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SAS Trustee Corporation

PRI reporting framework 2019

You are in Indirect – Manager Selection, Appointment and Monitoring » Appointment

指名

SAM 04. Appointment processes (listed equity/fixed income)

04.1. あなたの組織では、ほとんどのケースで、また、商品の仕組みが許す限り、運用会社の選定および・もしくは約定の一環として以下の項目のいずれかを行っているかどうかを明示してください。

具体的に記入してください

State Super commends the use of the ACSI Governance Guidelines.

04.2. 運用会社の指名において通常盛り込んでいる、ベンチマーク、目標、インセンティブ/コントロールおよび報告要件の事例を資産クラス別に記載してください。

資産クラス

ベンチマーク

          MSCI-World ex Australia ex Tobacco ex Controversial Weapons & MSCI World ex Aus Select ESG Low Carbon Integrated
        

ESG目標

          State Super will not invest in companies that are directly involved in the manufacture or production of controversial weapons and tobacco products.
        
          State Super has historically directed external fund managers to undertake voting on its behalf, however retains the right to override voting decisions should the issue be deemed of significant risk to the portfolio.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

          Bloomberg Ausbond Govt 10+
        

ESG目標

          State Super will not invest in companies that are directly involved in the manufacture or production of controversial weapons and tobacco products.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

          Bloomberg Global High Yield
        

ESG目標

          State Super will not invest in companies that are directly involved in the manufacture or production of controversial weapons and tobacco products.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

          Credit Suisse Western European Leveraged Loan Index Hedged to AUD
        

ESG目標

          State Super will not invest in companies that are directly involved in the manufacture or production of controversial weapons and tobacco products.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

          CPI + 9%
        

ESG目標

          State Super will not invest in companies that are directly involved in the manufacture or production of controversial weapons and tobacco products.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

          FTSE EPRA/NAREIT Developed Rental Index Hedged to AUD
        

ESG目標

          State Super will not invest in companies that are directly involved in the manufacture or production of controversial weapons and tobacco products.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

          FTSE Developed Core Infrastructure 50/50
        

ESG目標

          State Super will not invest in companies that are directly involved in the manufacture or production of controversial weapons and tobacco products.
        

インセンティブおよびコントロール

報告要件

04.3. 報告要件のいずれかが満たされない場合に、組織では、以下に記載するどの措置を講じることになるのかを示してください。

04.4. 組織が設定している外部運用会社の指名プロセスに関連する追加情報を記載してください。 [任意]

          The due diligence process prior to manager appointment includes an assessment of a manager's organisational commitment to considering ESG issues in its investment process and the effectiveness of this in both the security valuation and portfolio construction. In terms of organisational commitment, we and our consultant seek to confirm to what degree ESG issues are given serious consideration from senior management through to portfolio managers and research analysts and that it is clearly articulated in policy documents where possible. Our consultant seeks to understand how ESG factors or considerations are incorporated into the investment process, with a view to how well integrated the adopted approach is to the investment philosophy, whether this is adopted at an appropriate level of materiality, and whether this is incorporated in the investment culture of the entire investment team (i.e. not just those with responsible investment titles). This part of the due diligence process seeks to understand whether the integration of ESG issues is likely to be supportive of enhanced returns and/or mitigating risks for the portfolio of listed assets. Consideration is also given to the level and type of engagements with security issuers and approach to voting on securities by the manager and whether these are likely to be in confluence with our preferred approach. Assessments by the consultant prior to appointment include a specific rating on ESG issues and this may influence the overall rating of the prospective mandate. Historically there has been more emphasis placed on ESG integration for active fundamental management and for external managers that have more of a medium to longer term valuation focus embedded in their investment approach. Even for those managers with quantitative processes and shorter dated investment horizons, we note there is now considerable data available on ESG (and its components). We expect these managers will have researched the potential for ESG signals to be additive signals and included in the investment process, if they justify the same thresholds for inclusion as other tested signals.
        

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