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CBRE Global Investors

PRI reporting framework 2018

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

Implementation processes

LEI 01. Percentage of each incorporation strategy

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

01.1. Indicate (1) which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities and (2) the breakdown of your actively managed listed equities by strategy or combination of strategies (+/- 5%)

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied
99 %
Percentage of active listed equity to which no strategy is applied
1 %
Total actively managed listed equities 100%

01.2. Describe your organisation’s approach to incorporation and the reasons for choosing the particular ESG incorporation strategy/strategies.

We believe that sustainability issues are relevant and can be material in evaluating management teams of listed property companies.  More specifically, we believe that management teams which articulate, enact and measure sustainability issues are more likely to make superior business decisions in general.  We underwrite companies using a ranking system called Relative Value Analysis (RVA), which is a factor-based model incorporating qualitative and quantitative inputs.  An assessment of management quality is a qualitative input, which typically constitutes approximately 25% of a company’s overall RVA score.  Accordingly, companies whose management teams are evaluated more favorably regarding sustainability issues will generate higher overall RVA scores.  Our assessment of management reflects the team’s ability to execute on an intelligent business strategy over time, including its ability to make decisions which add to shareholder value over time, and its ultimate alignment with shareholders.  To the extent that management’s view towards sustainability issues adds to shareholder value over time, other inputs to the RVA score will also indirectly reflect this impact, via higher earnings growth and potentially higher valuation multiples.

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]

Not applicable because we do not use a combination of ESG incorporation strategies.


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


(C) Implementation: Integration of ESG issues

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate which ESG factors you systematically research as part of your investment analysis and the proportion of actively managed listed equity portfolios that is impacted by this analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

Analysts are responsible for the systematic analysis of the impact of environmental, social and governance factors on the companies they cover and are expected to take all such factors into account when formulating “quality” inputs into our relative value analysis (RVA) model, which provides a framework for investment decision-making, as well as when recommending transactions to the portfolio managers.  The integration of this approach is less formal in relation to investment strategies beyond real estate, although such strategies account for a small percentage of our assets under management.


LEI 09. Processes to ensure integration is based on robust analysis (Private)


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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