Summary of responses to the PRI reporting and assessment tool 2008

Marc J Lane Investment Management Inc.

Organisational Overview
1. What were your organisation's total assets under management as of 31 December 2007 (in millions)?39986367
Please select currencyUnited States dollar (USD)
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)44
Listed equity (developed market, passive)0
Listed equity (emerging market, active)0
Listed equity (emerging market, passive)0
Fixed income - developed markets40
Fixed income - emerging markets0
Real estate or property0
Private equity0
Hedge fund0
Infrastructure0
Currency0
Commodities0
Cash16
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 fund00
Infrastructure00
Currency00
Commodities00
Cash1000
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 Principleshttp://www.advocacyinvesting.com
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)?2006
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.advocacyinvesting.com
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)16
Fixed income - developed markets16
Cash16
13. To what extent have you integrated RI/ESG issues into your internal investment decision-making processes?
Listed equity (developed market, active)To a moderate extent
Fixed income - developed marketsTo a moderate 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 %)16
17. Do you have any staff dedicated to RI/ESG issue analysis and/or implementation?
 
Dedicated
Combined full-time equivalents
Investment analyst11
Research analyst11
RI/ESG issue policy advisor00
(proxy) Voting specialist11
Engagement specialist00
Portfolio manager11
Other (Please specify):00
18. Which Board committee or other executive body has overall responsibility for RI/ESG issues?Investment Committe
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 %)66
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
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):http://www.advocacyinvesting.com, book - Profitable Socially Responsible Investing
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
26. What was your most significant achievement in 2007 in relation to your implementation of Principle 1?managed portfolios
27. What was your biggest barrier in 2007 with relation to your implementation of Principle 1?Enter text response here.
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 large extent
Direct engagement conducted privatelyTo a large extent
Direct engagement conducted publiclyNot at all
Collaborative engagementTo a large extent
Filing shareholder resolutionsNot applicable
Co-filing shareholder resolutionsNot applicable
Other (Please specify):Not applicable
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 large extent
Direct engagement conducted privatelyTo a large extent
Direct engagement conducted publiclyPlanning to in 2008
Collaborative engagementTo a large extent
Other (Please specify):No Answer
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.
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)?Yes
34. Please indicate how your (proxy) voting policy can be obtained (a URL would be sufficient):www.advocacyinvesting.com
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 %)60
37. What percentage of shareholder resolutions relating to environmental, social or governance issues was supported? (in %)
Environmental16
Social16
Governance16
38. Do you conduct (proxy) voting on behalf of your clients?Yes - We can execute client-specific (proxy) voting policies
39. How many shareholder resolutions related to RI/ESG issues did you participate in during 2007?
As lead filer
As co-filer
Planning to be lead filer in 2008
Planning to be co-filer in 2008
40. How were portfolio companies engaged with in 2007? Please check all that apply.Internal staff engaged portfolio companies directly
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
Environmental0016
Social0016
Governance0016
44. What RI/ESG-related issues were addressed in your shareowner engagement initiatives? Please check all that apply.Environment,Governance,Human rights
45. How were RI/ESG issue-related engagement targets and topics identified? Please check all that apply.Client directive
46. Do you set RI/ESG issue-related engagement objectives and attempt to evaluate success?Not at all
47. Have you sought evidence relating to the effectiveness of your active ownership strategy? Please check all that apply.Impact on share price
48. What was your most significant achievement in 2007 in relation to your implementation of Principle 2?Enter text response here.
49. What was your biggest barrier in 2007 with relation to your implementation of Principle 2?Enter text response here.
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)?Planning to in 2008
52. What format of standardized reporting on RI/ESG issue policies, practices or performance have you requested?No Answer
53. Have you provided feedback to investee companies (or other investment entities) on their reporting on RI/ESG issues?Planning to in 2008
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?
AdoptionNot at all
AdherenceNot at all
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?No Answer
56. What was your most significant achievement in 2007 in relation to your implementation of Principle 3?Enter text response here.
57. What was your biggest barrier in 2007 with relation to your implementation of Principle 3?Enter text response here.
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 overlayNot applicable
Investment researchYes
Internal operations (for example, purchasing, travel, office space etc.)Not applicable
Other (Please specify):Not applicable
60. Have you linked the following to performance on RI/ESG issues?
Investment monitoringYes
Incentive structure (internal investments)Not applicable
Incentive structure (external investments)Not applicable
Contractual relationships with external investment managersNot 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?Not applicable
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?Planning to in 2008
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?Not applicable
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?Not at all
69. What was your most significant achievement in 2007 in relation to your implementation of Principle 4?Enter text response here.
70. What was your biggest barrier in 2007 with relation to your implementation of Principle 4?Enter text response here.
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:No Answer
77. What was your most significant achievement in 2007 in relation to your implementation of Principle 5?Enter text response here.
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 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.advocacyinvesting.com
82. To what extent do you disclose your annual (proxy) voting record?Disclose votes only
83. Please indicated how your (proxy) voting record can be obtained (a URL would be sufficient):client by client basis per client request
84. Do you systematically report (privately and/or publicly) on your RI/ESG issue-related engagement activities, results and progress?Not at all
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
88. Are you undertaking any additional efforts to raise awareness of the PRI and RI/ESG issues amongst stakeholders?Not at all
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?Not at all
91. Have you sought to determine what impact your RI/ESG issue-related approach has had on the performance of your portfolio?To a large 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.)?Not applicable
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?Enter text response here.
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?Not at all
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.No Answer
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?No Answer
100. To what extent did you employ the following approaches in your 2007 active ownership strategy in emerging markets?
(Proxy) votingNo Answer
Direct engagement conducted privatelyNo Answer
Direct engagement conducted publiclyNo Answer
Collaborative engagementNo Answer
Filing shareholder resolutionsNo Answer
Co-filing shareholder resolutionsNo Answer
Other (Please specify):No Answer
101. To what extent have you developed a comprehensive RI/ESG engagement capability regarding business activities in emerging markets?No Answer
102. Please list the three most often addressed RI/ESG-related issues in your shareholder engagement initiatives in emerging markets?
1.
2.
3.
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?
AdoptionNo Answer
AdherenceNo Answer
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?No Answer
108. Are you undertaking any additional efforts to raise awareness of RI/ESG issues in emerging markets?No Answer
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?No Answer
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?Commonality of goals
113. Please describe the benefits you have enjoyed as a result of signing the PRI:explaining to the public
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 is beginning to make a difference
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.education
2.advertising
3.marketing
116. What are your top three PRI-related goals/priorities for 2008?
1.more pri clients
2.better educate the public
3.spread the word
117. Please rank the six principles from most difficult to implement to least difficult to implement:
Most difficult
1
Principle 3
2Principle 6
3Principle 1
4Principle 4
5Principle 5
Least difficult
6
Principle 2