The People’s Pension has published its first responsible investment (RI) report, less than a year after ditching State Street Global Advisors (SSGA) as its main asset manager, and hiring Amundi and Invesco instead.
In the last fortnight it has also added Robeca as an asset manager.
This report gives an in-depth look at the scheme’s manager selection process, and how this was designed to strengthen its responsible investment policy.
The report also gives details on voting and engagement practices undertaken by the these fund managers, and how these align with the scheme’s main thematic priorities as part of its wider RI policy.
People’s Pension says this underscores the important of a robust process when it comes to monitoring the activity of asset managers, particularly in relation its key priorities: climate change, nature and human rights.
The report also outlines how the schemes has used its considerable size to amplify influence through regulatory and industry responses. This includes the FRC’s UK Stewardship Code consultation, the FCA’s consultation on changes to the pension’s regulatory framework, and the Asset Owner Statement on Climate Stewardship.
Mark Condron, chair of The People’s Pension trustee, says: “Earlier this year, we transitioned to asset managers who are more aligned to our responsible investment policy. We also took a leadership position in raising industry standards on climate stewardship.
“Our team’s work has been recognised with industry-leading awards from the Principles for Responsible Investment (PRI) and Pensions for Purpose – showcasing the impact and innovation behind our approach. These achievements highlight what responsible investment leadership looks like: setting high standards, influencing corporate behaviour, and delivering sustainable outcomes.”
Cassandra Traeger, stewardship manager at People’s Partnership adds: “We’ve made great progress in aligning more closely with our responsible investment policy through the appointment of our new asset managers, Amundi and Invesco.
“As a universal asset owner, we recognise that our greatest impact is not on a company-by-company basis, but by addressing systemic issues that affect entire sectors and economies. We believe this shift will deliver greater impact for our members than any individual company engagement or proxy vote could achieve on its own. This approach underpins our commitment to improving sustainability across markets.”
The publication of this report follows the release of People’s Pension’s latest TCFD report and updated RI policy.
