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Australian Ethical Investment Ltd.

PRI reporting framework 2019

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

アクティブ運用している上場株式におけるESGの組み入れ

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%）
30 %
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%）
70 %
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。

We invest in companies aligned with our Ethical Charter (www.australianethical.com.au/australian-ethical-charter). The 23 Charter principles guide us to investments which support people, animals and the environment (positive screening) and which do not cause them unnecessary harm (negative screening).

The consistent, rigorous application of our Charter principles defines a sustainable investment universe which we believe produces good outcomes for both the planet and the financial interests of our clients.

Our Ethical Charter requires us to assess the impacts on people, animals and the environment of a company's products and services (including impacts from the way those products and services are produced, supplied, consumed and disposed of). This process draws on data and analysis from company, industry, government, responsible investment, scientific and civil society sources. This broad and deep research of short and long term social and environmental impacts of companies and sectors builds a more complete understanding of the prospects and risks of the companies and sectors in our universe. As well as defining a sustainable investment universe, this enables more impactful engagement with companies. For our ‘active-fundamental’ equities portfolios, this research also contributes to the way that ESG considerations are integrated into our financial evaluation or portfolio weighting of companies.

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

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。

02.3. ブローカーに対しどのように奨励しているかを記載してください。

In selecting brokers, we have regard to the ESG research they provide, as well as the other research and services they provide. 

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。

スクリーニングの種類

スクリーニング実行者

説明

Australian Ethical will only invest where making the investment is assessed to be aligned with our Ethical Charter (www.australianethical.com.au/australian-ethical-charter). The 23 Charter principles specify twelve things we invest to support and eleven harms we invest to minimise. These principles guide us to investments which support people, animals and the environment (positive screening) and which do not cause them unnecessary harm (negative screening). This requires us to assess the positive and negative impacts on people, animals and the environment of a company's products and services, including impacts from the way those products and services are produced, supplied, consumed and disposed of.

Our negative screen leads us to avoid, for example, tobacco, weapons, fossil fuels, discriminatory and exploitative business practices and other unsustainable products, services and companies.

スクリーニング実行者

説明

Australian Ethical will only invest where making the investment is assessed to be aligned with our Ethical Charter (www.australianethical.com.au/australian-ethical-charter). The 23 Charter principles specify twelve things we invest to support and eleven harms we invest to minimise. These principles guide us to investments which support people, animals and the environment (positive screening) and which do not cause them unnecessary harm (negative screening). This requires us to assess the positive and negative impacts on people, animals and the environment of a company's products and services, including impacts from the way those products and services are produced, supplied, consumed and disposed of.

Our positive screen leads us to support sustainable and positive impact businesses including energy efficiency and energy storage technologies, renewable energy, medical breakthroughs, recycling, efficient transport and other sustainable products and services.

スクリーニング実行者

説明

As well as considering the impacts of the products and services produced by a company, we also consider the way those products and services are produced. International norms are an important guide in our assessment of this, particularly where companies based in developed countries also operate in less developed markets or source goods and services from those markets. For example, we will avoid companies which systematically ignore their responsibilities under the UN Guiding Principles on Business and Human Rights.

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。

We communicate with clients via letters, emails, our Good Money magazine and the Company's website and social media. This includes explaining how we apply our Ethical Charter to different companies, industry sectors and ethical issues. We also list the companies we invest in on our website. We summarise our analysis of key issues and update developments on our website (https://www.australianethical.com.au/super/our-position-on-topical-issues/; https://www.australianethical.com.au/good-money/). 

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 regularly approach companies to obtain additional information to assist our analysis of their environmental and social impacts and management of those impacts. This includes approaching companies to confirm specific analysis and conclusions in important cases. However, we do not give companies the opportunity to review our ESG research on them and correct inaccuracies in all cases. Some of our external research and data providers do provide details of their analysis to companies which gives them the opportunity to correct inaccuracies.

We conduct a periodic review of our company ethical assessments every 2 years. Reviews will occur more frequently where significant ESG incidents occur. If an ESG incident is identified or the activities or circumstances of an investee company changes such that the company's activities may breach a principle of our Ethical Charter, our ethics team will consult with the investment analyst and investigate and assess the significance of the breach (including its impact on the ethical assessment of the company under the Charter) and the prospects for engagement with the company to take action which would remedy the breach.

Our external ESG research provider updates their company ESG ratings and other ESG data annually or more frequently in response to significant incidents.

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。

As all our listed equities are internally managed, there are systems and procedures in place to avoid breaches of fund screening criteria. The CIO only approves a limit for a company after it is assessed for alignment with the Ethical Charter. Investments may only be made once the limit is approved. The spreadsheet which records the investment limits is linked to our spreadsheet record of companies’ ethical alignment status. This enables automated verification that all companies with limits meet our screening criteria.

If we identified that an investment had been made without the required ethical assessment, then either:

- the investment would be sold as soon as practical; or

- if there is a reasonable prospect that the investment would be assessed as investable under the Ethical Charter, we may conduct an assessment of the investment as soon as practical. If the investment was approved under the Charter it could be retained; if it was not approved it would be sold as soon as practical.

Where an investment has passed our ethical assessment process but new information emerges that a company's activities may breach a principle of our Ethical Charter, our ethics team will consult with the investment analyst and investigate and assess the significance of the breach (including its impact on the ethical assessment of the company under the Charter) and the prospects for engagement with the company to take action which would remedy the breach. If the issue cannot be resolved and is sufficiently serious we will divest.

06.3. 補足情報 [任意]

B) 実施:テーマ

LEI 07. Types of sustainability thematic funds/mandates (Not Applicable)

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]

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]

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

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。 

          ESG considerations can affect earnings prospects and valuation multiples.

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 some equities portfolios our internal ethical grade for companies affects their weighting in the portfolio. ESG considerations can also affect weightings by impacting judgements about earnings prospects and valuation multiples. 

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 analyst makes adjustments on a case by case basis, ultimately approved by the CIO.

10.6. 補足情報 [任意]

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