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Mason: That is a role for asset owners. It is about incorporating these things into your regular processes. We have incorporated questions on diversity and dignity at work into our operational due diligence. Manuel: The second version of our annual survey on responsible investment attitudes and beliefs high- lighted that the importance of responsible investment has accelerated among investors, particularly in the UK. More schemes have a policy now, but the one bit that has not moved on is the extent it impacts on manager selection. Investors were asked if they would sack an outperforming manager who was not living up to their responsible investment expectations. Less than one in 10 said they would. Most of these investors who said they would were in the UK and the EU, hardly any in North America. While there is more clarity on beliefs and policy, it is not clear that that is filtering down to the way port- folios are being built. Bhatia: A problematic feature is that if you have a liquid fund it is easy to divest. In private markets if you are locked in for two to 10 years, it is difficult for investors to have that bargaining chip to withdraw their investment. After we make an investment, we go on a journey with those managers to urge them to create invest- ment advisory boards, which we take a seat on. So we are having constant meetings and not just monitoring per se. Investors can get into a trap of being passive and just getting quarterly reports, but we try to be more influential. Mason: For us, it is about having confidence in a manager and there are many dimensions to that, such as financial performance.


16 November 2019 portfolio institutional roundtable: Responsible investing


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