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United Nations Principles for Responsible Investment

The annual Principles for Responsible Investment Reporting and Assessment process 2009

Every year the UN Principles for Responsible Investment (PRI) team conducts a global survey of PRI signatories, measuring progress against the Principles. The overall results are reported at www.unpri.org/report09/.

The global survey has been conducted for the last three years, and VicSuper has participated in all surveys. We have published our results as part of our commitment to Principle six, below.

The six Principles for Responsible Investment are:

  1. We will incorporate ESG issues into investment analysis and decision-making processes.
  2. We will be active owners and incorporate ESG issues into our ownership policies and practices.
  3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.
  4. We will promote acceptance and implementation of the Principles within the investment industry.
  5. We will work together to enhance our effectiveness in implementing the Principles.
  6. We will each report on our activities and progress towards implementing the Principles.

Interpreting the results

Signatory scores for each Principle have been divided into four quartiles, a measure that divides the survey sample into four equal groups, for example 'top quartile' means the top 25% of survey respondents. The first chart indicates VicSuper's score relative to all signatories, the second indicates VicSuper's score relative to our peer group (asset owners) and the third indicates VicSuper's score relative to our peer group in our region (Asia-Pacific). The four quartiles are each represented by a box.

The top quartile for each Principle is the yellow coloured box and the bottom quartile is the blue coloured box. The median score is the horizontal line between the orange and green boxes. The black diamond shows VicSuper's score each year for each Principle. The position of the diamond indicates both which quartile VicSuper is in and the relative position of VicSuper within that quartile.

VicSuper's results

 

Figure 1

 

Figure 2

 

Figure 3 

VicSuper is top quartile amongst our peers

The charts above illustrate that VicSuper is performing well compared to other PRI signatories. This is particularly evident when compared to our peers around the world and in our region, where we score top quartile on every Principle. The charts also show that VicSuper has been constantly improving our performance against our peers on most Principles, with the exception of Principle 1.

It is important to note that some questions have changed over the years so the year-on-year results may not be directly comparable.

What is VicSuper doing to improve our implementation of the PRI?

VicSuper is constantly striving to improve the integration of sustainability into the way we operate and invest. Some examples of the recent activities we have undertaken to improve our performance are:

  • Being on the lookout for sustainability investing opportunities. Recently we initiated and invested in the Carbon Aware International Shares Fund, a portfolio of listed equities that seeks to deliver index-type returns with around 50% less carbon emissions.
  • Reporting to members on their annual benefit statements the estimated carbon footprint of their listed equity investments.
  • Extending company engagement on sustainability issues to cover emerging market investments.

For detailed information of our performance and aspirations in this area, please see page 13 of the VicSuper Sustainability Report 2009.

An important note from the UN PRI

Scores have been calculated based on signatories' self assessment and using the scoring methodology approved by the PRI Assessment Group. Although a limited verification exercise was undertaken with a proportion of signatories, responses have not been independently audited by the PRI Secretariat, PRI Assessment Group, or any other third party. Individual results including comparisons to the overall results (quartiles) are indicative and do not imply an endorsement of signatory activity. While this information is believed to be reliable, no representations or warranties are made as to the accuracy of information presented, and no responsibility or liability can be accepted for any error, omission or inaccuracy in this information.

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