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CDC - Caisse des dépôts et consignations

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) 実施:ESG問題の統合

FI 11. Integration overview

11.1. ESGを従来の財務分析に統合するアプローチを説明してください。

ESG parameters are considered as risk factors that can impact issuers' financial performance.
For part of the portfolio (SSA ): an ESG score is calculated internally by our portfolio managers, with different weights assigned to E,S and G criteria depending on the sectors. With the help of this ESG appraisal, the PM will decide to increase/decrease the allocation on a given issuers vs its peers.
For the full of the portfolio, a separated ESG score is used by the risk department to adjust issuers limits.

11.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

SSA

An ESG score is calculated internally by our portfolio managers, with different weights assigned to E,S and G criteria depending on the sectors. With the help of this ESG appraisal, the PM will decide to increase/decrease
the allocation on a given issuers.

GHG emissions trajectory are also monitored relying on published NDCs.

For the full the portfolio, a separated ESG score is used by the risk department to adjust issuers limits.

社債(金融)

An ESG score is used by the risk department to adjust issuers limits, without additional formalized integration of ESG issues by fund managers in 2017.

社債(非金融)

GHG emissions and emission reductions are monitored, notably based on CDP disclosed information.
A separated ESG score is used by the risk department to adjust issuers limits, without additional formalized integration of ESG issues by fund managers in 2017

11.3. 補足情報 [任意]

The investment team invests in green bond in the core protfolios, without it being a specific thematic mandate. Responses from FI 11 below are implemented, though not declared in the section as not being formally part of a thematic strategy.
- We require that themed bond proceeds are only allocated to environmentally or socially beneficial
projects.,
- We require the issuer (or third-party assurer) to demonstrate a process which determines the eligibility of projects to which themed bond proceeds are allocated,
- We require issuers to demonstrate a systematic and transparent process of disbursing themed bond proceeds to eligible projects until all funds are allocated,
- We require issuers to report at least once per year on the projects to which proceeds have been allocated, including a description of those projects.


FI 12. Integration - ESG information in investment processes

12.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
SSA
社債(金融)
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析を証券ウェイト判断に組み込んでいる
ESG分析をポートフォリオ構築判断に組み込んでいる
ESG分析は組織内の信用格付けまたは評価の標準要素になっている
発行体のESG分析が、投資委員会の標準議題になっている
組織内の調査レポートまたは同様文書で定期的にESG分析が取り上げられる
ESG分析は、進行中のポートフォリオ監視の標準項目に入っている
ESG分析は、すべての組織内の発行体概要または同様文書に含まれる
その他(具体的に記載してください)

12.2. 補足情報 [任意]


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

13.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
SSA

E(環境)

S(社会)

G(ガバナンス)

社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

13.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

SSA

Applicable to all portfolio : ESG analysis are updated by risk analysts for each credit review and
then integrated by the relative score in limits.
For part of the SSA portfolio invested in emerging countries an ESG score is calculated internally by our portfolio managers, with different weights assigned to E,S and G criteria, and run annually. With the help of this ESG appraisal, the PM will decide to increase/decrease the allocation on a given issuers vs its peers.

社債(金融)

Applicable to all portfolio : ESG analysis are updated by risk analysts for each credit review and then integrated by the relative score in limits.

社債(非金融)

Applicable to all portfolio : ESG analysis are updated by risk analysts for each credit review and then integrated by the relative sector score in limits

13.3. 補足情報 [任意]


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