Summary of responses to the PRI reporting and assessment tool 2008

Banco

Organisational Overview
1. What were your organisation's total assets under management as of 31 December 2007 (in millions)?15
Please select currencySwedish krona (SEK)
1a. If 'Other' was selected, please specify the other currency hereNo Answer
4. Please provide an overview of your asset mix as of 31 December 2007 (in %):
Listed equity (developed market, active)87
Listed equity (developed market, passive)0
Listed equity (emerging market, active)0
Listed equity (emerging market, passive)0
Fixed income - developed markets10
Fixed income - emerging markets0
Real estate or property0
Private equity0
Hedge fund3
Infrastructure0
Currency0
Commodities0
Cash0
Other (Please specify): 0
5. Please indicate what percentage of your assets are managed internally and what percentage are managed externally (in %):
 
Internal
External
Listed equity (developed market, active)1000
Listed equity (developed market, passive)00
Listed equity (emerging market, active)00
Listed equity (emerging market, passive)00
Fixed income - developed markets1000
Fixed income - emerging markets00
Real estate or property00
Private equity00
Hedge fund1000
Infrastructure00
Currency00
Commodities00
Cash00
Other (Please specify): 00
6. Please provide the following contact details for your main PRI contact:
URL for webpage outlining the specific services and products your organisation has to assist signatories in fulfilling their commitments to the Principleswww.banco.se
Principle 1
8. Do you have a 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 an independent RI/ESG statement
9. In what year were RI/ESG issues first formally addressed in a policy statement (integrated or independent)?1992
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):www.banco.se
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 (developed market, active)56
Fixed income - developed markets1
Hedge fund0
13. To what extent have you integrated RI/ESG issues into your internal investment decision-making processes?
Listed equity (developed market, active)To a large extent
Fixed income - developed marketsTo a small extent
Hedge fundNo Answer
16. What proportion of your assets involve screening out or excluding stocks or sectors based on ethical (rather than long-term financial) criteria? (in %)58
17. Do you have any staff dedicated to RI/ESG issue analysis and/or implementation?
 
Dedicated
Combined full-time equivalents
Investment analyst02
Research analyst02
RI/ESG issue policy advisor00
(proxy) Voting specialist01
Engagement specialist02
Portfolio manager00
Other (Please specify):00
18. Which Board committee or other executive body has overall responsibility for RI/ESG issues?CEO
19. Do you assess the capabilities of internal investment staff to incorporate RI/ESG issues?Yes
20. Do you assess the capabilities of external investment managers to incorporate RI/ESG issues?No Answer
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,Regular briefings on key issues
23. Did you support the development of nonproprietary RI/ESG issue-related tools, metrics, analysis or academic research in 2007?To a moderate extent
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):Through the web
25. Have you advocated/supported/ encouraged/participated in RI/ESG issue-related industry-wide training for investment professionals during 2007?Advocated RI/ESG coverage in professional training programs (CFA, MBA, etc.),Spoke at or attended conferences,Had dialogue or exchanges with peers,Instructed at universities or colleges,Other (please specify): '0'
26. What was your most significant achievement in 2007 in relation to your implementation of Principle 1?Banco developed a new research tool together with Innovest with focus on ESG opportunities.
27. What was your biggest barrier in 2007 with relation to your implementation of Principle 1?Low disclosure on how companies inegrate ESG and sustainability in products and services.
28. Please add any overall comments and clarifications related to Principle 1 here.Enter text response here.
Principle 2
29. To what extent did you employ the following approaches in your 2007 active ownership strategy for listed equities?
(Proxy) votingTo a moderate extent
Direct engagement conducted privatelyTo a large extent
Direct engagement conducted publiclyTo a large extent
Collaborative engagementTo a large extent
Filing shareholder resolutionsTo a moderate extent
Co-filing shareholder resolutionsTo a small extent
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) votingTo a small extent
Direct engagement conducted privatelyTo a large extent
Direct engagement conducted publiclyTo a large extent
Collaborative engagementTo a large extent
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.
EnvironmentalTo a large extent
SocialTo a large extent
GovernanceTo a large extent
33. Does your (proxy) voting policy apply to all voting regions (where possible)?Some (please specify regional differences): 'Sweden'
34. Please indicate how your (proxy) voting policy can be obtained (a URL would be sufficient):www.abnamro.com
35. Do you ensure that voting is done in accordance with your (proxy) voting policy?Yes for some
36. What percentage of total votes cast were against management? (in %)5
37. What percentage of shareholder resolutions relating to environmental, social or governance issues was supported? (in %)
Environmental80
Social20
Governance0
38. Do you conduct (proxy) voting on behalf of your clients?No
39. How many shareholder resolutions related to RI/ESG issues did you participate in during 2007?
As lead filer1
As co-filer1
Planning to be lead filer in 20081
Planning to be co-filer in 20082
40. How were portfolio companies engaged with in 2007? Please check all that apply.Internal staff engaged portfolio companies directly,Internal staff engaged portfolio companies collaboratively
41. Do you systematically bring RI/ESG issue-related engagement opportunities to your clients?To a moderate extent
43. How many portfolio companies did you engage directly/were engaged on your behalf on ESG issues in 2007?
 
Extensive engagement
Moderate engagement
Basic engagement
Environmental5105
Social5105
Governance000
44. What RI/ESG-related issues were addressed in your shareowner engagement initiatives? Please check all that apply.Activities in conflict zones,Bribery/corruption,Climate change,Environment,Health and safety,Human rights,Labour issues
45. How were RI/ESG issue-related engagement targets and topics identified? Please check all that apply.Sector exposure,Risk profile,Focus issue
46. Do you set RI/ESG issue-related engagement objectives and attempt to evaluate success?To a large extent
47. Have you sought evidence relating to the effectiveness of your active ownership strategy? Please check all that apply.Governance practices changed,(Written) commitment to improve a particular ESG issue,Improved disclosure,Collaborative work with a company on a specific ESG issue
48. What was your most significant achievement in 2007 in relation to your implementation of Principle 2?Concrete improvements made by several companies that we have engage with during 2007
49. What was your biggest barrier in 2007 with relation to your implementation of Principle 2?To implement systems for Proxy voting.
50. Please add any overall comments and clarifications related to Principle 2 here.Enter text response here.
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 large extent
52. What format of standardized reporting on RI/ESG issue policies, practices or performance have you requested?Integrated with regular financial reports,Standalone corporate social responsibility or sustainability reporting,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 large 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?
AdoptionTo a large extent
AdherenceTo 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,International Labour Organization standards,OECD guidelines for multinational enterprises,World Economic Forum Principles for Countering Bribery,Universal Declaration of Human Rights
56. What was your most significant achievement in 2007 in relation to your implementation of Principle 3?Banco requested 25 Swedish companies to disclose how they integrate ESG within business strategies and how the integrate ESG in sustainable products.
57. What was your biggest barrier in 2007 with relation to your implementation of Principle 3?To explain why we are shifting from risk to opportunity.
58. Please add any overall comments and clarifications related to Principle 3 here.Enter text response here.
Principle 4
59. Are you considering RI/ESG requirements when searching for and selecting the following?
Investment consultantYes
Proxy votingYes
Engagement overlayYes
Investment researchYes
Internal operations (for example, purchasing, travel, office space etc.)Yes
Other (Please specify):Not applicable
60. Have you linked the following to performance on RI/ESG issues?
Investment monitoringNo
Incentive structure (internal investments)Not applicable
Incentive structure (external investments)Not applicable
Contractual relationships with external investment managersYes
61. Are the default pension funds or retirement plans offered to your employees also signatories to the PRI?No
62. To what extent do you encourage your service providers to become PRI signatories?To a moderate extent
63. To what extent do you encourage your clients to become PRI signatories?Not applicable
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?No Answer
66. Does your broker evaluation process include an ESG component or do you have a budget to pay cash for ESG broker research?No Answer
67. Have you revisited any relationships with service providers in light of RI/ESG issue-related capabilities?Yes
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 large extent
69. What was your most significant achievement in 2007 in relation to your implementation of Principle 4?During 2007 Banco appealed to colleges within the Swedish Finance sector to take responsibility for the climate by integrating policies on investments, lending etc.
70. What was your biggest barrier in 2007 with relation to your implementation of Principle 4?Low disclosure from the Swedish Finance sector regarding ESG.
71. Please add any overall comments and clarifications related to Principle 4 here.Enter text response here.
Principle 5
72. Did you use the PRI Engagement Clearinghouse in 2007?No
73. Did your use of the clearinghouse result in subsequent action or collaboration with other signatories?No Answer
74. Please elaborate on how the PRI Engagement Clearinghouse could be made more useful:Enter text response here.
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,Regional social investment organisation (for example SIF or UKSIF),United Nations Environmental Program Finance Initiative (UNEP FI)
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:
Carbon Disclosure ProjectSigned the project and discussed the importance of disclosure with companies we engaged with.
Regional social investment organisation (for example SIF or UKSIF)Member of the local SWESIF and also member of the board in SWESIF
United Nations Environmental Program Finance Initiative (UNEP FI)Sasja Beslik (Head of responsible investments) is chairman for the UNEP FI's water work
77. What was your most significant achievement in 2007 in relation to your implementation of Principle 5?Developing principles for the global finance sector on water issues through UNEP FI
78. What was your biggest barrier in 2007 with relation to your implementation of Principle 5?Enter text response here.
79. Please add any overall comments and clarifications related to Principle 5 here.Enter text response here.
Principle 6
80. Have you disclosed how RI/ESG issues are integrated into your investment processes?Yes - to clients or beneficiaries and the public
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):www.banco.se
82. To what extent do you disclose your annual (proxy) voting record?Planning to in 2008
83. Please indicated how your (proxy) voting record can be obtained (a URL would be sufficient):No Answer
84. Do you systematically report (privately and/or publicly) on your RI/ESG issue-related engagement activities, results and progress?To a large extent
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):www.banco.se
88. Are you undertaking any additional efforts to raise awareness of the PRI and RI/ESG issues amongst stakeholders?To a large extent
89. What evidence do you have of the impact on external investment manager practices? Please check those that apply.No Answer
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?To a large extent
91. Have you sought to determine what impact your RI/ESG issue-related approach has had on the performance of your portfolio?To a small extent
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.)?To a large extent
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?Improve our own disclosure on our website.
95. What was your biggest barrier in 2007 with relation to your implementation of Principle 6?Enter text response here.
96. Please add any overall comments and clarifications related to Principle 6 here.Enter text response here.
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 large 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.During the last two years we have visited companies in emerging markets that our clients invest in through our global organisation ABN AMRO.
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 a greater extent
100. To what extent did you employ the following approaches in your 2007 active ownership strategy in emerging markets?
(Proxy) votingNot Applicable
Direct engagement conducted privatelyTo a small extent
Direct engagement conducted publiclyNot at all
Collaborative engagementTo a small extent
Filing shareholder resolutionsNot at all
Co-filing shareholder resolutionsTo a small extent
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 small extent
102. Please list the three most often addressed RI/ESG-related issues in your shareholder engagement initiatives in emerging markets?
1.Working conditions
2.Water and CO2
3.Business ethics
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?
AdoptionTo a large extent
AdherenceTo a large extent
104. Do you take RI/ESG considerations into account when selecting and approving emerging markets external investment managers?No Answer
105. Do your consultants factor RI/ESG issues into their short listing of emerging markets external investment managers?No Answer
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?No Answer
107. To what extent have you worked together with other investors to improve the effectiveness of implementing the PRI in emerging markets?Not at all
108. Are you undertaking any additional efforts to raise awareness of RI/ESG issues in emerging markets?To a large 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?To a small extent
110. Please add any overall comments and clarifications related to the PRI in emerging markets here.No Answer
111. What is your top PRI-related goal/priority for emerging markets in 2008?No Answer
Closing Comments
112. Why did your organisation join the PRI?It is an important initiative and in line with our business.
113. Please describe the benefits you have enjoyed as a result of signing the PRI:Statement from CEO that this is very important for us and for the entire finance sector.
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?It has increased awareness and puts pressure on asset managers that haven't signed.
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.Continue to be very transperant about progress
2.Encourage enhancement of signatories in emerging markets.
3.Feed the debate and the media with information.
116. What are your top three PRI-related goals/priorities for 2008?
1.Implement our new research tool in order to integrate ESG in all investment decisions.
2.Continue putting presure on our Swedish colleges to integrate ESG and sign PRI.
3.Increase disclosure of our progresses
117. Please rank the six principles from most difficult to implement to least difficult to implement:
Most difficult
1
Principle 5
2Principle 1
3Principle 4
4Principle 6
5Principle 3
Least difficult
6
Principle 2