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Nykredit Realkredit Group

PRI reporting framework 2018

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG issues [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 14]
Direct - Listed Equity Active Ownership
Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] Process for engagements conducted with/on your behalf by service providers [LEA 07 - 08] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14] (Proxy) voting and shareholder resolutions [LEA 15 - 24] Overview [LEA 15] Process [LEA 16 - 20] Outputs and outcomes [LEA 21 - 24]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 13] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 07] (C) Implementation: Integration [FI 11 - 13] Fixed income - Engagement [FI 15 - 17] Outputs and outcomes [FI 18 - 19]
Assurance
Assurance [CM1 01.1 - 01.7]
Export Public Responses
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You are in Direct - Listed Equity Active Ownership » Engagement

エンゲージメント

概要

LEA 01. Description of approach to engagement

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. 貴社に正式なエンゲージメントポリシーがあるかどうか示してください

01.2. エンゲージメントポリシーのファイルの添付、もしくはURLを記載してください。

URL https://www.nykredit.com/en-gb/samfundsansvar/investments/politik-for-baredygtige-investeringer/

01.3. エンゲージメントポリシーがカバーしている内容を示してください。

01.4. Provide a brief overview of your organization’s approach to engagement

In 2017 Nykredit has decided to integrate the different sub policies into the overarching policy on sustaianable investements. The engagement policy adresses why we engage; how we engage and how we reach conlusions.

The decision to engage is made by the Nykredit Forum on Sustainable Investments. This Forum also decides the goals and evaluations. Progress on engagements are evaluated anually. If no progress is made and this situation is not expected to change the company will be excluded. Exclusions are reevaluated every two years.

Nykredit always engages for change. In 2017 Nykredit evolved its engagement approach, which has focussed on individual companies so far. In December 2017 Nykredit decided to join Climate Action 100+. The iniative is a good supplement tailormade to the green transition issue, as many of the companies need to take action, but are not necessarily breaching any norms.

01.6. Additional information [optional]

LEA 02. Reasoning for interaction on ESG issues

02.1. エンゲージメントの方法および対話を行う理由を明示して下さい。

エンゲージメントの種類
対話を行う理由​
Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

02.2. Additional information. [Optional]

The internal staff are also involved in the active ownership and at times the active ownership takes almost form of an engagement, but without any breach being identified.

プロセス

貴社内で実行するエンゲージメントのプロセス

LEA 03. Process for identifying and prioritising engagement activities

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。

03.1. 貴社内のスタッフが実行するエンゲージメント活動を特定し、優先順位を決定する正式なプロセスが貴社にあるかどうか示してください。

03.2. 貴社内のスタッフが実行するエンゲージメントを特定し、優先順位を決定する際に使用する基準を説明してください。

03.3. Additional information. [Optional]

LEA 04. Objectives for engagement activities

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。

04.1. 貴社内のスタッフが実行する貴社のエンゲージメント活動に具体的な目的を定義しているかどうかを記載してください。

04.2. 貴社内のスタッフが実行する貴社のエンゲージメントを受けた企業の行動をエンゲージメント中および後で監視しているかどうかを記載してください。

04.3. 貴社内のスタッフが行うエンゲージメント活動の進捗を監視のうえ評価するために以下のいずれかを実施しているかどうか示してください。

04.4. Additional information. [Optional]

The milestones are defined together with our service provider as well as the evaluation. Any decision is made by the Nykredit Forum on Sustainable Investments. 

協働によって実施されたエンゲージメントのプロセス

LEA 05. Process for identifying and prioritising collaborative engagement

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。

05.1. 協働的なエンゲージメントを特定し、優先順位を決定する正式なプロセスが貴社にあるかどうか示してください。

05.2. 協働的エンゲージメントを特定し、優先順位を決定する際に使用する基準を説明してください。

05.3. Additional information [Optional]

Nykredit has just joined Climate Action 100+, which is a were positive new engagement initiative.

LEA 06. Objectives for engagement activities

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。

 

06.1. 貴社が関与する協働的なエンゲージメントに目的が定義されているかどうか示してください。

06.2. 貴社の協働的なエンゲージメントを受けた企業の行動をエンゲージメント中および後で監視しているかどうかを記載してください。

06.3. 貴社の協働エンゲージメント活動の進捗を監視し、評価するために以下のいずれかを実施しているかどうか示してください。

06.4. Additional information. [Optional]

Most collaborative engagements are conducted together with an engagement provider. A few more informal focused more on ESG and less on breaches of norms alone are conducted without a service provider.

サービスプロバイダーと共同で、または、サービスプロバイダーが貴社のために

LEA 07. Role in engagement process

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。

 

07.1. サービスプロバイダーがあなたの貴社のために実施するエンゲージメントにおいて、貴社がどのような役割を担っているのか明示してください。

07.2. サービスプロバイダーがあなたの貴社のために実施するエンゲージメントにおいて、貴社がどのような役割を担っているのか明示してください。

07.3. Additional information. [Optional]

Nykredit initiates the engagements; specifies the objectives and concludes. More and more we participate directly in meetings with the companies so the contact is not only through our service provider. In our experience this adds to the success rate of the engagements via supporting the credibility of the engagement partner, but it also adds important insights about the company that can beshared internally to improve our investment process.

LEA 08. Monitor / discuss service provider information

08.1. 貴社に代わりサービスプロバイダーが行ったエンゲージメント活動の成果を監視し、精査しますか？

当てはまるものをすべて選択してください。

08.2. 補足情報 [任意]

The review proces is part of our procedure to evaluate the progress. The mutal funds also reports on the engagements done in the fund in the annual report.

エンゲージメントを行っている3つのグループすべてに対する一般的なプロセス

LEA 09. Share insights from engagements with internal/external managers

09.1. エンゲージメントから得た考察を、貴社内の運用担当者や貴社外の運用会社と共有しているかどうかを記載してください。

エンゲージメントの種類
共有する考察
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

サービスプロバイダーのエンゲージメント

09.2. Additional information. [Optional]

All information on the background for engagements and not least progress are shared with portfolio managers. Portfolio managers have access to information including the documents put forward as part of the committee review.

LEA 10. Tracking number of engagements

10.1. 貴社がエンゲージメントの数を追跡しているかどうかを記載してください。

エンゲージメントの種類
エンゲージメントの追跡
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

サービスプロバイダーのエンゲージメント

10.2. Additional information. [OPTIONAL]

The Forum on sustainable investments receives information on the engagements each quarter.

成果および結果

LEA 11. Number of companies engaged with, intensity of engagement and effort

11.1. 報告年度に貴社がエンゲージメントを行った上場株式ポートフォリオの数を明示してください。

エンゲージメントを行った企業の数
割合（5％刻み）
この割合の計算基準を明記してください

単独/貴社内のスタッフのエンゲージメント
7 エンゲージメントを行った企業の数
5 割合（5％刻み）

この割合の計算基準を明記してください

協働的なエンゲージメント
1 エンゲージメントを行った企業の数
10 割合（5％刻み）

この割合の計算基準を明記してください

サービスプロバイダーのエンゲージメント
21 エンゲージメントを行った企業の数
5 割合（5％刻み）

この割合の計算基準を明記してください

11.2. ESG問題に関連して報告年度中に企業と複数かつ現実的で詳細にわたる議論ややりとりを行ったエンゲージメントの割合を記載してください。

エンゲージメントの種類
総合的なエンゲージメントの割合（%）
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント
サービスプロバイダーのエンゲージメント

11.3. 報告年度中に協働的なエンゲージメントの中で、貴社が主導したエンゲージメントの割合を記載してください。

エンゲージメントの種類
主導的役割を果たした割合（%）
  Collaborative engagements

11.4. 報告年度のサービスプロバイダーのエンゲージメントの中で、貴社が深く関与した割合を記載してください。

エンゲージメントの種類

深く関与した割合（%）
  Service provider engagements

11.5. Additional information. [Optional]

Nykredit aims to play a substantial part in any of our service provider engagements. This means that we decide goals and evaluate them, but it also means that we participate in meetings with the company and if it is opportune always meets with the company bilaterally.

The internal engagements noted here are engagements, which only internal staff have been involved in. These types of engagements are not retrospective trigged by norm breaches but rather proactive related to risk or action that could be problematic. Two of the engagements related to infrastructure investments, three to potential norms breaches and the last two was related to involvement in fossil fuel production.

All the service provider engagements are also collaborative in nature, as we engage with other investors and the discussions with these also plays an important role in the succes of the engagement.

The collaborative engagement is Climate Action 100+. Sadly Nykredit did not have the opportunity to be part of the initiation of the initiative, but Nykredit has taken the lead of one of the company engagements and participates in two other groups as well.

 

LEA 12. Engagement methods

12.1. 貴社のエンゲージメントが以下のどの項目を含むか明示してください。

12.2. 補足情報 [任意]

Participation in roadshows are done by our service provider.

LEA 13. Companies changing practices / behaviour following engagement

13.1. 報告年度に貴社や貴社のサービスプロバイダーのエンゲージメント活動を受けて、企業が実務を変更した、または実務を変更するように正式に約束した事例件数を追跡しているかどうか明示してください。

報告年度に貴社や貴社のサービスプロバイダーのエンゲージメント活動を受けて、実務を変更した、または実務を変更するように正式に約束した企業の数を追跡していますか。

13.2. 報告年度に貴社や貴社のサービスプロバイダーのエンゲージメント活動を受けて、実務を変更した、または実務を変更するように正式に約束した企業の数を記載してください。

企業数
ポートフォリオ全体に占める％​

単独/貴社内のスタッフのエンゲージメント
4
1 ポートフォリオ全体に占める％

協働的なエンゲージメント
0
0 ポートフォリオ全体に占める％
サービスプロバイダーによるエンゲージメント
7
1 ポートフォリオ全体に占める％

13.3. Additional information [Optional].

We are one among many investors engaging with these companies. We do not claim to be the triggering factor in the change, but just one among many catalysing postive change. 

LEA 14. Examples of ESG engagements

14.1. 報告年度に貴社または貴社のサービスプロバイダーが実行したエンゲージメントの事例を挙げてください。

ESG要因
ESG問題 
          Companies involved in Dakota Access Pipeline project should ensure compliance with human rights of the Standing Rock Sioux and Cheyenne River Sioux tribes.
実行者
目標

The companies behind the project, Energy Transfer Partners, Enbridge, Phillips66, Marathon Petroleum and Sunoco Logistics should ensure free prior content of all involved stakeholders in the project as part of the human rights/ OECD due diligence. 
対象範囲およびプロセス

Several media reports and initial engagement reports showed that eventhough some of the companies recognized the issues, they did not intend to ensure free prior content from the tribes effected.

Contact directly and through different partners should ensure that the companies understand that we as investors find their actions and lack of due diligence/ respect for basic human rights unacceptabel.

Follow the work stream of the UN on this case to ensure that any insights and statements play a relevant role.
結果

Some of the companies, Phillips66 and Enbridge, respondended very well to our initial engagement, but failed to act. As the UN critized the US authorities for failing to protect the human rights of the stakeholders of the project, Nykredit decided to exclude the companies from all investments.
ESG要因
ESG問題 
          Collapse of the Fundau damm at the Brazilian Samarco Mine operated by BHP Billiton and Vale
実行者
目標

BHP Billiton needs to identify the cause(s) of the dam failure and assess the other dams within its operational control and/or ownership to prevent similar failures at Samarco and elsewhere in the future. They should also ensure that there is a system for the monitoring and maintenance of all dams within its operational control and/or ownership. Emergency procedures should be in place, which the local communities are made aware of and the necessary authorities have agreed to, should such an incident re-occur.   BHP Billiton need to develop, through consultation with the community and authorities, and together with Samarco Mineracao and Vale, a long-term strategy for the reconstruction or resettlement of the affected community. They need to develop a long-term strategy for the environmental remediation of the river and affected land.
対象範囲およびプロセス

The company should recognize the violation. Be willing to communicate. Conduct a responsible course of action to remediate affected and understand the reason for the accident. And change designs and procedure to avoid future accidents.
結果

The violation has ceased. The company has assisted in a number of environmental and socio-economic remedial programmes to alleviate the immediate and medium-term impacts such as the temporary relocation of affected communities, the construction of temporary dams to prevent further settlement release and the provision of drinking water to those communities that temporarily lost access to potable water.


The company has adopted a responsible course of action. The company signed an agreement with state and federal authorities agreeing 41 socio-economic and environmental remedial programmes which are being managed by the Renova foundation. 

GES is currently awaiting the first resettlement construction works to begin, which is dependent upon receiving the necessary permits from a number of authorities.

The company has taken a proactive and precautionary approach to improve routines and prevent future violations.
ESG要因
ESG問題 
          Ensure Wal-Mart recognizes rights described by ILO Convention
実行者
目標

Walmart should cease and mitigate non-compliance in areas related to labour rights and strengthen its policies and guidelines on these issues.
対象範囲およびプロセス

The company should recognize the issue. Be willing to communicate. Conduct a responsible course of action that could lead to improvements of working condition. And change procedures to recognize labour rights and be fully compliant with ILO.
結果

The company has adopted a responsible course of action. Walmart has acknowledged its responsibility for the social impacts associated with its operations and has taken concrete measures to strengthen its approach to discrimination, working conditions in its stores and labour risks in the supply chain, among other things.

Walmart is now willing to adress the perceived gaps in between their procedures and the ILO convention.
ESG要因
ESG問題 
          Rio Tinto should live op to its goals for responsible mining
実行者
目標

Rio Tinto should change its business conduct to cease violation of a number of the Global Compact principles.
対象範囲およびプロセス

The company should recognize the violations. Be willing to communicate. Conduct a responsible course of action to stop the violations, remediate and understand the reasons for the violations. And change procedures to avoid future incidents.
結果

The company has for a number of years had ambitious goals for its responsible business practise in place. It has recognized the issues and worked to handle them and remediate were necessary. The company has improved procedures and are now restructuring their business, which include selling some of their most controversial activities. We are optimistic that some of the remaining issues will be handeled as well. 
ESG要因
ESG問題 
          VW: Environmental impact caused by defeat device
実行者
目標

VW should ensure that it has adequate risk management systems and internal controls and that the Supervisory Board has sufficient oversight, independence and skills in order to prevent future violations. Furthermore, VW should demonstrate that it has improved its corporate culture.
対象範囲およびプロセス

The company should recognize the violations. Be willing to communicate. Conduct a responsible course of action to stop the violations, remediate and understand the reasons for the violations. And change procedures to avoid future incidents.
結果

While the company has recognized the issue and communicated, there still looms the question if it is complete. Remediation and settlements have been achieved. A new strategy has been launched to focus on EV's. The question whether the governance issues behind the incident has been or will be solved is still unanswered.

14.2. Additional information. [Optional]

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