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Munich Re

PRI reporting framework 2018

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

Implementation processes

FI 01. Incorporation strategies applied

01.1. Indicate 1) Which ESG incorporation strategy and/or combination of strategies you apply to your actively managed fixed income investments; and 2) The proportion (+/- 5%) of your total actively managed fixed income investments each strategy applies to.

SSA
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
100 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (financial)
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
100 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (non-financial)
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
100 All three strategies combined
0 No incorporation strategies applied
100%
Securitised
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
100 All three strategies combined
0 No incorporation strategies applied
100%

01.2. Describe your reasons for choosing a particular ESG incorporation strategy and how combinations of strategies are used.

The screening approach is a well-established process and is applied to all fixed income assets. All internal systems are able to take the screening approach into account and provide maximum transparency. Thematic themes are specific to one topic (e.g. Green bonds) allocating capital in sustainable initiatives with a strong ESG character. External data is being used as a starting point for ESG integration into our investment research.

Before deciding about a specific bond investment all relevant strategies are applied. Fulfilling our thematic requirements might not be sufficient if the screening strategy leads to different results. Hence we want to avoid that investment themes (e.g. Green bonds) give a competitive edge to issuers that want cheap access to the capital market.

01.3. Additional information [Optional].


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. Indicate how you ensure that your ESG research process is robust:

03.2. Describe how your ESG information or analysis is shared among your investment team.

03.3. Additional information. [Optional]

The implementation of the PRI Principles and integration of ESG issues into the investment process is one of the major objectives of MEAG, the global fund manager of Munich Re. Given the large number of portfolios, there is a high awareness of ESG criteria being applied.

Within Fixed Income there is an established investment process which ensures that all rating information is updated properly and fed into the front office system. Various departments are committed fo meet these requirements (e.g. Portfolio Management, Risk Controlling, IT). A summary of all investment recommendations with regard to issuers (SSA/Corporate/Securitised) including their corresponding sustainability rating - the so called master list - ensures a maximum degree of transparency and gives all professionals (around 55 investment managers in Fixed Income) access to the same information pool. We cross-check third party ratings with information we directly receive from companies (one-on-one meetings, engagement).


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