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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 - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

(C) Implementation: Integration

FI 11. Integration overview

11.1. Describe your approach to integrating ESG into traditional financial analysis.

From the exclusion policy perspective, we are based on the Rules of Conduct in Defence: The BBVA Defence Rule applies to all units and subsidiaries of the BBVA Group Worldwide and to all financial services. For the purposes of this policy, BBVA uses exclusion lists of companies and countries, prepared and regularly updated with the help of independent experts. The document is publicly available in the following URL:
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
From integration point if view, the process is the same thta we have explain in the equity module already. We receive the raw information from our service provider and this informations is moved within our proprietary model in which data is normalized and adapted to our investment universe.

11.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.


As the investible universe is different (government in this case), the raw information used is also different. However, the procedure is similar to the one followed for listed equity.

11.3. Additional information [OPTIONAL]

FI 12. Integration - ESG information in investment processes

12.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
ESG analysis is integrated into fundamental analysis
ESG analysis is integrated into security weighting decisions
ESG analysis is integrated into portfolio construction decisions
ESG analysis is a standard part of internal credit ratings or assessment
ESG analysis for issuers is a standard agenda item at investment committee meetings
ESG analysis is regularly featured in internal research notes or similar
ESG analysis is a standard feature of ongoing portfolio monitoring
ESG analysis features in all internal issuer summaries or similar documents
Other, specify

12.2. Additional information [OPTIONAL]

FI 13. Integration - E,S and G issues reviewed

13.1. Indicate the extent to which ESG issues are reviewed in your integration process.





13.2. Please provide more detail on how you review E, S and G factors in your integration process.


We review each pillar any time we receive raw data from our research provider.


13.3. Additional information.[OPTIONAL]