| Organisational Overview | |||
| 1. What were your organisation's total assets under management as of 31 December 2007 (in millions)? | 100 | ||
| Please select currency | Canadian dollar (CAD) | ||
| 1a. If 'Other' was selected, please specify the other currency here | No Answer | ||
| 4. Please provide an overview of your asset mix as of 31 December 2007 (in %): | |||
| Listed equity (developed market, active) | 77 | ||
| Listed equity (developed market, passive) | 0 | ||
| Listed equity (emerging market, active) | 0 | ||
| Listed equity (emerging market, passive) | 0 | ||
| Fixed income - developed markets | 23 | ||
| Fixed income - emerging markets | 0 | ||
| Real estate or property | 0 | ||
| Private equity | 0 | ||
| Hedge fund | 0 | ||
| Infrastructure | 0 | ||
| Currency | 0 | ||
| Commodities | 0 | ||
| Cash | 0 | ||
| Other (Please specify): | 0 | ||
| 5. Please indicate what percentage of your assets are managed internally and what percentage are managed externally (in %): | |||
| Listed equity (developed market, active) | 0 | 100 | |
| Listed equity (developed market, passive) | 0 | 0 | |
| Listed equity (emerging market, active) | 0 | 0 | |
| Listed equity (emerging market, passive) | 0 | 0 | |
| Fixed income - developed markets | 0 | 100 | |
| Fixed income - emerging markets | 0 | 0 | |
| Real estate or property | 0 | 0 | |
| Private equity | 0 | 0 | |
| Hedge fund | 0 | 0 | |
| Infrastructure | 0 | 0 | |
| Currency | 0 | 0 | |
| Commodities | 0 | 0 | |
| Cash | 0 | 0 | |
| Other (Please specify): | 0 | 0 | |
| 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 Principles | www.inhance.ca | ||
| 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 integrated into a broader statement | ||
| 9. In what year were RI/ESG issues first formally addressed in a policy statement (integrated or independent)? | 2003 | ||
| 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): | Through our mutual fund prospectus we describe hour integrated investment process: http://www.inhance.ca/pdf/IIM_prospectus.pdf | ||
| 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 %) | |||
| Listed equity (developed market, active) | 100 | ||
| Fixed income - developed markets | 100 | ||
| 15. To what extent have RI/ESG issues been integrated into the investment decision-making processes of your external investment managers? | |||
| Listed equity (developed market, active) | Large extent | ||
| Fixed income - developed markets | 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 %) | |||
| 17. Do you have any staff dedicated to RI/ESG issue analysis and/or implementation? | |||
| Investment analyst | 1 | 1 | |
| Research analyst | 1 | 1.25 | |
| RI/ESG issue policy advisor | 0 | 0 | |
| (proxy) Voting specialist | 1 | 0.25 | |
| Engagement specialist | 1 | 0.5 | |
| Portfolio manager | 2 | 2 | |
| Other (Please specify): | 0 | 0 | |
| 18. Which Board committee or other executive body has overall responsibility for RI/ESG issues? | Executive officers | ||
| 19. Do you assess the capabilities of internal investment staff to incorporate RI/ESG issues? | No Answer | ||
| 20. Do you assess the capabilities of external investment managers to incorporate RI/ESG issues? | No | ||
| 21. Approximately what percentage of your internal non-ESG-specialist investment management staff received RI/ESG training in 2007? (in %) | 100 | ||
| 22. What forms of RI/ESG training or awareness raising have been invested in, encouraged or provided for internal staff (investment and other)? | Formal 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? | To a large 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 our website: www.inhance.ca | ||
| 25. Have you advocated/supported/ encouraged/participated in RI/ESG issue-related industry-wide training for investment professionals during 2007? | Sponsored industry events,Spoke at or attended conferences,Had dialogue or exchanges with peers,Instructed at universities or colleges | ||
| 26. What was your most significant achievement in 2007 in relation to your implementation of Principle 1? | Particpation in public forums, media interviews and education sessions for professionals on responsible investment. | ||
| 27. What was your biggest barrier in 2007 with relation to your implementation of Principle 1? | Greater demand than staff time and resources can accomodate. | ||
| 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) voting | To a large extent | ||
| Direct engagement conducted privately | To a large extent | ||
| Direct engagement conducted publicly | To a large extent | ||
| Collaborative engagement | To a moderate extent | ||
| Filing shareholder resolutions | To a large extent | ||
| Co-filing shareholder resolutions | Planning to in 2008 | ||
| 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 | Not at all | ||
| Direct engagement conducted privately | Not at all | ||
| Direct engagement conducted publicly | Not at all | ||
| Collaborative engagement | Not at all | ||
| Other (Please specify): | Not at all | ||
| 31. Do you have a (proxy) voting policy? | Yes - disclosed publicly | ||
| 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 large extent | ||
| Social | To a large 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): | http://www.inhance.ca/ror/esgmandate.aspx | ||
| 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 %) | 40 | ||
| 37. What percentage of shareholder resolutions relating to environmental, social or governance issues was supported? (in %) | |||
| Environmental | 100 | ||
| Social | 100 | ||
| Governance | 80 | ||
| 38. Do you conduct (proxy) voting on behalf of your clients? | Yes - According to our own policy | ||
| 39. How many shareholder resolutions related to RI/ESG issues did you participate in during 2007? | |||
| As lead filer | 10 | ||
| As co-filer | 0 | ||
| Planning to be lead filer in 2008 | 10 | ||
| 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,Internal staff engaged portfolio companies collaboratively | ||
| 41. Do you systematically bring RI/ESG issue-related engagement opportunities to your clients? | To a large extent | ||
| 43. How many portfolio companies did you engage directly/were engaged on your behalf on ESG issues in 2007? | |||
| Environmental | 7 | 13 | 0 |
| Social | 3 | 4 | 0 |
| Governance | 0 | 0 | 0 |
| 44. What RI/ESG-related issues were addressed in your shareowner engagement initiatives? Please check all that apply. | Climate change,Environment,HIV/AIDS,Health,Health and safety,Human rights,Other (please specify): 'Subprime loan exposure' | ||
| 45. How were RI/ESG issue-related engagement targets and topics identified? Please check all that apply. | Sector exposure,Risk profile | ||
| 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. | (Written) commitment to improve a particular ESG issue,Improved disclosure,Shareholder resolutions withdrawn after successful negotiations with portfolio companies,Satisfactory percentages of (proxy) votes in favour of filed or co-filed shareowner resolutions | ||
| 48. What was your most significant achievement in 2007 in relation to your implementation of Principle 2? | Successful negotiation of 9 resolutions. | ||
| 49. What was your biggest barrier in 2007 with relation to your implementation of Principle 2? | Competing demands on time and resources | ||
| 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? | 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? | |||
| 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,International Labour Organization standards | ||
| 56. What was your most significant achievement in 2007 in relation to your implementation of Principle 3? | Adoption of the Equator Principles by companies in the portfolio and adoption of GRI reporting by companies in the portfolio. | ||
| 57. What was your biggest barrier in 2007 with relation to your implementation of Principle 3? | Competing demands for staff time and resources. | ||
| 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? | |||
| External investment manager | Not applicable | ||
| Investment consultant | Not applicable | ||
| Proxy voting | Yes | ||
| Engagement overlay | Not applicable | ||
| Investment research | Yes | ||
| 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 monitoring | Not applicable | ||
| Incentive structure (internal investments) | Not applicable | ||
| Incentive structure (external investments) | Not applicable | ||
| Contractual relationships with external investment managers | Not applicable | ||
| 61. Are the default pension funds or retirement plans offered to your employees also signatories to the PRI? | Not applicable | ||
| 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? | To a moderate extent | ||
| 64. To what extent do you encourage peer organisations to become PRI signatories? | To a moderate extent | ||
| 65. Do you have evidence that you have played a role in the improved integration of RI/ESG issues by external investment managers? | Not at all | ||
| 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? | 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 large extent | ||
| 69. What was your most significant achievement in 2007 in relation to your implementation of Principle 4? | developing a business relationship with major financial institution based on responsible investment mandate using integrated analysis approach. | ||
| 70. What was your biggest barrier in 2007 with relation to your implementation of Principle 4? | Lack of evidence of direct implementation by large institutions. | ||
| 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? | Used clearinghouse | ||
| 73. Did your use of the clearinghouse result in subsequent action or collaboration with other signatories? | No | ||
| 74. Please elaborate on how the PRI Engagement Clearinghouse could be made more useful: | More participation by 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,Regional social investment organisation (for example SIF or UKSIF),Other (please specify): 'Canada's Social Investment Organization' | ||
| 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 Project | Through engaging companies in our portfolio to encourage greater participation in the CDP. | ||
| Regional social investment organisation (for example SIF or UKSIF) | Participation in and presentation for biennial conference. Participation in the Board of the Social Investment Organization. | ||
| Other (please specify) | No applicable | ||
| 77. What was your most significant achievement in 2007 in relation to your implementation of Principle 5? | Successful encouragement of portfolio companies in particpation in the CDP. | ||
| 78. What was your biggest barrier in 2007 with relation to your implementation of Principle 5? | Time required to develop deeeper collaborations. | ||
| 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 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.inhance.ca Through our mutual fund prospectus. | ||
| 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): | http://www.inhance.ca/ror/esgmandate.aspx | ||
| 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): | Through: www.inhance.ca | ||
| 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. | Not applicable | ||
| 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 moderate 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 small 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? | Development of a DVD on our approach to responsible investing | ||
| 95. What was your biggest barrier in 2007 with relation to your implementation of Principle 6? | Constraints on time and resources | ||
| 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 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. | We review emerging market investments according to ESG criteria as part of our investment decision making process. | ||
| 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 | Not at all | ||
| Direct engagement conducted privately | To a small extent | ||
| Direct engagement conducted publicly | Not at all | ||
| Collaborative engagement | To a moderate extent | ||
| Filing shareholder resolutions | Not at all | ||
| Co-filing shareholder resolutions | Not at all | ||
| Other (Please specify): ** | Not at all | ||
| 101. To what extent have you developed a comprehensive RI/ESG engagement capability regarding business activities in emerging markets? | Not at all | ||
| 102. Please list the three most often addressed RI/ESG-related issues in your shareholder engagement initiatives in emerging markets? | |||
| 1. | Reporting on ESG performance | ||
| 2. | Addressing climate change risks | ||
| 3. | Involvement in micro-finance | ||
| 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 moderate extent | ||
| Adherence | To a moderate extent | ||
| 104. Do you take RI/ESG considerations into account when selecting and approving emerging markets external investment managers? | To a large extent | ||
| 105. Do your consultants factor RI/ESG issues into their short listing of emerging markets external investment managers? | To a large extent | ||
| 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? | To a moderate extent | ||
| 108. Are you undertaking any additional efforts to raise awareness of RI/ESG issues in emerging markets? | To a small 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? | Not at all | ||
| 110. Please add any overall comments and clarifications related to the PRI in emerging markets here. | ** | ||
| 111. What is your top PRI-related goal/priority for emerging markets in 2008? | Increasing disclosure and reporting by companies we invest in. | ||
| Closing Comments | |||
| 112. Why did your organisation join the PRI? | To highlight the importance of ESG issues for intitutional investors. | ||
| 113. Please describe the benefits you have enjoyed as a result of signing the PRI: | We have witnessed a greater interest in products managed with an RI mandate. | ||
| 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 large extent. When undertaking sharehodler engagement companies disclose how large institutional investors have begun engaging on these same issues. | ||
| 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. | Develop workshops on engagement. | ||
| 2. | Continue to support academic research. | ||
| 3. | Broaden the adoption of the Principles. | ||
| 116. What are your top three PRI-related goals/priorities for 2008? | |||
| 1. | Increase engagement activities. | ||
| 2. | Work more collaboratively. | ||
| 3. | Educate investors on the importance of ESG and long term value. | ||
| 117. Please rank the six principles from most difficult to implement to least difficult to implement: | |||
| Most difficult 1 | Principle 5 | ||
| 2 | Principle 6 | ||
| 3 | Principle 4 | ||
| 4 | Principle 3 | ||
| 5 | Principle 2 | ||
| Least difficult 6 | Principle 1 | ||