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Universities Superannuation Scheme - USS

PRI reporting framework 2018

Export Public Responses

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PR 04. Incorporating ESG issues when selecting investments


04.1. 組織が不動産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。

04.2. ESG問題を不動産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。

The risks of ESG impacts are investigated when considering direct acquisitions.  Any material impacts which have a financial bearing are mitigated following purchase against agreed key performance indicators.

ESG impacts are an important consideration within our pre-investment process.  We carry out detailed due diligence, in line with our Responsible Property Investment Policy commitment of “investigating the risk of environmental and social impacts when considering direct acquisitions and aiming to mitigate them following purchase”.

04.3. 貴社の不動産投資選定プロセスにおいて、どのESG問題が主に考慮されているかを記載し、問題毎に事例を3つまで挙げてください。


説明 [任意]

          A Phase I Environmental Audit will always be undertaken as part of any acquisition to ensure we fully understand any contaminated land risks.

説明 [任意]

          A flood risk assessment will always be undertaken to ensure the property is not at risk.  The vendor is also asked if they are aware if flooding has ever occurred at the property.

説明 [任意]

          An Energy Performance Certificate (EPC) will always be required as part of any transaction.  The vendor is also asked what energy efficiency improvements have been undertaken at the property.

説明 [任意]

          A copy of the landlord/tenant meeting minutes will always be asked for to understand tenant sentiment.

説明 [任意]

          If the property is considered to be in an area where access is constrained we may seek from the vendor a green travel plan.  We also encourage bike storage and changing facilities.

説明 [任意]

          In a recent residential acquisition we looked at what procedures were in place if a tenant were to fall into arrears, ensuring a grace period was in place and assistance was provided where possible.

説明 [任意]

          As part of our due diligence we ensure a robust anti-bribery and corruption policy is in place, and it is being enforced.

説明 [任意]

          Again, as part of our due diligence we also ensure a robust governance structure is in place, and it is being enforced.

説明 [任意]

          Our legal team particularly look at the regulatory framework relating to acquisitions. This ensures the property purchase, condition and day to day operation does not fall foul of any regulatory requirements.

04.4. 補足情報 [任意]

PR 05. Types of ESG information considered in investment selection



05.1. 不動産の投資選定プロセスにおいて組織が主にどのような種類のESG情報を考慮しているかを明示してください。

05.2. これらのESG情報をどのように投資対象選定プロセスに組み込んでいるかについて簡潔に説明して下さい。

An example of raw ESG data we explore prior to acquisition is energy consumption. The data enable us to understand better the efficiency of the asset, what parts are the responsibility of the landlord and the tenant, what potentially could be done to make the asset more efficient, and whether the ownership will affect the scheme under the Carbon Reduction Commitment.

Environmental Consultants are typically appointed as external advisors to undertake environmental Due Diligence.

Further case studies are outlined in PR4.3 and PR.16.


PR 06. ESG issues impact in selection process



06.1. 報告年度において、ESG問題が不動産投資の選択プロセスに影響を及ぼしたかどうかを明示してください。

06.2. 報告年度に、ESG問題が不動産投資の取引構造化プロセスに影響したかどうかを記載してください。

06.3. 補足情報 [任意]