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Universities Superannuation Scheme - USS

PRI reporting framework 2018

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You are in Direct - Infrastructure » Pre-investment (selection)

投資前(投資対象の選択)

INF 05. Incorporating ESG issues when selecting investments

05.1. 組織がインフラ投資先を選択する際、通常、ESG問題を組み入れているかどうかを記載してください。

05.2. ESG問題をインフラ投資の選択に組み入れる際のアプローチを説明してください。

Please see answers provided in INF 01 and our "Enhanced Due Diligence and Ongoing Management Process for Infrastructure and Private Equity Investments" policy (under INF 02), for an outline of USS's investment process in infrastructure and the integration of material ESG considerations with a financial bearing into the selection process.


INF 06. ESG advice and research when selecting investments

06.1. 組織がESG問題をインフラの投資選定プロセスに組み入れる際、組織内や組織外から入手した助言や調査を通常使用しているかどうかを記載してください。

          Portfolio Manager / Private Markets team
        
          Co-Head RI / RI Advisor
        
          Operational Due Diligence
        

06.2. 補足情報 [任意]

The Responsible Investment, Operational Due Diligence and Legal teams work closely with the infrastructure investment managers in the Private Markets Group to undertake enhanced due diligence as described previously. External research covering some, if not all ESG considerations, will generally be commissioned by the vendor, the owners of the asset or their advisors, or by USS itself.  The scheme will specifically employ its own external advisors / consultants to assess ESG issues and the legal and technical implications for the deal, where ESG is material for the asset under investigation. This is seen as an important part of the due diligence process:  specialist environmental and related consultants provide detailed assessments of E/S risks to enable the USS team to make better informed decisions.

With these processes we are trying to identify what ESG risks exist, how they are being mitigated, and rank whether residual risk remains high, medium or low.  These data are then fed into the USS infrastructure investment decision making process. 


INF 07. Examples of ESG issues in investment selection process

07.1. 組織の投資選定プロセスにおいてE / S / G問題の内どの問題が主として考慮されているかを明示するとともに、問題毎に典型的な例を3つまで挙げてください。

ESG問題

ESGの各問題について、典型的な例を3つまで挙げてください

          Contaminated land
        
          Flood risk
        
          Air pollution
        

ESGの各問題について、典型的な例を3つまで挙げてください

          Health and safety management
        
          Stakeholder management and community relations
        
          Human capital management and unions
        

ESGの各問題について、典型的な例を3つまで挙げてください

          Key person risk
        
          Bribery and corruption
        
          Internal controls, compliance
        

07.2. 補足情報 [任意]


INF 08. Types of ESG information considered in investment selection

08.1. インフラの投資選定プロセスにおいて組織が主としてどのような種類のESG情報を考慮しているかを明示してください。

08.2. 補足情報 [任意]

The sources and availability of data, and access to the management team, vary significantly deal by deal. However, all of the above could be within the scope of information sought - either through consultants, or through USS's desk based research, or through site visits/ management discussions with the asset.

In many cases, particularly those which are larger or more complex or where we are taking a direct ownership stake, specialist environmental due diligence will be undertaken using external consultants. Legal due diligence is typically commissioned to review employment matters, the regulatory framework and environmental matters for example.

The enhanced due diligence (EDD) process will always include online research into the asset, the potential impacts of the asset (or similar assets) to identify any risks which may be present.

The EDD process feeds into the investment decision making process, with risks and mitigating factors highlighted in a Private Markets Investment Committee (PMIC) investment memo, upon which the final investment decision is taken.


INF 09. ESG issues impact in selection process

09.1. 報告年度に、ESG問題がインフラ投資の選択プロセスに影響したかどうかを記載してください。

09.2. 報告年度に、ESG問題がインフラ投資のディールストラクチャリング・プロセスにどう影響したかを記載してください。

09.3. 補足情報 [任意]


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