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C WorldWide Asset Management

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » Outputs and outcomes

成果および結果

LEI 12. How ESG incorporation has influenced portfolio composition

12.1. 組織のESG組み入れ戦略がポートフォリオや投資ユニバースの構成にどういう影響を与えているかを記載してください。

最初の投資ユニバースの削減またはその他の効果について説明してください

We exclude companies with confirmed violations of international norms and conventions, where the service provider and ourselves have had to give up with engagement due to lack of progress.

At the end of 2019 none of the portfolio companies screened by external provider for us were on the Exclusion List. In the universe that we are following at the external provider, there were 35 companies on the Disengage (exclusion) List.

The portfolio managers are enabled to engage with companies on issues that we find to be unsustainable and in conflict with our principles of RI. The portfolio managers will then decide, on a case by case materiality basis, whether it will be in the best interest of our clients to continue the engagement process or to sell the investments if we believe they are not committed to changing to sustainable business behaviour.

削減率を明記してください(+/- 5%)

5 %

ESG統合後の効果を記載してください。

12.2. 補足情報 [任意]

The portfolio managers engage with companies on issues that we find to be unsustainable and in conflict with our principles of RI. The portfolio managers will then decide, on a case by case basis, whether it will be in the best interest of our clients to continue the engagement process or to sell the investments if we believe they are not committed to changing to sustainable business behaviour.      


LEI 13. Examples of ESG issues that affected your investment view / performance

13.1. 組織の投資見解や報告年度のパフォーマンスに影響を与えたESG問題の例を挙げてください。

ESG要因および説明

ExxonMobil - Climate Change/Energy Transition

Our engagement with ExxonMobil included various ESG issues including climate engagement, increased disclosure and transparency on emissions, lobbying activities and other ESG related issues, as well as initiatives to offset emissions such as its investments in carbon capture and storage technology. As investors in other (European) energy companies it is interesting to follow the difference in approach on dialogue and engagement, as well as strategic positioning. ExxonMobil clearly lag its peer in this regard, even though we do see improvements in their approach to the climate change and energy transition agenda. This difference is to some degree explained by the fact that European companies tend to have a broader stakeholder approach and being further in implementing and reporting on ESG issues than American peers, but our impression is that ExxonMobil has been more reluctant to be part of the energy transition solution both in dialogue and behaviour.

適用したESG組み入れ戦略 Integration

投資決定やパフォーマンスへの影響

We decided to sell our position to invest in companies more focused on the energy transition.

ESG要因および説明

Bayer - Environment and Health

Following our engagement with Bayer during 2018, where we were trying to understand how Bayer would work to incorporate their approach to include the Monsanto arm of the business by putting pressure on Bayer to get their work on Monsanto related issues up to speed with how ESG issues, we had further engagement with Bayer in 2019.

適用したESG組み入れ戦略 Integration

投資決定やパフォーマンスへの影響

The Roundup case and discussion on the use of glyphosate had remained an overhang for the stock and was likely to do so for some time. In addition, we had also seen renewed focus on the link between biodiversity and agricultural chemicals, largely spurred by the published summary of the Global Assessment Report on Biodiversity and Ecosystem by IPBES. This was a debate that potentially could add further uncertainty and negative sentiment on Bayer; even though we still saw Bayer as best positioned to address the long-term challenge of feeding a larger population and growing global middle class, we also realised that pressure on the stock was likely to remain in the short- to medium-term, why we decided to sell our position in favour of what we see as better opportunities elsewhere.

13.2. 補足情報 [任意]


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