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Wellington Management Company LLP

PRI reporting framework 2018

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You are in Strategy and Governance » Objectives and strategies

目的および戦略

SG 05. RI goals and objectives

05.1. 組織が責任投資活動に関して目的を設定して見直しを行っているかどうか、および、行っている場合にはその頻度を記載してください。

05.2. Additional information. [Optional]


SG 06. Main goals/objectives this year

06.1. 報告年度に組織として設定している責任投資の主な目的を挙げてください。

責任投資プロセス

主要パフォーマンス指標(KPI)

          Investor engagement (number of portfolio teams and frequency who request portfolio reviews); Portfolio implications (buy/sell) where ESG issues informed the decision
        

進捗状況

Our ESG Research team, part of the central Investment Research function, helps our portfolio managers and analysts gather deeper intelligence on ESG topics and integrate these considerations into the investment process. Our ESG analysts are responsible for conducting in-depth analysis of the ESG factors most relevant to the sectors within their coverage area and for conducting outreach with investors to deepen integration efforts. Our ESG team works closely with investment teams to incorporate our research into the investment process — regularly conducting in-depth portfolio reviews with investment teams to discuss holdings with the greatest ESG risks and strengths.

主要パフォーマンス指標(KPI)

          Periodic emails to investors; investor engagement
        

進捗状況

Just like integration, training on ESG engagement is an ongoing effort facilitated by the ESG Research team's outreach model. Nonetheless, there are several examples of broad investor education on engagement. One example of investor education during 2017 was completed in consultation with Wellington's Chief Information Security Officer and shared our perspectives about how to engage and assess a company's cybersecurity efforts. The ESG Research team also conducts an annual meeting to provide a proxy season preview, educate investors about the recent changes to regional governance codes, and discuss our approach to certain hot topics.

主要パフォーマンス指標(KPI)

          Investor engagement (clicks) to ESG pages on research collaboration platform; investor engagement (responses, follow-up) to ESG Research monthly emails
        

進捗状況

Starting in early 2017, investors and analysts can monitor changes to their portfolio companies in several internal systems, including Wellington’s central research collaboration platform. Each company within the ESG Research team’s coverage has a dedicated ESG page on this platform which shows an explanation of what is driving the company’s ratings, recent company engagements, and proxy voting activity and history. This page also provides a historical view of the company’s rating over time, as well as identifies leaders and laggards based on its relevant peer set.

In the second half of 2017, the ESG Research team began sending a monthly internal email with summary stats of engagement activity, upcoming engagements with management and/or board members to attend, and summaries of sample engagements which occurred during the month.

主要パフォーマンス指標(KPI)

          Tracked progress towards meeting engagement objectives
        

進捗状況

In 2017, the ESG Research team implemented an engagement tracking tool to monitor progress of portfolio companies towards engagement objectives. 

As one example of the engagement objectives we are tracking, since the release of the final TCFD recommendations in June 2017, our ESG Research Team has been encouraging Wellington’s portfolio companies to adopt them as part of our engagement dialogue.

 

主要パフォーマンス指標(KPI)

          Each of our portfolio managers develops their own ESG integration approach, so KPIs will vary across teams.
        

進捗状況

Each of our portfolio managers develops their own investment approach whereby ESG considerations are integrated into their research and decision-making processes to the extent that they believe these issues may affect the long-term success of a company and investment returns. This can manifest itself within the investment thesis or portfolio weighting for a particular security, as well as within our proxy voting and company engagement efforts.

投資に係る財務業績

投資のESG特性

主要パフォーマンス指標(KPI)

          Each of our portfolio managers develops their own ESG integration approach, so KPIs will vary across teams.
        

進捗状況

Consistent with the objective of improved ESG incorporation into investment decision making processes, portfolio managers may express their views about the impact of ESG considerations relevant to their holdings in their investment decisions. Each of our portfolio managers develops their own investment approach whereby ESG considerations are integrated into their research and decision-making processes to the extent that they believe these issues may affect the long-term success of a company and investment returns. This can manifest itself within the investment thesis or portfolio weighting for a particular security, as well as within our proxy voting and company engagement efforts.

主要パフォーマンス指標(KPI)

          Meeting client objectives.
        

進捗状況

As required by specific client guidelines and objectives, we are able to manage portfolios in accordance to specific carbon reduction targets.

その他の活動

主要パフォーマンス指標(KPI)

          
        

進捗状況

In January 2017, Wellington Management became a founding signatory of the Investor Stewardship Group’s (ISG’s) Framework for US Stewardship and Governance. The ISG is a collective of some of the largest US-based asset owners and asset managers, along with several of their international counterparts.

In March 2017, we signed the UN PRI Statement on ESG in credit ratings. In this initiative, the PRI is extending the application of its Principles for Responsible Investment, to which we are already a signatory, specifically to credit-rating agencies. By signing this statement, Wellington Management is expressing support for credit-rating agencies to further integrate ESG factors into their ratings and reiterating our commitment to ESG integration across our fixed income platform.

In December 2017, Wellington Management joined over 230 organizations in signing the Statement of Support for the Financial Stability Board’s (FSB’s) Task Force on Climate-related Financial Disclosures (TCFD).

主要パフォーマンス指標(KPI)

          
        

進捗状況

The ESG Research team maintains an ongoing library of the most effective company engagements as well as notable portfolio manager investment decisions to which ESG issues contributed.

主要パフォーマンス指標(KPI)

          
        

進捗状況

We include case studies to demonstrate engagement and ESG incorporation in our quarterly publication, the Global ESG Research update, which is available on the Insights section of our web site.

06.2. 補足情報 [任意]


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