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Gestión de Previsión y Pensiones E.G.F.P

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
100 %
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 have considered integration as the most complete and efficient tool for considering non-financial information in the investment process. With this approach we are able to consider both fundamental and ESG analysis, maximizing the risk-return of our portfolios. As mentioned in previous modules, GPP also applies the exclusion for matters related with the "Rules of Conduct in Defence". Thus, we apply a combination of strategies (exclusion + integration).

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

Additionally to the process of integration of non financial information which has been previously described, BBVA mandates the exclusion of several companies and countries which are non consistent with the Rules of Conduct in Defence. The lists are quarterly updated by a third provider (Sustainalitycs). 

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)

(A) Implementation: Screening

LEI 04. Types of screening applied

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

Type of screening

Screened by


GPP is based on a corporative policy mentioned in previous modules. Its name is "Rules of Conduct Defence", and is available on a public website.

04.2. 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.

This criteria is quarterly reviewed by an independent third party (Sustainalytics). We are provided with a list of exclusions, classified based on the following criteria:

•         Anti-personnel mine.

•         Biological weapons

•         Chemical weapons

•         Cluster weapons

•         Nuclear weapons

LEI 05. Processes to ensure screening is based on robust analysis

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

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.4. Indicate how frequently you review internal research that builds your ESG screens.

05.5. Additional information. [Optional]

The model has been previously defined in LEI 02.2.

LEI 06. Processes to ensure fund criteria are not breached (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




Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

Through our researcher, previous functions are covered. Any time there is an event that entails a change (positive or negative) in ratings, we are notified, and our portfolios adjusted.

The impact of each of the pillars (environment, social and corporate governance), is not fixed, as it depends on the industry in which the company develops its activity. Thus, it is adjusted from a sector perspective.

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

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