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Nykredit Realkredit Group

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。

Nykredit believes that companies caring about their customers, employees and rest of society are more profitable. A company who decides to be part of the solution rather than the problem will have reduced their risk and improved opportunities all other things being equal.

When applied to bonds the improved risk assesment is at the forefront, but the future should capture the opportunity part as well.

 

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

The SSA issuer focussing on improved education, reduction of corruption og freedom of speech could be a be good opportunity. 

社債(金融)

The strong governance of the financial corporate issuance is a strong way to reduce risk. Access to finance could be an opportunity. And risk assesment related to the TCFD will soon be a must.

社債(非金融)

The corporate issuer deeply rooted in the oil industri and with a strong balance sheet has huge risks related to green transition. 

証券化商品

Whereas the issuer of securitised bonds with a very strong credit policy and a loan book a high porportion of ecological farmers and climate friendly housing might have reduced risks compared to traditional analysis.

11.3. 補足情報 [任意]


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)
証券化商品​
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)

証券化商品

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

The E is focused on a combination of reliance on fossil fuels/fossil fuel production, polution and biodiversity. This is captured in some of the rating methodology, but also more in detail on the specific country.

The S is basic developmental meterics as education, unemployment rates, crime and health as well as demographics.

The G is democratic governance, basic freedoms and human rights. Another very important G-KPI is anti corruption.

社債(金融)

Governance is at the hearth of this analysis. And this is governance in a very broad sense. From board level to procedures. All are exposed to potential customer covered by international sanction, but some more than others. This is just one more example to highlight to importance of good governance in an industry deeply effected by malpractise and the resulting fines. Part of this metric is also finansial stability.

The S is related to financial product safety and access to finance. Privacy and human capital are very important as well.

Financing environmental impact is the natural E. Could be combined with aspects og green bonds.

社債(非金融)

The E, S and G depends of the specific sector the issuers are doing business in. However the G is naturally very important.

証券化商品

The governance of issuer is equally as important here as with financial coporates. So is the part it plays in the finansial stability. Access to finance and financing environmental impact could be a signal towards the use of proceeds. More interesting is however to look into what the proceeds themselves are financing and naturally the credit policy.

13.3. 補足情報 [任意]


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