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Norwegian Government Pension Fund Global (Norwegian Ministry of Finance and Norges Bank Investment Management)

PRI reporting framework 2017

Export Public Responses

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ESG incorporation in actively managed listed equities

Implementation processes

LEI 03. Percentage of each incorporation strategy

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

03.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

03.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

Primary reasons for choosing particular ESG incorporation strategy, include:
- Portfolio size
- Portfolio time-horizon
- Portfolio diversification

The three ESG incorporation strategies have the following coverage in the portfolio:

- Screening: Various screening tools are applied, some are portfolio wide, and some are more sector relevant
- Thematic:  Environment related investment mandates, totalling 53.8 billion Norwegian kroner NAV at 31.12.2015 and green bonds portfolio of 5.7 billion Norwegian kroner at 31.12.2015
- Integration: In general, integration applies to 100 % of the fund's listed equity portfolio.

03.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

LEI 04. Type of ESG information used in investment decision (Private)

LEI 05. Information from engagement and/or voting used in investment decision-making (Private)

(A) Implementation: Screening

LEI 06. Types of screening applied

06.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




The Ministry of Finance has appointed the Council on Ethics for the Government Pension Fund Global, an independent council established to research and evaluate companies and provide recommendations on exclusion or observation ( The recommendations are based on either product or conduct, and are described on the Ministry's web pages:

The Executive Board of Norges Bank decides on observation and exclusion of individual companies, based on a recommendation from the Council on Ethics. In such cases, the Bank may also consider using other tools in its ownership work. The aim is to establish a unified chain of available tools for responsible investment management.

NBIM may also choose not to invest in certain companies or groups of companies/sectors. NBIM has gradually increased the scope of risk-based divestments, both geographically and thematically. In total, NBIM have divested from 187 companies in the past four years. There is a specific process within NBIM where countries are approved ahead of investments. More information is given in the report on "Responsible Investment 2015":


          Criteria for exclusion endorsed by the Norwegian parliament if there is an unacceptable risk of conduct that is considered grossly unethical.


Criteria for observation and exclusion that have been endorsed by the Storting – the Norwegian parliament. These criteria relate to

1) specific product types and entail that the fund must not invest in companies which themselves, or through entities they control, produce weapons that violate fundamental humanitarian principles through their normal use, produce tobacco, or sell weapons or military material to certain countries.

2) if there is an unacceptable risk of conduct that is considered grossly unethical.

06.2. スクリーニング基準の設定方法、基準の見直し頻度、基準の変更を顧客や受益者に通知する方法について説明してください。


LEI 07. Processes to ensure screening is based on robust analysis

07.1. スクリーニング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選択してください。

07.2. 補足情報。 [任意]

LEI 08. Processes to ensure fund criteria are not breached (Private)

(B) Implementation: Thematic

LEI 09. Types of sustainability thematic funds/mandates

09.1. 組織が運用している、サステナビリティをテーマとするファンドやマンデートの種類を記載してください。

09.2. 組織でのサステナビリティをテーマとしたファンドのプロセスについて説明してください。 [任意]

(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。








Corporate Governance

10.2. 補足情報。 [任意]

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

LEI 12. Aspects of analysis ESG information is integrated into

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

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 take a systematic and aggregated approach to risk monitoring at the portfolio level.  Aggregated risk assessments can lead to adjustments to the portfolio, or restrictions affecting specific markets, sectors, or groups of companies. Such assessments facilitate the identification of high-risk areas of the portfolio, either on a stand-alone basis or based on a particular theme.

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。

Estimations of the sensitivity of different sectors and companies to certain factors, such as the sensitivity of oil and gas exploration and production (E&P) companies to scenarios for carbon pricing. These sensitivities are then overlaid against the portfolio in order to assess the potential financial risk at different scenarios.

12.5. 補足情報。