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QBE Insurance Group Limited

PRI reporting framework 2019

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 10. Integration overview

10.1. 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。

The key principles guiding Credit selection encompasses developed market corporate, financial and structured debt. Each corporate entity under consideration is subject to an ESG Assessment, including independent external ESG ratings and the Portfolio Manager assessment.

Adverse ESG findings will automatically reduce the issuer rating and a further review is completed considering materiality of factors and based on the internal assessment of the Portfolio Manager.

Issuers that have been flagged with an ESG rating below a defined rating threshold are then put on a more frequent ESG review cycle.

In addition to this assessment process publicly sourced Controversies research is used to identify any market sensitive ESG developments which could affect credit outlook for entities.

Materially negative developments may result in the entity being included in the final monitoring and watch list process.

All entities are screened subject to QBE Global Sanctions Policy, and the Group Investments Sanctions Policy.

Monitoring - All issuers are subject to ongoing monitoring by Portfolio Managers with a focus on credit rating, news flow or changes in financial outlook of the company, including daily monitoring. ESG considerations complement these practices, including issuers where there is increased potential for risk including emerging controversies.

10.2. 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。

社債(金融)

Our integration process is the same for Corporate (financial) and Corporate (non-financial) and Supranationals.

社債(非金融)

Our integration process is the same for Corporate (financial) and Corporate (non-financial) and Supranationals.

10.3. 補足情報 [任意]


FI 11. Integration - ESG information in investment processes

11.1. 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
社債(金融)
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 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)
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)

12.2. 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。

社債(金融)

In selecting and assessing the credit worthiness of corporate borrowers, the sustainability of the business is a key consideration. Strong governance that includes effective management of ESG factors increases the likelihood that a company will continue to perform and manage risks effectively.

The selection process considers material factors, based on the internal assessment of the Credit Portfolio Manager.  Investment monitoring considers market sensitive ESG developments which could affect credit outlook for entities, Materially negative developments result in the entity being included in the final monitoring and watch list process.

Companies which perform poorly on ESG factors are down-weighted within the existing investment analysis framework.

社債(非金融)

In selecting and assessing the credit worthiness of corporate borrowers, the sustainability of the business is a key consideration. Strong governance that includes effective management of ESG factors increases the likelihood that a company will continue to perform and manage risks effectively.

The selection process considers material factors, based on the internal assessment of the Credit Portfolio Manager.  Investment monitoring considers market sensitive ESG developments which could affect credit outlook for entities, Materially negative developments result in the entity being included in the final monitoring and watch list process.

Companies which perform poorly on ESG factors are down-weighted within the existing investment analysis framework.

12.3. 補足情報 [任意]


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