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PRI reporting framework 2019

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities



LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
95.4 %
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
4.6 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

This ESG incorporation strategy matches the steps of our Responsible Value Investment process.

We adopt a 360° analytical approach to the company, taking into account three aspects: extra-financial analysis, financial analysis, balance sheet analysis. We follow a Best in Class/Best Effort multi-sector approach that encourages companies to improve in the following key extra-financial areas: Environment/Social/Governance/Stakeholders.

METROPOLE Gestion has engaged with ESG since 2008 and launched the METROPOLE Value SRI strategy in July 2008, which incorporated ESG criteria and an SRI approach into the management.

As ESG considerations gained momentum over time, we decided to extend the use of our ESG reference framework to the other funds / strategies, so as to cover all the investable universe in European equities.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]


LEI 02. Type of ESG information used in investment decision

02.1. 組織でESG組み入れ戦略に使用しているESG情報およびこの情報の提供者を記載してください。







02.2. ブローカーに対しESG調査結果を提供するよう奨励しているかどうかについて記載してください。

02.4. 補足情報 [任意]

LEI 03. Information from engagement and/or voting used in investment decision-making

03.1. ESGへのエンゲージメントや(委任状による)議決権行使から得られる情報を投資の意思決定に利用できるプロセスが組織にあるかどうかを記載してください。

03.2. 補足情報 [任意]

A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




METROPOLE Gestion excludes any companies directly or indirectly linked to the financing of controversial weapons, as provided for by international conventions. Are also excluded mining companies that generate more than 30% of their revenue through coal production, energy-producing companies more than 30% of whose production comes from coal, companies linked to tobacco production and companies linked to pornography.

This exclusion policy applies to all our funds.



Our SRI approach is a multi-sector approach, Best-in-Class and Best Effort approach. We encourage companies to improve in the extra-financial areas: environment, social, governance and stakeholders.

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

Since 2009, METROPOLE Gestion has been keen to establish a methodological basis independent of the major ESG rating agencies by establishing an academic collaboration with the University of Auvergne in order to produce an in-house company rating system.
The framework is the architecture of the screening system and it is laid out across two axes which define four orthogonal pillars (Internal – External / Human Resources – Public assets and capital) which are then broken down into items comprehensively reviewed:

  • Environment: measures the impact of the company's activities on the ecosystem
  • Social: measures the impact of the company's activities on its human resources
  • Governance: measures the quality of relations between Management, shareholders and the Board of Directors
  • Stakeholders: measures the quality of relations with stakeholders

Our ESG approach is a 360° analytical approach to the company, taking into account three aspects: extra-financial analysis, financial analysis, balance sheet analysis.

The screening combines quantitative and qualitative analysis.

As for the quantitative analysis, the screening is based on our extra-financial database which provides stable data over time, combining official corporate data (annual reports, sustainable development reports) and details of any controversies sourced from press agencies. Using this data, we build 150 indicators to measure each element of our standards, favoring outcomes over drivers deployed (75% - 25%).

  • Each pillar is equally weighted.
  • Best in Class rating: each company is rated in relation to its sector to obtain a Best in Class rating.
  • Best Effort rating (1 to 5 stars): this takes into account the change in extra-financial rating over the past four years, with additional weighting given to the last year.
  • Ratings are reviewed annually.

The quantitative analysis is supplemented by a qualitative analysis:

- Taking into account any ongoing controversies:

  • all controversies regarding stocks held in the portfolio are reported and monitored on a weekly basis.
  • in the case of new companies under consideration, in addition to the quantitative rating, controversies are analysed over the last three years.

- Analysis of sector-specific risks.
- Dialogue with companies through interviews with CSR managers and senior management (at least once a year for companies in the portfolio), designed to explore in depth the risks identified, to detect any risks not identified during the rating process to influence company strategy.

Policies and procedures are updated when changes are effective and the documentation is made available to the clients on our website.

LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニング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選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.5. 補足情報 [任意]

Best-in-class / best effort ratings are reviewed annually but controversies are reviewed weekly.

LEI 06. Processes to ensure fund criteria are not breached

06.1. ファンドの基準に違反がないことを確認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。

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

Rules and criteria are input into the Front Office system, which checks compliance with regulatory and statutory ratios and approves investment decisions in real time. The ratios are monitored at all times both by the investment team and by the control functions (compliance, risk management and internal control officers).

06.3. 補足情報 [任意]

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。








08.2. 補足情報 [任意]

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。

09.4. 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]

LEI 10. Aspects of analysis ESG information is integrated into


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。





          We follow a 360° analytical approach to the company. Fundamental analysis is completed with ESG quantitative and qualitative analyses.


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。

In our SRI fund, we maintain an average ESG rating for the portfolio above that of Eurozone listed companies with a market capitalisation in excess of €5 billion (some 280 companies), after deduction of 20% of the lowest ratings, which is key for determining portfolio weighting.

When ratings are updated, weightings may be reviewed at the same time.

In addition to that, when reviewing controversies, portfolio weightings may be adjusted.

10.6. 補足情報 [任意]