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Impax Asset Management

PRI reporting framework 2017

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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​

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]


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。

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。[任意]

We analyse company governance aspects from a country-perspective, as governance is mainly driven by local codes, rules, traditions etc. We look for potential outliers from a country-perspective.

We analyse company environmental and social aspects from a sector-perspective. We have determined what the most material environmental and social risks are for our sub-sectors and analyse how well companies address these risks through effective management systems and processes. We are minded that companies do not necessarily "fit well" into industry/sector groups and company activities are analysed for most material risks.  

We identify any controversies that companies have faced.

We write an ESG-write up and these elements are the basis for our proprietary ESG-rating. We review the ESG analysis and score on an annual basis or if a material event occurs.  

The ESG-ratings are available for the entire investment team in our market data provider system, in the universe and investable universe databases and in the risk management and portfolio review as well as portfolio construction materials.

ESG issues are a standing agenda item at the weekly Investment Committee meetings and during the weekly portfolio review meetings for the various listed equity strategies.


LEI 12. Aspects of analysis ESG information is integrated into

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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や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。

  • We have established the material ESG-risk criteria at the sub-sector levels.
  • Our ESG-analysis is very focused on the operational management of the company, as well as its governance structures, internal control and e.g. accounting and tax practices.
  • Policy and regulatory issues facing companies are an important part of our ESG-analysis.
  • Company strategy is a very important aspect of analysis and in our view companies that thoroughly understand their main ESG-risks and have strong sustainability processes in place to address these, are much better positioned and resilient in the face of challenges.
  • Our portfolio construction process takes ESG into account; companies with some ESG-weakness (scoring "fair") have their position sizes capped in the portfolios for risk management purposes, while the companies scoring strongly on ESG, give conviction to the lead analyst / portfolio manager.  

 

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。

We have made some early work on applying a higher WACC (weighted average cost of capital) on companies with higher company or sector-specific ESG risks.

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。

We have made some early work on applying a higher WACC (weighted average cost of capital) on companies with higher company or sector-specific ESG risks.

12.5. 補足情報。


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