIAL OFFICER

Employee sustainability-related training
To ensure employees understand relevant
ESG considerations that affect the business,sustainability-related training is provided to all
personnel at least annually.

PINNACLE SUSTAINABILITY COMMITTEE

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13Pinnacle Affiliates
Affiliates approach responsible investment in waysthat are most relevant to their investment strategies.
Affiliates continue to progressively factor ESG
considerations into their investment processes
and business operations. All Affiliates integrate
ESG risks into investment decision-making.
As at 30 June 2023, all Pinnacle Affiliates areeither Principles for Responsible Investment (PRI)
signatories (equating to 98.4% of the Group’s (FUM))
or a Certified B Corporation.
ESG WORKING GROUP
We believe that a collaborative approach to ESG
across Pinnacle and Affiliates creates valuable
synergies and increases the impact of otherwise
individual actions.

Pinnacle Group Supplier Engagement GroupThe Supplier Engagement Group is a collaborative
engagement initiative involving Pinnacle andAffiliates, aiming to maximise leverage in supplierengagements, generate efficiencies and promote
key sustainable themes within our corporate supply
chain. We are currently targeting two elementsof sustainability in our supplier engagements modern slavery and climate change.
We aim to build meaningful, collaborative
relationships with our supply chain to begin
to address global sustainability issues.

Women and Allies Network
The Pinnacle Group Women and Allies Network
is a group-wide community of women and theirsupporters. The Network aims to develop and fostera supportive, diverse and inspiring communityof women and allies across Pinnacle and Affiliates
through networking, awareness-raising forums
and peer mentoring.

Accordingly, we have established an ESG Working
Group, which consists of representatives fromeach Affiliate, including managing directors
and executives, investment decision makers
and other key stakeholders.

ESG Charter
The ESG Working Group facilitates collaboration
between Pinnacle and Affiliates, with the objectiveof enhancing consideration of ESG principles,
as well as improving disclosure transparency
and contributing to driving positive change
in our industry.
FY23 objectives focused on modern slavery,
diversity and climate change. The ESG Working
Group established two sub-working groups:
the Supplier Engagement Group and the Womenand Allies Network.

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To underpin the objectives set by the ESG Working
Group, and formalise our sustainability-related
commitments, we developed the Pinnacle GroupESG Charter (Charter).
The Charter reflects our shared commitment
to ensuring that sustainability principles
and practices are integrated into the way
we conduct business.
Pinnacle Affiliates are invited to sign this Charterto demonstrate our combined commitment to theseimportant issues, with 14 Affiliates having done so.

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14

Addressing the Impactsof Climate Change
We acknowledge the material risk that climate change
poses to the economy, financial markets and society
as a whole and actively consider climate-related
concerns throughout our operational decisions.
We view climate change as an important risk that
our employees, clients and shareholders all face.
Accordingly, we are implementing new initiatives
to reduce our operational impact and support
the environment, as well as continuing to enhance
disclosure in this important area.

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We are committed to providing transparent and reliableclimate-related information. We have endorsed the TCFD
recommendations since FY20 and will continue
to disclose climate-related information in accordancewith the recommended four pillars: Governance;
Strategy; Risk Management; and Metrics, Targets
and Transition Plans.
Please refer to TCFD Index in the Appendix for details.

15

Our Climate Strategy
We believe that sustainable practices must be embedded
into our organisational culture to increase knowledge
and continue dialogue about climate-related issues.

on climate education and awareness for employees
and Affiliates, by developing impactful initiatives that alignwith our climate strategy.

Employee awareness and engagement is at the heart ofeffective strategy implementation. We recognise that it isa continuous journey to ingrain sustainable thinking andaction into our employees’ day-to-day decision making.
Throughout FY23, we continued to concentrate

Our climate strategy is centred around three key pillars
to ensure an extensive and significant impact acrossour business.

SUPPORT2 0 2 3

REDUCEEDUCATE

Support collaboration
opportunities with Affiliates,industry peers and carbon
projects to collectively drive
sustainable action.

Reduce our environmental impact.

Enhance employee awarenessand knowledge of sustainable
practises that contribute toa more sustainable future.

Our Progress

Our Progress

Our ProgressContinued Affiliate engagement
via the Pinnacle Group ESG
Working Group, with a strong
focus on diversity, modern
slavery and climate change.

Set a target to reduce theemissions intensity of ouroperations by 60% per full-time
equivalent (FTE) by FY30, froma FY20 base year.

Continued to embed sustainablethinking into firm-wide decision
making, including when selecting
suppliers, employee giftingand office relocations.

Consistent collaboration andparticipation in industry-wide
collaborations.

Reduced greenhouse gas (GHG)
emissions by 45% per FTE in FY22
from a FY20 base year.

Offered volunteering
opportunities that help
to combat climate change.

Partnered with carbon removal
and avoidance projects toaccelerate climate actionin the near term.

Reduced electricity consumption
from non-renewable sources
and purchased Large-scale
Generation Certificates (LGCs)
to offset any non-renewableelectricity consumed.

Continued to encourage
employees to pursue virtualinteractions by highlighting
the emissions impact ofbusiness travel where feasible.

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16Climate Scenario analysis
We conducted a qualitative climate scenario analysis
to assess the resilience of our business model
to climate disruptions and our ability to adapt
to climate uncertainties.

RISK IDENTIFICATION

1Our Sustainability
Committee identified potential
climate-related risks

Our climate scenario analysis provided a coordinated
way to assess climate-related risks and opportunities ina qualitative manner and facilitated a management-level
discussion into how physical and transition risks could
affect our operations in the short, medium and long term.

SCENARIO SELECTION

2

Analysis overview

Selected two scenarios which
conducted the “best” and “worst”
case potential future climate
outcomes and led to a spectrumof transition and physical risks

Our climate scenario analysis comprised three key
actions: risk identification, scenario selection
and impact assessment.

IMPACT ASSESSMENT

3
Conducted internal workshops
to determine potential implications
under each scenario for ouroperations and developed
assumptions around inputs
not pre-specified in scenarios

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RISK IDENTIFICATION
Given the nature of our operations, climate risk formsa small part of our overall risk profile, however we arecommitted to minimising our climate-related impacts,
where feasible.

Timeline:		
Short Term: 0 – 1 years;
		Medium Term: 1 – 5 years;
		Long Term: 5+ years

We have identified and assessed potential climate-relatedrisks and opportunities across our operating model,
considering both the perceived significance and likely
timescales in which they may occur.

2 0 2 3

Climate-related risks are considered based on risk
appetite, according to the qualitative definitionsin the following table.

RISK APPETITELEVELRISK TAKINGVS REWARDRISK RESPONSE
DECISION CRITERIARISK CONSEQUENCELEVEL ACCEPTANCEHigh

We are willing to takegreater than normal risks.

Risk response actions aretaken when a strong casecan be made for costeffectiveness of potential
outcomes.

Willing to accept a major
consequence to pursue
strategic sub-objective.

Moderate

We take a balanced
approach to risk taking.

Risk response actions
are made based on costeffectiveness, management
priorities and potential
outcomes.

Willing to accept amoderate consequence
to pursue a strategic
sub-objective.

Low

We take a cautious
approach to taking risk.

Willing to spend
resources to takerisk response actions.

Willing to accept a minor
consequence to pursue
strategic sub-objective.

C O R P O R A T E

S U S T A I N A B I L I T Y

R E P O R T

18OUR CLIMATE-RELATED RISKRegulatory

Low risk
appetiteTechnology

High risk
appetite

MarketLow risk
appetite

Reputational

Low risk
appetite

POTENTIAL
FINANCIAL IMPACT

Emerging or divergent climate-related regulation, policies
and disclosure obligations continue to evolve in complexity.
This could expose us to new risks such as failing to prepare
for the implementation of global sustainability reporting
standards, the introduction of carbon taxes that may apply
to GHG emissions or other aspects of our operations
and other regulatory changes.

Increased expenses

Lower emission technology may replace existing technologies
as we transition to a climate-focused economy. This may
result in increased capital investment, research, adoption
and deployment costs of new processes and increased
training expenditure.

Increased expenses

Demand for products and services that support the low-carbon
transition continue to rise. An inability to recognise shifts
in client demand for such products could lead to reductionsin investments in Affiliate products. Similarly, as a service provider
to Pinnacle Affiliates, an inability to meet Affiliate expectations
for the services we provide them could lead to reductions
in partnership opportunities.

Reduced revenues

We could suffer reputational damage and financial loss if ourclimate considerations fail to meet stakeholder expectations.

Increased expenses
and reduced revenues

A perceived lack of action on climate-related matters could
affect capital availability, lead to shareholder divestment
or a decline in future partnership opportunities.
Being able to attract talent is critical to our ability to serve
Affiliates, and our clients. Reputational damage could impact
our ability to attract and retain talent and impact our operational
productivity through higher employee turnover rates anda diversion of resources to recruitment.

Physical Risk
(Acute andchronic)

High risk
appetite

Extreme weather events could impact our offices, shared data
centres, operations and people to varying degrees.

Increased expenses
and reduced revenues

In extreme circumstances, weather events may lead to damaged
facilities needing to be rebuilt or refurbished, resulting inoperational disruption as employees may be unable to workfrom a secure location and increased insurance premiums.
The direct financial impact is, however, limited as we lease
all our facilities.

2 0 2 3C O R P O R A T E

S U S T A I N A B I L I T Y

R E P O R T

19

CLIMATE-RELATED OPPORTUNITY

Resource
efficiency

Energy source

Products andservices

MarketResilience2 0 2 3C O R P O R A T E•

Substituting or diversifying resources(utilities and office supplies) to be more sustainable•

Finding innovative solutions to increase energy efficiency
in our leased office spaces and leveraging renewableelectricity to reduce our environmental footprint•

Relocation to more energy efficiency buildings
or office spaces•

Use of lower emission sources of energy or use of 100%
green energy, supportive policy incentives and low-carbon
technologies•

Reduced exposure to future fossil fuel price increases
and less sensitivity to changes in the cost of carbon•

Returns on investment in low-emission technology•

Offering of carbon management or other climate-related
services to Affiliates•

Changes in client preferences and/or changes to regulation
to which Affiliates are subject, could increase demandfor certain investment products•

Access to capital allocation through new products, markets
and asset types, further diversifying Affiliate product offerings•

Better competitive position to reflect shifting consumer
preferences•

Reputational benefits resulting in increased demandfor partnership opportunities and positive sentimentof our business and prospects and long-term value creation•

Increased opportunity to effect positive change witha group-wide approach

S U S T A I N A B I L I T Y

R E P O R T

POTENTIAL
FINANCIAL IMPACT

Reduced expenses

Reduced expenses

Increased revenues

Increased revenues

Increased revenues

20

SCENARIO SELECTION
To assess the impacts of climate change, we assessed
two climate scenarios developed by the Network
for Greening the Financial System (NGFS).
1.

a Net Zero by 2050 scenario (1.5°C). Net Zero 2050
is an ambitious scenario that limits global warming
to 1.5 °C through stringent climate policies
and innovation, reaching net zero CO₂ emissions
around 2050.

2.

a Nationally Determined Contributions (NDCs)
scenario (~2.5°C). NDCs scenario includes all pledged
policies even if not yet implemented.

PHYSICAL RISKTRANSITION RISKCARBONDIOXIDEREMOVALREGIONAL
POLICYVARIATION

Fast change

Medium-highuseMediumvariation

Slow change

Low-mediumuse

Low variationNGFS
SCENARIOPOLICYAMBITION

POLICY
REACTIONTECHNOLOGYCHANGE

Orderly (Net
Zero 2050)

1.5°C

Immediateand smooth

Hot House
World (NDCs)~2.5°C

NDCs

Colour coding indicates whether the characteristic makes
the scenario more or less severe from a macro-financial
risk perspective

2 0 2 3A significant unknown within global climate transitionis the degree or orderliness and timing under which
the transitions will occur. The following tabledemonstrates the various future policy and technology
outcomes analysed under each scenario and provides
an indication of how the global economy may react,so we can plan and respond accordingly.

C O R P O R A T E

S U S T A I N A B I L I T Y

R E P O R T

Lower Risk

Moderate Risk

Higher Risk

21

IMPACT ASSESSMENT
Climate scenario analysis can be performed at different
levels of granularity to identify impacts at a business-level
or individual portfolio-level. For FY23, we opted
to focus on our core business operations and, thus,
our analysis does not extend to individual Affiliate
investment portfolios. We will look to extend the depthof our analysis in future reporting periods.

Conclusions
The scenarios presented different plausible risks
and opportunities that we may encounter as the global
economy changes with respect to climate. Whilst thesechallenges are evident, the flexibility in our businessmodel supports resilience as we adapt to the physicaland transition impacts of climate risks.
Net Zero by 2050 Scenario
This scenario will have the greatest effect on ourbusiness operations in the short- to medium-term.
Under this scenario, decisive climate policy actions
will take place in the very near term, in turn impacting
global legislation. This accentuates our regulatory andreputational risks as we adapt to evolving regulatoryenvironments across jurisdictions, or incur penalties,
taxes, or poor publicity, in the event that the businessdoes not respond appropriately. To mitigate this risk,
we will continue to monitor regulatory developments
both domestically and transnationally to ensure
we are prepared for the increasing transparency ofclimate-related disclosures. This scenario presents
the opportunity to capitalise on the shift to a climatefocused economy. Increased demand for climatefocused products enables us to diversify productofferings and access increasing capital allocations
to these products.
NDCs Scenario
This scenario does not present a high level of risk overthe long-term, however change will still be required suchthat we can adequately ensure business resilience.
The significant physical effects may impact employee
working conditions, data security and operational
resilience. Should unconstrained temperature rises

2 0 2 3C O R P O R A T E

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R E P O R T

occur, capital may be reallocated to address losses
to physical property or manage challenges createdby the other physical risks. We retain insurance to help
mitigate the potential financial impacts of physicalclimate-related risks and assess risks presented by theincreasing impact of severe weather events throughBusiness Continuity and Disaster Recovery (BC & DR)
programs. We consider how climate change will test theresilience of our business by focusing on operational
flexibility to help us identify our vital business services
and mitigate the impact of disruption to businessactivities. We have considered the short- to mediumterm risks of this scenario to our business, however do
not perceive there to be any substantive challenges oropportunities.
Limitations
Scenario analysis helped us to envision and evaluate
potential future outcomes. It should be noted that,as with any scenario analysis, there will be factors that
limit the accuracy and validity of the assessment.
First, there are uncertainties that arise from the climate
scenarios formulated by NGFS as the scenarios rely partly
on assumptions on policy, technology and society madeby the NGFS. The models do not attempt to predict thescale of monetary and fiscal policy responses, among
other financial market factors, indicating that the policy
reactions for each scenario may be over or understated.
Further, any assumptions regarding client and market
reactions under each scenario are developed basedon the qualitative judgement of our Sustainability
Committee. Whilst through the variety of perspectives wetry to gauge the appropriate market reaction, there is no
guarantee that clients, shareholders and the market will
respond in the assumed manner, introducing a degree of
uncertainty within our analysis conclusions.
As such, we reiterate that this analysis is intended tohighlight the tools and analytical specifications weutilised to develop and refine our understanding of
possible climate-related risks and opportunities. It is notmeant to be an accurate projection of future outcomesbut rather give an indication of the effects of a changing
global economy, in respect to climate, which will help us
to ensure operational resilience.

22

Metrics, Targets and Transition Plans
TARGET
To reduce our tonnes of CO2-e emitted per FTE employee by 60% by FY30, from a FY20 base year.
This target aims to hold us accountable for emission reductions while accounting for company growth.
REPORTING BOUNDARIES

What does it mean
to be carbon
neutral?

Being carbon neutral means removing as much carbon from the atmosphere as we put
into it. To do this, we reduce our carbon emissions as much as possible and compensate
for the remaining emissions by supporting carbon removal and avoidance projects.

Defining the scopeof our reporting
boundary

Our operational boundary is defined based on an operational control test, in accordancewith the principles of the National Greenhouse and Energy Reporting Act 2007 andincludes emissions associated with our global wholly-owned and controlled subsidiaries2.
All scope 1, 2 and 3 GHG emissions within our operational boundary are included
in our emission reporting.
Emissions associated with our Australian operations are included in our Climate Active
Carbon Neutral certification for Organisations.

Which emissions
are included?

Emissions associated with our international operations are calculated outsideof our Climate Active Carbon Neutral certification. We have a relatively small numberof employees working across the United States, United Kingdom and Canada.
We will look to adopt GHG accounting standards relevant to each jurisdiction, as theseemissions materialise, in future reporting periods. For FY22, our international emissions
were estimated on a pro rata basis, based on international employee headcountas a proportion of our Australian location-based emissions.

What is notincluded?

At this stage, financed emissions (emissions associated with Pinnacle Affiliates andtheir respective investment portfolios) are not included within our reporting boundary.
However, we recognise the importance of understanding the entirety of the environmental
impact of our operations and will look to expand the scope of our emissions boundary
in future reporting periods.

Reportingtimeframe

To align with our Climate Active Carbon Neutral Standard for Organisations, we reportin arrears. This ensures all activities within our defined boundary are certified against
the Climate Active Carbon Neutral Standards (for organisations). We are in the processof certifying our GHG inventory for FY22 under Climate Active Standards(for Organisations) and quantifying our FY23 GHG inventory.

2	Pinnacle Investment Management Limited, Pinnacle Services Administration Pty Ltd, Pinnacle Fund Services Limited, Pinnacle RE Services Limited, Pinnacle Investment
Management (Canada) Ltd, Pingroup IM Limited (US) and Pinnacle Investment Management (UK) Limited

2 0 2 3C O R P O R A T E

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23OUR GLOBAL GHG EMISSIONSBREAKDOWN

FY22(tCO2-e)

FY21(tCO2-e)

FY20(tCO2-e)

SCOPE 1

0.0

0.0

0.0

SCOPE 2(MARKET-BASED)

0.03

26.8

70.8

Scope 2: Indirect GHG emissions

SCOPE 3
(MARKET-BASED)

567.0

483.0

663.5

Scope 2 emissions are indirect emissions from thegeneration of purchased energy. This year we purchased
LGCs to negate emissions attributed to any
non-renewable electricity consumption.

TOTAL
AUSTRALIAN
EMISSIONS

567.0

509.7

734.3

INTERNATIONALEMISSIONS

57.0

21.3

-

TOTAL GLOBALEMISSIONS

624.0

531.0

734.3

PURCHASE OF
CARBON CREDITSAND OFFSETS

(624)

(531)

(735)

Scope 1: Direct GHG emissions
These are emissions that occur from sources we own
or control. Due to the nature of our business as aninvestment management firm, we do not undertake
any activities which produce Scope 1 emissions.

Scope 3: All other indirect GHG emissions
Scope 3 emissions occur from sources not owned
or controlled by our firm. Scope 3 sources include, but
are not limited to, business travel, ICT equipment andservices, professional services and employee commutes.
Please refer to Environmental Data in the Appendix
for a full emission breakdown.

Breakdown of our Largest Australian GHG Emission Sources
800

14

700

12

10

500
8
400
6

Intensity

Emissions (tCO2-e)

600

OUR BUSINESS ACTIVITIES,GUIDED BY OUR STRATEGYAND POLICIES HAVE SUPPORTED
A 15% REDUCTION IN GLOBALEMISSIONS SINCE OUR FY20
BASE YEAR.

300

Scope 2
4200

Scope 3
Scope 3: Air Travel

2100

Scope 3: ICT Services
Scope 3: Professional Services

0

FY20

FY21

0

FY22

Absolute Emissions / FTE

3	Purchase of LGCs has negated emissions attributed to scope 2 emissions(purchased electricity).

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24

We remain committed to reducing the environmental
impact of our operations. Although absolute GHG
emissions increased in FY22, the intensity of ouremissions per FTE reduced by 9%, compared to FY21.

Renewable energy and Renewable
Energy Certificates
We continue to operate our leased office spaces
on Green Power, where we have the operational
control to do so. In FY22, we purchased 84 voluntary
LGCs (equivalent to 84 MWh of solar energy), whichhave offset emissions attributed to Scope 2 and Scope 3
non-renewable energy consumption.

Responsible supply chain
In FY22, emissions from purchased goods and services
accounted for 67% of our GHG inventory. Theseemissions are estimated using the spend-based
method. This means that as our company grows,
and subsequently our expenses, so too will our GHG
inventory. From FY21 to FY22, global FTE increased by
29%, while our emissions increased by 17%.
We collaborate with our key suppliers to understandtheir climate impacts and encourage carbon emission
reductions, whilst seeking to only partner with firms
who have clearly defined carbon reduction strategies.
These engagements will allow us to quantify our supply
chain emissions more accurately and will further multiply
the impact of our carbon reduction strategy.

Business Travel
Whilst we will always respond to the needs of our clientsand recognise that business travel forms an importantpart of our business, we are continuing to pursue virtualinteractions where feasible to minimise excessive travel.
The COVID-19 pandemic and global travel restrictions
forced our business to adjust to a new way of conducting
business, pivoting to videoconferencing and digital2 0 2 3C O R P O R A T E

S U S T A I N A B I L I T Y

R E P O R T

events. This reduction in business travel was theprimary reason for the dip in our total FY21 emissions.
Restrictions eased in FY22 and thus business travelincreased, however, not to pre-pandemic levels.
To ensure conscious travel management decisions
in the future and limit our associated emissions,
we are continuing to enhance employee awarenessof carbon-conscious travel. We have also resumed
physical events, where these work best for our clientsand Affiliates, but these now sit alongside a continuing
digital engagement programme.

Carbon Neutrality
Our commitment to carbon neutrality enables us
to accelerate climate action in the near term,
as an interim solution. We remain committed
to reducing our operational impact and will continue
to transition our operating model, where feasible,
to be less carbon intensive.
We are in the process of certifying our GHG inventory for
FY22 under Climate Active Standards(for Organisations). Climate Active is a partnership
between Australian businesses and the AustralianGovernment to promote voluntary climate action.
Certification is awarded to Australian businesses
who meet rigorous requirements to achieve net zero
emissions, including measuring, reducing and offsetting
emissions through innovation, sustainable operations
and industry leadership.
For more information about our certification,please visit the Climate Active website.

Partnerships for carbon credits & offsets
As part of our approach to achieve carbon neutrality weare committed to offsetting all unavoidable emissions.
When purchasing carbon credits, we look to partner withhigh integrity Australian-based projects that also provide
additional benefits to local communities.

25

Aboriginal Carbon Foundation
In FY22, we partnered with the Aboriginal Carbon
Foundation (AbCF), the only Indigenous organisationin Australia to provide carbon credits with third-party
verified environmental, social and cultural
co-benefits.

OVER THE YEAR, OUR EMPLOYEESHAD THE OPPORTUNITYTO VOLUNTEER WITH GREENFLEET’SREVEGETATION EFFORTS
IN BRISBANE AND SYDNEY.

The AbCF generates community prosperityby supporting local communities to generate jobs,
direct improvements in the environment and build
relationships between Aboriginal and non-Aboriginal
people. Through the ethical trade of Australian
Carbon Credit Units (ACCU), AbCF implements
carbon farming through Aboriginal
fire management. This method is undertaken
to reduce the frequency and extent of late,dry season fires, resulting in fewer greenhousegas emissions and simultaneously allowing thecontinuation of cultural fire management practice.
Our partnership with AbCF allows us to support the
Wulbujubur Cultural Fire project in Southern Cape
York, Queensland. Owned by the Western Yalanji
Aboriginal Corporation RNTBC (WYAC), the savanna
burning project helps to empower Indigenous
communities to take the lead in caring for the healthand wellbeing of the land.

Transition Plan
We recognise the importance of a transition plan
to address climate-related risks and opportunities
and verify the credibility of climate-related
commitments. In FY23 we have made a purposeful
effort to embed sustainable thinking into firm-widedecision making. This includes environmentallyconscious business travel choices, supplier selectionand engagement, office relocation decisions andpurchasing meaningful gifts for employees.
We will continue to evolve our climate strategy inaccordance with company expansion and industry
expectations, aiming to dissociate our growth from
our impact on the environment.

2 0 2 3C O R P O R A T E

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R E P O R T

Greenfleet
We recognise that deforestation is a key contributor
to global warming. Since FY19, we have supported
Greenfleet, a leading Australian not-for-profit
environmental organisation committed to protecting
our climate by restoring our forests. Greenfleet plants
native biodiverse forests to capture carbon emissions
and help fight the impacts of climate change.
Since 1997, Greenfleet has planted over 10 million trees
across over 500 forests in Australia and New Zealand,
which are legally protected for up to 100 years,
ensuring they can grow for future generations.

26

Human Capital
Our people are key to our success and we takean active involvement in employee welfare, engagement
and career development. We are driven by our purpose,to enable better lives through investment excellence,and our values, which have enabled us to createa highly flexible, respectful, innovative working
culture that supports and empowers our employees
to deliver excellence.
HEALTH & WELLBEING
The health and wellbeing of our people and our
responsibility to the broader community are of theutmost importance to us.
We have an Employee Assistance Program for employees
and their immediate family members. Confidential
counselling is available to provide support on a rangeof personal and work-related issues. Our Remuneration
and Nominations Committee monitors workloads,
wellbeing and resourcing to ensure mental healthis not compromised during periods of high stress.
We are committed to facilitating a high return to workand retention rate of employees on parental leave.
Following the birth or adoption of a child, the relevant
people manager remains in communication with theemployee on parental leave via ‘Keeping in Touch’ days,
so they feel informed and connected, thereby assistingwith the transition back to work. We provide access toa Parental Leave Transition Program, on demand parental
leave courses, toolkits and return to work planning.
We provide paid parental leave of up to 16 weeks
for all permanent employees who have worked for us
for at least 12 months continuously at the time of birthor adoption of their child. Up to 4 weeks’ paid parental
leave for the non-primary carer is also available tosupport families.

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We are also committed to creating workplaces where
everyone can thrive at work and at home. We know thatcombining work and family is not always easy and as partof our commitment to reducing work life tension,
we have partnered with Parents At Work to provide
access to a webinar series on family wellbeing. These
webinars, facilitated by executive coaches, provide aconvenient way to connect and share experience withother working parents and carers on how to improve
the work-life juggle and get some tips on how best to
approach work and care needs.
All employees who depart the organisation are invited
to participate in an exit interview. We have also
introduced ‘stay’ interviews, which are conducted asneeded to help understand how to retain talented
employees and maximise the engagement of employees.

Workplace Mental Health and Wellbeing
We are fully supportive of initiatives to optimise
the mental health of our employees.
In FY23, the Pinnacle Charitable Foundation (Foundation)funded a presentation from the Black Dog Instituteto build knowledge of mental health issues andsupport strategies. This introductory program laid thegroundwork for building mental health literacy, reducing
stigma and promoting help-seeking in the workplace.
It sought to encourage all employees to:•learn about the prevalence of mental illness;•understand the causes, signs and symptoms ofcommon mental health conditions including
depression, stress and anxiety and what help isavailable inside and outside of the workplace; and•understand five core concepts of wellbeing and how
these translate into daily life.

27

Pinnacle Step Challenge
At the end of 2022, over 100 staff from Pinnacle
and Affiliates took more than 20 million steps in 3 weeks
of friendly competition. Pinnacle donated $10,000 eachtime participants collectively walked 10,000kms the equivalent of once across Australia – giving a totalof $50,000 to the Foundation.
Employees then voted for where to direct these funds
and two very deserving charities, You Matter and
We Are Mobilise, received $25,000 each.

Health and safety
Our primary duty of care is to ensure that employees
are not exposed to health and safety risks arising frombusiness activities or undertakings. Directors and senior
managers have the responsibility to ensure compliancewith work, health and safety (WHS) obligations, whilst
managers and supervisors are directly responsible
for workplace safety within areas under their control.
We have a WHS Program and an Injury Management
and Return-to-Work Policy in place which is accessible
to employees. We encourage the involvementof all employees in making offices safe workplaces.
As part of our direct consultation strategy,a Safety Officer has been appointed to ensurethat the requirements within the WHS Program are met.

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28

CAREER DEVELOPMENT

Public Holiday Swap Policy

We are committed to the career growth anddevelopment of our people. Our philosophy centres
on ongoing development which is primarily self-driven
and focuses on helping our employees reach theirhighest potential. Employees are encouraged to workwith their managers to create development plans,with a focus on enabling them to reach career goals
and inspiring them with a sense of purpose. Formal
learning opportunities and informal on the job learning,project rotations, special assignments and mentoring
are all utilised to elevate the expertise of our people.
We are able to tap into talent across the organisation
and accelerate development opportunities on
a global level, including relocation of key talent
to international offices.

We understand that our people have different religious
and cultural practices, as well as different political beliefs.

DIVERSITY & INCLUSION
We are committed to strengthening business innovationand decision-making through workplace diversity
which is achieved through policy support, group-wide
initiatives, charity and university partnerships
and celebrations.

Diversity and Inclusion Policy
We recognise the benefits of fostering equitable
employee representation reflecting different
backgrounds, perspectives, styles, knowledge, experienceand abilities. Our Diversity Policy further outlines
our focus on recruiting, developing, rewarding andretaining people with diverse backgrounds to meetthe needs of our clients, shareholders and community.
Diversity Policy link

Flexible working
We provide a flexible working policy and have adopted
a hybrid model of working to maximise productivity
while enabling our people to balance family and personal
responsibilities, in the way that works best for themand our firm.

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Our Public Holiday Swap Policy allows employees tosubstitute national and state or territory public holidays,
for those that are more aligned to their religious beliefs
or a day that holds cultural significance for them.

Supporting Parents and Carers at WorkWe are committed to creating a workplace where
everyone can thrive at work and at home. We knowthat combining work and family is not always easy andas part of our commitment to reducing work life tension,
we are continuing our employer membership of Parents
At Work. This partnership provides us with strategic
consulting support and expertise on best practice culture
for families in the workplace.
All parents are provided with additional support througha digital parental leave transition program. The support
provides a consistent experience for all employees
on parental leave as they transition to and backfrom parental leave to help them effectively manage
work and family conflicts and maintain their careers.
It also enables us to retain key talent while positively
impacting on employee wellbeing.

WGEA: Promoting and Improving Gender Equality
We are committed to supporting all of our people.
We do this by actively addressing the barriers to equality
and continuously striving to create a fully inclusive
culture. We conduct an annual analysis of gender pay
to assess pay equity for like roles and performance.
This analysis is presented at both the executive
and Board level.
Our WGEA public reporting includes:•

Public Workplace Profile•

Public Workforce Management Statistics•

Public Questionnaire

29

Encouraging women into financeand leadership roles“

We are committed to empowering and inspiring
women to choose a career in investment
management and the broader financial services
industry. By providing an insight into the industry
through scholarships, internships, industry
partnerships and university partnerships, we are
actively building a strong pipeline of future female
leaders in a traditionally male-dominated field.
Women in Finance Scholarships
In FY23, Pinnacle continued its Women in Finance
Scholarships commitment. Starting with the
University of Queensland in 2019, the successand impact of the partnership has led to 20
scholarships being offered this year at universities
across Queensland, New South Wales and Victoria.

Receiving the Pinnacle Women in Finance
Scholarship gave me unique practicalexperience that enhanced the theory
learnt in my university studies. The internshipgave me invaluable real-world experience,
meaningful work and valuable connections
within multiple aspects of the funds
management industry. I felt more confident
completing my degree after receiving
recognition and encouragementfrom Pinnacle.

Elise Chant”

Successful recipients receive a scholarship and,
importantly, the program also provides themwith industry skills via internships and opportunities
for employment, along with the opportunity
to broaden their professional networks.

Future IM/PactEngaging with CareerTrackers

To complement our direct scholarship and internshipinitiatives with universities, we are members of Future
IM/Pact, an Australian industry initiative with the visionof attracting more diverse talent into front-office
investment teams. In FY23 we built on this membership,
attending two Early Career events - an in-person
networking breakfast and a virtual Investor Insights
Roundtable. Being a member and attending these
events enables us to amplify our current efforts
and help scholarship recipients build and maintain
industry relationships through Future IM/Pact’s early
career program.

We established a new membership with CareerTrackers,a national purpose-driven organisation that supports
pre-professional Indigenous university students andlinks them with employers to participate in paid, multiyear internships. The membership will, over a numberof years, allow Pinnacle to create an environment of
inclusion and belonging with and for Indigenous people.

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30

University Society Partnerships
We are proud to have continued our relationships
with student societies across Australia. These
partnerships allow us to connect with a diverse
range of talent and offer the ability to increase
exposure to investment management and financial
services to students from various demographic
and educational backgrounds.
We remain committed to being one of the Founding
Sponsors of the University of Queensland’s first officiallysanctioned university wide networking group with afocus on women, the UQ Women’s Network. We haveextended this focus on women’s university societies
at Macquarie University, the University of NSW and the
University of Melbourne.

Through these relationships we support societies withindustry educational events such as case competitions,attend career and networking evenings, provide work
experience opportunities and share interviewing
skills with students. These events also offer valued
opportunities for Pinnacle and Affiliate employees toparticipate, often returning to their alma mater to inspire
the next generation of business graduates.

Pinnacle representatives
chat to students at a
QUT Networking Evening

Supporting Women in Leadership
Together with Riparian Capital Partners, the Foundation
is a corporate partner of the Peter Cullen Water
and Environment Trust’s (PCT) highly sought after
program focussed on women, the PCT Leadership
Program (Women).

Participants in the program are alreadyestablished leaders from diverse backgrounds
and careers. This transformative leadershipprogram empowers them to build positive
influence and impact in their leadership journey.

The PCT bridges the gap between people, scienceand the environment. It was founded on the philosophy
that, to improve Australia’s water and environmental
management, we need to enhance the link between goodscience and effective policy making. The PCT Leadership
Program (Women) is a bespoke program designed by
women, for women, as recognition that women are
under-represented at the leadership table, particularly
across the STEM, policy and governance fields.

The Foundation and Riparian Capital Partners
supported the 12-week program for the 2022
cohort of women participants and continued
support for the 2021 Program graduates.

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Celebrating Diversity and Inclusion
As a global investment firm, we recognise the benefitsof having a diverse group of employees reflecting
different backgrounds, perspectives, styles, knowledge,
experience and abilities. We are committed to fostering
an awareness and understanding of the importanceof workplace diversity throughout all our offices.
International Women’s Day
We continued to recognise the importance ofInternational Women’s Day (IWD). Our guest speaker,
Yasmin London, delivered a powerful keynote speechfollowed by an interactive question and answer session –in line with the 2023 IWD theme of “Cracking the Code:innovation for a gender equal future”. From being a worldclass swimmer to a police officer, Yasmin’s fascinating
journey led her to her current role as Director of ySafe,
Australia’s largest provider of online safety education.
Yasmin empowers people by equipping them with theskills and knowledge to ensure technology enhances
their modern-day lives, rather than detracting from it.

Yasmin London,
guest speaker on International Women’s Day

Terence Kwong,
Pilar Chamorro, Carta Ryan
and Chanel Stuart-Findlay
with students fromMacquarie University
Women Entering Business.

Harmony Day
Harmony Week takes place in March and Pinnacle
celebrated its commitment to diversity on the
United Nations International Day for the Eliminationof Racial Discrimination.
To celebrate Harmony Day, all staff were given a little bagof treats from two Australian companies: Mondo Nougat
and Authentic Turkish Delight. Both have a rich story abouta family migrating to Australia and successfully forging
a business over many years.

During the evening, employees attended an eventrun by Pinnacle with students from Macquarie
University’s Women Entering Business society.
The event “Diversity in Investment
Management” saw four panelists
from different ethnic backgrounds
present to the students about
their career journeys and theirexperiences working within
a diverse employee group.
Harmony Day treats

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Human Rights
We are committed to conducting business withhonesty, fairness and integrity. We respect and protect
the fundamental human rights of our stakeholders
and support the principles contained within theInternational Bill of Human Rights, the International
Labour Organisation’s (ILO) Declaration on Fundamental
Principles and Rights at Work and the OECD Guidelines
for Multinational Enterprises.

MODERN SLAVEYSTATEMENT SUBMISSION

Our approach to human rights focuses on what is most
relevant to our operations and supply chain: labour
rights, discrimination, anti-bribery and privacy.

We submitted our inaugural Voluntary Modern Slavery
Statement to the Australian Border Force for the financial
year 2022. Our Statement outlines the steps we taketo identify and address modern slavery risk in our supply
chain and operations. While it is not mandatory by therequirements of the Modern Slavery Act 2018 (Cth)to formally disclose our efforts, we are seeking
to apply this best practice approach to the way
we conduct business.

POLICY SUPPORTFY22 Modern Slavery Statement

Our commitment to fostering a culture of respecting
fundamental human rights is supported by our
Human Rights Policy and Supplier Code of Conduct.
The Human Rights Policy articulates our expectationsof employees and service providers to respect andprotect human rights and the controls we have in place
to identify, prevent or mitigate human rights risks in
our operations and supply chain. Our Supplier Code of
Conduct articulates the standards of behaviour expectedof our suppliers. We seek to establish relationships withentities that share the same principles and values as ours,
including respect for fundamental human rights.

UNHCR WORLD REFUGEE DAY
We continued our support for the annual flagshipluncheon held for World Refugee Day in June, hosted
by Australia for UNHCR. In 2023 the event focusedon the important role that sport can play in improving
outcomes for refugee children. Sport and play-based
activities can provide children and youth with regularaccess to safe spaces. It can also give them a sense of
normality. This is particularly important in displacement
situations where many young people have experienced
traumatic events, have been separated from their families
and had their education disrupted.
The money raised at this event will be used to give morerefugee children access to sporting opportunities.

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Pinnacle Charitable
Foundation
SUPPORTING THE COMMUNITY WITH OVER $900,000
IN COMBINED CONTRIBUTIONS
We are passionate about enabling better lives throughinvestment excellence. This purpose is strongly reflectedin our commitment – together with Affiliates – to the
Pinnacle Charitable Foundation (Foundation).
The Foundation’s focus is on growing the sustainabilityof creative and effective Australian NFP organisations,to drive sustainable change which delivers community
impact. Organisations are actively sought and invited toapply for long term partnerships based around exploringnew projects, programs and services. In each case theaim is to facilitate the delivery of solutions which can beanalysed and assessed, scaled and strengthened over
several years, with early stage backing often provided.
Partnerships in FY23 aligned with the Foundation’s
six dedicated focus areas, which in turn reflected oursustainability approach and addressed specific SDGs
where we believe we can make a tangible impact.
Financially underpinned by Pinnacle and with access toextensive in-house pro bono services across investment
management, portfolio reporting, finance, marketingand IT, the Foundation operates with low overheads
and high impact. Its investment strategy is designed
to tolerate significant volatility, given the long-termhorizon of the Foundation’s corpus and the diversified
nature of the investment portfolio. The focus is on
longer-term investments which can provide reasonable
capital protection, whilst aiming to drive growth over an
extended period.

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Investments are held in a range of Pinnacle Affiliate
investment products which offer Australian and global
equity exposure, franking credits and monthly income
streams, plus a range of non-equity exposed assets.
As part of their broad commitment to the Foundation,
all Pinnacle Affiliates donate the equivalent of their
management fees as rebates back to the Foundation,
through cash or additional units in investment products.
Affiliates’ commitment to ESG principles are identified
prior to investments being made and a number ofAffiliates join with the Foundation to support charitablepartners which align with the interests of theiremployees, clients, investors and business strategies.
In FY23, the Foundation made donations of over
$620,000. This was primarily directed towards 14 NFP
partners, together with two employee choice recipients
working within the broad areas of homelessness
and small discretionary amounts given in support of
employee fundraising and volunteering activities.
Affiliates provided a further $290,000 via direct support
to several jointly funded charity partners, plus further
discretionary funds for key activities and flagship events.
Matched workplace giving programs across Pinnacle
and Affiliates totaled a further $82,000, contributing tomore than 60 NFPs. The combined financial impact of
donations was therefore in excess of $987,000.
The 14 NFP partners together with the two employee
choice recipients also received access to facilities, advice,
networks, employee volunteers and participation at key
events. These frontline charitable partners operate acrossAustralia to deliver the following:34

Mental wellbeing supporting positive mental health together
with illness prevention and early intervention
Sexual, domestic and family violence - facilitating
legislative reform, advocacy
and legal support for sufferers
Disadvantaged children and young people providing education and welfare

Specialised medical research seeking new treatments for children and the elderly
Current issues addressing longer term social issues heightened bypandemic lockdowns
Environmental sustainability focussing on water resource management, disasterrecovery and drought mitigation* You Matter and We Are Mobilise are the recipients of the 2023 PNI employee
choice one-off donations of $25k each

FY23 PARTNERSHIP HIGHLIGHTS

Creating cultural competency with NASCA
Funds from Firetrail Investments and the Foundation
supported the second annual NASCA CareerFit
Conference, bringing together 70 First Nations students
from across 18 NSW schools to Sydney for five days of
curated workshops and cultural activities. The team at
Firetrail took the students through an exciting game of
Monopoly Speed, before discussing how to earn, saveand budget in the real world.
As part of the Conference, Pinnacle and Firetrail
employees attended a cultural intelligence session
to increase understanding of Indigenous issues. The
facilitated discussion was run by William Trewlyn, a proud
Nucoorilma and Dunghutti man, and delved into culturalcompetency and cultural safety in the workplace.
The Foundation also funded an Art Workshop during
the Conference. Aunty Bev Garces, a proud Githabul,
Bundjalung, Wonnarua and Dunghutti woman, facilitateda Sorry Day art workshop with the NASCA students tocreate a meaningful piece connected to each student.
A NASCA student participates in the Firetrail CareerFit Workshop

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Rebuilding and strengthening regional communities with FRRRThe Foundation for Rural & Regional Renewal (FRRR)
is the only national foundation specifically focused on
ensuring the social and economic strength of remote,rural and regional Australia. In FY23, the partnership
between FRRR and the Foundation continued toprovide locally driven assistance to more than fifteencommunities in need.
Five grants in the Future Drought Fund have been acquitted,
helping communities to build their capacity through local
initiatives driven by the community, to be more prepared
for and resilient towards the impact of drought.

The projects included drought resilience updates
to a Community Centre in Goonumbla, NSW; power
tools and equipment for the Namoi Women’s Shedin Narrabri, NSW; training and skills development for
the Indigo Local Shire, VIC; Mental Health First Aid
training at the University of South Australia; andprofessional, social and community connection eventsin North West Tasmania.
Work continues with projects across two other funding
streams: Strengthening Rural Communities and Disaster
Resilient Future Ready Program.
frrr.org.au

The map indicates the breadth of grants that Pinnacle
has supported through Future Drought Fund Networks
to Build Drought Resilience, Strengthening Rural
Communities and Disaster Resilient: Future Ready.

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Three members of the Advisory Group to the National Survivor Advocate Program

Survivors lead the way with Full Stop Australia
Throughout FY23, the Foundation has continued to fundthe important work being done by Full Stop Australia(FSA) to put a stop to domestic, family and sexual
violence. The Advocacy Manager (Legal and Policy)
position that the Foundation has been helping to fundfor more than five years has continued to play a vitalrole. Formal submissions supporting regulatory change
have primarily focused on state and federal government
reforms on coercive control, sexual assault (particularly
affirmative consent), family law and more traumainformed justice and service systems for sexualand family violence survivors.

The National Survivor Advocate Program that was initiallydesigned and funded in FY22 has made significant
advancements in the last 12 months, with over 300
members and a 12-member Advisory Group selectedfrom over 130 applicants. Work has begun on resources
to support survivor-advocates who wish to speak
about their experiences or engage with law reform
processes such as teaching survivors how to do theirown advocacy, media training and offering legal insights
into rights and guidelines when speaking publicly. Some
members of the NSAP have also worked with NSW Police
to promote and improve access to online reportingof sexual assault.
fullstop.org.au

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Connecting to the Community with R U OK?
Since 2018, the Foundation has been the major Funding
Partner of ‘Are They Triple OK?’, a campaign whichaims to increase levels of peer and social support
for police and emergency services workers andvolunteers, nationwide. Deliverables have included
bespoke conversation guides and online learning
modules to build confidence for peers, family and friends
on how to have an R U OK? conversation, downloadable
assets to help build an R U OK? culture in the workplace
and a committed team of national advocates acrossthe services. FY23 funding continued the developmentof case studies and the launch of the ‘Are They Triple
OK?’ podcast, which shared the voices of those withlived experiences to help break down stigma andencourage regular, meaningful conversations.
The Foundation has also funded a series of ’Locals Know
Best’ workshops, which took place in FY23 in NSW.
The R U OK? message is around helping individuals
and communities forge connections. These free workshops
were designed to hear firsthand from locals living inregional, rural and remote areas. The workshops identified
needs around what can help locals have more meaningfulconversations with the people in their world who might begoing through an emotionally difficult time and will guidethe resources and support that R U OK? will offer.

ruok.org.au/triple-ok

YalariA partner since 2018, Yalari provides quality secondary
education at leading boarding schools across Australia,
through offering scholarships to Indigenous students
from remote or regional communities who would nototherwise have this opportunity. The fundamental
goal is to provide a supportive and nurturing learning

environment, so that each student can thrive and be
confident in their future. Yalari’s unprecedented level of
support for all scholarship students is a key strength oftheir unique model and contributes to consistently highgraduation and engagement rates.
The annual Orientation Camp, supported by theFoundation, helps new Year 7 students learn throughpractical workshops about boarding school life and what
to expect, paving the way for a smooth transition fromprimary education and living at home to a secondary
education at a boarding school. They are given theopportunity to gain insights into boarding school life inan environment where they feel safe, can be inquisitiveand share the journey with fellow students. In addition,
Resolution Capital is sponsoring Lilli, a young Kamilaroi
woman from Moree, through her boarding school
journey at Kambala in Rose Bay. Lilli started her Rosemary
Bishop Education Scholarship with Yalari in February
2021 when she was in Year 7; Lilli is now in Year 9.
yalari.org

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The Foundation’s SDG Alignment
The Foundation has also reviewed how
the impacts and outcomes of all NFP funded
initiatives align with five identified priority
SDGs and their associated indicators andtargets. The percentage of each financial
partnership, from both the Foundation
and Affiliate (where applicable), has been
attributed to these five key SDGs andtheir corresponding targets.
The following highlights how
the Foundation’s partnerships translate
SDG aspirations into actions.

42%

Goal 3.
Ensure healthy lives and promote well-being for all at all ages
Targets:•

3.2 End preventable deaths of newborns and children under
5 years of age•

3.4 r educe by one third premature mortality from noncommunicable diseases through prevention and treatment
and promote mental health and well-being

Goal 4.
Ensure inclusive and equitable quality education and promote
lifelong learning opportunities for all
Targets:•

4.5 Eliminate gender disparities in education and ensure
equal access for the vulnerable, including persons withdisabilities, indigenous peoples and children in vulnerable
situations

•

4.7 E
 nsure that all learners acquire the knowledge and skills
needed to promote sustainable development, including
promotion of a culture of peace and non-violence, global
citizenship and appreciation of cultural diversity and ofculture’s contribution to sustainable development

Goal 5.

14%

16%

Achieve gender equality and empower all women and girls
Targets:•

5.2 Eliminate all forms of violence against all women and girls•

5.5 Ensure women’s full and effective participation and equal
opportunities for leadership at all levels of decision-making
in political, economic and public life•

5.c Adopt and strengthen sound policies and enforceable
legislation for the promotion of gender equality and theempowerment of all women and girls at all levels

Goal 11.
Make cities and human settlements inclusive, safe, resilientand sustainable

16%

Target:•11.1 E
 nsure access for all to adequate, safe and affordable
housing and basic services and upgrade slums

Goal 13.
Take urgent action to combat climate change and its impacts

13%

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Target:•13.3 Improve education, awareness-raising and human andinstitutional capacity on climate change mitigation, adaptation,
impact reduction and early warning

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EMPLOYEE CHOICE WITH
WORKPLACE GIVING
Employee and Pinnacle donations generated throughour matched Workplace Giving programs totalled over
$82,000 in FY23. Regular, monthly support via Workplace
Giving programs is exceptionally valuable as a steadyincome stream for recipients, while supporting all
employees’ specific interests and passions.

Integrityof Report
During the financial year, the Pinnacle Group did nothave an internal audit function. The Board has received
the appropriate assurances from the Chief Executive
Officer and Chief Financial Officer in respect to the
Pinnacle Group’s sustainability reporting processes
and internal controls.
Management is comfortable that qualitative andquantitative disclosures contained in this Report are
accurate, given:•

the Pinnacle Group’s Sustainability Committee was
responsible for monitoring internal process; and•subject matter experts were engaged, as required.

Continuous
Disclosure
We are committed to adopting sustainable practices
and to integrating sustainability information into
our reporting cycle through our annual Corporate
Sustainability Report and CDP disclosure foundon our website.

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Other Industry
Collaborations
We joined industry collaborations to share knowledge and support peers in addressing broader
sustainability-related issues. The following table details our memberships.

ORGANISATION

Taskforce on Climate-related Financial Disclosures

STATUSJOINED

Signatory

2021

Member2022

Participant

2022

The TCFD Recommendations are designed to support coherent and comparable reportingon material climate-related risks and opportunities. We support the Task Force on Climaterelated Financial Disclosures (TCFD) and are actively implementing its four key climate
related financial disclosure recommendations: governance; strategy; risk management;
metrics and targets.

Financial Services Council ESG Working Group and Diversity Working GroupThe Financial Services Council is a peak body which sets mandatory Standards anddevelops policy for more than 100 member companies in the financial service sector.
The ESG Working Group and Diversity Working Group see the collaboration of a rangeof members with expertise or experience in the respective areas to help inform on thedevelopment and delivery of good policy.

UN Global Compact
The UN Global Compact is a call to companies to align strategies and operations with
universal principles on human rights, labour, environment and anti-corruption and takeactions that advance societal goals.

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ORGANISATION

Responsible Investment Association of Australia

STATUSJOINED

Member2022

Certified

FY20; FY21.
Pending
FY22
and FY23
certification.

Discloser

2021

The Responsible Investment Association Australasia (RIAA) champions responsible
investing and a sustainable financial system in Australia and New Zealand. RIAA is
dedicated to ensuring capital is aligned with achieving a healthy society, environment
and economy and is the largest and most active network of organisations engaged in
responsible, ethical and impact investing across Australia and New Zealand.

Climate Active
Climate Active is a partnership between Australian businesses and the AustralianGovernment to promote voluntary climate action. Certification is awarded to Australianbusinesses who meet rigorous requirements to achieve carbon neutrality, including
measuring, reducing and offsetting emissions through innovation, sustainable operations
and industry leadership.

CDP
CDP is a not-for-profit charity that runs the global disclosure system for investors,
companies, cities, states and regions to manage their environmental impacts, risk andopportunities. We are proud to be recognised as a CDP discloser on climate changecommitting to environmental transparency by disclosing our climate change impact.

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01 Appendix:
Reporting Frameworks
SASB INDEXThis year we are choosing to report against the SASB Standards. We have included metrics from the SASB industry standard
that are most closely aligned with our business: Asset Management and Custody Activities and Professional and Commercial
Services. Although we do not currently disclose all metrics included in this SASB industry standard, we will monitor the relevanceof these metrics and, as appropriate, consider enhancing our disclosures in future reporting periods.w

T A B L E 1 . S U S T A I N A B I L I T Y D I S C L O S U R E T O P I C S & A C C O U N T I N G M E T R I C STOPICACCOUNTING METRICCODECOMMENTS AND REPORT REFERENCEASSET MANAGEMENT AND CUSTODY ACTIVITIESTransparent
Information &Fair Advice for
Customers(1) Number and (2) percentage of covered employeeswith a record of investment-related investigations,consumer-initiated complaints, private civil litigations,or other regulatory proceedings

FN-AC-270a.1

Pinnacle is not aware of any employees
subject to the proceedings described.

Total amount of monetary losses as a resultof legal proceedings associated with marketing andcommunication of financial product-related information
to new and returning customers

FN-AC-270a.2

We will monitor the relevance of this topic
to Pinnacle and as appropriate and consider
enhancing our disclosures in futurereporting periods.

FN-AC-270a.3

All Affiliate products have comprehensive
disclosure documents including ProductDisclosure Statements and fund offering
documents (Prospectus or Key Investor Information
Document) as well as marketing materials
such as fund factsheets.

Description of approach to informing customers about
products and services

Employee
Diversity &Inclusion

Percentage of gender and racial/ethnic grouprepresentation for (1) executive management, (2)non-executive management, (3) professionals and (4)all other employees

FN-AC-330a.1

Gender representation: executive and nonexecutive management disclosures are foundin our Corporate Sustainability Report FY23
(01 Appendix: Data and disclosure, page 49).
Our employees are reported as either managers
or professionals. These metrics are available
in our WGEA Gender Equality Reporting:Public Workplace Profile.
Racial/ethnic group representation: We will
monitor the relevance of this topic to Pinnacle
and as appropriate and consider enhancing
our disclosures in future reporting periods.

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TOPICACCOUNTING METRIC

Incorporationof Environmental,
Social andGovernanceFactors in
Investment
Management& Advisory

Business Ethics

Systemic Risk
Management

CODE

COMMENTS AND REPORT REFERENCE

Amount of assets under management, by asset class,that employ (1) integration of environmental, social andgovernance (ESG) issues, (2) sustainability themed investingand (3) screening

FN-AC-410a.1

Description of approach to incorporation of environmental,social and governance (ESG) factors in investment and/or
wealth management processes and strategies

FN-AC-410a.2

Description of proxy voting and investee engagement
policies and procedures

FN-AC-410a.3

Total amount of monetary losses as a result of legal
proceedings associated with fraud, insider trading, anti-trust,anti-competitive behaviour, market manipulation, malpractice,or other related financial industry laws or regulations

FN-AC-510a.1

We will monitor the relevance of this topic
to Pinnacle and as appropriate, consider enhancing
our disclosures in future reporting periods.

Description of whistleblower policies and procedures

FN-AC-510a.2

Corporate Sustainability Report FY23 (Identifying
our Material Sustainability-related Risks, page 07)

Percentage of open-end fund assets under managementby category of liquidity classification

FN-AC-550a.1

This metric does not apply to our operating model.

Description of approach to incorporation of liquidity
risk management programs into portfolio strategy
and redemption risk management

FN-AC-550a.2

In respect of our responsible entity activities, we
maintain a Liquidity Risk Management Policy toensure we have an effective approach to manage
liquidity risks and that the financial obligations offunds (including investor redemptions, payment
of distributions and other payments) are met.

Total exposure to securities financing transactions

FN-AC-550a.3

This metric does not apply to our operating model.

Net exposure to written credit derivatives

FN-AC-550a.4

We will monitor the relevance of this topic to
Pinnacle and as appropriate, consider enhancing
our disclosures in future reporting periods.

Description of approach to identifying and addressing
data security risks

SV-PS-230a.1

Corporate Sustainability Report FY23 (Identifying
our Material Sustainability-related Risks, page 07)

Description of policies and practices relating to collection,
usage and retention of customer information

SV-PS-230a.2

Pinnacle website (Privacy Policy)(1) Number of data breaches, (2) percentage involving
customers' confidential business information (CBI)or personally identifiable information (PII), (3) numberof customers affected

SV-PS-230a.3

We will monitor the relevance of this topic
to Pinnacle and as appropriate, consider enhancing
our disclosures in future reporting periods

Percentage of gender and racial/ethnic group representationfor (1) executive management and (2) all other employees

SV-PS-330a.1

Corporate Sustainability Report FY23
(01 Appendix: Data and disclosure, page 49)(1) Voluntary and (2) involuntary turnover rate for employees

SV-PS-330a.2

Corporate Sustainability Report FY23
(01 Appendix: Data and disclosure, page 49)

Employee engagement as a percentage

SV-PS-330a.3

Corporate Sustainability Report FY23
(01 Appendix: Data and disclosure, page 49)

Description of approach to ensuring professional integrity

SV-PS-510a.1

Corporate Sustainability Report FY23 (Identifying
our Material Sustainability-related Risks, page 07)

Total amount of monetary losses as a result of legal
proceedings associated with professional integrity

SV-PS-510a.2

We will monitor the relevance of this topic
to Pinnacle and as appropriate, consider enhancing
our disclosures in future reporting periods.

This metric does not apply to our operating model.4

PROFESSIONAL AND COMMERCIAL SERVICES

Data Security

Workforce
Diversity &Engagement

Professional
Integrity

4	Pinnacle holds equity interests in Affiliates and provides them with distribution, business infrastructure and other non-investment support. It is the responsibility of eachAffiliate to manage client monies, including with respect to ESG considerations, in accordance with their investment processes. Whilst Pinnacle provides guidance at a
corporate level, and has brought the Affiliates together to participate in a joint ESG Working Group, it does not seek to have any role in the investment process of its Affiliates.

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44TABLE 2. ACTIVITY METRICSACCOUNTING METRICCODE

DETAILSASSET MANAGEMENT AND CUSTODY ACTIVITIES(1) $25.5bn(1) Total registered and (2) total unregistered assets
under management (AUM)

FN-AC-000.A

Total assets under custody and supervision

FN-AC-000.B

This metric does not apply to our operating model.

Number of employees by: (1) full-time and part-time,(2) temporary and (3) contract

SV-PS-000.A

Full-time and part-time employees
are available in our WGEA Gender Equality
Reporting: Public Workplace Profile

Employee hours worked, percentage billable

SV-PS-000.B

This metric does not apply to our operating model.

(2) $66.4bn

PROFESSIONAL AND COMMERCIAL SERVICES

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TCFD INDEXWe are committed to providing transparent and reliable climate-related information. We have endorsed the TCFD
recommendations since FY20 and will continue to disclose climate-related information in accordance with the recommended
four pillars: Governance; Strategy; Risk Management; and Metrics, Targets and Transition Plans.

DESCRIPTIONTCFD RECOMMENDATIONCOMMENTS AND REPORT REFERENCE

GOVERNANCE

G1. D
 escribe the board’s oversight of climate-related risks
and opportunities.

Corporate Sustainability Report FY23
(Governance and Risk Management, page 12).

G2. D
 escribe management’s role in assessing and managing
climate-related risks and opportunities.

Corporate Sustainability Report FY23
(Governance and Risk Management, page 12).

S1. D
 escribe the climate-related risks and opportunities
the organisation has identified over the short, medium
and long term.

Corporate Sustainability Report FY23
(Addressing the Impacts of Climate Change, page 18).

S2. D
 escribe the impact of climate-related risks andopportunities on the organisation’s businesses, strategy
and financial planning.

Corporate Sustainability Report FY23
(Addressing the Impacts of Climate Change, page 18).

Disclose theorganisation’s
governance aroundclimate-related risks
and opportunities.

STRATEGY
Disclose theactual and potential
impacts ofclimate-related risks
and opportunities
on the organisation’s
businesses, strategy
and financial planningwhere such information
is material.

Corporate Sustainability Report FY23
(Addressing the Impacts of Climate Change, page 17).
S3. Describe the resilience of the organisation’s strategy,
taking into consideration different climate-related
scenarios, including a 2°C or lower scenario.

In future reporting periods we will seek to enhance
the consideration of climate-scenarios by extending
the scope and measurability of our scenario analysis,
facilitating an improved understanding of the risks that
financed emissions have on our firm.

R1. Describe the organisation’s processes for identifying
and assessing climate-related risks.

Corporate Sustainability Report FY23
(Governance and Risk Management, page 12).

R2. D
 escribe the organisation’s processes for managing
climate-related risks.

Corporate Sustainability Report FY23
(Addressing the Impacts of Climate Change, page 22).

R3. Describe how processes for identifying, assessing
and managing climate-related risks are integrated
into the organisation’s overall risk management.

Corporate Sustainability Report FY23
(Governance and Risk Management, page 12).

M1. D
 isclose the metrics used by the organisation to assessclimate-related risks and opportunities in line with
its strategy and risk management process.

Corporate Sustainability Report FY23
(Addressing the Impacts of Climate Change, pages 50
and 51).

M2. D
 isclose Scope 1, Scope 2 and, if appropriate,
Scope 3 GHG emissions and the related risks.

Corporate Sustainability Report FY23
(01 Appendix: Data and disclosure, page 50).

RISK MANAGEMENT
Disclose how theorganisation identifies,
assesses and manages
climate-related risks.

METRICS & TARGETS
Disclose the metrics
and targets used toassess and manage
relevant climaterelated risks andopportunities wheresuch information
is material.

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M3. Describe the targets used by the organisation to manage
climate-related risks and opportunities and performanceagainst targets.

S U S T A I N A B I L I T Y

R E P O R T

Corporate Sustainability Report FY23
(Addressing the Impacts of Climate Change, page 23).
Our scope 1 and 2 emissions for FY22 were zero. We willconsider setting science-based targets for our scope 3
emissions in future reporting periods.

46

UNGC INDEXPRINCIPLESCOMMENTS AND REPORT REFERENCE

Human Rights

Our approach to human rights focuses on what is most relevant to ouroperations and supply chain: labour rights, discrimination, anti-bribery
and privacy.

Principle 1: Businesses should support and respect theprotection of internationally proclaimed human rights.

Refer to our Corporate Sustainability Report FY23 (Human Rights,
page 33) for a detailed description on our progress against
these Principles.

Principle 2: Businesses should make sure that they are notcomplicit in human rights abuses.

LabourPrinciple 3: Businesses should uphold the freedomof association and the effective recognitionof the right to collective bargaining.
We acknowledge our responsibility to respect all human rights. Thismeans ensuring employees work in conditions that demonstrate respect
for people. Further, it means respecting the rights of people indirectly
affected by our operations - through Affiliates and our supply chain.

Principle 4: Businesses should uphold the eliminationof all forms of forced and compulsory labour.
Principle 5: Businesses should uphold the effective abolitionof child labour.

Refer to our Voluntary Modern Slavery Statement for a detailed
description on our progress against these Principles.

Principle 6: Businesses should uphold the eliminationof discrimination in respect of employment
and occupation.

Environment
We acknowledge the material risk that climate change poses tothe economy, financial markets and society. We continue to embedsustainable thinking into firm-wide decision making.

Principle 7: Businesses should support a precautionary approachto environmental challenges.
Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility.
Principle 9: Businesses should encourage the development
and diffusion of environmentally friendly technologies.

We have embedded risk-based anti-bribery and corruption controls
throughout our processes and policies, including within our Codeof Conduct and the Anti-Bribery Corruption Policy.

Anti-corruption
Principle 10: Businesses should work against corruption
in all its forms, including extortion and bribery.

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S U S T A I N A B I L I T Y

Refer to our Corporate Sustainability Report FY23 (Addressing the Impactsof Climate Change, page 15) for a detailed description on our progressagainst these Principles.

Refer to our Corporate Sustainability Report FY23 (Identifying our Material
Sustainability-related Risks, page 07) for a detailed description on our
progress against these Principles.

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SDG INDEXThe United Nations SDGs aim to address the biggest problems human beings face on this planet. We recognise the needfor strategies that foster economic development, reduce gender inequalities and transition towards a more sustainable future.
The below table highlights how we continue to contribute to the SDGs most relevant to our operations.

UN SDGUN SDG TARGETCOMMENTS AND REPORT REFERENCE

We are contributing to this target by rolling out initiatives to optimise
the mental health of our employees, including flexible working
arrangements, access to an Employee Assistance Program, confidential
counselling. Parents At Work program.

Good Health and Wellbeing
3.4: Promote mental health and well-being

Our progress is tracked via our annual employee ‘Pulse Check’ survey.
Corporate Sustainability Report FY23 (Human Capital, page 27).

Gender Equality

We are contributing to this target by adopting policy support, groupwide initiatives, charity and university partnerships and celebrations
to promote women.

5.1: End all forms of discrimination against
all women
5.5: Ensure women’s full and effective participationand equal opportunities for leadershipat all levels of decision-making

As at 30 June 2023, 35% of our workforce were women. 23% of senior
executive positions were held by women.
Corporate Sustainability Report FY23 (Human Capital, page 27).

We are contributing to this target by analysing pay equity among
our employees and reporting gender pay gap data to the WGEA.

Decent work & economic growth
8.5: Achieve full and productive employment and decent
work for all women and men and equal pay for workof equal value
8.7: Take immediate and effective measuresto eradicate forced labour, end modern slavery
and human trafficking

Responsible Consumption and Production
12.6: Encourage companies, especially large andtransnational companies, to adopt sustainable
practices and to integrate sustainability information
into their reporting cycle

Corporate Sustainability Report FY23 (Human Capital, page 27).
Submitted our inaugural Modern Slavery Statement and engagementswith our supply chain and Affiliates on modern slavery considerations.
Refer to our Voluntary Modern Slavery Statement for a detailed
description on our progress against these Principles.

We are contributing to this target by joining industry collaborations
to share knowledge and support peers in addressing broader
sustainability-related issues. Further we established a cross-affiliate
ESG Working Group and Supplier Engagement Group to generate
efficiencies and promote key sustainable themes.
Corporate Sustainability Report FY23 (Other Industry Collaborations,page 41 and Pinnacle Affiliates, page 14).

We’re contributing to this target by committing to reduce our GHG
emissions by 60% per FTE by FY30, from a FY20 base year.
Climate Action
13.2: Integrate climate change measures into national
policies, strategies and planning

Our business activities, guided by our strategy and policies havesupported a 45% reduction per FTE in FY22 since our FY20 base year.
Corporate Sustainability Report FY23 (Addressing the Impactsof Climate Change, page 15).

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02 Appendix: Data
The information provided in the follow tables consists of Pinnacle and the entities it controlled at the end of, or during,
the year ended 30 June 2023.

WORKFORCE DATA

UNIT

FY23

FY22

FY21

Global FTE

FTE

109.8

103.7

80.6

Employee voluntary turnover

%

19.2

22.5

2.6

Employee involuntary turnover

%

0.0

0.0

2.6

Employee engagement5

%

81

83

n/a

Women on the Board

%

40.0

28.6

28.6

Women in senior executive positions

%

22.9

22.9

24.0

Women across the workforce

%

35.0

30.0

33.0

Our workforce under 30 years of age

%

41.9

35.5

31.4

Our workforce between 30 – 39 years of age

%

27.4

29.1

36.0

Our workforce between 40 - 49 years of age

%

20.5

23.6

23.3

Our workforce over 50 years of age

%

10.3

11.8

9.3

Gender representation

Age representation

5	The response rate to our most recent global ‘Pulse Check’ Survey was 53%.

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ENVIRONMENTAL DATA
FY22
tonnes CO2e

FY21
tonnes CO2e

BASE YEAR
FY20
tonnes CO2e

-

-

-

Scope 2 (location-based)

50.5

45.0

72.7

Scope 2 (market-based)

-

26.8

70.8

Scope 3 (location-based)

621.9

488.0

666.6

Scope 3 (market-based)

567.0

483.0

663.5

Total Australian GHG emissions (market-based)6

567.0

509.7

734.3

Estimated international GHG emissions

57.0

21.3

-

Total GHG emissions (market-based)

624.0

531.0

734.3

GHG EMISSIONS
Scope 1SCOPE 3 BREAKDOWN: GHG PROTOCOL
1. Purchased goods & services

Emissions associated with purchased
supplier goods and services

419.8

327.3

246.4

2. Capital goods

Emissions associated with purchasedor acquired goods

23.1

31.9

26.6

59.2

52.1

75.9

4.3

47.1

72.8

3. Fuel-and energy-related
activities (location-based)

Downstream

Upstream

3. Fuel-and energy-related
activities (market-based)

Emission associated with the productionof fuels and energy purchased and consumed

4. Transportation & distribution

Emissions associated with the transportationand distribution of purchased products
and third-party services

5. Waste generated in operations

Emissions associated with disposal in landfill,water wastewater treatment

5.2

7.7

6.7

6. Business travel

Emission associated with the transportationof employees for business-related activities(in vehicles we do not own or operate) and hotel stays

75.8

44.3

277.7

7. Employee commuting

Emissions generated by employees travellingto and from our offices and employees
working remotely

38.8

24.7

33.3

8. Leased assets

Emissions associated with the operationof assets that are leased

Not deemed to be applicable

9. Transportation & distribution

Emissions associated with transportationand distribution of sold products

Not deemed to be applicable

10. Processing of sold products

Emissions generated from the processing of soldintermediate products by third parties after saleNot deemed to be applicable

11. Use of sold products

Emissions associated with the use of goods
and services soldNot deemed to be applicable12. End-of-life treatmentof sold products

Emissions generated from waste disposal andtreatment of products sold at the end of their life

Not deemed to be applicable

13. Leased assets

Emissions generated from the operation of assetsthat we own and lease to other entities

Not deemed to be applicable

14. Franchises

Emissions associated with the operation of franchises

Not deemed to be applicable

15. Investments

Emissions associated with investments

Not deemed to be applicableNot currently reported

6	For FY22, our international emissions were estimated on a pro rata basis, based on international employee headcount as a proportion of our Australian emissions. We Will lookto adopt GHG accounting standards relevant to each jurisdiction, as these emissions materialise, in future reporting periods.

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FY22
tonnes CO2e

FY21
tonnes CO2e

BASE YEAR
FY20
tonnes CO2e

EMISSIONS INTENSITY METRICS (MARKET-BASED)
Air travel emissions per $M revenue

tonnes CO2e/$M

1.4

1.0

10.9

Total GHG emissions per $M revenue (market-based)

tonnes CO2e/$M

13.6

16.3

32.8

Total GHG emissions per FTE (market-based)

tonnes CO2e/FTE

6.0

6.6

10.8

Electricity consumption

MWh

119.3

103.0

160.7

Renewable electricity consumed via GreenPower and LGCs7

%

100.0

16.5

0.0

Water8

ML

0.4

0.6

0.8

Waste – landfil8

tonnes

3.3

4.3

5.0

Waste – recycling8

tonnes

2.1

2.7

16.0

Electricity consumptions per FTE (Australian employees only)

MWh/FTE

1.3

1.4

2.5

Electricity emissions (market-based) per FTE (Australian
employees only)

tonnes CO2e/FTE

0.0

0.9

2.2

UTILITIES (AUSTRALIAN OPERATIONS)UTILITIES INTENSITY METRICS

7	Where we did not have operational control to procure our own renewable electricity via GreenPower, we purchased and retired Large-scale Generation Certificates (LGCs)
to achieve 100% renewable electricity in FY23. This renewable electricity percentage excludes mandatory renewable electricity consumption via the Australian government
Large-Scale Renewable Energy Target.
8	This figure is estimated. Water, waste and base building electricity data is provided by facilities management at each office location and aggregated across tenancies.
Estimates are made on a pro rata basis of Net Lettable Area (NLA) occupied by our tenancy.

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GLOSSARYTERMMEANING

2023 Corporate Sustainability Report

the Group’s Corporate Sustainability Report for the 2023 financial year.

2023 Financial Year or FY23

the period 1 July 2022 to 30 June 2023.

Affiliates or Pinnacle Affiliates

Pinnacle’s fifteen affiliated investment managers, being Aikya, Antipodes, Coolabah,Firetrail, Five V, Hyperion, Langdon, Longwave, Metrics, Palisade, Plato, Resolution Capital,
Riparian, Solaris and Spheria.

Board

the Board of Directors.

CDP

A not-for-profit charity that runs a global disclosure system for investors,
companies, cities, states and regions to manage their environmental impacts.

Certified B Corporation or B Corp

A designation that a business is meeting high standards of verified social and environmental performance,
public transparency and legal accountability to balance profit and purpose.

ESG

Environmental, social and governance.

Foundation

the Pinnacle Charitable Foundation.

FTE

Full-time Equivalent.

FUM

Funds Under Management.

GHG

Greenhouse gas.

GHG Protocol

The GHG Protocol develops and promotes the use of best practices
for accounting and reporting GHG emissions.

GreenPower

GreenPower is a government accreditation program for renewable energy.

Group or Pinnacle Group

Pinnacle and the entities that it controlled during the 2023 financial year.

IFRS

International Financial Reporting Standards.

IFRS S1IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information.

IFRS S2IFRS S2 Climate-related Disclosures.

International Bill of Human Rights

International Bill of Human Rights Common standard of socialand equitable achievement for all people and societies.

International Labour Organisation
on Fundamental Principles and Rights
at WorkCommitment by governments and businesses to uphold basic human rights values.

ISSB

International Sustainability Standards Board.

Location-Based

The location-based method reflects the average emissions intensityof the electricity grid in the location of the electricity consumption.

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TERM

MEANING

Market-Based

The market-based method shows a business’s electricity emissions in the context of its electricity
purchases. It reports emissions according to a business’s investments in different electricity products
and markets, including from voluntary purchases of renewable electricity and mandatory schemes
like the Renewable Energy Target.

OECD Guidelines
for Multinational Enterprises

OECD Guidelines for Multinational Enterprises are recommendations to government and corporate
entities on how to responsibly conduct business across a range of social and environmental issues.

Pinnacle or PNI

Pinnacle Investment Management Group Limited.

PRI

Principles for Responsible Investment.

Responsible Investment

Responsible investment is a broad-based approach to investing which factors in people, society and theenvironment, along with financial performance, when making and managing investments.

SASB

Sustainability Accounting Standards Board.

SDGs

Sustainable Development Goals are a collection of 17 global goals set
by the United Nations General Assembly in 2015 for the year 2030.

Senior executives

Employees earning a minimum of AU$200,000 per annum.

SBTs

Science-based targets are targets to reduce emissions in line with what the latest
climate science deems necessary to meet the goals of the Paris Agreement.

TCFD

Task Force on Climate-related Financial Disclosures.

CO2e

Carbon dioxide equivalent. A unit of measurement that is used to standardise
the climate effects of various greenhouse gases.

Tier-one supplierAn entity directly supplying goods or services to Pinnacle.

UNGC

United Nations Global Compact is a corporate sustainability initiative to align strategies
and operations with universal principles on human rights, labour, environment
and anti-corruption, and take actions that advance societal goals.

WGEA

Workplace Gender Equity Agency.

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2 0 2 3

Corporate
Sustainability
Report