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Colonial First State Global Asset Management (including First State Investments)

PRI reporting framework 2017

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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » Implementation processes

Implementation processes

FI 04. Incorporation strategies applied

04.1. 以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)

SSA
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
証券化商品
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

04.2. 特定のESG組み入れ戦略を選択している主な理由と、使用する戦略の組み合わせを説明してください。

We have five fixed income and credit teams:

  • Global Unconstrained Fixed Income (USA based)
  • Asian Fixed Income
  • Emerging market Debt
  • Australian Fixed Income & Global Credit.
  • Short term investments (cash)

In addition we have recently added a high yield team who were not managing client funds at the end of the reporting period. 

Like our equity teams our fixed income teams have developed their own approaches to ESG integration which complements their investment processes. The Asian and USA FI&C teams share significant elements of their investment process with the Global credit team, including analyst resources. The US team joined the firm in 2014.

We believe that ESG issues have a direct impact upon a company's risk and therefore its probability of default. As risk turns into a liability for company, it impacts cash flow and therefore both its debt cost and credit ratings.

ESG issues can impact on a sovereign's ability to generate sustainable revenues or potentially increase its future costs, affecting its ability to repay bond holders.

We screen out cluster munition and land mine manufacturers in accordance with our cluster munitions policy. We also screen sanctioned and some high risk (of sanction) countries, businesses and people. 

04.3. 補足情報。 [任意]


FI 05. ESG issues and issuer research

05.1. 発行体に対する分析の一部として体系的に調査するESG要因を明示してください。

SSA
社債(金融)
社債(非金融)
証券化商品
環境データ
社会的データ
ガバナンスデータ

05.2. 入ってくるESG情報のフォーマットと主な情報源を明示してください。

この情報の提供者を説明してください

specify description

          Multiple external sources including NGO, academic, multilateral, development organisation and government research sources etc.
        
この情報の提供者を説明してください

specify description

          Multiple external sources including NGO, academic, multilateral, development organisation and government research sources etc.
        
この情報の提供者を説明してください

specify description

          Multiple external sources including NGO, academic, multilateral, development organisation and government research sources etc.
        
この情報の提供者を説明してください

specific description

          Multiple external sources including NGO, academic, multilateral, development organisation and government research sources etc.
        
この情報の提供者を説明してください

specify description

          Multiple external sources including NGO, academic, multilateral, development organisation and government research sources etc.
        

05.3. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全体における情報源の違いを明らかにしてください。

We subscribe to a number of ESG research services including Sustainalytics, MSCI Governance research and Reprisk. Raw ESG data is also available through Bloomberg. We have integrated these external ESG research providers ratings with Bloomberg to provide efficient access for analysts.

In addition to these sources we have access to sell side research, NGO, academic, multilateral, development organisation and government research sources.

For example for sovereign issuers we use sources like: the Corruption Perception Index (Transparency International) Human Development Index (United Nations Development Program) Ease of Doing Business (World Bank) Fragile State Index (Fund For Peace) Government Effectiveness Index (World Bank) Energy Sustainability Index (World Energy Council) among others.

The responsible investment team also distribute research reports and other information to the investment teams, however the primary responsibility for sourcing information rests with each team.

We have found company level information easier to source but not always relevant at the fixed income security level.

 

05.4. 補足情報。 [任意]


FI 06. Processes to ensure analysis is robust

06.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

specify description

          The credit research process has a quality check by Head of Research / Manager Credit who also reviews all ESG assessments to ensure they're robust.
        

06.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

06.3. 補足情報。[任意]

We have a centralised research database and opinion management system (ION) which all teams have access to. ESG ratings and assessments are captured in this system.

The quality of the ratings we receive from external providers is monitored by the responsible investment team using our ESG Portfolio Monitor tool . This includes feedback from investment teams on where they disagree with ratings which in turn is fed back to the providers. This process forms part of the quarterly investment committee reporting process. In addition, as part of this process, we compare ratings from our controversy monitoring provider (RepRisk) and our ESG research providers (Sustainalytics and MSCI Governance). 

We have also initiated a regular process where we compare the ratings from three ESG research providers (Regnan, Sustainalytics and MSCI Governance) providers for our Australian equities coverage. 


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