AP2, CPP Investment Board, Legal & General Investment Management, MainePERS and Sarasin & Partners LLP were recognized for their excellence in stewardship practices for capital allocation and management by the International Corporate Governance Network at a virtual summit on November 3.
The ICGN represents investors with $ 59 trillion in assets under management.
The network, whose global management principles provide an international framework for investors to implement their fiduciary obligations on behalf of clients and beneficiaries, describes stewardship as focusing on long-term value creation, including consideration of relevant ethical, social and environmental factors and systemic risks, which leads to lasting benefits for the economy, environment and society.
The rewards program, launched in 2018, involves independent judges evaluating applicants based on their policies and management design, with an emphasis on the quality of their implementation. In addition to good design and accessibility, the award judges look for features that make stewardship disclosures “more interesting and engaging to the reader,” according to the ICGN criteria.
The 2021 awards for global stewardship disclosure by owners of assets under $ 60 billion went to the Swedish AP2 in Gothenburg, with SEK 421.2 billion ($ 49.4 billion) assets, and the $ 18 billion Maine public employee retirement system, Augusta.
The award for the largest asset owners went to the Canada Pension Plan Investment Board in Toronto of C $ 519.6 billion ($ 419.4 billion). This was the second time that CPP received this award.
Similar awards for asset managers were awarded to LGIM and Sarasin & Partners, both in the UK
ICGN members are automatically eligible to be considered for an award, and other asset owners and asset managers can nominate themselves as long as their disclosures clearly explain management approaches and betting practices. implemented.
Phil Armstrong, chairman of the awards committee, said in an announcement on the winners that this year’s nominations represented an increasingly widespread application of investor management beyond capital markets in Europe and North America. and improved quality.
MainePERS IOC James Bennett said in the same announcement that the pension fund “views a commitment to high standards of transparency and disclosure as the foundation upon which effective asset management is built.”
Ulrika Danielsson, head of communications and corporate governance at AP2, said the award spurred the fund “to further develop the way we disclose what we do. Especially in an age when new reporting standards are on the way, this can be quite difficult. “
For Richard Manley, Chief Executive Officer of CPPIB and Head of Sustainable Investing: “Transparent and reliable disclosure is essential to maintain and increase the trust of the 20 million Canadians we serve, as well as the trust of our global partners and partners. of our peers, ”he said in the ad.