{"id":115,"date":"2020-01-27T17:46:40","date_gmt":"2020-01-27T17:46:40","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=115"},"modified":"2020-05-22T11:39:02","modified_gmt":"2020-05-22T11:39:02","slug":"pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/","title":{"rendered":"Pension Fund Brunel Pressures Managers, Issuers to Act on Climate Change"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Will divest from companies, remove managers who don\u2019t fall\nin line<\/h2>\n\n\n\n<p>Brunel Pension Partnership, a UK pension fund manager with\nassets of 30 billion pounds, has established a new climate policy, aimed at\nchallenging investment managers and businesses to act on addressing climate\nchange. <\/p>\n\n\n\n<p>The new policy will affect both issuers and investment\nmanagers. Between now and 2022, Brunel will demand that issuers that are \u201cmaterial\nholdings\u201d of the fund take steps to align with the benchmarks set by the Paris\nAgreement to limit global warming. Failure to meet these demands will result in\nvotes against the reappointment of board members, or divestment from Brunel\u2019s\nportfolios.<\/p>\n\n\n\n<p>Similarly, investment managers must demonstrate reduced\nexposure to climate risks, or risk having their mandates removed. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Asset managers &#8220;not fit&#8221; on climate<\/h3>\n\n\n\n<p>Brunel has taken a deep dive into its current investments for climate impact, engaging 130 asset managers and reviewing 530 investment strategies, and has concluded that the asset management industry is \u201cnot fit for purpose\u201d in addressing climate risk.<\/p>\n\n\n\n<p>Addressing the investment management sector\u2019s unsatisfactory\nresponse to date on climate risk, Brunel\u2019s Chief Investment Officer, Mark\nMansley commented, <\/p>\n\n\n\n<p>\u201cClimate change is a rapidly escalating investment issue. We\nfound that the finance sector is part of the problem, when it could and should\nbe part of the solution for addressing climate change. How the sector prices assets,\nmanages risk, and benchmarks performance all need to be challenged.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Clients demanding action<\/h3>\n\n\n\n<p>In Brunel\u2019s statement, the pension manager states that addressing climate risk is a key client demand that the investment industry has yet to meet. According to Chief Executive Officer Laura Chappell,<\/p>\n\n\n\n<p>\u201cOur clients have high ambitions on climate change, but the\nfinance sector does not currently offer a sufficient range or quality of\nclimate-aware products and expertise across all asset classes to meet their\nneeds. We want to enable our clients to integrate climate change mitigation and\nadaptation across their investment strategies in a substantive way.\u201d<\/p>\n\n\n\n<p>The statement went even further, outlining key failings of\nthe investment industry:<\/p>\n\n\n\n<ul><li>\u201cAn emphasis on short-term\nrather than long-term performance, which drives short-term thinking by\ninvestors and companies<\/li><li>An unwillingness by asset\nmanagers to invest in the low carbon economy, especially in areas which depend\non public support or where technologies are perceived to be unproven<\/li><li>Backward-looking investment\nrisk models that are inherently flawed at taking future climate risk into\naccount<\/li><li>Instances of perverse\nincentives and conflicts of interest throughout the system \u2013 not least, the use\nof conventional market-weighted benchmarks to measure performance, when climate\nrisk is not adequately priced by the market<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Five-point plan<\/h3>\n\n\n\n<p>Brunel\u2019s new climate policy is built around a five-point plan:<\/p>\n\n\n\n<ul><li><strong>Policy<\/strong> \u2013 Brunel will encourage policymakers to adopt policies such as a meaningful price on carbon and removal of fossil fuel subsidies.<\/li><li><strong>Products<\/strong> \u2013 Brunel will identify product areas where there is client demand for more innovative products, and invest in their development.<\/li><li><strong>Portfolios<\/strong> \u2013 Brunel will stress-test its portfolios under a range of climate scenarios. It will challenge its investment managers to demonstrate reduced exposure to climate risk and effective corporate engagement that puts companies on a trajectory to align with a 2\u00b0C future. Managers that fail to do so will be replaced.<\/li><li><strong>Positive Impact<\/strong> \u2013 Brunel will report on the proportion of its portfolios invested in the low-carbon transition and on how its portfolios align with the goals of the Paris Agreement.<\/li><li><strong>Persuasion <\/strong>\u2013 Brunel will engage with its material holdings to persuade them to improve their climate management quality, using the Transition Pathway Initiative assessment framework. It will ask its material holdings to advance at least one level on the TPI management quality staircase each year, with the aspiration of all material holdings being on TPI Level 4 by 2022.\u00a0 In cases where companies fail to show progress, Brunel will vote against the reappointment of the Chair and other board members.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">ESG Today highlights and takeaways:<\/h3>\n\n\n\n<ul><li><strong>Ready or not, ESG is going mainstream.<\/strong> While already a more established investment theme in Europe than in the U.S., ESG investing will become mainstream everywhere. Brunel is a member of Climate Action 100+, a group that got a major boost this month when investment behemoth <a href=\"https:\/\/www.esgtoday.com\/blackrock-joins-climate-action-100\/\">BlackRock joined<\/a>. Expect similar actions to Brunel\u2019s in the U.S. over time.<\/li><li><strong>Client demand will be a key driver of ESG investing.<\/strong> Whether or not investment managers are interested in ESG, they are under increasing client pressure to follow sustainability principles in their portfolio allocations. This will continue to drive ESG investment themes.<\/li><\/ul>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-115\" data-postid=\"115\" class=\"themify_builder_content themify_builder_content-115 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n<span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Will divest from companies, remove managers who don\u2019t fall in line Brunel Pension Partnership, a UK pension fund manager with assets of 30 billion pounds, has established a new climate policy, aimed at challenging investment managers and businesses to act on addressing climate change. The new policy will affect both issuers and investment managers. Between [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[3,12,2],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pension Fund Brunel Pressures Managers, Issuers to Act on Climate Change - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension Fund Brunel Pressures Managers, Issuers to Act on Climate Change - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Will divest from companies, remove managers who don\u2019t fall in line Brunel Pension Partnership, a UK pension fund manager with assets of 30 billion pounds, has established a new climate policy, aimed at challenging investment managers and businesses to act on addressing climate change. The new policy will affect both issuers and investment managers. Between [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/\" \/>\n<meta property=\"og:site_name\" content=\"ESG Today\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ESGToday\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-27T17:46:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T11:39:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2020\/01\/london-3-1234472.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Segal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:site\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Segal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/\"},\"author\":{\"name\":\"Mark Segal\",\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/person\/cca7a2b05e3a06d096e5740fb1433a01\"},\"headline\":\"Pension Fund Brunel Pressures Managers, Issuers to Act on Climate Change\",\"datePublished\":\"2020-01-27T17:46:40+00:00\",\"dateModified\":\"2020-05-22T11:39:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/\"},\"wordCount\":754,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.esgtoday.com\/#organization\"},\"articleSection\":[\"Climate\",\"Environment\",\"Investors\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/\",\"url\":\"https:\/\/www.esgtoday.com\/pension-fund-brunel-pressures-managers-issuers-to-act-on-climate-change\/\",\"name\":\"Pension Fund Brunel Pressures Managers, Issuers to Act on Climate Change - 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