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

PRI reporting framework 2017

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Implementation not in other modules

SG 12. ESG issues in strategic asset allocation

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

12.1. Indicate if your organisation executes scenario analysis and/or modelling in which the risk profile of future ESG trends at portfolio level is calculated.

12.2. Indicate if your organisation considers ESG issues in strategic asset allocation and/or allocation of assets between sectors or geographic markets.

12.3. Additional information. [OPTIONAL]


SG 13. Long term investment risks and opportunity

13.1. Some investment risks and opportunities arise as a result of long term trends. Indicate which of the following you act on.

13.2. Indicate which of the following activities you have undertaken to respond to climate change risk and opportunity

other description

          developed own models to analyse stranded assets and potential impact from carbon pricing on utilities and oil & gas sectors
        

13.3. Indicate which of the following tools you use to manage emissions risks and opportunities

13.4. If you selected disclosure on emissions risks, list any specific climate related disclosure tools or frameworks that you used.

Analyse greenhouse gas emissions across the portfolio based on methods presented in the UNEP Finance Initiative’s July 2013 Investor Briefing on measuring carbon intensity.

High emission levels at the individual company level may result in financial risk, for example, via future regulatory changes and technological advances. Comparing the carbon footprints of companies operating in the same sector, look at both direct and indirect CO2 emissions. Analysing the business models ofcompanies, including an assessment of the lifecycle emissions of a company’s operations and products to get a full picture of climaterelated risks and opportunities at the company level.

13.5. Additional information [Optional]


SG 14. Allocation of assets to environmental and social themed areas (Private)


SG 15. ESG issues for internally managed assets not reported in framework

15.1. Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Fixed income - Corporate (financial)

Across all fixed income mandates consideration must be given to economic, financial, environmental, social and corporate governance  (ESG) risk factors. Always include such data in investment case.

Fixed income - Securitised

Not adressed

Property

Environmental factors are part of the due diligence of the parties involved in a transaction and of the property itself before an investment is made. Measures to improve energy and water efficiency and waste management are included in the ongoing dialogue the fund has with its partners. We often use external experts to identify any risks from materials that could harm the environment or health and so affect the financial value of the property over time. We have been a member of the Global Real Estate Sustainability Benchmark (GRESB) – since 2011, using this framework to promote better reporting on sustainability in the real estate sector. We require that our partners submit information on the management of our properties to GRESB on an annual basis, and we use this information systematically when working with our partners  so that we can gradually improve the properties’ quality, efficiency and environmental erformance.

 

15.2. Additional information [Optional].


SG 16. ESG issues for externally managed assets not reported in framework

16.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Listed equities - ESG incorporation

Our internal staff vote across all holdings and engage numerous companies across the fund, regardless of it being externally or internally managed. We adress sustainability issues in our external manager selection, appointment and monitoring processes. Any screening decisions are implemented across the full portfolio.

16.2. Additional information.


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