The Utilities Trust of Australia ("UTA") has been rated by GRESB as one of the top ten infrastructure funds globally, and the leading fund in Oceania.
Launched in 2009, GRESB is the global benchmark for assessing the ESG performance of real assets and investment managers in this sector. GRESB assessments are focused on the most material issues in sustainable performance for real asset investments and portfolios.
They are aligned with international reporting frameworks such as the Global Reporting Initiative (GRI) and the UN supported Principles for Responsible Investment (PRI).
UTA achieved a 95% score against an average of 80% for its peer group of 106 participating infrastructure funds globally.
All but one of UTA's investee businesses achieved outstanding GRESB results this year, with ratings over 90%. Perth Airport, Phoenix Natural Gas, Australian Registry Investments achieved sector leading positions. The Sydney Desalination Plant and Perth Airport both improved their GRESB scores by 18% and 19% respectively, each achieving a 5-star GRESB rating.
Gordon Hay, Head of Core Infrastructure for Morrison & Co, said, "ESG-related factors can be a significant source of potential risk and opportunity for infrastructure assets. We are delighted with these excellent results, which validate the importance we place on managing ESG factors as an integral part of our investment and asset management processes.
"Our investors expect us to report on the ESG performance of our funds and their assets in a transparent and meaningful way, and GRESB provides the most comprehensive independent tool to do so on an absolute and relative basis globally."
Jon Collinge, Sustainability Director at Morrison & Co added, "We are strong proponents of independent ESG benchmarking to provide a robust measure of performance, alongside the analysis we undertake to assess progress against our ESG goals."
Morrison & Co’s Responsible Investment Strategy has driven active engagement with investee entities, supporting the significant progress of its responsible investment approach at both the fund level and the asset level.
Morrison & Co focuses on four areas to enhance UTA's responsible investment approach:
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Maintaining a contemporary ESG strategy that responds to emerging risks and opportunities
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Working towards Net Zero by 2050
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Embedding good diversity, inclusion and wellbeing approaches
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A transparent approach to reporting on ESG performance, including the use of external benchmarking, externally validated sustainability reporting, and reporting on the potential financial consequences of climate change in alignment with the recommendations of the Taskforce for Climate-related Financial Disclosures (TCFD).
GRESB assessments are focused on the most material issues in sustainable performance for real asset investments. They are aligned with international reporting frameworks such as the Global Reporting Initiative (GRI) and the UN supported Principles for Responsible Investment (PRI).
The GRESB Infrastructure Fund Assessment was launched in 2015 and includes 17 indicators covering relevant ESG systems and processes, including foundational plans and policies, leadership and accountability, engagement strategies, communications processes, risk management and stakeholder engagement.
The 2021 results included the following achievements for investee assets and funds managed by Morrison & Co on behalf of its clients:
Infrastructure Fund Leader, Oceania (global portfolio): Utilities Trust of Australia
Infrastructure Fund Most Improved, Oceania (global portfolio): Infratil Ltd
Infrastructure Asset Sector Leader: Perth Airport
Infrastructure Fund Leader, Oceania (domestic portfolio): Queensland Airports Limited
Infrastructure Asset Most Improved: Sydney Desalination Plant and Auckland Prison
For more information, https://gresb.com/nl-en/2021-infrastructure-assessment-results/