| Organisational Overview | |||
| 1. What were your organisation's total assets under management as of 31 December 2007 (in millions)? | 77894 | ||
| Please select currency | United States dollar (USD) | ||
| 1a. If 'Other' was selected, please specify the other currency here | |||
| 2. What category would best describe your organisation? | Pension or superannuation or retirement or provident fund or plan | ||
| 3. What proportion (in %) of your fund is defined benefit and what proportion (in %) is defined contribution? (please only answer this question if you answered “Pension or superannuation or retirement or provident fund or plan” to Q2) | |||
| Defined benefit | 99 | ||
| Defined contribution | 1 | ||
| 4. Please provide an overview of your asset mix as of 31 December 2007 (in %): | |||
| Listed equity (developed market, active) | 0 | ||
| Listed equity (developed market, passive) | 0 | ||
| Listed equity (emerging market, active) | 54 | ||
| Listed equity (emerging market, passive) | 0 | ||
| Fixed income - developed markets | 0 | ||
| Fixed income - emerging markets | 30 | ||
| Real estate or property | 2 | ||
| Private equity | 1 | ||
| Hedge fund | 0 | ||
| Infrastructure | 11 | ||
| Currency | 0 | ||
| Commodities | 0 | ||
| Cash | 0 | ||
| Other (Please specify): loans to participants | 2 | ||
| loans to participants | |||
| 5. Please indicate what percentage of your assets are managed internally and what percentage are managed externally (in %): | |||
| Listed equity (developed market, active) | 0 | 0 | |
| Listed equity (developed market, passive) | 0 | 0 | |
| Listed equity (emerging market, active) | 100 | 0 | |
| Listed equity (emerging market, passive) | 0 | 0 | |
| Fixed income - developed markets | 0 | 0 | |
| Fixed income - emerging markets | 100 | 0 | |
| Real estate or property | 100 | 0 | |
| Private equity | 0 | 100 | |
| Hedge fund | 0 | 0 | |
| Infrastructure | 100 | 0 | |
| Currency | 0 | 0 | |
| Commodities | 0 | 0 | |
| Cash | 0 | 0 | |
| Other (Please specify): loans to participants | 100 | 0 | |
| loans to participants | |||
| Principle 1 | |||
| 7. Do you have a formal investment policy statement that makes specific reference to the integration of responsible investment (RI) or environmental, social and governance (ESG) issues within investment decision making and ownership practices? | Yes, it is integrated into a broader investment policy | ||
| 9. In what year were RI/ESG issues first formally addressed in a policy statement (integrated or independent)? | 2005 | ||
| 10. Has your statement that makes specific reference to the integration of RI or ESG issues been disclosed publicly? | Yes | ||
| 11. Please indicate how this statement that makes specific reference to the integration of RI or ESG issues can be obtained (a URL would be sufficient): | http:/www.previ.com.br/pçs/portal/docs/PAGE/PG_PREVI/INVESTIMENTOS/2004GOVERNANCACORPORATIVA/COD_GOVERN_PORT.pdf | ||
| 12. For what percentage of your internal assets under management do you integrate RI/ESG issues into your internal investment decision-making processes? (in %) | |||
| Listed equity (emerging market, active) | 30 | ||
| Fixed income - emerging markets | 0 | ||
| Real estate or property | 10 | ||
| Infrastructure | 30 | ||
| loans to participants | 0 | ||
| 13. To what extent have you integrated RI/ESG issues into your internal investment decision-making processes? | |||
| Listed equity (emerging market, active) | To a moderate extent | ||
| Fixed income - emerging markets | Not at all | ||
| Real estate or property | To a small extent | ||
| Infrastructure | To a moderate extent | ||
| loans to participants | Not at all | ||
| 14. For what percentage of your external assets under management are RI/ESG issues integrated into the investment decision-making processes of your external investment managers? (in %) | |||
| Private equity | 80 | ||
| 15. To what extent have RI/ESG issues been integrated into the investment decision-making processes of your external investment managers? | |||
| Private equity | To a large extent | ||
| 16. What proportion of your assets involve screening out or excluding stocks or sectors based on ethical (rather than long-term financial) criteria? (in %) | 100 | ||
| 17. Do you have any staff dedicated to RI/ESG issue analysis and/or implementation? | |||
| Investment analyst | 0 | 1 | |
| Research analyst | 0 | 1 | |
| RI/ESG issue policy advisor | 0 | 1 | |
| (proxy) Voting specialist | 0 | 1 | |
| Engagement specialist | 0 | 1 | |
| Portfolio manager | 0 | 1 | |
| Other (Please specify): consultant | 1 | 0 | |
| 18. Which Board committee or other executive body has overall responsibility for RI/ESG issues? | Executive Board | ||
| 19. Do you assess the capabilities of internal investment staff to incorporate RI/ESG issues? | Planning to in 2008 | ||
| 20. Do you assess the capabilities of external investment managers to incorporate RI/ESG issues? | Planning to in 2008 | ||
| 21. Approximately what percentage of your internal non-ESG-specialist investment management staff received RI/ESG training in 2007? (in %) | 30 | ||
| 22. What forms of RI/ESG training or awareness raising have been invested in, encouraged or provided for internal staff (investment and other)? | Informal internal training,Conferences,Professional programs | ||
| 23. Did you support the development of nonproprietary RI/ESG issue-related tools, metrics, analysis or academic research in 2007? | Planning to in 2008 | ||
| 24. Please indicate how the results of nonproprietary RI/ESG issue-related tools, metrics, analysis or academic research development you supported can be obtained if they have been disclosed publicly (a URL would be sufficient): | No Answer | ||
| 25. Have you advocated/supported/ encouraged/participated in RI/ESG issue-related industry-wide training for investment professionals during 2007? | Sponsored industry events,Advocated RI/ESG coverage in professional training programs (CFA, MBA, etc.),Spoke at or attended conferences,Had dialogue or exchanges with peers | ||
| 26. What was your most significant achievement in 2007 in relation to your implementation of Principle 1? | negative screen - armaments and tobacco | ||
| 27. What was your biggest barrier in 2007 with relation to your implementation of Principle 1? | RI/ESG market information availability | ||
| 28. Please add any overall comments and clarifications related to Principle 1 here. | no comments | ||
| Principle 2 | |||
| 29. To what extent did you employ the following approaches in your 2007 active ownership strategy for listed equities? | |||
| (Proxy) voting | To a large extent | ||
| Direct engagement conducted privately | To a large extent | ||
| Direct engagement conducted publicly | To a moderate extent | ||
| Collaborative engagement | To a moderate extent | ||
| Filing shareholder resolutions | To a moderate extent | ||
| Co-filing shareholder resolutions | Not applicable | ||
| Other (Please specify): | No Answer | ||
| 30. To what extent did you employ the following approaches in your 2007 active ownership strategy for all asset classes other than listed equity? | |||
| (Proxy) voting | To a moderate extent | ||
| Direct engagement conducted privately | Planning to in 2008 | ||
| Direct engagement conducted publicly | Planning to in 2008 | ||
| Collaborative engagement | Planning to in 2008 | ||
| Other (Please specify): | No Answer | ||
| 31. Do you have a (proxy) voting policy? | Yes - internal document | ||
| 32. To what extent does your (proxy) voting policy direct action on ESG issues? For each issue, please indicate the extent of direction. | |||
| Environmental | To a small extent | ||
| Social | To a small extent | ||
| Governance | To a large extent | ||
| 33. Does your (proxy) voting policy apply to all voting regions (where possible)? | Yes | ||
| 34. Please indicate how your (proxy) voting policy can be obtained (a URL would be sufficient): | It can be obtained at internal document - folio views | ||
| 35. Do you ensure that voting is done in accordance with your (proxy) voting policy? | Yes for all | ||
| 36. What percentage of total votes cast were against management? (in %) | 2 | ||
| 37. What percentage of shareholder resolutions relating to environmental, social or governance issues was supported? (in %) | |||
| Environmental | 0 | ||
| Social | 30 | ||
| Governance | 70 | ||
| 39. How many shareholder resolutions related to RI/ESG issues did you participate in during 2007? | |||
| As lead filer | 84 | ||
| As co-filer | 0 | ||
| Planning to be lead filer in 2008 | 0 | ||
| Planning to be co-filer in 2008 | 0 | ||
| 40. How were portfolio companies engaged with in 2007? Please check all that apply. | Internal staff engaged portfolio companies directly,External investment managers engaged portfolio companies directly | ||
| 42. Do you systematically ask your external investment managers to bring RI/ESG issue-related engagement opportunities to you? | Planning to in 2008 | ||
| 43. How many portfolio companies did you engage directly/were engaged on your behalf on ESG issues in 2007? | |||
| Environmental | 0 | 0 | 100 |
| Social | 0 | 0 | 1 |
| Governance | 81 | 0 | 0 |
| 44. What RI/ESG-related issues were addressed in your shareowner engagement initiatives? Please check all that apply. | Climate change,Environment,Governance,Human rights | ||
| 45. How were RI/ESG issue-related engagement targets and topics identified? Please check all that apply. | Client directive,Sector exposure,Risk profile,Ad hoc/reactive | ||
| 46. Do you set RI/ESG issue-related engagement objectives and attempt to evaluate success? | Planning to in 2008 | ||
| 47. Have you sought evidence relating to the effectiveness of your active ownership strategy? Please check all that apply. | Governance practices changed,Improved disclosure | ||
| 48. What was your most significant achievement in 2007 in relation to your implementation of Principle 2? | (i) Effective performance in Governance, in the Opportunity case. (ii) Incentive to the companies integrated the Level 1 of governance of BOVESPA. | ||
| 49. What was your biggest barrier in 2007 with relation to your implementation of Principle 2? | Lack of transparency of the informations rendered by the companies. | ||
| 50. Please add any overall comments and clarifications related to Principle 2 here. | No comments. | ||
| Principle 3 | |||
| 51. Have you asked that investee companies (or other investment entities) produce standardized reporting on their RI/ESG issue policies, practices or performance (within annual financial reports or other formats)? | To a small extent | ||
| 52. What format of standardized reporting on RI/ESG issue policies, practices or performance have you requested? | Integrated with regular financial reports,Global Reporting Initiative (GRI),Carbon Disclosure Project (CDP) | ||
| 53. Have you provided feedback to investee companies (or other investment entities) on their reporting on RI/ESG issues? | To a moderate extent | ||
| 54. Have you sought information from companies regarding their adoption of/adherence to norms, standards, codes of conduct or international initiatives related to RI/ESG issues? | |||
| Adoption | To a large extent | ||
| Adherence | To a large extent | ||
| 55. Which norms, standards, codes of conduct or international initiatives related to RI/ESG issues have you sought information about from companies, with regard to their adoption of/adherence to? | UN Global Compact,Equator Principles,Other (please specify): 'ISE (BOVESPA) and ETHOS' | ||
| 56. What was your most significant achievement in 2007 in relation to your implementation of Principle 3? | Board Meeting 2007 - Lectures to incentivate the adherence to GRI and presentation of the companies RSA projects. The meeting program can be seen at http:/previ.com.br/investimentos/governançacorporativa/encontro_de_conselheiros 2007 | ||
| 57. What was your biggest barrier in 2007 with relation to your implementation of Principle 3? | The disclosure of these actions in the companies sites. The informations are disclosured only in the anul financials reports | ||
| 58. Please add any overall comments and clarifications related to Principle 3 here. | The Previ RSA politcs goal is to incentivate the companies to disclosure their ESG actions, to be implemented in 2008. | ||
| Principle 4 | |||
| 59. Are you considering RI/ESG requirements when searching for and selecting the following? | |||
| External investment manager | Yes | ||
| Investment consultant | No | ||
| Proxy voting | No | ||
| Engagement overlay | No | ||
| Investment research | No | ||
| Internal operations (for example, purchasing, travel, office space etc.) | No | ||
| Other (Please specify): | No | ||
| 60. Have you linked the following to performance on RI/ESG issues? | |||
| Investment monitoring | Yes | ||
| Incentive structure (internal investments) | Not applicable | ||
| Incentive structure (external investments) | Yes | ||
| Contractual relationships with external investment managers | Yes | ||
| 61. Are the default pension funds or retirement plans offered to your employees also signatories to the PRI? | Yes | ||
| 62. To what extent do you encourage your service providers to become PRI signatories? | Planning to in 2008 | ||
| 64. To what extent do you encourage peer organisations to become PRI signatories? | To a large extent | ||
| 65. Do you have evidence that you have played a role in the improved integration of RI/ESG issues by external investment managers? | To a moderate extent | ||
| 67. Have you revisited any relationships with service providers in light of RI/ESG issue-related capabilities? | No | ||
| 68. Have you engaged in dialogue, lobbying or initiatives pertaining to government policy and/or industry regulations (for example, stock exchanges, accounting standards) related to RI/ESG issues in 2007? | To a moderate extent | ||
| 69. What was your most significant achievement in 2007 in relation to your implementation of Principle 4? | PRI signing ceremony in BOVESPA, Sao Paolo on March 26th. | ||
| 70. What was your biggest barrier in 2007 with relation to your implementation of Principle 4? | no comments | ||
| 71. Please add any overall comments and clarifications related to Principle 4 here. | no comments | ||
| Principle 5 | |||
| 72. Did you use the PRI Engagement Clearinghouse in 2007? | Used clearinghouse | ||
| 73. Did your use of the clearinghouse result in subsequent action or collaboration with other signatories? | Yes | ||
| 74. Please elaborate on how the PRI Engagement Clearinghouse could be made more useful: | PRI Engagement Clearinghouse is very useful for all signatories. | ||
| 75. To what extent do you participate in the following RI/ESG issue-related collaborative engagement initiatives and/or industry associations? For those not listed, please use the "other" field: | Carbon Disclosure Project,International Corporate Governance Network (ICGN),United Nations Environmental Program Finance Initiative (UNEP FI),Other (please specify): 'ABRAPP and Instituto ETHOS' | ||
| 76. Please indicate the three RI/ESG issue-related collaborative engagement initiatives and/or industry associations that you participated in most extensively and indicate how you did so: | |||
| United Nations Environmental Program Finance Initiative (UNEP FI) | PREVI is a PRI Executive BOard member | ||
| Carbon Disclosure Project | Hermes Initiative | ||
| International Corporate Governance Network (ICGN) | ICGN affiliated | ||
| 77. What was your most significant achievement in 2007 in relation to your implementation of Principle 5? | PRI Emerging Market Project engagement | ||
| 78. What was your biggest barrier in 2007 with relation to your implementation of Principle 5? | no comments | ||
| 79. Please add any overall comments and clarifications related to Principle 5 here. | no comments | ||
| Principle 6 | |||
| 80. Have you disclosed how RI/ESG issues are integrated into your investment processes? | Planning to in 2008 | ||
| 81. Please indicated how this disclosure of how RI/ESG issues are integrated into your investment processes can be obtained (a URL would be sufficient): | No Answer | ||
| 82. To what extent do you disclose your annual (proxy) voting record? | Disclose votes and guidance explaining votes | ||
| 83. Please indicated how your (proxy) voting record can be obtained (a URL would be sufficient): | www.previ.com.br | ||
| 84. Do you systematically report (privately and/or publicly) on your RI/ESG issue-related engagement activities, results and progress? | Planning to in 2008 | ||
| 85. Please indicate how your reporting on RI/ESG issue-related engagement activities, results and progress can be obtained (if it is publicly available, a URL would be sufficient): | No Answer | ||
| 86. Did you communicate on RI/ESG issues and the PRI to beneficiaries or plan participants in 2007? | To a moderate extent | ||
| 87. Please indicate how your communication on RI/ESG issues and the PRI to beneficiaries or plan participants can be obtained (if it is publicly available, a URL would be sufficient): | www.previ.com.br, Annual Report and Revista PREVI (Magazine) | ||
| 88. Are you undertaking any additional efforts to raise awareness of the PRI and RI/ESG issues amongst stakeholders? | To a moderate extent | ||
| 89. What evidence do you have of the impact on external investment manager practices? Please check those that apply. | Investment decisions,Improved communications on ESG | ||
| 90. Have you sought to determine what impact your overall RI/ESG issue-related efforts (voting and engagement, investment decision making, disclosure, etc.) have had on corporate behavior or performance? | Planning to in 2008 | ||
| 91. Have you sought to determine what impact your RI/ESG issue-related approach has had on the performance of your portfolio? | Planning to in 2008 | ||
| 92. Have you sought to determine what impact your RI/ESG issue-related efforts, requests and guidance have had on the consideration of RI/ESG issues by your external service providers excluding external investment managers (for example: research providers, consultants, etc.)? | Planning to in 2008 | ||
| 93. Do you report on progress and/or achievements relating to the PRI or RI, and how would you like to publish your response to this assessment? | Please automatically publish our responses to the reporting and assessment tool in full on the PRI website | ||
| 94. What was your most significant achievement in 2007 in relation to your implementation of Principle 6? | 2007 - Abrapp Annual Congress -Panel PREVI: "Pension Funds Investments and the Corporative Sustentability - Principles to Responsible Investiments" | ||
| 95. What was your biggest barrier in 2007 with relation to your implementation of Principle 6? | no comments | ||
| 96. Please add any overall comments and clarifications related to Principle 6 here. | no comments | ||
| Emerging Markets | |||
| 97. To what extent have you actively thought about how to integrate RI/ESG issues within investment decision making and ownership practices with regards to emerging markets investments? | To a moderate extent | ||
| 98. Please describe your activities with regards to integrating RI/ESG issues within investment decision making and ownership practices with regards to emerging markets investments. | Governance practices, engagement and ethical screens | ||
| 99. To what extent do you believe the integration of ESG issues in emerging markets is as relevant as the integration of ESG issues in other markets? | To the same extent | ||
| 100. To what extent did you employ the following approaches in your 2007 active ownership strategy in emerging markets? | |||
| (Proxy) voting | To a large extent | ||
| Direct engagement conducted privately | To a large extent | ||
| Direct engagement conducted publicly | To a moderate extent | ||
| Collaborative engagement | To a moderate extent | ||
| Filing shareholder resolutions | To a moderate extent | ||
| Co-filing shareholder resolutions | Not Applicable | ||
| Other (Please specify): | No Answer | ||
| 101. To what extent have you developed a comprehensive RI/ESG engagement capability regarding business activities in emerging markets? | To a large extent | ||
| 102. Please list the three most often addressed RI/ESG-related issues in your shareholder engagement initiatives in emerging markets? | |||
| 1. | Installation of permanent Fiscal Council | ||
| 2. | Global Compact adhesion incentive | ||
| 3. | Proxy statement incentive | ||
| 103. Have you sought information from companies regarding their adoption of/adherence to norms, standards, codes of conduct or international initiatives related to RI/ESG issues in emerging markets? | |||
| Adoption | To a large extent | ||
| Adherence | To a large extent | ||
| 104. Do you take RI/ESG considerations into account when selecting and approving emerging markets external investment managers? | To a moderate extent | ||
| 105. Do your consultants factor RI/ESG issues into their short listing of emerging markets external investment managers? | Planning to in 2008 | ||
| 106. Do you have evidence that you have played a role in the improved integration of RI/ESG issues by external investment managers investing in emerging markets? | To a moderate extent | ||
| 107. To what extent have you worked together with other investors to improve the effectiveness of implementing the PRI in emerging markets? | To a moderate extent | ||
| 108. Are you undertaking any additional efforts to raise awareness of RI/ESG issues in emerging markets? | To a moderate extent | ||
| 109. Have you sought to determine what impact your RI/ESG issue-related efforts (voting and engagement, investment decision making, disclosure, etc.) have had on corporate behaviour or performance in emerging markets? | Planning to in 2008 | ||
| 110. Please add any overall comments and clarifications related to the PRI in emerging markets here. | no comments | ||
| 111. What is your top PRI-related goal/priority for emerging markets in 2008? | Effective engagement with PRI Emerging Markets Project activities | ||
| Closing Comments | |||
| 112. Why did your organisation join the PRI? | We believe that RI/ESG issues, by themselves, tend to increase and sustain value to our assets portfolio in the long run. Beyond that, we believe that PRI will contribute to improve the quality of life of our beneficiaries in the future, by promoting social resp | ||
| 113. Please describe the benefits you have enjoyed as a result of signing the PRI: | Networking experience with peers/pension funds around the globe, improvement of knowledge about RI/ESG related subjects. | ||
| 114. To what extent do you believe the PRI has succeeded in changing investor behaviour and/or raising awareness or capacity on RI/ESG issues? Do you have any examples you could share? | To a moderate extent. We belive that PRI has already succeeded and also raising awareness on RI/ESG issues among investors, in changing their behaviour.Example: as a result the Iron and Steel Initiative, the Brazilian company Vale (CVRD) stopped selling ore to pig iron in Para state to producers that are not complying with the environmental and/or labor legislation in force in Brazil. | ||
| 115. What are the top three activities the PRI Secretariat could undertake to enhance and encourage further implementation of the PRI by current and prospective signatories? | |||
| 1. | Development of tools for asset selection and allocation | ||
| 2. | Trainning | ||
| 3. | xxxxx | ||
| 116. What are your top three PRI-related goals/priorities for 2008? | |||
| 1. | Increase PRI signature in Brazil, bringing asset managers to join the initiative | ||
| 2. | Increase awareness of ESG issues in investments decison making and asset ownership practices | ||
| 3. | Provide support/training programs for investiments professionals | ||
| 117. Please rank the six principles from most difficult to implement to least difficult to implement: | |||
| Most difficult 1 |
Principle 3 | ||
| 2 | Principle 2 | ||
| 3 | Principle 1 | ||
| 4 | Principle 4 | ||
| 5 | Principle 5 | ||
| Least difficult 6 |
Principle 6 | ||