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GEROA PENTSIOAK E.P.S.V. de EMPLEO

PRI reporting framework 2017

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.4. Indicate what norms you have used to develop your investment policy that covers your responsible investment approach.

01.6. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

OUR COMMITMENTS TO SOCIALLY RESPONSIBLE INVESTMENT:

 - TO INTEGRATE ENVIRONMENTAL, SOCIAL AND GOOD GOVERNANCE ISSUES into decision-making processes and asset management practises.

The Socially Responsible Investment policy has been established, which is reviewed on an annual basis. It complements the companies' fundamental analysis, and binds us to create an investment universe with strict environmental, social and good corporate governance standards for each asset type.

To do so, we exclude by country, activity and product. Additionally, we use the ESG rankings published by Sustainalytics and RobecoSAM, as well as publications and reports from specialised press or the company's own (sustainability reports, records, etc.) to analyse companies and position them in their ranking with their comparable companies.

 -RISK MANAGEMENT. We shall also monitor financial risks inherent to the markets and assets in which we invest, environmental, social-labour and good governance risks, in order to select the companies with a good profitability/risk ratio mid-to-long term, in conjugation with our entity's social responsibility values.

-ACTIVE SHAREHOLDERS: We exercise our right to vote in companies in which we invest and have a holding over a certain level, on behalf of the interests of our shareholders, always working toward long-term sustainability in companies and heeding environmental, social and labour and good governance criteria.

-AWARENESS: The importance of socially responsible investment to adapt the investment management sector to requirements of promoting corporate responsibility, sustainability, financing real economy, long-term return and transparency.

SRI is another tool to promote responsible policies in entities invested in, since it takes the interests of the interested parties into account (workers, consumers, civil society), as well as long-term sustainability for companies and the measures implemented for efficient use of natural resources and environmental protection.

SRI bears financial and extra-financial (environmental, social and labour and good governance criteria) in mind to obtain financial profitability for the shareholder, as well as a positive impact on society and the environment.  Socially responsible investment must not be confused with solidarity-oriented or not-for-profit investments.

-CREATE AN INDUSTRIAL NETWORK IN GIPUZKOA AND THE BASQUE COUNTRY.  We believe that it is our duty as institutional investors to contribute to the development of our economy by investing in companies near us. To this end, in addition to investment in listed securities of companies close to us, we have 3 lines of action in this regard.

1) We support partners in our entity with an entrepreneurial project.

2) We invest in recently-created or local start-up companies.

3) In collaboration with another Voluntary Social Welfare Entity, ORZA AIE was created. This is a direct investment entity that deals with the acquisition of shares in businesses.

This holding is channelled for company expansion projects, MBO and MBI operations, to resolve corporate succession issues or to replace minority shareholders. It participates in managing its shares with an active presence on Boards of Administrators, providing knowledge, contacts and relationships between shareholders that can create decisive synergies.   ORZA, AIE.'s aim is not short-term. This is a partner who aims to stay longer than Venture Capital entities. This is a partner who can finance successive phases of growth for a company.

OUR SOCIALLY RESPONSIBLE INVESTMENT POLICY

GEROA PENTSIOAK EPSV has established SRI policies for each kind of asset. Minimum ESG aspects are established for each one of the sub-groups and different screening strategies are used for each one of them:

1) Fixed income on public debt and governmental bodies (excluding Fixed Income Funds or ETFs): exclusion by country according to the Human Development Index (HDI) of the United Nations.

At minimum, 95% should be issued in countries that are classified with a high or very high HDI.

2) Corporate Fixed Income, convertible bonds and Equity (excluding Fixed Income or Equity Funds or ETFs): exclusion by country according to the United Nations' HDI, exclusion by activity or product and analysis of rankings by Sustainalytics and RobecoSAM to analyse companies and position them according to their comparable companies.

At minimum, 95% should be issued in countries that are classified with a high or very high HDI.

We do not invest in companies whose main activity is tobacco production, pornography or gambling.

Geroa Pentsioak EPSV commits to that at least 50% of the investment in corporate fixed income  and equity in the first 3 percentiles.

3) Funds (Equity, Fixed income, Thematic...), ETF and investments through Venture Capital companies: Analysis of SRI policies used by management entities and subscriptions to different initiatives (UNPRI, GRI...).

At minimum, 75% of the investments shall be made through entities who have implemented ESG policies in their investment processes, or who are UNPRI signatories.

4) Deposits, current accounts, savings accounts, fixed-term deposits, currency and similar: Analysis of financial entities through ESG rankings by Sustainalytics and RobecoSAM.

At least 75% must have an ESG rating by Sustainalytics or RobecoSAM.

5) Structured products and derivatives: Analysis of issuing financial entities through ESG rankings by Sustainalytics and RobecoSAM.

At least 75% must have an ESG rating by Sustainalytics or RobecoSAM.


SG 02. Publicly available RI policy or guidance documents

New selection options have been added to this indicator. Please review your prefilled responses carefully.

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

02.4. Additional information [Optional].


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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