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Lazard Frères Gestion

PRI reporting framework 2019

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

We use the ESG evaluation performed by our partner Vigeo Eiris, which focuses on 6 Domains (Environment, Human Rights, Human Ressources, Corporate Governance, Customers and Suppliers, Community Involvment).

We also have access to the data from in-house analysis realized by our equity department, for which public information and brokers information are used.

Finally, we can also refer to a database containing all ESG quantitative data from our partner Vigeo and Trucost.

Fixed Income analysts consult all available extra-financial research and check the financial valuation is consistent with extra-financial ratings, meaning the spread remains interesting from a credit risk perspective.

In addition, our fixed income funds are subject to a quarterly ESG analysis, based on Vigeo’s data.

For each fund, the global ESG rating of all issuers in the portfolio are specified in a file sent on a quarterly basis to fund manager-analysts : This file highlights, for every of each issuers, the overall ESG rating as well as the ratings of the 6 domains analyzed.

Furthermore, the ESG team writes a comment on issuers with low overall rating (overall rating “weak”), using quantitative data from Vigeo, the comments are also sent on a quarterly basis to fund manager-analysts.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

社債(金融)

The ESG evaluation is focused on 6 Domains (Environment, Human Rights, Human Ressources, Corporate Governance, Customers and Suppliers, Community Involvment), which can be summed up in 3 : Environment, Governance & Social. The evaluation is based on criteria, which are weighted depending on their importance within the firm's sector.

 

社債(非金融)

The ESG evaluation is focused on 6 Domains (Environment, Human Rights, Human Ressources, Corporate Governance, Customers and Suppliers, Community Involvment), which can be summed up in 3 : Environment, Governance & Social. The evaluation is based on criteria, which are weighted depending on their importance within the firm's sector.

 

10.3. 補足情報 [任意]

SSA

The SSA analysis approach is based on 3 pilars, Environment, Social & Governance. Different criteria are activated depending on the situation of the country, to evaluate the situation within its context. The indicators used are based on the Sustainable development objectives defined by the UN.


FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
社債(金融)
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

社債(金融)

The ESG evaluation is focused on 6 Domains (Environment, Human Rights, Human Ressources, Corporate Governance, Customers and Suppliers, Community Involvment), which can be summed up in 3 : Environment, Governance & Social. The evaluation is based on criteria, which are weighted depending on their importance within the firm's sector.

社債(非金融)

The ESG evaluation is focused on 6 Domains (Environment, Human Rights, Human Ressources, Corporate Governance, Customers and Suppliers, Community Involvment), which can be summed up in 3 : Environment, Governance & Social. The evaluation is based on criteria, which are weighted depending on their importance within the firm's sector.

12.3. 補足情報 [任意]


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