July

Investment Communications – July 2020
As part of our commitment to streamline the communications on IGF updates,
I am excited to share with you the first quarterly investment communications
with the refreshed design.

1.
Approved
Amendments to IGF
Standards and FAQs
1
2
3
4
The Group IC has approved the amendments to following 4 IGF Standards
Disclosures of Interest (DOI) Reporting
Information Controls, Restricted Dealing, Wall-crossing, Deal Sounding and Market Misconduct
Investment Compliance – Monitoring and Assurance
Pricing
Please click on here to know the details of the approved amendments, which will take effect on
1 November 2020.
1
2
New FAQs on
Investment Authorized Persons and Investment Approval Authorities
Voice Recording
are also issued by the Referees to provide interpretations to the corresponding IGF Standards.
You may access to Corporate Policy Portal for the latest approved IGF Standards, FAQs and
AIA Investment Governance Framework Compendium and Playbook .

2.
Proposed
amendments to
IGF Standards and
IGF Requirements
regarding
derivatives
1
2
3
The Referees of the IGF Standards have
proposed amendments to the below
standards
Reference Index Selection and Approval
ESG
Derivative related IGF Standards
To facilitate your preparation, the Group L&G
team has uploaded the proposed amendment
IGF Standards on the SharePoint repository
Please send any comments using the attached
template to Michelle Tang and Rina Pang by 17
July 2020. Your comments and feedback are
very much appreciated.

3.
IGF+ : Consolidation
of IGF Standards
Since the launch of the IGF in 2016, valuable feedbacks are received from Group and Business Units stakeholders to improve
the efficiency in administering the IGF. IGF+ was launched in late 2019 with some improvements already implemented through
1H 2020. I am very excited to announce the upcoming consolidation of the IGF Standards, from 49 to 12 IGF Standards.
Summary of key changes:
The existing 49 IGF Standards, together
with 2 new topics, will be grouped into
12 IGF Standards, according to the
below mapping.
The 12 IGF Standards covers the
lifecycle of the Investment and also
specific areas that are fundamental to
the IGF. Subjects that are relevant and
related will be grouped under the same
Standard.
Existing requirements of the subjects
will mostly remain unchanged, except
for bringing additional clarity to
different type of users.

Implementation and
Timetable:
The drafting of 12 IGF Standards by Group Investment L&G
are now available for your review and comments, please
click here to review. Please send any comments using the
attached template to Michelle Tang and Rina Pang by 17
July 2020. Your comments and feedback are very much
appreciated.
The 12 IGF Standards will be tabled for Group IC approval in
mid-August 2020 and will be communicated with you in the
following quarterly communication.
In scope entities will have a 12-month transition period to
implement the changes to their policies and procedures (if
applicable). BUs can decide to implement through the
Addendums or have 12 standalone Investment Policies.
AMCs shall implement through standalone Investment
Policies.
Briefing Session of the new IGF+ Standards will be held on 7
July via Microsoft Teams. Invitation will be sent out shortly.

The Standard Consolidation
2. Asset
Architecture
3. Real Estate
4. Oversight
5. Regulatory
1. Foundational
Analytics &
Structuring
6. Pre-Trade
12. Continuous
Improvement
7. Decision
Making
11. Reporting &
Performance
10. Post-Trade
Monitoring
9. Execution,
Settlement &
Reconciliation
8. Pre-Trade
Controls
The 12 IGF
Standards

Proposed
Consolidation
of Subjects
into 12
Standards
1.1 Business Unit Investment Committee Responsibilities
1.2 AMC/CIS Board Responsibilities
1.3 Business Unit and AMC Policies and Procedures
1.4 AMC/CIS Policies and Procedures
1.5 IGF Certification Requirements
1.6 Segregation of Duties
1.7 Double Hatting
1.8 Investment Authorized Persons and Investment Approval Authorities
1.9 Information Controls
1.10 Personal Dealing
1.11 Investment Training
1.12 Investment Resource Review
1.13 Counterparty Documentation
1.14 Investment Recordkeeping
1.15 Investment Repository
1.16 Business Continuity Plan Requirements
2. Asset
Architecture
2. Asset
Architecture
1. Foundational
1. Foundational
2.1 AIA Investment Glossary
2.2 AIA Asset Hierarchy
2.3 Mandates
2.4 Mandate and Composite Controls
2.5 Reference Index Selection and Approval
2.6 New Asset Classes & Instruments
3.1 Construction Management
3.2 Real Estate Asset Management
3. Real 3. Real Estate Estate
4. Oversight 4. Oversight
The Proposal
4.1 Ongoing Investment Review
4.2 Investment Outsourcing
4.3 Investment Governance and Controls Plans
4.4 Investment Project Management
4.5 Voice Recording
5.1 Licensing
5.2 Regulatory Reporting
5.3 Regulatory Communication
6.1 Credit Rating Framework Implementation
6.2 Research Process (Fixed Income and Listed Equites)
5. Regulatory
5. Regulatory
6. Pre-Trade
6. Analytics Pre-Trade &
Structuring Analytics &
Structur

12. Continuous
Improvement
12. Continuous
Improvement
11. Reporting &
Performance
11. Reporting &
Performance
10. 10. Post-Trade Post-Trade
Monitoring Monitoring
12.1 Error Handling and Reporting
12.2 Breach Handling and Reporting
12.3 Investment Operational Risk and Control Assessment
12.4 Quality Assurance
12.5 Disciplinary Requirements
12.6 Complaints Handling
11.1 Performance Measurement
11.2 Pricing
11.3 Disclosures of Interest Reporting
11.4 Investment Committee Reporting
11.5 AMC / CIS Board Reporting
10.1 Post-trade Set-Up, Maintenance, and Monitoring
10.2 Investment Compliance - Monitoring and Assurance
9. 9. Execution, Execution,
Settlement Settlement & &
Reconciliation
Reconciliation
8. Pre-Trade
7. Decision
7. Decision Making
aking
8. Pre-Trade
9.1 Order Management & Execution
9.2 Commission Sharing Agreement
9.3 Settlement
9.4 Custody of Assets
Controls
Controls
8.1 Pre-trade Control Set-Up and Maintenance
8.2 Group-wide Investment Limits
8.3 First Line Credit Limit Allocation
8.4 Cross Trades
8.5 FATCA
8.6 Trading in AIA Securities
7.1 Investment Process
7.2 Tactical Asset Allocation Decisions
7.3 Derivative Advisory
7.4 Environmental, Social and Governance
7.5 Restricted Dealing, Wall-crossing and Deal Sounding
7.6 Market Misconduct
7.7 Proxy Voting
The Proposal

5.
Investment
Operating Model
& Annual Training
As the investment operating model continues to evolve we
have reviewed and updated the Investment Operating
Model site to ensure the know-how are captured and
up-to-date.
This ties in well with the annual training requirements
under the IGF and Group L&G will be reaching out to BU
CIOs and AMC CEOs to conduct the Train-The-Trainers
sessions shortly. After that the trainers will provide the
training to the first line colleagues, follow up with the
updated Investment Operating Model quiz in Workday.

6.
Adherence
Review
As we are approaching the second half of the year, Group Investment L&G would like to remind you it is
important to adhere to AIA Investment Standards at all times. Take prompt action to apply for exception if there is
any foreseeable difficulties in adopting new or amendments to AIA Investment Standards before the respective
Standard Effective Date.
In addition, Group Investment L&G will soon be performing the annual Adherence Review to the IGF for each of
the in-scope entities, covering IGF Standards that are in effect as of 30 September 2020. The Corporate Policy
Governance (CPG) Standard allows AIA Business Units, AMCs and Group Investment to utilise the Basic Adoption
or the Modified Adoption methods, by using an Addendum to implement IGF Standards. Details can also be
found in the briefing session of the Investment Governance Framework (IGF) and Corporate Policy Governance
(CPG) Integration in this communication.
Folder “14. GIPS related Documents” has been newly created on the respective in-scope entities’ folder on
SharePoint to facilitate information segregation. You are also reminded to always follow the timeframe to upload
documents to the respective folders in the Group Investment SharePoint according to the Investment Repository
Standards.
Thank you.
Dr. Mark Konyn
Group Chief Investment Officer