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€18.8bn fund seeks governance expertise

IRELAND - The National Treasury Management Agency (NTMA), the Dublin-based asset and liability management arm of the Irish Government, has issued a mandate for shareholder engagement and proxy voting services.

The NTMA, which manages Ireland's National Pensions Reserve Fund (NPRF), requires the services across the Fund's €14.5bn global equity portfolio in order to incorporate environmental, social and corporate governance factors into its overall management.

"These services are being sought as a means of protecting and enhancing the long-term value of the fund, consistent with the fiduciary duties associated with equity ownership and long-term investing," the NTMA announced.

The services are to be implemented within the context of the United Nations' Principles for Responsible Investment (PRI), to which the fund is a signatory since April last year, "and in a manner consistent with the fund's overall investment philosophy and investment strategy," the Agency added.

The proxy voting activities will include the development of a customised policy and guidelines and the shareholder engagement activities will include engaging in dialogue with companies with regular reporting of activity and an assessment of the effectiveness of the engagement activity. 

The deadline to send in requests to participate is March 6 and the award will go to the most economically advantageous tender, according to the agency.

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