This report shows public data only. Is this your organisation? If so, login here to view your full report.

NN Investment Partners

PRI reporting framework 2019

Export Public Responses
Pdf-img

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。

As an integral part of our research process, ESG analysis is carried out by NN IP's mainstream analysts. Analysts have access to several independent ESG databases, including Sustainalytics, ISS, Bloomberg, Refinitiv and others. This includes information on how each company scores on different ESG factors compared to its sector average and if there are any structural issues or controversies from ESG perspective. ESG factors covered include, amongst others, environmental damage and climate change, bribery and corruption, human rights, health and safety and corporate governance. These data are also used for our dedicated Sustainable funds. The analysts incorporate the results of their analysis into fixed income research templates, called score cards, ensuring they have looked at all material aspects. This process is quite similar to the ESG integration process on the equity side, but with more emphasis being put on the downward risks. Portfolio managers at NN IP take the score cards into account when making investment decisions. NN IP also has a partnership with Climate Bond Initiative which provides access to their database on the green bond market.

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。

SSA

We consider the biggest ESG risks to be in the Emerging Markets space, in particular in regards to governance and human rights concerns. Our EMD investment process includes ESG integration, where our focus is primarily on the Governance factor. We measure Governance in our proprietary sovereign risk model, through a quantitative assessment of inter alia institutional quality and competitiveness. We believe a well-functioning government as well as a competitive legislative framework assist in allowing companies and individuals to invest and grow, and support in earning foreign exchange. Our research shows that institutional quality (e.g. Governance) matters on a 3-5 year horizon. Data do, in our view, not always capture, the incremental improvement (deterioration) in governance performance that can occur. The newly elected president in Pakistan, for example, might (by only looking at historical data) be punished for the policies of his predecessors, while we believe that he has the intention and support to achieve positive change going forward. We therefore do not rely solely on the quantitative data that our Sovereign Country Credit Model produces, our analysts and portfolio managers always add a qualitative opinion to that. We incorporate Governance because we believe it is leading in defining the state of ESG and has the most predicative power when it comes to spread levels.

社債(金融)

ESG research is conducted in-house by our credit analyst teams, who explicitly score companies on their performance on Environmental, Social and Governance factors as part of their research process. The result of our in-house credit analysis, including the assessment of the company's performance on ESG factors, is documented into a company score card for each issuer under coverage. Our in-house ESG specialists support the ESG analysis conducted by our credit analyst teams.

社債(非金融)

ESG research is conducted in-house by our credit analyst teams, who explicitly score companies on their performance on Environmental, Social and Governance factors as part of their research process. The result of our in-house credit analysis, including the assessment of the company's performance on ESG factors, is documented into a company score card for each issuer under coverage. Our in-house RI specialists support and guide this effort.

10.3. 補足情報 [任意]

NN IP has partnered with ECCE (European Centre for Corporate Engagement, linked to University of Maastricht) and conducted research of the link between ESG and performance. We published white papers on the materiality of ESG factors on the performance of equities. The main outcome of this extensive work on equities was that scores momentum and controversy levels were the most relevant factors. NN IP and ECCE are now strengthening their collaboration to span research on credit issuers as well. This academic research is used to gain new insights related to the link between ESG factors and the financial performance of issuers.


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
SSA
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)
SSA

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。

SSA

ESG research is carried out by the investment analysts who, depending on the portfolio, use Sustainalytics or the EMD governance scorecard for sovereign issuers. This information gives the analyst great insights to determine how each sovereign issuer scores on different factors. The results of these scores are incorporated in investment process.

社債(金融)

ESG research is carried out by the investment analysts who use Sustainalytics, information provided by the company, Bloomberg, and other sources. This information gives the analyst a framework to determine how each company scores on different ESG factors. The results of this research are incorporated in each score card. Key in this process is to determine how material the underlying issues are.

社債(非金融)

ESG research is carried out by the investment analysts who use Sustainalytics, information provided by the company, Bloomberg, and other sources. This information gives the analyst a framework to determine how each company scores on different ESG factors. The results of this research are incorporated in each score card. Key in this process is to determine how material the underlying issues are.

12.3. 補足情報 [任意]


Top