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AP2

PRI reporting framework 2018

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You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

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。

13.1. ポートフォリオレベルで将来のESGトレンドのリスクプロファイルを計算するシナリオ分析やモデリングを組織が実施しているかどうかについて明示してください。

13.3. 補足情報 [任意]


SG 14. Long term investment risks and opportunity

14.1. 貴社と貴社の事業活動にとって重要な影響を及ぼしうる短・中・長期的なリスクや機会を決定するプロセスを説明してください。

AP2’s strategic portfolio is produced with the support of an in-house developed Asset Liability Model (ALM), which simulates the development in the pension system and in the financial markets. The model makes it possible for the Fund to calculate how different asset compositions can be expected to influence future pensions. This also enables the model for the Fund to select the strategic portfolio that can be expected to provide the best target fulfilment for the 30-year time frame that the Fund is based on, i.e. to minimise the negative effects of the so called brake.

An important factor governing the composition of the strategic portfolio is the fact that the AP Funds jointly account for approximately 15 per cent of the national pension system’s combined assets. The largest part (85 per cent) derives from the contribution assets, which can best be compared to index-linked bonds. This means that the AP funds can and should accept a higher degree of risk in their portfolios. The pension system in its entirety has a very limited exposure to risk in the financial markets.

14.1 CC. 気候に関連した短期、中期および長期のリスクと機会が、貴社の活動に重大な影響を及ぼす可能性があるかどうかを判断するためのプロセスを説明してください。

AP2’s basic premise is primarily a very long-term perspective, more specifically 30 years, which is consistent with the fund’s mission and role in the national pension system. The long-term perspective is reflected in the choice of strategic portfolio, which encompasses both the long-term distribution of the capital across various broad asset classes and the strategies that determine the distribution between individual securities within each asset class. The strategic portfolio and its return shall provide as great a benefit to the pension system as possible – a goal that the fund may not disregard.

AP2 considers climate-related risk to be a long-term systematic risk in the fund’s portfolio and thus to the pension system. This applies not just to individual sectors and companies, but also to broad asset classes such as equities and bonds through their potential impact on the global economy. In the short term, the long-term transition, which is in progress, entails investment opportunities in the form of assets that are deemed to benefit from the transition, e.g. companies that are involved in renewable energy, at the same time as assets that are not deemed to be sustainable constitute a risk.

14.2. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について取り組んでいるか明示してください。

14.2a cc. 「短」、「中」、「長期」をどのように定義するかを記述し、これらの期間にわたる重要な気候関連の問題を説明して下さい。

定義
気候関連の問題の説明
Short term
          Not determined, timescale will probably be dependent on asset class/sector/geograhy.
        
          Please see AP2's TCFD report p.9-10 http://www.ap2.se/globalassets/hallbarhet-agarstyrning/klimat/tcfd/ap2s-climate-report-based-on-tcfds-recommendations.pdf
        
Medium term
          Not determined, timescale will probably be dependent on asset class/sector/geograhy.
        
          Please see AP2's TCFD report p.9-10 http://www.ap2.se/globalassets/hallbarhet-agarstyrning/klimat/tcfd/ap2s-climate-report-based-on-tcfds-recommendations.pdf
        
Long term
          Not determined, timescale will probably be dependent on asset class/sector/geograhy.
        
          Please see AP2's TCFD report p.9-10 http://www.ap2.se/globalassets/hallbarhet-agarstyrning/klimat/tcfd/ap2s-climate-report-based-on-tcfds-recommendations.pdf
        

14.3. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

14.4. 気候に関するリスクと機会の管理に際して採用している手段を選択してください。

14.4a CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
動向
制限・弱み
気候関連の目標
          Majority
        
          Transparency
        
          
        
          A portfolio in line with the two degree target
        
          
        
          
        
加重平均炭素濃度
          Majority
        
          Transparency
        
          tCO2e/SEK million
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/formulas-for-carbon-footprint-measures-180208.pdf
        
          
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/fact-sheet_ap-funds-co-ordination-of-carbon-footprint-_nov-2015.pdf
        
カーボンフットプリント(スコープ1と2)
          Majority
        
          Transparency
        
          tCO2e
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/formulas-for-carbon-footprint-measures-180208.pdf
        
          Decreased
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/fact-sheet_ap-funds-co-ordination-of-carbon-footprint-_nov-2015.pdf
        
ポートフォリオのカーボンフットプリント
          Majority
        
          Transparency
        
          tCO2e/SEK million
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/formulas-for-carbon-footprint-measures-180208.pdf
        
          Decreased
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/fact-sheet_ap-funds-co-ordination-of-carbon-footprint-_nov-2015.pdf
        
総炭素排出量
          Majority
        
          Transparency
        
          tCO2e
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/formulas-for-carbon-footprint-measures-180208.pdf
        
          Decreased
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/fact-sheet_ap-funds-co-ordination-of-carbon-footprint-_nov-2015.pdf
        
炭素濃度
          Majority
        
          Transparency
        
          tCO2e/SEK million
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/formulas-for-carbon-footprint-measures-180208.pdf
        
          Decreased
        
          http://www.ap2.se/globalassets/hallbarhet-agarstyrning/koldioxidavtryck/fact-sheet_ap-funds-co-ordination-of-carbon-footprint-_nov-2015.pdf
        
炭素関連資産へのエクスポージャー
          
        
          
        
          
        
          
        
          
        
          
        

14.4b CC. 主要目標についてさらに詳しく記入してください。

目標の種類
期間
基準年度
KPI
方法
制限・弱み
添付資料
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        

14.5. 排出量リスクの開示を選択した場合、採用している開示方法またはそのフレームワークの中で気候関連のものを挙げてください。

AP2 has used TCFD's framework

http://www.ap2.se/en/sustainability-and-corporate-governance/climate/ap2s-approach-to-the-transition-towards-a-low-carbon-economy/ 

14.6. 補足情報 [任意]

AP2 has performed financial climat risk anlysis of fossil energy and utlity companies.

http://www.ap2.se/en/Financial-information/Press-releases/2014/second-ap-fund-to-divest-holdings-in-a-number-/

http://www.ap2.se/en/Financial-information/Press-releases/2015/the-second-ap-fund-continues-to-assess-the-financial-impact-of-climate-risks-and-will-divest-from-28-power-utilities/

AP2's approach to the transition towards a low-carbon economy

http://www.ap2.se/globalassets/hallbarhet-agarstyrning/klimat/klimatstrategi-2016_gb_161114.pdf 

AP2's TCFD report

http://www.ap2.se/en/sustainability-and-corporate-governance/climate/ap2s-approach-to-the-transition-towards-a-low-carbon-economy/ 

14.7 CC. 気候関連のリスクを特定、評価、管理するためのリスク管理プロセスを挙げてください。

説明してください。

At present, climate-related risks are not integrated into the organisation’s overall risk management process. In autumn 2017, a process of investigating whether sustainability should become a separate risk area was started.
 

14.8 CC. 気候関連のリスクを優先させるためのプロセスを説明してください。

The process AP2 currently uses to identify and assess climaterelated risks begins with an analysis of how these risks are priced in the market. Because the fund realised that it was likely that more powerful policy measures would be introduced and that the price of renewable energy is becoming coming increasingly into parity with that of fossil energy, the fund made the assessment that fossil energy companies and utility companies were sectors with the highest climate-related financial risk

14.9 CC. 気候関連のリスクに関するより良い情報開示と実践を促すために、投資先企業とのエンゲージメント活動を行っていますか?

説明してください。

In recent years, AP2 has, together with other investors, put forward a number of shareholder proposals concerning climate change to several companies within the fossil fuel industry (BP, Shell, Statoil) and the mining sector (Glencore, Rio Tinto, Anglo American). In addition to its own shareholder proposals, the fund also uses its voting rights to support other investors’ proposals concerning climate change. In recent years, the fund has noted that many companies’ boards are committing to improving their climate-related reporting in terms of both emissions and evaluation of the company’s projects/activities pertaining to climate scenarios. AP2 is an active member of the PRI (Principles for Responsible Investment) and the IIGCC (Institutional Investors Group on Climate Change), both of which work a great deal with corporate engagement. A major international corporate engagement initiative, Climate Action 100+, was launched in December 2017. This is a five-year global initiative involving the 100 (+50) companies that have the highest carbon dioxide emissions. AP2 is responsible, together with one other investor, for one of these corporate engagement programmes. The goal of these programmes is for the companies to reduce their emissions, improve their climate-related disclosure (in accordance with the TCFD) and for the companies’ boards to have clear accountability and oversight of climate-related matters. AP2’s engagement with companies takes place at various levels, depending on the aim. Major initiatives are initiated with a letter to the chair of the board and CEO, but the process then continues with people who work directly with the pertinent issues. Using voting rights at annual general meetings (AGMs) is one way to communicate with a company. In 2017, the fund voted at 794 foreign AGMs (769 companies) in 29 countries. At these, 37 of a total of 424 shareholder proposals were related to climate change or renewable energy.
 

14.10 CC. 気候関連の開示データをどのように使用するかを説明してください。

AP2 has used the metrics and indicators that it has access to via MSCI ESG Manager. The risks and opportunities that the TCFD list in its recommendations are described in Tables 1 and 2, along with the financial impact these may have and the possible financial impact on AP2. AP2 has chosen a number of metrics/indicators from MSCI ESG that reflect these risks and opportunities.


SG 15. Allocation of assets to environmental and social themed areas

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。

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. Indicate the percentage of your total AUM invested in environmental and social themed areas.

10 %

15.3. 貴社にて投資しているのはどのテーマ別分野かを明示のうえ、AUMに占める当該資産クラスのパーセンテージを記載するとともに、その内容を簡潔に説明してください。

分野

投資している資産クラス

2 % of AUM
2 % of AUM

簡潔な説明および投資尺度

AP2 invest in Green and Social Bonds and within Private Equity investments are made in cleantech, renewable energy and climate solutions. Part of AP2 listed equities has a sustainabiltiy strategy.

投資している資産クラス

5 % of AUM

簡潔な説明および投資尺度

AP2 has investments totalling SEK 19 billion in Vasakronan, Cityhold Office Partnership, Castellum, Kungsleden, Fabege and Wihlborgs Fastigheter, all of which have been awarded Green Stars by the Global Real Estate Benchmark (GRESB).

投資している資産クラス

1 % of AUM

簡潔な説明および投資尺度

AP2's holdings in forest real-estate shall be managed in compliance with the Programme for the Endorsement of Forest Certification (PEFC) and/or the Forest Management Certification awarded by the Forest Stewardship Council (FSC).


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