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World Bank Group Retirement Benefit Plans

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. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類、対象を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲
          ESG Policy
        

other (2) description

          Investment Beliefs
        

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の責任投資アプローチをカバーする投資ポリシーの策定時に使用した基準を明示してください。

other (1) description

          Based on comprehensive review of peers’ policies and practices, informed by PRI principles and recommendations (in various technical docs), through consultations with expert practitioners.
        

01.5. 組織の投資原則および全体の投資戦略、ならびに、ESG 要因および実体経済の影響をどのように考慮に入れているのかについて説明して下さい。

The Plan’s investment policy outlines the Plan’s investment objectives and the framework used in defining the Plan’s strategic asset allocation (SAA).  Asset volatility risk together with downside risk measures are considered the key indicators of the Plan’s overall investment risk and define the Plan’s overall risk appetite to pursue investment returns.

The Plan’s assets are diversified across a variety of asset classes. Investments within each asset class are further diversified across funds, managers, strategies, geographies, and sectors to limit adverse impact from individual investments. 

The Plan’s ESG policy aims to meaningfully integrate ESG factors into the investment decision-making process, to the extent these can materially affect the risk-return profile of the Plan’s investments. The Plan's oversight committee reviews periodically the Plan's approach to ESG.

The following set of investment beliefs underpin the Plan’s investment policy:

  • Plan liabilities should be explicitly considered.
  • Investment strategies should be developed based on forward-looking insights.
  • Diversification across less correlated risk factors improves portfolio risk-return profile.
  • Illiquidity risk is rewarded over the long term.
  • The SAA drives investment performance over the long run.
  • Consideration of ESG factors can enhance the investment process through a better understanding of risks and opportunities.

01.6. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。 [任意]

The Plan has a responsible investment policy in place since 2004. This policy has been regularly reviewed in light of new developments in responsible investing, or as part of regular strategic discussions. More recently, the Plan’s oversight committee approved in July 2014 an updated and reinforced policy on ESG integration based on a principled and pragmatic approach in accordance with the fiduciary standard applicable to the administration and investment of Plan assets, and endorsed an investment approach that encompasses an informed consideration of ESG risks and opportunities underlying plan investments, where such issues are material and relevant.

Thus, the Plan’s ESG Policy is based on the following principles:

  1. It is important for the Plan – as long-term investors and asset owner – to integrate environmental, social and governance (ESG) factors in the overall investment decision-making process.
  2. Consideration of ESG factors, including but not limited to environmental practices, worker safety and health standards, and corporate governance, can add value to the Plan’s investment process, and can affect the assessment of the risk and return characteristics of investments, even as the relative importance of these factors can vary across asset classes, industry sectors, geography, time, and structure of the investment opportunities.
  3. Commitment to encouraging external managers that manage plans assets to adopt policies and practices that enhance good governance and long-term corporate financial performance.

In the context of the objective of seeking the best risk-adjusted returns compatible with its risk profile and in line with the applicable fiduciary standards, staff implement this policy and its underlying principles by, inter alia:

  1. Integrating ESG factors into investment and risk analysis.
  2. Taking into account ESG factors in due diligence, manager selection, structuring and monitoring of investments and assessment of portfolio risks in asset classes and investments, particularly where such factors are considered likely to be significant, and in keeping with applicable regulatory standards, industry norms and investment best practices.
  3. Staying abreast of evolving developments and best practices by engaging with and reaching out to like-minded institutional investors and asset owners, and by collaborating on improved and greater ESG-related disclosures.

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. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 組織の投資原則および全体の投資戦略が公表されているかどうかについて明示して下さい。

02.4. 補足情報。 [任意]

Comprehensive information and full documentation on the Plan’s Investment Policy, Investment Beliefs and ESG Policy is available to beneficiaries through a secure website. This interface allows beneficiaries to access all information and documents on the Plan’s governance, investments, funding, pension benefits and annual reports.

Summary information of relevant elements of these policies have been made available to the wider public online via the link provided above. This information may be expanded in the future as further relevant information is collected and compiled for public reference through the implementation of the Plan’s responsible investment and ESG policy.

In addition, we actively participate in various investment fora, disclose and promote our investment beliefs during our engagement with other pension plans and asset owners, including through advisory activities undertaken by the Plan's sponsor.


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

We follow below mentioned policy, guidelines and trainings for managing potential conflict of interest which include:

- Internal staff rule which specifically covers how to avoid and manage conflict of interest.

- Annual financial disclosure policy for staff over a certain grade level.

- Mandatory ethics training.

- Follow the CFA institute code of ethics.

03.3. 補足情報。 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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