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Edmond de Rothschild Asset Management (France) (EDRAM)

PRI reporting framework 2018

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ゲートウェイ資産クラス実施指標

OO 10. Active ownership practices for listed assets

10.1. 報告年度において組織が実施した積極的な保有活動(アクティブ・オーナーシップ)を選択してください。

上場株式 – エンゲージメント

上場株式 – 議決権行使

債券SSA – エンゲージメント

直接的にエンゲージメントを行わず、組織外の運用会社がESG要因について企業とエンゲージメントをすることを要求しない理由を示してください。

          For the engagement with the issuers from the SSA category, we consider that we are not a legitimate market  player to organise an ESG dialogue with them.

Regarding our expertise in the selection of external funds managed in-house, we cannot ask external fund managers to engage with companies on our behalf, as this would amount to interfering in their management approach, going against our investment strategy in terms of multi-management/fund selection. However, as part of the ongoing ESG dialogue with the management companies referenced for the SRI mandate, we ensure that an ESG dialogue is conducted with the companies  invested into their funds’ portfolio.
        

債券 - 社債(金融) – エンゲージメント

債券 - 社債(非金融) – エンゲージメント


OO 11. ESG incorporation practices for all assets

11.1. 投資決定および/または積極的な保有の実務に(報告年度中に)責任投資を実施した場合は、組織内で運用される資産クラスを選択してください。

上場株式

債券 – SSA

債券 - 社債(金融)

債券 - 社債(非金融)

その他(1)

その他(2)

‘その他(1)’ [OO 05において明示されたもの]

          Asset Allocation/Balanced/Diversified
        

‘その他(2)’ [OO 05において明示されたもの]

          Overlay/Structured Products/Alternative/UCITS/FSP
        
報告年度中に組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有に取り組んだ場合は、組織外で運用される資産クラスを選択してください。
アセット・クラス
組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有
上場株式

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – SSA

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – 社債 (非金融)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

ヘッジファンド

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

現金

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

その他(1)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

その他(2)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

11.4. 投資マネジャーの選定、任命、モニタリングプロセスに、投資に関する考慮事項がどのように含まれているかを簡単に説明してください。

Concerning the external managers, two categories can be distinguished:

=> the 4 asset management firms for which we delegate the management of three of our open-ended funds and one dedicated fund: the three partners that managed equity and monetary funds on behalf Edmond de Rothschild Asset Management (France) are accountable to implement at this stage our negative screening approach related to the exclusion of companies whose business is related to cluster bombs and anti-personnel mines - in compliance with an internal policy applicable to all Edmond de Rothschild Asset Management (France)'s funds (managed in house or sub-advised).

For delegated outsourced management, we have not made any specific ESG requirements in terms of engagement so far. Only two of our four management delegations are equity funds; that said, the management companies that manage these two funds (i.e. EDR Japan and EDR US Growth) apply their own voting policy, but one of them has been reporting to us on its voting statistics for several years, and the other since the end of 2017. For the other two management delegations, one is a money market fund and the other a traditional multi-management fund - in their cases, asking them to carry out ESG engagement on our behalf with the underlying stocks would not be appropriate.

 

=> the asset management firms for which at least one fund is currently approved for investment within Edmond de Rothschild Asset Management Multi-Management / Funds selection and Asset allocation in external funds activities activity: for this category, as we are an investor among others within their funds, we cannot impose the implementation of an ESG incorporation policy but we are asking for a qualitative information related to their responsible investment practices in order to open a constructive dialogue with them.

In addition, after introducing its first ESG and SRI questionnaire and sending it to 257 funds managed by 117 asset management companies in 2016, in 2017 the Funds Selection team formalised an advanced ESG integration process in which the questionnaire is completed every two years and active, constructive ESG dialogue is held with asset management companies based on the analysis of information provided in the questionnaire.

This influence strategy is intended to encourage asset management companies whose funds are selected by our team to commit to responsible investment, by signing up to the PRIs for example. In 2018, through this close dialogue, we are seeking to encourage adoption of RI best practice, particularly in terms of transparency regarding key information such as the carbon footprint of selected funds.

Also in 2017, the team developed the sustainable fund selection expertise that formed the basis, in winter 2017, of the newly launched SRI mandate for the Edmond de Rothschild Group’s private clients.


OO 12. Modules and sections required to complete

12.1. 自主的な報告を希望される場合には、該当するするモジュールやセクションを以下のリストから選択して下さい。組織のAUMの10%以上を占める資産クラスについてのみ報告が義務付けられています。

中核的なモジュール

直接またはサービスプロバイダーを経由したRI実施

自己運用 - 上場株式の組入れ

自己運用 - 上場株式の積極的な保有

自己運用 – 債券

外部の運用会社を経由したRI実施

委託 - 組織外の運用会社の選定、指名、モニタリング

終了モジュール

12.2. Additional information. [Optional]


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