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Colonial First State Global Asset Management (including First State Investments)

PRI reporting framework 2016

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG issues

(C) Implementation: Integration of ESG issues

LEI 10. Review ESG issues while researching companies/sectors

10.1. アクティブ戦略において企業やセクターを調査する際、ESG問題を見直しているかどうかについて記載してください。

ESG問題

これらの問題の見直しの対象および程度について説明してください

E(環境)

Environmental

S(社会)

Social

コーポレートガバナンス

Corporate Governance

10.2. 補足情報。 [任意]

Six of the investment teams review of the significance of ESG issues, while one team does, and our smart beta team does not currently review or incorporate these issues into their company analysis due to the nature of their investment process. 


LEI 11. Processes to ensure integration is based on robust analysis

11.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

          Quarterly reporting to Global Investment Assurance Committee
        

11.2. ポートフォリオマネージャーがどのようにESG情報を保管・使用しているかについて説明してください。

11.3. 補足情報。

Of the eight listed equity teams, seven use a centralised database, seven teams have a standard section of stock notes dedicated to ESG, and three teams maintain systematic records of how ESG information was incorporated into the investment decision-making process.


LEI 12. Aspects of analysis ESG information is integrated into

12.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。

12.2a. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

12.3. ESG情報をポートフォリオの構築にどう統合しているかを説明してください。

Three teams reported adjustments to valuation tools and two teams reported adjustments to income forecasts. Four teams do not make these types of adjustments but instead reported that it was implied or captured in quality assessments which influenced portfolio weights. For example one of our teams reported that:

"ESG analysis is integrated into our investment process through our quality assessment and ranking model. This model consists of 25 criteria that influence stock returns in general and infrastructure securities in particular. A score is assigned to each criterion. A lower quality score makes it harder for a stock to be included within the overall portfolio. ESG criteria account for 20% of the overall quality score."

While another reported that:

"ESG information is not explicitly integrated into fair value analysis. We regard each of the areas within ESG as broadly equivalent in importance and avoid investing in companies which cannot demonstrate that they meet appropriate standards or who are not making clear progress towards meeting them in the context of their operating environment."

12.4a. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

Three teams reported adjustments to valuation tools and two teams reported adjustments to income forecasts.

Four teams do not make these types of adjustments but instead reported that it was implied or captured in quality assessments which influenced portfolio weights. For example one of our teams reported that:

"ESG analysis is integrated into our investment process through our quality assessment and ranking model. This model consists of 25 criteria that influence stock returns in general and infrastructure securities in particular. A score is assigned to each criterion. A lower quality score makes it harder for a stock to be included within the overall portfolio. ESG criteria account for 20% of the overall quality score."

While another reported that:

"ESG information is not explicitly integrated into fair value analysis. We regard each of the areas within ESG as broadly equivalent in importance and avoid investing in companies which cannot demonstrate that they meet appropriate standards or who are not making clear progress towards meeting them in the context of their operating environment."

12.2b. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

12.4b. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

Three teams reported adjustments to valuation tools and two teams reported adjustments to income forecasts. Four teams do not make these types of adjustments but instead reported that it was implied or captured in quality assessments which influenced portfolio weights. For example one of our teams reported that:

"ESG analysis is integrated into our investment process through our quality assessment and ranking model. This model consists of 25 criteria that influence stock returns in general and infrastructure securities in particular. A score is assigned to each criterion. A lower quality score makes it harder for a stock to be included within the overall portfolio. ESG criteria account for 20% of the overall quality score."

While another reported that:

"ESG information is not explicitly integrated into fair value analysis. We regard each of the areas within ESG as broadly equivalent in importance and avoid investing in companies which cannot demonstrate that they meet appropriate standards or who are not making clear progress towards meeting them in the context of their operating environment."

12.5. 補足情報。


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