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NN Investment Partners

PRI reporting framework 2019

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. 投資分析の一部として体系的に調査するESG要因と、この分析の影響を受けるアクティブ戦略の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

At NN IP, we systematically and fully integrate ESG criteria in our investment-decision making process. At the heart, ESG analysis is conducted by our in-house team of equity analysts. We start with raw ESG data as an input from data vendors such as Bloomberg, ISS, MSCI, Refinitiv and Sustainalytics. This feeds into our proprietary ESG assessment framework capturing a company's relative ESG performance. In addition, we make extensive use of sell-side ESG and thematic research from both a topic and industry angle.

 


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

At NNIP, detailed ESG information is readily available throughout the organisation. Our analyst systematically incorporate ESG factors in their research processes on companies, and are taking continuous steps to further increase their knowledge. In this there is close cooperation with the Responsible Investment team, acting as a knowledge hub within our organisation. To ensure quality and consistency, we have a committee reviewing the investment cases, amongst others, based on how the analyst has incorporated ESG factors (which is a key-performance indicator for the analysts), thereby ensuring a systematic use. We actively participate in knowledge-sharing events to further accelerate ESG integration at our firm and share best-practices with the wider investment community.


LEI 10. Aspects of analysis ESG information is integrated into

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

          thematic issues resulting from international conferences such as Climate COP Paris
        

アクティブ運用する上場株式の内投資分析をする割合

10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

          SWOT analysis, sensitivity analysis
        

10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

We apply ESG information both from a top-down as well as a bottom-up perspective.

Top-down: we assess how material ESG trends and general longer-term trends are providing risks and opportunities in terms of financial and non-financial performance (themes such as changing climate, rising urbanization, emerging middle class, ageing population, health and wellbeing, rising cyber dependency, and SDGs).

Bottom-up: in our bottom-up analysis - which is typically conducted by our in-house team of dedicated equity analysts - we analyse the absolute and relative ESG performance of companies and whether we believe the market is underestimating or overestimating ESG risks and/or opportunities. We focus on the material, longer-term issues to the value creation of investee companies.

Four steps are important in this:

Identify the material issues

Assess the performance on the material issues

Integrate the material issues into the financial analysis

Have an active dialogue with the companies in which we are invested.

Based on these different viewpoints, our portfolio weighting differs from our benchmark as we apply and integrate ESG information to strengthen our conviction. The central question for us is: how sustainable is a company's value creation longer term?

Controversies: we specifically eliminate companies with the highest ESG controversies.

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

The way ESG information is integrated within the forecasts and valuation of the equity analysis process is twofold. In case we consider the ESG factors to have a visible impact on actual company cashflows (in terms of magnitude and timing), we will adjust our financial value drivers (e.g. revenues, margins, capex) accordingly. In case we consider the ESG factors as mainly impacting the risk profile of the company (in terms of risk to cashflow generation and/or risks towards company and/or management perception), but without a clear indication of magnitude and timing, we will adjust the cost of capital for the company to incorporate the associated risks.

10.5. 有価証券の評価に感応度/シナリオ分析をどのように適用しているか説明してください。

in case of companies or sectors where certain ESG aspects can materially drive the valuation and in case there is considerable uncertainty surrounding the most likely (regulatory) trajectory of these ESG aspects the financial analysis will incorporate different scenarios to account for the most likely, the worst case and best case scenario. Alternatively a sensitivity analysis can be done to vary the different ESG inputs and see what the implications would be for the margins, sales or valuation of the company. Examples of scenario analysis we have used in the past is for example the trajectory of CO2 regulation for car companies and the supply chain of auto companies, modelling different scenarios for penetration of electric vehicles, hybrids and combustion engines and the effects on the supply chain.

10.6. 補足情報 [任意]


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