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Colleges of Applied Arts & Technology Pension Plan CAAT

PRI reporting framework 2018

You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes


SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)

SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. 報告年度において、運用会社の選定、指名やモニタリングプロセスの過程で、ESG問題がどのように対処されているかを示す事例を挙げてください。

          Volkswagen diesel emissions scandal

When the Volkswagen diesel emissions scandal came to light, CAAT engaged the investment manager to understand the severity of the situation and determine if the investment thesis was still valid.  


Investment manager provided us with a full write up of their investment thesis on Volkswagen.  Though they acknowledged the headwinds VW faces (diesel scandal, industry uncertainties over electric vehicles and autonomous driving), they believe the current share price was attractive and significantly below the intrinsic value of the company. 

09.2. Additional information.