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Storebrand ASA

PRI reporting framework 2017

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Organisational Overview
Basic Information [OO 01 - 09] Gateway asset class implementation indicators [OO 10 - 12]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Implementation not in other modules [SG 12 - 16] Innovation [SG 17]
Direct - Listed Equity Incorporation
Overview [LEI 01 - 02] ESG incorporation in actively managed listed equities [LEI 03 - 12] Implementation processes [LEI 03 - 12] (A) Implementation: Screening [LEI 06 - 08] (B) Implementation: Thematic [LEI 09] (C) Implementation: Integration of ESG issues [LEI 10 - 12] ESG incorporation in passively managed listed equities [LEI 13] Outputs and outcomes [LEI 14 - 16] Communication [LEI 17]
Direct - Listed Equity Active Ownership
Engagement [LEA 01 - 16] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 15] Communication [LEA 16] (Proxy) voting and shareholder resolutions [LEA 17 - 27] Overview [LEA 17] Process [LEA 18 - 22] Outputs and outcomes [LEA 23 - 26] Communication [LEA 27]
Direct - Fixed Income
Overview [FI 01 - 03] ESG incorporation in actively managed fixed income [FI 04 - 16] Implementation processes [FI 04 - 06] (A) Implementation: Screening [FI 07 - 10] (B) Implementation: Thematic [FI 11 - 13] (C) Implementation: Integration [FI 14 - 16] Fixed income - Engagement [FI 18 - 20] Outputs and outcomes [FI 21 - 22] Communication [FI 23]
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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

(A) Implementation: Screening

LEI 06. Types of screening applied

06.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

Description

The Storebrand Standard applies to all internally managed funds and portfolios, and covers:
1) Product related exclusions: controversial weapons (landmines, cluster munitions, nuclear weapons, chemical/biological weapons) and tobacco
2) Controversial issues: human rights and international humanitarian law, corruption and economic crime, environmental degradation
3) Sector specific exclusions: lowest performing companies in high risk industries + climate related (companies with more than 30% of revenues from coal, oilsand companies,  palm oil companies involved in extensive deforestation)

Extra ethical criteria in addition to the Storebrand standard applies to some dedicated Sustainability funds. The extended Storebrand standard is has additional screening criteria such as revenues from alchohol, pornography, gambling and defence contracts. There is also extra fossil free criteria that excludes all companies with over 5% of revenues from the production and/or distribution of fossil fuels. Companies with over 100 million tonnes CO2 embedded in reserves are also excluded on this criteria.

Screened by

Description

Our in-house ESG team analyses the constituents of MSCI All Country World Index + largest companies listed on the Oslo and Stockholm Exchanges with respect to ESG performance. The Sustainability Rating is 0-100, sector based and comprises:


A) ESG management systems (policies, practice and performance) (40% of score)


B) Positioning for shifting business frameworks and global sustainability trends (40% of score) These trends are

- Population Growth and Resource Scarcity

- Growth in Emerging Markets

- Increased demand for Sustainable Products

C) Financial robustness (20% of score): based on Piotroski F-score

The companies that perform best in this screen can generally be said to demonstrate:
- solution based products and services relative to exposure to growth markets by sector/region
- risk management quality relative to risk exposure (sector/region)
- efficient use of resources relative to resource constraints
 

Screened by

Description

The Storebrand Standard is described under negative/exclusion screening above, which is based on a range of international conventions (all relevant conventions are listed in a detailed framework document for each topic).

06.2. Describe how the screening criteria are established, how often the criteria are reviewed and how you notify clients and/or beneficiaries when changes are made.

The negative and norms-based screening criteria have been developed over the past 20 years, mainly by in-house ESG analysts, with the support of external expert advice. Important clients have also been included in the development of criteria.

The Storebrand Standard has been approved by the Executive Committee. Clients are informed of major changes through news letters, KAMs, and/or tailored reporting. The standard is reviewed continually with changes being made to existing criteria or new criteria being implemented. In 2016 the standard was strengthened further regarding coal exclusions and also product safety criteria which was implemented as an extension to our human rights criteria. Both changes have resulted in additional exclusion in the course of the year.

The sector research (positive screening) has been developed over the past 20 years, mainly by in-house ESG analysts, in cooperation with CIO and portfolio managers. continuously improved by the ESG research team. In 2016 more focus has been put on opportunity/product based indicators which apply to a smaller number of companies within a sector.

The extra fossil free criteria to the Storebrand standard was further specified during the course of 2016 in response to ongoing client dialogue. Definitions of fossil production and distribution have been clarified and explained in greater detail.

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

07.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

07.2. Additional information. [Optional]

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

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