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Santander Empleados Pensiones, F.P.

PRI reporting framework 2019

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

実施プロセス

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%)
100 %
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。

As earlier stated, our screening process is divided into two components/criteria. We use the exclusion criteria to ensure that we obtain an investable universe formed by socially responsible companies. On the other hand, the value criteria allows us to identify the best ESG performers and follow a best-in-class approach in every sector. With this, we aim to accomplish our objective of having an investment process that produces an investable universe composed by socially responsible companies and a selection of the best ESG performers in their sector. These strategy is drafted by the Control Commission of the pension fund and implemented by the fund managers.

Our screening for exclusion criteria seeks to weed out companies that engage in the following controversial activities:

  • Inappropriate use of nuclear energy
  • Toxic waste related activities
  • Environmental Pollution
  • Child Labour
  • Universal Declaration of Human Rights breachment
  • Child Pornography
  • Manufacturing or sale of a finished product/strategic parts of cluster ammunition, anti-personnel landmines or nuclear weapons
  • Irresponsible advertisement of alcohol, tobacco, pornography or gambling related products

The exclusion of these companies from our investable universe ensures that we avoid investments in those companies that do not have responsible business practices.

The value criteria screening allows us to apply our own standards to the information we receive from our ESG information third party provider. We obtain information from 5 different impact areas:

  • Environment
  • Corporate Governance
  • Human Rights
  • Stakeholder Relationship
  • Other Ethical Concerns

Our value criteria is the ESG rating that a company receives based on our analysis. This process involves using the ESG performance indicators we receive from our ESG information third party provider for the 5 different impact areas. This data is then subject to 2 considerations. First, we add weight to those specific ESG issues that are deemed as more important by our ESG/SRI Team in order to obtain a global picture of a company’s ESG performance. Secondly, we identify sector-specific issues incorporate them into our analysis to derive a fair ESG score. We add a second ponderation to the selected indicators that takes industry into account in order to ensure that our investment approach results in a best-in-class selection for every sector. Using emissions as an example, a company that underperforms in this matter in the Energy sector will be penalized in a greater manner than a company that underperforms in the Finance sector, thus taking into account the impact this industry has on the environment. Using these 2 weightings we obtain our final ESG score, which takes into account the importance of ESG issues and their impact at a sector level. This score leads us to select the best-in-class companies from our investable universe.

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。

ESG情報の種類

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

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]

When a company is attractive as a potential investment within our investment universe and breaches our exclusion criteria, the Control Commission can take the decision to follow an engagement process with this company. A formal letter is sent by the pension fund to the corporation involved asking them for information regarding the incident, giving them the right to defend their position and enquiring about the incident that has led them to this situation. Depending on the company’s feedback the Commission Control can decide to maintain this company in our investment universe or exclude it. In terms of proxy voting information, it is shared with the fund managers, yet it does not affect investment decisions.


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。

スクリーニングの種類

スクリーニング実行者

説明

We exclude companies when they are related to or engage in the following activities:

  • Inappropriate use of nuclear energy
  • Toxic waste related activities
  • Environmental Pollution
  • Child Labour
  • Universal Declaration of Human Rights breachment
  • Child Pornography
  • Manufacturing or sale of a finished product/strategic parts of cluster ammunition, anti-personnel landmines or nuclear weapons
  • Irresponsible advertisement of alcohol, tobacco, pornography or gambling related products

スクリーニング実行者

説明

As it was earlier stated, we obtain an overall ESG rating via a 2-step process. We use the data provided by Vigeo-Eiris and give a greater weight towards the overall score to the indicators that concentrate on the main ESG issues. This same process is repeated but taking into account the impact each indicator has on each of the 11 GICS Sectors in order to obtain a final ESG rating for companies that takes into account both, their overall ESG performance and their sector-specific impact. 

スクリーニング実行者

説明

Some of the indicators that we use to determine the ESG Rating of our companies directly derive from the principles in these conventions.

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。

Screening criteria is established by the ESG/SRI team based on the ESG approach depicted by the Control Commission in the investment policy. The review of the criteria in our investment process is performed on an ad-hoc basis. The Control Comission, governing organ of the pension fund, is notified about the status of the investment policy twice a year and clients and beneficiaries recieve information about the pension fund/any changes to policies every 4 months. 


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。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]

We update our records from third party ESG information every 4 months. 


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。

In the case that during our trimestral screening update a company has breached one or more of our exclusion policies, the Control Commision decides whether to start an engagement process with the company or divest from it directly. In case of engagement, a formal letter is sent by the pension fund to the corporation involved asking them for information regarding the incident, giving them the right to defend their position and enquiring about the incident that has led them to this situation. If the result from this process is negative, the pension fund divests from the company. The list of excluded companies is sent to the fund managers who have 6 months to divest in such a way that does not affect the value of the portfolio. 

06.3. 補足情報 [任意]


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