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PRI reporting framework 2019

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

Bâtirente is convinced that the long-term success of investments depends on taking ESG factors and sustainable development criteria into account. In addition, the Investment and Extra-Financial Risk Committee takes into account the sustainable development and socially responsible investment aspects put forward by the asset management companies in the development of their portfolios.

Bâtirente's socio-economic commitment adds to the diversity of the investment approach, by providing a different perspective on the performance of financial markets and the future prospects of the economy and companies. Bâtirente is convinced that investments in companies must demonstrate a certain momentum towards sustainable development and other long-term social objectives.

The Bâtirente Guidelines serve as a guide for managers in carrying out their respective mandates. They therefore cover the following three categories of activities:

  1. Integration of ESG risks into portfolio construction processes;
  2. Shareholder engagement;
  3. Exercise of voting rights.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

Bâtirente encourages companies to go beyond the minimum required by law and adopt best practices in ESG risk management. The adoption of best practices is important given the often inadequate or insufficient regulatory framework in some parts of the world. In addition, companies that are willing and able to adopt such practices and innovate both technologically and managerially can protect or improve their reputation and gain a competitive advantage. New societal and market expectations of the business sector should guide best practices. However, these are determined by normative rather than political or legal processes. In order to determine what constitutes best practice, our investment policy encourages managers to first rely on their own analysis of companies to identify those whose strategies, policies and practices stand out. This policy also considers the many principles, standards, guidelines, codes of conduct and certifications that aim to guide corporate environmental and social practices. These voluntary mechanisms are an important source for developing and setting best practices. Bâtirente gives greater credibility to standards that meet the following criteria:

  • Result from a multi-stakeholder and transparent consensus (industry, civil society, workers, investors, governments, scientific and academic community...);
  • Respect or exceed the spirit of international law;
  • Are subject to transparent and inclusive stakeholder governance;
  • Include public accountability and independent audit requirements for the companies that adopt them;
  • Are subject to incentives to ensure compliance (penalties and rewards);
  • Benefit from public recognition to enhance the company's corporate reputation with its stakeholders, particularly its customers.

01.6. 補足情報 [任意]

下記を読み理解しました I confirm I have read and understood the Accountability tab for SG 01

SG 01 CC. Climate risk (Not Completed)

SG 02. Publicly available RI policy or guidance documents (Not Completed)

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

Our global investment policy states that all investment decisions are entrusted to third party asset managers who are contractually bound to divulge conflicts of interest, that asset valuations are delegated to our fund administrator and that our proxy voting is done through a third party provider according to structured guidelines assures a fairly reliable structure in terms of conflicts of interest management.

NEW feature: On top of that, in 2017, our Board adopted a Code of Ethics that binds all directors and staff. The Code puts in place processes aimed at preventing such conflicts through transparency measures. For example, any staff is subject to mandatory declaration of all gift, gratuity or any likewise offer. This is done in order to prevent undue influence over employees who for instance, may be involved in the asset manager selection, appointment and monitoring processes. 


03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、ポートフォリオ対象企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

Æquo our engagement services provider monitors the companies in our portfolios. Significant controversies and incidents at companies trigger an internal discussion at our provider as to whether they should investigate further on our behalf and engage directly with the company on that issue. Any action taken by Æquo will be reported back to our team via the quarterly reporting process. For example, in a few cases a new shareholder engagement has been undertaken with target companies on the basis of such informations. In other cases it has led to adding a new issue into an already ongoing dialogue with the company.