ASSESSMENT REPORT
2021 PILOTAXA Investment Managers
Generated 2022-08-18

ABOUT THIS REPORTThe assessment report is designed to provide feedback to signatories and support ongoing learning and development. The high-levelassessment methodology can be found here and question-level assessment criteria can be found after each indicator in the Investor
Reporting Framework, here. Note that the 2021 scoring methodology has changed to reﬂect the new Reporting Framework, and isincomparable with scores from previous PRI years.
Assessment Reports are conﬁdential and only accessible to the reporting signatory on the Data Portal.
A dataset of medians based on all signatories' scores can be referenced here.

PUBLICATION GUIDELINESIn the 2021 Reporting Framework, the PRI introduced accountability measures around the accurate representation of PRI Assessment
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level of disclosure, came an increasing amount of misrepresentation. As such, the publication guidelines were developed to ensure
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disclosing the median score for the module), andpresent any scores/grades/classiﬁcation generated internally or by a third party, for a module of the overall Assessment Report,
as being from the PRI (e.g., recalculating, or recompiling PRI scores).
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Transparency Report
Assessment Reports are the intellectual property of PRI. Under no circumstances, can this report or any of its contents be sold tothird parties. Consent from the reporting signatory must be provided when sharing with third parties.

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This document presents information reported directly by signatories in the 2021 reporting cycle. This information has not been
audited by the PRI or any other party acting on its behalf. While this information is believed to be reliable, no representations or
warranties are made as to the accuracy of the information presented. The PRI has taken reasonable action to ensure that datasubmitted by signatories in the reporting tool is reﬂected in their oﬃcial PRI reports accurately. However, it is possible that small datainaccuracies and/or gaps remain, and the PRI shall not be responsible or liable for such inaccuracies and gaps.

2

Table of Contents
Content Page
Summary Scorecard

4

Indicator Level Scores For Direct - Fixed income - SSA

7

Indicator Level Scores For Direct - Fixed income - Corporate

8

Indicator Level Scores For Direct - Fixed income - Securitised

9

Indicator Level Scores For Direct - Fixed income - Private debt

10

Indicator Level Scores For Direct - Hedge funds - Structured credit

11

Indicator Level Scores For Direct - Infrastructure

12

Indicator Level Scores For Investment & Stewardship Policy

13

Indicator Level Scores For Direct - Listed equity - Active quantitative - incorporation

16

Indicator Level Scores For Direct - Listed equity - Active quantitative - voting

17

Indicator Level Scores For Direct - Listed equity - Active fundamental - incorporation

18

Indicator Level Scores For Direct - Listed equity - Active fundamental - voting

19

Indicator Level Scores For Direct - Listed equity - Investment trusts - incorporation

20

Indicator Level Scores For Direct - Listed equity - Investment trusts - voting

21

Indicator Level Scores For Direct - Private equity

22

Indicator Level Scores For Direct - Real estate233

Summary Scorecard
Module Score
Module score
Star score

AUM coverage

25

50

75

100

Score

0

Investment & Stewardship Policy
★★★★☆

84

Direct - Listed equity- Active quantitative - incorporation
★★★★☆

<10%

Direct - Listed equity- Active fundamental - incorporation
★★★★☆

<10%

Direct - Listed equity- Investment trusts - incorporation
★★★★☆

<10%

70
76
73

Direct - Listed equity - Other - incorporation
N/A

Direct - Listed equity - Passive - incorporation
N/A
Direct - Listed equity- Active quantitative - voting
★★★★☆

<10%

86

Direct - Listed equity- Active fundamental - voting
★★★★☆

<10%

86

Direct - Listed equity- Investment trusts - voting
★★★★☆

<10%

86

Direct - Fixed income - SSA>=10 and <=50%
★★★★☆

84

Direct - Listed equity - Other - voting
N/A

Direct - Listed equity - Passive - voting
N/A

Summary Scorecard continues on next page4

Summary Scorecard (continued)
Module Score
Module score
Star score

AUM coverage

25

50

75

Direct - Fixed income - Corporate>=10 and <=50%★★★★☆

Direct - Fixed income - Securitised
★★★★☆

<10%

Direct - Fixed income - Private debt
★★★☆☆

<10%

Direct - Private equity
★☆☆☆☆

100

Score

0

87
68
63

<10% 0

Direct - Real estate
★★★★☆

<10%

Direct - Infrastructure
★★★☆☆

<10%

85
55

Direct - Hedge funds - Multi-strategy
N/A
Direct - Hedge funds- Long/short equity - incorporation
N/A
Direct - Hedge funds - Long/short equity - voting
N/A

Direct - Hedge funds - Long/short credit
N/A
Direct - Hedge funds Distressed, special situations, and event-driven fundamental
N/A
Direct - Hedge funds - Structured credit★☆☆☆☆

Summary Scorecard continues on next page

<10% 05

Summary Scorecard (continued)
Module Score
0
Module score
Star score

AUM coverage

Direct - Hedge funds - Global macro
N/A

Direct - Hedge funds - Commodity trading advisor
N/A

Direct - Hedge funds - Other
N/A

Indirect - Listed equity - Passive
N/A

Indirect - Listed equity - Active
N/A

Indirect - Fixed income - Passive
N/A

Indirect - Fixed income - Active
N/A

Indirect - Private equity
N/A

Indirect - Real estate
N/A

Indirect - Infrastructure
N/A

Indirect - Hedge funds
N/A6

Indicator Level Scores For Direct - Fixed income - SSA
SectionSub-section

Topic

Indicator

Your
Score

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

FI 1

200/200

Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment
process

FI 1.1200/200

Pre-investmentphase

ESG risk management

AUM coverage of ESG incorporation in risk management

FI 2.1150/150Pre-investmentphase

ESG incorporation in asset
valuation

AUM coverage of ESG incorporation in investment research FI 3.1

82/200Pre-investmentphase

ESG incorporation in portfolio
Portion of cases where ESG affected portfolio construction
construction

FI 5.1200/200

Pre-investmentphase

ESG incorporation inassessment of issuers

Incorporation of ESG in credit quality analysis

FI 7200/200

Pre-investmentphase

ESG performance

Incorporation of relative ESG performance in investment
analysis

FI 8

96/150Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

FI 12

150/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

FI 13

200/200

Post-investment
phaseTime horizonsTime frame for which ESG risks taken into account

FI 14

150/150

Post-investment
phaseLong-term ESG trend analysis Continuous monitoring of long-term ESG trends

FI 15

150/150

Communication of the side-effects of ﬁxed income screening
to clients or beneﬁciaries

FI 21

200/200

Reporting/Disclosure ESG screens
Engagement

Engaging withissuers/borrowers

Timing of ﬁxed income engagement

FI 22

128/200

Engagement

Sovereign bonds

SSA bonds: non-issuer parties engaged with

FI 23

0/150

7

Indicator Level Scores For Direct - Fixed income - Corporate
SectionSub-section

Topic

Indicator

Your
Score

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

FI 1

200/200

Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment process

FI 1.1200/200

Pre-investmentphase

ESG risk management

AUM coverage of ESG incorporation in risk management

FI 2.1150/150Pre-investmentphase

ESG incorporation in
asset valuation

AUM coverage of ESG incorporation in investment research

FI 3.1

82/200Pre-investmentphase

ESG incorporation in
portfolio construction

Portion of cases where ESG affected portfolio construction

FI 5.1200/200

Pre-investmentphase

ESG incorporation inassessment of issuers

Incorporation of ESG in credit quality analysis

FI 7200/200

Pre-investmentphase

ESG performance

Incorporation of relative ESG performance in investment analysis FI 8

96/150Pre-investmentphase

ESG risk management

Corporate bonds: coverage of framework for ESG risks atcountry and sector level

FI 9.1150/150

Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

FI 12

150/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

FI 13

200/200

Post-investment
phaseTime horizonsTime frame for which ESG risks taken into account

FI 14

150/150

Post-investment
phaseLong-term ESG trend
analysis

Continuous monitoring of long-term ESG trends

FI 15

150/150

Post-investment
phase

Thematic bonds

Selection of non-labelled thematic bonds

FI 19

100/100

Post-investment
phase

Thematic bonds

Escalation strategies used in the majority of cases when thematic
FI 20
bond proceeds are not allocated as promised

30/150Communication of the side-effects of ﬁxed income screening toclients or beneﬁciaries

FI 21

30/200Timing of ﬁxed income engagement

FI 22

128/200

Reporting/Disclosure ESG screens
Engagement

Engaging withissuers/borrowers

8Indicator Level Scores For Direct - Fixed income - Securitised
SectionSub-section

Topic

Indicator

Your
Score

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

FI 1

128/200

Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment process

FI 1.1200/200

Pre-investmentphase

ESG risk management

AUM coverage of ESG incorporation in risk management

FI 2.1150/150Pre-investmentphase

ESG incorporation in
asset valuation

AUM coverage of ESG incorporation in investment research

FI 3.157/200Pre-investmentphase

ESG incorporation in
portfolio construction

Portion of cases where ESG affected portfolio construction

FI 5.149/200Pre-investmentphase

ESG incorporation inassessment of issuers

Incorporation of ESG in credit quality analysis

FI 7200/200

Pre-investmentphase

ESG performance

Incorporation of relative ESG performance in investment analysis FI 8

0/150

Pre-investment
phase

Securitised products

Securitised debt: parties to which ESG analysis is applied

FI 11

200/200

Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

FI 12

150/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

FI 13

150/200

Post-investment
phaseTime horizonsTime frame for which ESG risks taken into account

FI 14

150/150

Post-investment
phaseLong-term ESG trend
analysis

Continuous monitoring of long-term ESG trends

FI 15

150/150

Post-investment
phase

Thematic bonds

Selection of non-labelled thematic bonds

FI 19

100/100

Post-investment
phase

Thematic bonds

Escalation strategies used in the majority of cases when thematic
FI 20
bond proceeds are not allocated as promised

30/150Communication of the side-effects of ﬁxed income screening toclients or beneﬁciaries

FI 21

200/200

Timing of ﬁxed income engagement

FI 22

0/200

Reporting/Disclosure ESG screens
Engagement

Engaging withissuers/borrowers

9

Indicator Level Scores For Direct - Fixed income - Private debt
SectionSub-section

Topic

Indicator

Your
Score

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

FI 1

128/200

Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment
process

FI 1.1200/200

Pre-investmentphase

ESG risk management

AUM coverage of ESG incorporation in risk
management

FI 2.1150/150Pre-investmentphase

ESG incorporation in asset valuation

AUM coverage of ESG incorporation in investment
research

FI 3.157/200Pre-investmentphase

ESG incorporation in portfolio
construction

Portion of cases where ESG affected portfolio
construction

FI 5.149/200Pre-investmentphase

ESG incorporation in assessment ofissuers

Incorporation of ESG in credit quality analysis

FI 7200/200

Pre-investment
phase

Private debt

Private debt: coverage of ESG incorporate in investment
FI 10.1
selection

120/200

Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

FI 12

150/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

FI 13

150/200

Post-investment
phaseLong-term ESG trend analysis

Continuous monitoring of long-term ESG trends

FI 15

96/150Engagement

Engaging with issuers/borrowers

Timing of ﬁxed income engagement

FI 22

0/200

10

Indicator Level Scores For Direct - Hedge funds - Structured credit
SectionSub-section

Topic

Indicator

Your
Score

PolicyInvestment guidelines

Hedge fund speciﬁc elements of responsible investment
policy

HF 1

0/100

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

HF 2

0/200

Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment
process

HF 2.10/150

Pre-investment
phaseLong-term ESG trend analysis

How long-term ESG trends are incorporated into
investment analysis

HF 3

0/150

Pre-investment
phaseLong-term ESG trend analysis

AUM coverage of long-term ESG trend incorporation

HF 3.10/100

Pre-investmentphase

ESG incorporation

AUM coverage of ESG incorporation in investment
research

HF 4.10/150

Pre-investmentphase

ESG incorporation in portfolio
construction

Portion of cases where ESG affected portfolio
construction

HF 6.10/150

Pre-investmentphase

ESG incorporation in portfolio
construction

How emerging and potential ESG risks are assessed

HF 8

0/150

Post-investmentphase

ESG risk management

Compliance processes for negative screening

HF 10

0/200

Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

HF 11

0/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

HF 12

0/150

Information reported to clients or beneﬁciaries

HF 13

0/150

Reporting/Disclosure Disclosure on ESG products

11Indicator Level Scores For Direct - Infrastructure
SectionSub-section

Topic

Indicator

Your
Score

PolicyInvestment
guidelines

Infrastructure speciﬁc elements of responsible
investment policy

INF 1

128/200

Fundraising

Commitments toinvestors

Formal responsible investment commitments
made

INF 2

150/150Pre-investment phase

Materiality
analysis

Level at which materiality is assessed

INF 3

200/200

Pre-investment phase

Materiality
analysis

Tools used in materiality analysis

INF 3.1

150/150Pre-investment phaseDue diligence

Effect of ESG on selection of infrastructure
investments

INF 4

163/200

Pre-investment phaseDue diligence

Processes used to conduct ESG due diligence

INF 5

190/200

Selection, appointment and monitoring ofthird-party operators

Selection process

ESG factors in selection of third party
infrastructure operators

INF 6

64/200

Selection, appointment and monitoring ofthird-party operators

Appointment
process

ESG factors in appointment of third party
infrastructure operators

INF 7

94/150

Selection, appointment and monitoring ofthird-party operators

Monitoring process

ESG factors in monitoring of third party
infrastructure operators

INF 8

47/200Post-investment phase

Monitoring

Tracking of core ESG KPIs

INF 9

100/100

Post-investment phase

Monitoring

Reasoning for ESG targets

INF 10

0/200

Post-investment phase

Monitoring

Processes that support investees in meeting
ESG targets

INF 11

5/150

Post-investment phase

Monitoring

Management of post-investment ESG risks andopportunities

INF 12

40/200Post-investment phase

Monitoring

Processes for ensuring asset-level ESG
competence

INF 1483/200Post-investment phase

Exit

Responsible investment information shared with
INF 15buyers at exit

0/100

Reporting/Disclosure

ESG portfolio
information

Methods for reporting core ESG metrics andtargets

96/150

INF 16

12

Indicator Level Scores For Investment & Stewardship Policy
Topic

Indicator

Your
Score

Responsible investment policy & Responsible investment
governancepolicySignatories responsible investment policy

ISP 1

200/200

Responsible investment policy & Responsible investment
governancepolicySignatories with elements of responsible investment
policyISP 1.1

200/200

Responsible investment policy & Responsible investment
governancepolicySignatories with public responsible policy elements

ISP 2

200/200

Responsible investment policy & Responsible investment
governancepolicyCoverage of responsible policy elements

ISP 3

150/200

Responsible investment policy & Responsible investment
governancepolicyContents of exclusion policy

ISP 4

100/100

Responsible investment policy & Responsible investment
governancepolicyCoverage of asset speciﬁc guidelines on ESG
incorporation

ISP 5

69/150

Responsible investment policy &Governancegovernance

Roles with formal oversight and accountability for
responsible investment

ISP 6

150/150

Responsible investment policy &Governancegovernance

Roles with implementation responsibilities forresponsible investment

ISP 7

100/100

Responsible investment policy &People and capabilities
governanceStaff ob jectives for responsible investment practices

ISP 8

150/150

Responsible investment policy &People and capabilities
governance

Bonuses for responsible investment practices

ISP 8.2

100/100

Responsible investment policy &People and capabilities
governanceFrequency at which staff training for responsible
investment is reassessed

ISP 9

100/100

Responsible investment policy &Strategic asset allocation
governanceSignatories incorporating ESG factors in strategic
asset allocation

ISP 10.1 9/150

Stewardship

Stewardship policy

Coverage of stewardship policy

ISP 1175/200

Stewardship

Stewardship policy

Elements of stewardship policy

ISP 12

150/150

Stewardship

Stewardship policy
implementation

Primary mechanism of stewardship policy

ISP 13150/150

Stewardship

Stewardship ob jectives

Primary ob jective of stewardship policy

ISP 15167/200

Stewardship

Stewardship prioritisation Criteria for prioritising engagement targets

ISP 1667/100

Stewardship

Collaborative stewardship Positions on collaborative engagement

ISP 18150/150

Stewardship

Escalation strategies

ISP 2016/150SectionScorecard continues on next pageSub-section

Escalation strategies not used in stewardship13

Indicator Level Scores For Investment & Stewardship Policy (continued)
SectionSub-section

Topic

Indicator

Your
Score

Stewardship

Engaging
policymakers

Signatories who engage with public policy makers

ISP 23200/200

Stewardship

Engaging
policymakers

Methods used to engage with public policy makers

ISP 23.1 200/200

Stewardship

Engaging
policymakers

Signatories with governance processes to ensure alignment ofpolitical activity with stance on responsible investment

ISP 23.2 200/200

Stewardship

Engaging
policymakers –Policies

Signatories with policies to ensure alignment of political activity
ISP 24
with stance on responsible investment

Stewardship

Engaging
policymakers –Policies

Public disclosure of political inﬂuence policies

ISP 24.1 150/150

Stewardship

Engaging
policymakers –Transparency

Disclosure of political inﬂuence activities

ISP 25200/200

Climate change

Public support

Signatories publicly supporting the Paris Agreement

ISP 26150/150

Climate change

Public support

Signatories publicly supporting the TCFD

ISP 27150/150

Climate change

Governance

Board oversight for climate-related risks and opportunities[TCFD Governance A]

ISP 28150/200

Climate change

GovernanceManagement responsibility for climate-related risks andopportunities [TCFD Governance B]

ISP 29200/200

Climate change

StrategyTime horizon for climate risks and opportunities [TCFD
Strategy A]

ISP 30.1 200/200

Climate change

Strategy

Climate risks and opportunities identiﬁed beyond investment
horizon [TCFD Strategy A]

ISP 31150/200

Climate change

Strategy: Scenario
analysisUse of climate scenario analysis

ISP 3364/200

Sustainability outcomesSet policies onsustainability
outcomes

Location of policy on sustainability outcomes

ISP 40200/200

Sustainability outcomesSet policies onsustainability
outcomes

Frameworks referred to in sustainability outcomes policies andprocesses

ISP 41200/200

Sustainability outcomes

Identify sustainability Tools and frameworks used to identify and map activities onto
outcomessustainability outcomes

ISP 44200/200

Sustainability outcomes

Identify sustainability Levels at which sustainability outcomes are identiﬁed andoutcomes
mappedISP 44.1 150/150

Sustainability outcomes

Identify sustainability
Processes for identifying most salient sustainability outcomesoutcomes

ISP 45200/200

Transparency &Conﬁdence-Building
Measures

Information disclosed
Information shared regarding ESG products– ESG assets

ISP 46150/150

Scorecard continues on next page200/200

14

Indicator Level Scores For Investment & Stewardship Policy (continued)
SectionSub-section

Topic

Indicator

Your
Score

Transparency & ConﬁdenceBuilding Measures

Client reporting – ESG assets

Information included in regular client reportingfor ESG products

ISP 48150/150

Transparency & ConﬁdenceBuilding Measures

Information disclosed – All
assetsInformation shared

ISP 49150/150

Transparency & ConﬁdenceBuilding Measures

Client reporting – All assets

ESG information included in regular client
reporting

ISP 50

0/200

Transparency & ConﬁdenceBuilding Measures

Frequency of client reporting– All assets

Frequency of client reporting of ESG
information

ISP 5167/100Transparency & ConﬁdenceBuilding Measures

Conﬁdence-building measures Conﬁdence building measures

ISP 52200/200

Transparency & ConﬁdenceBuilding Measures

Conﬁdence-building measures Third party assurance: coverage

ISP 53125/150

Transparency & ConﬁdenceBuilding Measures

Conﬁdence-building measures Third party assurance: standards

ISP 54100/100

Transparency & ConﬁdenceBuilding Measures

Conﬁdence-building measures Internal audit: coverage

ISP 56125/150

Transparency & ConﬁdenceBuilding Measures

Conﬁdence-building measures Internal review: coverage

ISP 5875/100Transparency & ConﬁdenceBuilding Measures

Conﬁdence-building measures ESG labels held

ISP 5964/20015

Indicator Level Scores For Direct - Listed equity - Active quantitative - incorporation
SectionSub-section

Topic

Indicator

Your
Score

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

LE 1

96/150Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment
process

LE 1.180/200Pre-investment
phaseLong-term ESG trend analysis Continuous monitoring of long-term ESG trends

LE 2

96/150Pre-investmentphase

ESG incorporation

Coverage of valuation and ﬁnancial modelling incorporating
ESG risks

LE 3.1

112/150Pre-investment
phase

Assessing ESG performance

AUM coverage of information used in incorporating ESG inﬁnancial modelling

LE 4.1

112/150Pre-investmentphase

ESG incorporation in portfolio
Portion of cases where ESG affected portfolio construction
construction

LE 6.1

112/150Pre-investmentphase

ESG risk management

Compliance processes for negative screening

LE 8

128/200

Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

LE 9

150/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

LE 10

100/100

Reporting/Disclosure

Sharing ESG information with Communication of the side-effects of listed equity screening
stakeholders
to clients or beneﬁciaries

LE 13

75/100

Reporting/Disclosure

Sharing ESG information with
ESG information included in client reporting
stakeholders

LE 14133/200

16

Indicator Level Scores For Direct - Listed equity - Active quantitative - voting
Topic

Indicator

Your
Score

Stewardship Voting policy

Voting policies

LE 15

200/200

Stewardship Voting policy

Coverage of voting policy

LE 15.1 200/200

Stewardship Voting policy

Guidance on speciﬁc ESG issues in voting policy

LE 16

150/150

Consistency between voting policy and advice from external voting advisors LE 17

100/100

Stewardship Security lending policy

Securities lending

LE 18

200/200

Stewardship Security lending policy

Voting and securities lending

LE 18.1 150/150

Stewardship Security lending policy

Exclusions in securities lending

LE 18.2 50/100

Stewardship Shareholder resolutions

Stance on shareholder resolutions

LE 19

150/150

Stewardship Pre-declaration of votes

Pre-declaration of votes

LE 20

48/150200/200

SectionStewardship

Sub-section

Alignment &effectivenessStewardship

Voting disclosure post
AGM/EGM

Disclosure of voting activities

LE 21

Stewardship

Voting disclosure post
AGM/EGMTime between vote and disclosure of voting activities

LE 21.1 112/150

Stewardship

Voting disclosure post
AGM/EGM

Coverage of communication of the rationale for voting abstain/against
management recommendations

LE 22.1 150/150

Stewardship

Voting disclosure post
AGM/EGM

Coverage of communication of the rationale for voting abstain/against PRI
LE 23.1 0/100
signatory resolutions

17

Indicator Level Scores For Direct - Listed equity - Active fundamental - incorporation
SectionSub-section

Topic

Indicator

Your
Score

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

LE 1

150/150Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment
process

LE 1.180/200Pre-investment
phaseLong-term ESG trend analysis Continuous monitoring of long-term ESG trends

LE 2

96/150Pre-investmentphase

ESG incorporation

Coverage of valuation and ﬁnancial modelling incorporating
ESG risks

LE 3.1

112/150Pre-investment
phase

Assessing ESG performance

AUM coverage of information used in incorporating ESG inﬁnancial modelling

LE 4.1

112/150Pre-investmentphase

ESG incorporation in portfolio
Portion of cases where ESG affected portfolio construction
construction

LE 6.1150/150Pre-investmentphase

ESG risk management

Compliance processes for negative screening

LE 8

128/200

Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

LE 9

150/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

LE 10

100/100

Reporting/Disclosure

Sharing ESG information with Communication of the side-effects of listed equity screening
stakeholders
to clients or beneﬁciaries

LE 13

75/100

Reporting/Disclosure

Sharing ESG information with
ESG information included in client reporting
stakeholders

LE 14133/200

18

Indicator Level Scores For Direct - Listed equity - Active fundamental - voting
Topic

Indicator

Your
Score

Stewardship Voting policy

Voting policies

LE 15

200/200

Stewardship Voting policy

Coverage of voting policy

LE 15.1 200/200

Stewardship Voting policy

Guidance on speciﬁc ESG issues in voting policy

LE 16

150/150

Consistency between voting policy and advice from external voting advisors LE 17

100/100

Stewardship Security lending policy

Securities lending

LE 18

200/200

Stewardship Security lending policy

Voting and securities lending

LE 18.1 150/150

Stewardship Security lending policy

Exclusions in securities lending

LE 18.2 50/100

Stewardship Shareholder resolutions

Stance on shareholder resolutions

LE 19

150/150

Stewardship Pre-declaration of votes

Pre-declaration of votes

LE 20

48/150200/200

SectionStewardship

Sub-section

Alignment &effectivenessStewardship

Voting disclosure post
AGM/EGM

Disclosure of voting activities

LE 21

Stewardship

Voting disclosure post
AGM/EGMTime between vote and disclosure of voting activities

LE 21.1 112/150

Stewardship

Voting disclosure post
AGM/EGM

Coverage of communication of the rationale for voting abstain/against
management recommendations

LE 22.1 150/150

Stewardship

Voting disclosure post
AGM/EGM

Coverage of communication of the rationale for voting abstain/against PRI
LE 23.1 0/100
signatory resolutions

19

Indicator Level Scores For Direct - Listed equity - Investment trusts - incorporation
SectionSub-section

Topic

Indicator

Your
Score

Pre-investment
phase

Materiality analysis

AUM coverage of ESG materiality assessment process

LE 1

96/150Pre-investment
phase

Materiality analysis

How ESG is incorporated into materiality assessment
process

LE 1.180/200Pre-investment
phaseLong-term ESG trend analysis Continuous monitoring of long-term ESG trends

LE 2

96/150Pre-investmentphase

ESG incorporation

Coverage of valuation and ﬁnancial modelling incorporating
ESG risks

LE 3.1

112/150Pre-investment
phase

Assessing ESG performance

AUM coverage of information used in incorporating ESG inﬁnancial modelling

LE 4.1

112/150Pre-investmentphase

ESG incorporation in portfolio
Portion of cases where ESG affected portfolio construction
construction

LE 6.1150/150Pre-investmentphase

ESG risk management

Compliance processes for negative screening

LE 8

128/200

Post-investmentphase

ESG risk management

Incorporation of ESG in regular reviews

LE 9

150/150

Post-investmentphase

ESG risk management

Identiﬁcation of ESG incidents

LE 10

100/100

Reporting/Disclosure

Sharing ESG information with Communication of the side-effects of listed equity screening
stakeholders
to clients or beneﬁciaries

LE 13

75/100

Reporting/Disclosure

Sharing ESG information with
ESG information included in client reporting
stakeholders

LE 14133/200

20

Indicator Level Scores For Direct - Listed equity - Investment trusts - voting
Topic

Indicator

Your
Score

Stewardship Voting policy

Voting policies

LE 15

200/200

Stewardship Voting policy

Coverage of voting policy

LE 15.1 200/200

Stewardship Voting policy

Guidance on speciﬁc ESG issues in voting policy

LE 16

150/150

Consistency between voting policy and advice from external voting advisors LE 17

100/100

Stewardship Security lending policy

Securities lending

LE 18

200/200

Stewardship Security lending policy

Voting and securities lending

LE 18.1 150/150

Stewardship Security lending policy

Exclusions in securities lending

LE 18.2 50/100

Stewardship Shareholder resolutions

Stance on shareholder resolutions

LE 19

150/150

Stewardship Pre-declaration of votes

Pre-declaration of votes

LE 20

48/150200/200

SectionStewardship

Sub-section

Alignment &effectivenessStewardship

Voting disclosure post
AGM/EGM

Disclosure of voting activities

LE 21

Stewardship

Voting disclosure post
AGM/EGMTime between vote and disclosure of voting activities

LE 21.1 112/150

Stewardship

Voting disclosure post
AGM/EGM

Coverage of communication of the rationale for voting abstain/against
management recommendations

LE 22.1 150/150

Stewardship

Voting disclosure post
AGM/EGM

Coverage of communication of the rationale for voting abstain/against PRI
LE 23.1 0/100
signatory resolutions

21

Indicator Level Scores For Direct - Private equity
SectionSub-section

Topic

Indicator

Your
Score

PolicyInvestment guidelines

Private equity speciﬁc elements of responsible investment
policy

PE 1

0/200

Fundraising

Commitments toinvestors

Formal responsible investment commitments made

PE 2

0/150

Pre-investment phase Materiality analysis

Level at which materiality is assessed

PE 3

0/200

Pre-investment phase Materiality analysis

Tools used in materiality analysis

PE 3.10/150

Pre-investment phase Due diligence

Effect of ESG on selection of private equity investments

PE 4

0/200

Pre-investment phase Due diligence

Processes used to conduct ESG due diligence

PE 5

0/200

Post-investment
phase

Monitoring

Tracking of core ESG KPIs

PE 6

0/100

Post-investment
phase

Monitoring

Reasoning for ESG targets

PE 7

0/200

Post-investment
phase

Monitoring

Processes that support investees in meeting ESG targets

PE 8

0/150

Post-investment
phase

Monitoring

Management of post-investment ESG risks and opportunities PE 10

0/200

Post-investment
phase

Monitoring

Processes for ensuring investee-level ESG competence

PE 12

0/200

Post-investment
phase

Exit

Responsible investment information shared with buyers at
exit

PE 13

0/100

Reporting/Disclosure

ESG portfolio
information

Methods for reporting core ESG metrics and targets

PE 14

0/150

22

Indicator Level Scores For Direct - Real estate
SectionSub-section

Topic

Indicator

Your
Score

PolicyInvestment
guidelines

Real estate speciﬁc elements of responsible
investment policy

RE 1

200/200

Fundraising

Commitments toinvestors

Formal responsible investment commitments
made

RE 2

150/150Pre-investment phase

Materiality analysis Level at which materiality is assessed

RE 3

164/200

Pre-investment phase

Materiality analysis Tools used in materiality analysis

RE 3.1150/150Pre-investment phaseDue diligence

Effect of ESG on selection of real estate
investments

RE 4

144/200

Pre-investment phaseDue diligence

Processes used to conduct ESG due diligenceRE 5

155/200

Selection, appointment and monitoring ofthird-party property managers

Selection process

ESG factors in selection of third party property
RE 6
managers

200/200

Selection, appointment and monitoring ofthird-party property managers

Appointment
process

ESG factors in appointment of third party
property managers

RE 7

150/150

Selection, appointment and monitoring ofthird-party property managers

Monitoring process

ESG factors in monitoring of third party
property managers

RE 8

175/200

Construction and development

Construction
requirements

Sustainability requirements in developments
and major renovations

RE 9

200/200

Construction and development

Minimum building
requirements

Minimum building requirements fordevelopments and major recommendations

RE 10

200/200

Post-investment phase

Monitoring

Operational ESG data collected

RE 11

142/200

Post-investment phase

Monitoring

Target setting for core ESG KPIs

RE 12

200/200

Post-investment phase

Monitoring

Processes that support investees in meeting
ESG targets

RE 13

112/150

Post-investment phase

Monitoring

Management of post-investment ESG risks andRE 14
opportunities

142/200

Post-investment phase

Monitoring

Percentage of real estate assets with external
certiﬁcation

RE 16

32/100Post-investment phase

Stewardship

Engagement with tenants

RE 17

100/150

Post-investment phase

Exit

Responsible investment information shared withRE 18
buyers at exit

88/100

Reporting/Disclosure

ESG portfolio
information

Methods for reporting core ESG metrics andtargets

96/150RE 19

23