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Munich Re

PRI reporting framework 2017

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

C) 実施:ESG問題の統合

FI 14. Integration overview

14.1. ESGを従来の財務分析に統合するアプローチを説明してください。

There is a team of dedicated credit researchers at MEAG in Munich and New York. The credit researchers are obliged to conduct a detailed fundamental credit analysis of the issuer. This involves the evaluation of all available information. As part of this credit analysis, ESG criteria have to be considered. All information available from the MSCI ESG-reports are embedded into the research process and the MSCI ESG rating is part of the final investment memorandum. In addition, the fundamental credit score of the issuer takes into account  ESG risks and opportunities. The investment memorandum has to include an evaluation of ESG criteria being considered and how they have impacted the investment recommendation and credit analysis. Investment summaries are circulated to all fixed income portfolio managers.

MEAG also invests directly in sustainable projects via Infrastructure Debt. In order to select the right projects we integrate the relevant ESG criteria into the analysis/due diligence. The criteria applied depends on the specific project.

14.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

SSA

In addition to the process described above a minimum ESG-rating applies for sovereigns.

社債(金融)

see above

社債(非金融)

see above

証券化商品

see above

14.3. 補足情報 [任意]


FI 15. Integration - ESG information in investment processes

15.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
SSA
社債(金融)
社債(非金融)
証券化商品​
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析を証券ウェイト判断に組み込んでいる
ESG分析をポートフォリオ構築判断に組み込んでいる
ESG分析は組織内の信用格付けまたは評価の標準要素になっている
発行体のESG分析が、投資委員会の標準議題になっている
組織内の調査レポートまたは同様文書で定期的にESG分析が取り上げられる
ESG分析は、進行中のポートフォリオ監視の標準項目に入っている
ESG分析は、すべての組織内の発行体概要または同様文書に含まれる
その他(具体的に記載してください)

15.2. 補足情報 [任意]

ESG criteria are integrated at various stages of the investment process. There is a close collaboration with MEAG's stakeholder Munich Re and ERGO with regard to ESG topics. MEAG regularly informs its stakeholders about the progress and about the increased awareness of ESG issues. As its stakeholders define the responsible investment guideline, strict requirements have to be met.

ESG criteria are also applied for funds managed for third parties (e.g. for trusts, churches).

 


FI 16. Integration - E,S and G issues reviewed

16.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
SSA

E(環境)

S(社会)

G(ガバナンス)

社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

証券化商品

E(環境)

S(社会)

G(ガバナンス)

16.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

SSA

For the classification of sovereigns we use the "ESG country-rating" provided by MSCI. The analysis, which helps to assess country's vulnerability to key ESG risks, includes the screening of controversial practices such as use of child labor or regulatory sanctions. In addition the MSG ESG Manager provides insight into a country's political and social stability as well as its engagement in international treaties and conventions.

社債(金融)

We use MSCI as an external ESG-research provider. For corporates we have access to all  detailed rating reports. Beyond that we use information we directly obtain from companies and publicly available information about E,S and G issues. It is the task of the investment analysis to evaluate the impact of each criterion to assess the risk profile of the investment.

社債(非金融)

Please see above (Corporate financial)

証券化商品

Please see above (Corporate financial)

16.3. 補足情報 [任意]


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