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Australian Ethical Investment Ltd.

PRI reporting framework 2019

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income

アクティブ運用している債券におけるESGの組み入れ

実施プロセス

FI 01. Incorporation strategies applied

以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)
SSA
100 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(金融)
100 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

When applying our Ethical Charter to governments, we recognise that democratically elected governments play an important role in in advancing the interests of people, animals and the environment. To assess a government we therefore focus on its accountability and the general quality of its democracy, taking into account things like political rights, civil liberties and rule of law. We will not invest in undemocratic states, and democratic governments can also be excluded for militarism.

Even governments operating in strong democracies will have many polices which we disagree with. In these cases we think the most effective way for us to pursue positive change is to advocate for more sustainable policies through government consultations and submissions, and through our public voice in the media which can influence both governments and voters.

When investing in corporate fixed income securities, the screening under our Charter creates a universe of sustainable companies. Our 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.

01.3. 補足情報 [任意]


FI 02. ESG issues and issuer research

02.1. 発行体に対する分析の一部として体系的に調査するESG要因を明示してください。

SSA
社債(金融)
環境データ
社会的データ
ガバナンスデータ

02.2. 入ってくるESG情報のフォーマットと主な情報源を明示してください。

この情報の提供者を説明してください
この情報の提供者を説明してください

具体的に記載してください

          Industry, government, responsible investment, scientific and civil society sources
        
この情報の提供者を説明してください

具体的に記載してください

          Industry, government, responsible investment, scientific and civil society sources
        
この情報の提供者を説明してください

具体的に記載してください

          Industry, government, responsible investment, scientific and civil society sources
        
この情報の提供者を説明してください

具体的に記載してください

          Economist Intelligence Unit Democracy Index; BICC Global Militarization Index.
        

02.3. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全体における情報源の違いを明らかにしてください。

Our ethics research and investment analysts use the above types and sources of information for the following purposes:

  • Screening of governments: Rankings and associated analysis from Economist Intelligence Unit Democracy Index, BICC Global Militarization Index and other sources help us assess the legitimacy of governments and their militarism.
  • Screening and ESG integration for corporate issuers: Data and analysis from ESG research providers, ESG broker research and from industry, government, scientific and civil society sources help us identify and assess key ESG issues affecting companies and sectors.

02.4. 補足情報 [任意]


FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

03.3. 補足情報 [任意]


A) 実施:スクリーニング

FI 04. Types of screening applied

04.1. 実施するスクリーニングの種類を記載してください。

当てはまる項目を全てを選択してください
SSA
社債(金融)
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

Our positive screen leads us to support sustainable and positive impact businesses such as energy efficiency and energy storage technologies, renewable energy, recycling, efficient transport, responsible banking and other sustainable products and services.

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

When applying our Ethical Charter to banks we assess the ‘Paris alignment’ of bank lending; sales and marketing practices; financial product design; evidence of exploitative trading activity; and ESG integration into lending decisions.

When applying our Ethical Charter to governments, we recognise that democratically elected governments play an important role in in advancing the interests of people, animals and the environment. To assess a government we therefore focus on its accountability and the general quality of its democracy, taking into account things like political rights, civil liberties and rule of law. We will not invest in undemocratic states, and democratic governments can also be excluded for militarism.

04.3. 補足情報 [任意]


FI 05. Examples of ESG factors in screening process

05.1. スクリーニング条件に含まれているESG要因の例を挙げてください。

種類

ESG要因

スクリーニング

スクリーニングの説明

Development banks (DBs) established by groups of countries can be positive for alleviating poverty and otherwise contributing to human happiness. To be aligned with our Ethical Charter, a DB must meet the following conditions:

  • The DB pursues a purpose which is aligned with the Charter. An example is a purpose to alleviate poverty in developing countries and improve living standards of those who are less well off in those countries.
  • The DB integrates ESG considerations into their funding processes and decisions. This includes a requirement that DB funding processes are designed to align the DB’s lending and other activities to the economic transition needed to limit warming to well below 2 degrees.

These tests are designed to ensure that we only invest in DBs which are making a positive contribution to development i.e. if the DB did not exist, there would be poorer development outcomes in the countries which the DB seeks to benefit. We consider the following:

  • DB use of intermediaries
  • DB responsibility for harm caused by funded projects
  • climate alignment of lending
  • genuine pursuit of purpose (e.g. interests of developing countries are prioritised; don’t support authoritarian regimes or have ‘trickle down’ development focus)
  • DB transparency.

種類

ESG要因

スクリーニング

スクリーニングの説明

Australian Ethical invests selectively in the banking sector. We exclude banks if they are not aligning their lending activities with the transition needed to limit warming to 2 degrees. We use a climate scorecard which assesses:

  • bank lending to the fossil fuel sector, including lending restrictions and the type of fuel and its emissions intensity
  • bank lending to renewable energy and energy storage
  • bank lending to technologies and activities which reduce energy usage or store carbon (e.g. green buildings, low-emissions transport and reforestation)
  • bank support for government climate policy aligned with the 2 degree transition (both directly and indirectly through participation in industry associations).

We also exclude banks if:

  • The bank markets and sells products in a way which encourages customers to buy products that cause them harm. For example, if the bank systematically encourages customers to over-borrow. Or the bank systematically misleads customers about fees or about the merits of investment opportunities arranged by the bank.
  • The bank systematically designs financial products which do not serve a legitimate function. For example, if the bank systematically designs investment products which facilitate tax avoidance.

05.2. 補足情報 [任意]


FI 06. Screening - ensuring criteria are met

06.1. 債券投資においてファンドスクリーニング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システムを記載してください。

スクリーニングの種類
ネガティブ/排他的スクリーニング​
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング​

06.2. 補足情報 [任意]


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