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Martin Currie Investment Management

PRI reporting framework 2018

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

実施プロセス

LEI 01. Percentage of each incorporation strategy

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
69 %
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
31 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

We believe that sustainability or environmental, social and governance (ESG) factors create risks and opportunities for investors. We believe it is in the interests of our clients to consider these factors when making an investment in a company, and for the companies themselves to manage these appropriately.

We believe the sustainability of a company's business model is critical to maintaining its competitive industrial positioning and strong capital returns. In addition, companies that exhibit strong governance and are well managed are more likely to be successful, long-term investments. We believe our sustainability approach helps identify good management teams, understand their motivation and determine whether their interests are aligned with minority investors.

ESG factors and their consideration form a key part of our sustainability analysis. We incorporate these factors into our financial modeling and they form part of our engagement process with management.

We work with a number of segregated clients, tailoring their portfolios to avoid securities of specific companies or countries based on their ethical or values based concerns and a number of funds that operate under required restrictions. We do not have a house policy on this but will incorporate specific requests from our clients.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

For some clients we operate on the basis of specific sector exclusions (directed by the client) which vary by client and can change over time depending on the requirements of the clients. The most common exclusions are no involvement in tobacco products, alcohol, cluster munitions, armaments, nuclear or contraception. The wording of client mandates varies but generally the exclusion will be based upon either the core activity of the company or a specific percentage of revenues. For these restrictions we operate a negative screening process to exclude companies from the investable universe based on these particular criteria.  Over and above this we take the same approach as all other unrestricted mandates - ESG factors and their consideration form a key part of our sustainability analysis. We incorporate these factors into our financial modeling and they form part of our engagement process with management.


LEI 02. Type of ESG information used in investment decision

02.1. 組織でESG組み入れ戦略に使用しているESG情報およびこの情報の提供者を記載してください。

ESG情報の種類

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

02.2. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全般での情報源の違いを明らかにしてください。

Our ESG research is obtained from a range of resources. We do not do maintenance research; we focus on factors that are material to the investment case. We expect all providers of our external analysis to consider ESG issues when they are material to the investment case.

We source dedicated external research on ESG factors, including:

  • MSCI ESG research - MSCI covers most of the MSCI ACWI constituents and produces industry and company specific research;
  • Morgan Stanley provides ESG-themed research as part of its general research offering
  • UBS provides ESG-themed research as part of its general research offering
  • HSBC provides ESG-themed research as part of its general research offering - notably on climate change
  • ISS - ISS produce research reports focusing on voting recommendations for shareholders meetings
  • Eurasia - a leading global political risk group who provide insights on pertinent political issues and regulatory risks
  • CDP - companies report to CDP to varying degrees on climate change and water use

We also work with a third party who do commissioned diagnostic accounting and governance work on our behalf.

Our extensive engagement with companies allows us to obtain relevant and material data - this is integrated into our research.

 

02.3. ブローカーに対しESG調査結果を提供するよう奨励しているかどうかについて記載してください。

02.4. ブローカーに対しどのように奨励しているかを記載してください。

There are a number of brokers who already provide good quality ESG research but we expect any research provided by the sell side to take account of material ESG factors that might influence the investment case for a particular company. We regularly review the quality and value of the research we receive from brokers, notably in the run-up to MIFID II, consider how they incorporate these material ESG factors and provide feed-back on a regular basis.

02.5. 補足情報 [任意]


LEI 03. Information from engagement and/or voting used in investment decision-making

03.1. ESGへのエンゲージメントや(委任状による)議決権行使から得られる情報を投資の意思決定に利用できるプロセスが組織にあるかどうかを記載してください。

03.2. 補足情報 [任意]

We have established a research portal at Martin Currie. All our research, which includes specific commentary on ESG factors that may affect a company, and any engagement regarding ESG factors that has taken place is published on this portal ensuring that it is readily available to the wider investment team. As the analysis and engagement will involve or be lead by the investment team it is considered as part of investment decision making.
For clients who have delegated responsibility for voting on their holdings to Martin Currie the investment team is responsible for ensuring votes are instructed in line with intentions. We assess voting matters on a case-by-case basis, taking into account a company's circumstances, but are guided by our over-arching principles on corporate governance. Information relating to these factors are also considered routinely as part of investment decision making. All proxy voting research, which includes specific commentary on ESG factors that may affect a company, and any engagement regarding proxy voting matters is readily available to the wider investment team.


A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

Any negative screening is driven by specific client requirements.  These operate on the basis of specific sector exclusions (directed by the client) which vary by client and can change over time depending on the requirements of the clients. The most common exclusions are no involvement in tobacco products, alcohol, cluster munitions, armaments, nuclear or contraception. The wording of client mandates varies but generally the exclusion will be based upon either the core activity of the company or a specific percentage of revenues. For these restrictions we operate a negative screening process to exclude companies from the investable universe according to these particular criteria.  Over and above this we take the same approach as all other unrestricted mandates - ESG factors and their consideration form a key part of our sustainability analysis. We incorporate these factors into our financial modeling and they form part of our engagement process with management.

04.2. スクリーニング基準の設定方法、基準の見直し頻度、基準の変更を顧客や受益者に通知する方法について説明してください。

The screening criteria are set by specific clients based on their needs and requirements.


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

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

Any negative screening is driven by specific client requirements.  These operate on the basis of specific sector exclusions (directed by the client) which vary by client and can change over time depending on the requirements of the clients. The most common exclusions are no involvement in tobacco products, alcohol, armaments, nuclear or contraception. The wording of client mandates varies but generally the exclusion will be based upon either the core activity of the company or a specific percentage of sales. For these restrictions we operate a negative screening process to exclude companies from the investable universe based on these particular criteria.  In most cases external service providers are used to identify companies to be excluded / included.  These external providers offer the ability to set the detailed criteria in a manner suitable to each different client requirement.  These providers are subject to regular due diligence overseen by David Sheasby, Head of Stewardship and ESG.  This includes looking at the methodology for screening and the frequency of updates and reviews.  The processes in place are comprehensive, provide the opportunity for companies to correct any inaccuracies, are subject to audit, are overseen by an independent committee and are periodically reviewed for quality assurance purposes.

Where a client portfolio is subject to restrictions these are then coded into the portfolio management and dealing systems to ensure ongoing compliance with client requirements.  There is a daily feed to ensure that the universe exclusions remain consistent with client requirements.


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


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. 投資分析の一部として体系的に調査するESG要因と、この分析の影響を受けるアクティブ戦略の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
Environmental

E(環境)

Social

S(社会)

Corporate Governance

コーポレートガバナンス

08.2. 補足情報 [任意]

Because responsible investment forms a key part of our investment process we will systematically consider those ESG factors that we believe could have a material impact on the ability of a company to generate sustainable returns. These factors are essentially those that can have a material impact on a company's cash flows, balance sheet, reputation and ultimately, corporate value and may be environmental, social or governance issues. We believe that governance is the key starting point in this analysis as this sets the framework for accountability, for how decisions are made and sets the tone for the corporate culture.  We set out our governance framework in our Global Corporate Governance Principles.  We have also established industry frameworks that provide guidance on the material sustainability factors to consider when looking at each industry, reflecting the wide variation in what may be material and relevant across different industries.


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

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオマネージャーがどのようにESG情報を保管・使用しているかについて説明してください。

09.6. 補足情報 [任意]

Our ESG external research is obtained from a range of resources including specialist and general providers. These providers are regularly reviewed with a focus on the quality, coverage, timeliness and accuracy of the reports produced.

Our extensive engagement with companies also allows us to identify, discuss and verify relevant material data - this is integrated into our own research.

All analysts producing stock research are required to consider the material and relevant governance, social and environmental factors that could impact the ability of the company to generate sustainable returns. These factors are recorded in a standard dedicated section of our bespoke stock analysis template. This includes a specific section requiring an explanation on how these factors have been incorporated into the analysis.

For stocks held in portfolios these are updated at least annually.

All the investment team are able to access data and reports provided by our external research suppliers.
We have established a research portal at Martin Currie. All our research, which includes specific commentary on ESG factors that may affect a company, will be published on this portal ensuring that it is readily available to the wider organisation.


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


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