Today we've published our latest Responsible Investment (RI) report. It summarises our activity and progress over 2021-2022 around responsible investment. This is alongside our second Climate Change report, published in August, which gives more information specifically on how we are managing climate risk in our investments.
The latest RI report highlights our continued improvement in environmental, social, and governance (ESG) risk measurement across our investment portfolio. As part of this, we’re now requiring regular ESG metrics from alternatives managers and we’ve backed the ESG Data Outreach project by eFront – an important step in addressing the lack of ESG data and reporting from private companies.
We’ve introduced new voting guidelines for listed equity holdings on climate change, modern slavery, and D&I, and further used our voice to engage with companies, voting at almost 5,000 meetings this year – including voting against management in 67% of them.
We’ve also introduced a new equity benchmark to drive a significant reduction in the carbon exposure of our portfolio and helped to develop a cross-body industry standard for managers to report carbon emissions with the Taskforce on Climate-Related Financial Disclosures.
To align with the Paris Agreement on climate change, and identify our future engagement targets, we’ve also carried out a Net Zero alignment project across our investment portfolio.
Claire Curtin, Head of ESG, commented, “The PPF is incredibly proud of the work and efforts highlighted in our latest Responsible Investing report, although we are still learning on our exciting ESG journey as we adapt to a changing world. We hope that this report not only highlights the progress we’ve made but provides an opportunity to share our insights and knowledge with the wider industry so that we can continue learning from each other.”
To find out more about our responsible investment, read the full report here.