Code for responsible investing by institutional investors in south africa

CRISA is applicable to institutional investors like pension funds and insurance companies, as well as its service providers. However, it is the institutional investor who bears accountability to their ultimate beneficiaries as a result of their legal fiduciary duties owed to these beneficiaries. Service providers are defined as those who act under a mandate of the institutional investor in respect of any of the investment decisions and investment activities dealt with in CRISA, including any asset and fund managers and consultants.

An institutional investor should demonstrate its acceptance of ownership responsibilities in its investment arrangements and investment activities. An institutional investor should recognise the circumstances and relationships that hold a potential for conflicts of interest and should proactively manage these when they occur. Institutional investors should be transparent about the content of their policies, how the policies are implemented, and how CRISA is applied to enable stakeholders to make their informed assessments.

CRISA proposes that the following policies be disclosed publicly by institutional investors and its service providers: 1. A policy on the incorporation of sustainability considerations into investment analysis and investment activities as set out in principle 1. A policy with regard to ownership responsibilities as set out in principle 2. A policy on the identification, prevention and management of conflicts of interest as set out in Principle 4. Collective investments are calculated on a net asset value basis, which is the total market value of all assets in the portfolio including any income accruals and less any deductible expenses such as audit fees, brokerage and service fees.

Actual investment performance of the portfolio and the investor will differ depending on the initial fees applicable, the actual investment date, and the date of reinvestment of income as well as dividend withholding tax. Past performance is not indicative of future performance. Forward pricing is used. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio.

The performance of the portfolio depends on the underlying assets and variable market factors. Lumpsum investment performances are quoted. The portfolio may invest in other unit trust portfolios which levy their own fees, and may result in a higher fee structure for our portfolio.

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The updates suggested in the consultation draft are derived and aligned with various other approaches and principles. They aim to have impact, innovation, inclusion and resilience as outcomes of the implementation of the code. In fact, the original intent of the CRISA Code in to focus particularly on institutional investors, came out of the deliberations around the evolution of the King codes which set the world standard in terms of good corporate governance. The importance of institutional investors in responsible investing cannot be emphasised enough, given their share of the market.

It is not however just the market share that is important, but also the fact that institutional investors represent many working-class people, through investments made by pension funds, insurers etc. With much of the narrative being strongly driven by the climate change imperative, it is essential to recognise that broader sustainability issues also need to be considered, such as job creation, transformation and localisation.

The concept of six capitals and putting value on more than just financial issues, continues this approach. This expands the scope to related sectors and players of all sizes in the investment value chain and to foreign investors active in South Africa. The inclusion of implementation and reporting recommendations gives more detailed and clear guidance to those that apply the code. Broadening the scope will ensure that investors have a ripple effect and influence adjacent and related market participants.

CRISA refers to the increasing need for good governance, particularly in South Africa given some notable governance failures. The emerging need is for investors to scrutinise investments more closely in South Africa and globally, to manage this significant risk.

Given that in some cases, the regulatory oversight of investors is less rigorous, the role of self-regulation and stewardship is doubly important. Putting the comments on the specifics of revisions to the CRISA code aside, there is a bigger question around whether the code itself is adding value to the responsible investor in South Africa.

There are two global trends that should be noted with respect to ESG integration and reporting. Firstly, there is a move towards harmonising ESG reporting requirements at a global level to align the various approaches and reduce the reporting burden on business of the plethora of ESG reporting standards, and their differing requirements.

In , the Carbon Disclosure Project, Climate Disclosure Standards Board, Global Reporting Initiative, International Integrated Reporting Council and Sustainability Accounting Standards Board began to collaborate on developing a joint or at least interoperable corporate reporting system in an attempt to begin this journey.

They are also driving simplification and alignment and believe that these metrics will apply regardless of sector, geographic location and economic status. These are two recent initiatives, but there are many others all calling for a rationalisation of ESG measures whether they be voluntary or legislated. There are obvious areas of differentiation, but the question is whether sector voluntary reporting or sovereign regulation can accept a global norm and manage only the expected differences at a local or sectoral level.

The benefit is significant to not only companies that have to report or work across a number of different requirements, but also for investors who can then make easy and normalised comparisons between projects and companies. The Code requires such a policy to also detail the approach to voting at shareholder meetings, including the criteria to be used in reaching voting decisions and public disclosure of full voting records. Controls should also be introduced by the institutional investor to prevent insider trading as defined by the Security Services Act.

Principle 3 — Where appropriate, institutional investors should consider a collaborative approach to promote acceptance and implementation of the principles of CRISA and other codes and standards applicable to institutional investors. Institutional investors are encouraged to work with other shareholders, service providers, regulators, investee companies and ultimate beneficiaries to promote CRISA and sound governance. Principle 4 — An institutional investor should recognise the circumstances and relationships that hold a potential for conflicts of interest and should pro-actively manage these when they occur.

Institutional investors are encouraged develop a policy on prevention and management of conflicts of interests and establish processes to monitor compliance with this policy. Principle 5 — Institutional investors should be transparent about the content of their policies, how the policies are implemented and how CRISA is applied to enable stakeholders to make informed assessments. The Code requires institutional investors to fully and publicly disclose to stakeholders at least once a year to what extent the Code has been applied.

If an institutional investor has not fully applied one of the Principles of the Code, the reasons should be disclosed.

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