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Perpetual Investments

PRI reporting framework 2019

You are in Organisational Overview » Asset class implementation gateway indicators

ゲートウェイ資産クラス実施指標

OO 10. Active ownership practices for listed assets

10.1. 報告年度において組織が実施した積極的な保有活動(アクティブ・オーナーシップ)を選択してください。

上場株式 – エンゲージメント

上場株式 – 議決権行使

債券SSA – エンゲージメント

直接的にエンゲージメントを行わず、組織外の運用会社がESG要因について企業とエンゲージメントをすることを要求しない理由を示してください。

          We integrate consideration of ESG factors into our investment processes because we believe they can constitute material investment risks. Engagement with a security issuer may be part of this process if we believe we can influence how the issuer approaches this risk. So it would only make sense for us to engage if 1) we identify a material ESG credit risk (i.e. that meaningfully increases default risk); and 2) we believe engagement with the issuer would be productive in addressing this risk. Such a situation would occur very rarely. Also, our SSA fixed income exposure represents only a small portion of our funds under management, and we are a relatively small fixed income investor (i.e. with less influence).
        

債券 - 社債(金融) – エンゲージメント

直接的にエンゲージメントを行わず、組織外の運用会社がESG要因について企業とエンゲージメントをすることを要求しない理由を示してください。

          We integrate consideration of ESG factors into our investment processes because we believe they can constitute material investment risks. Engagement with a security issuer may be part of this process if we believe we can influence how the issuer approaches this risk. So it would only make sense for us to engage if 1) we identify a material ESG credit risk (i.e. that meaningfully increases default risk); and 2) we believe engagement with the issuer would be productive in addressing this risk. Such a situation would occur very rarely. Also, our corporate (financial) fixed income exposure represents only a small portion of our funds under management, and we are a relatively small fixed income investor (i.e. with less influence).
        

債券 - 社債(非金融) – エンゲージメント

直接的にエンゲージメントを行わず、組織外の運用会社がESG要因について企業とエンゲージメントをすることを要求しない理由を示してください。

          We integrate consideration of ESG factors into our investment processes because we believe they can constitute material investment risks. Engagement with a security issuer may be part of this process if we believe we can influence how the issuer approaches this risk. So it would only make sense for us to engage if 1) we identify a material ESG credit risk (i.e. that meaningfully increases default risk); and 2) we believe engagement with the issuer would be productive in addressing this risk. Such a situation would occur very rarely. Also, our corporate (non-financial) fixed income exposure represents only a small portion of our funds under management, and we are a relatively small fixed income investor (i.e. with less influence).
        

債券 - 社債(証券化) – エンゲージメント

直接的にエンゲージメントを行わず、組織外の運用会社がESG要因について企業とエンゲージメントをすることを要求しない理由を示してください。

          We integrate consideration of ESG factors into our investment processes because we believe they can constitute material investment risks. Engagement with a security issuer may be part of this process if we believe we can influence how the issuer approaches this risk. So it would only make sense for us to engage if 1) we identify a material ESG credit risk (i.e. that meaningfully increases default risk); and 2) we believe engagement with the issuer would be productive in addressing this risk. Such a situation would occur very rarely. Also, our securitised fixed income exposure represents only a small portion of our funds under management, and we are a relatively small fixed income investor (i.e. with less influence).
        

OO 11. ESG incorporation practices for all assets

11.1. 投資決定や積極的な保有の実務に(報告年度中に)ESGの組み入れを行った組織内で運用される資産クラスを以下から選択してください。

上場株式

債券 – SSA

債券 - 社債(金融)

債券 - 社債(非金融)

債券 - 証券化商品

現金

報告年度中に組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有に取り組んだ場合は、組織外で運用される資産クラスを選択してください。
アセット・クラス
組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有
不動産

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

11.4. 投資マネジャーの選定、任命、モニタリングプロセスに、投資に関する考慮事項がどのように含まれているかを簡単に説明してください。

Perpetual Investments (PI) has a Responsible Investment Policy which is available on our website https://www.perpetual.com.au/Investments/Institutional-Investors/Responsible-Investing/. Our Responsible Investments Policy covers our approach to incorporating ESG considerations into our investment decision-making and ownership practices.

We integrate ESG into our investment decision-making because we believe that ESG issues can impact long-term investment performance. In particular, we focus on identifying material ESG risks which may affect the investment returns of our Funds, which may impact the ability of our Funds to achieve their investment objectives - principally achieving investment performance in excess of Fund benchmarks.

Our approach to integrating ESG into each decision-making process in our Funds is as follows.

  • Listed Equities - Active - A key driver of the active (above benchmark) investment performance of the Funds is PI's internal investment capabilities in listed equities (domestic and overseas). Our approach to ESG integration in listed equities is publicly disclosed on our website https://www.perpetual.com.au/Investments/Institutional-Investors/Responsible-Investing/.
  • Listed Equities - Passive and Smart Beta - No ESG integration applies to passive listed equities as they are managed under fundamentally different investment processes as active equities.
  • Domestic Credit - Our approach to ESG integration in Domestic Credit is publicly disclosed on our website https://www.perpetual.com.au/Investments/Institutional-Investors/Responsible-Investing/.
  • Other Asset Classes - Where we outsource to external managers, we do consider aspects of ESG in our due diligence process. However, our ability to integrate ESG into these asset classes may be limited, due to the use of externally-managed pooled vehicles and the absence of well-developed ESG integration standards in certain asset classes such as infrastructure, other unlisted assets, securitised/derivative assets, etc.
  • Strategic Asset Allocation (SAA) - The SAA of our Funds is reviewed annually. Integrating ESG into SAA decision-making is a very recent concept and we do not currently incorporate these issues into our allocations at a broad asset-class level (e.g. equities versus bonds). We do however consider country/market (geography) allocation risk issues, such as the governance (i.e. an ESG) risk in investing in emerging or frontier markets.
  • Tactical Asset Allocation (TAA) - Integrating ESG concepts (which tend to be long-term) into TAA decision-making (which is normally medium-term) is very difficult. Implementation issues (for example via derivatives) add further challenges.

OO 12. Modules and sections required to complete

12.1. 自主的な報告を希望される場合には、該当するするモジュールやセクションを以下のリストから選択して下さい。組織のAUMの10%以上を占める資産クラスについてのみ報告が義務付けられています。

中核的なモジュール

直接またはサービスプロバイダーを経由したRI実施

自己運用 - 上場株式の組入れ

自己運用 - 上場株式の積極的な保有

自己運用 – 債券

外部の運用会社を経由したRI実施

委託 - 組織外の運用会社の選定、指名、モニタリング

終了モジュール

12.2. 補足情報 [任意]


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