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Storebrand ASA

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]

The in house positioning for global ESG trends analysis, which is 40% of the overall sustainability rating, identifies three main ESG trends that are financially relevent for portfolio companies. Population Growth and Resource Scarcity, Growth in Emerging Markets and increased demand for Sustainable Products. Our analysis identifies trends that are relevant for specific sectors and companies that are well positioned for the effects of social, environmental and governance effects of these trends.

Regarding allocation, our fossil free funds avoid the Energy sector in its entirity and is significantly underweight in the Utilities sector.


SG 13. Long term investment risks and opportunity (Private)


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

Private equity

See response in SG 16

Property

With respect to investments in nonlisted real estate and property, Storebrand mainly invests in Norway and Sweden. Environmental aspects, in particular energy efficiency, are given special attention in the investment analyses. More than 50% of Storebrand's property base is internally managed and certified through the Norwegian environmental management scheme Eco-Lighthouse. The Environmental Manager, Real Estate, is responsible for ESG issues and reports to the Managing Director at Storebrand Real Estate. An environmental action plan has been developed, comprising energy management, environmental management systems for building operations and environmental strategy for new developments. Environmental classification through Breeam NOR is an important tool, which is used in renovations and new buildings as well as being introduced in operations (Breeam In-Use).

In operations, data on energy and water use, waste production and recycling monitored on a weekly and monthly basis, and is reported quarterly (internal), and annually (external). Currently, the main focus is on the implementation of energy efficiency measures , transition from fossil energy to renewable energy, the use of life cycle assessments when replacing technical installations, quarterly reviews of the environmental accounts of suppliers,  Environmental reporting and environmental strategy for the portfolio of external managers is to be further developed.

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

Private equity

Investments are conducted through fund-of-funds structures, and as part of the due diligence process, external managers are rated on ESG implementation. A minimum score is required to qualify for investment. Evaluation includes formal adaption of ESG principles, managers' attitudes to ESG, as well as resources and practical implementation of ESG in their investment activites. If RI is not sufficiently covered by general investment criteria/fund terms, Storebrand requires a side letter recognizing the Storebrand Standard with  objective excuse rights from participating in selected investments .ESG has also been adopted as a secular investment theme for the PE team, for example energy/waste/water.

 

16.2. Additional information.


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