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VBV Vorsorgekasse AG

PRI reporting framework 2020

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ESG incorporation in actively managed listed equities

Implementation processes

LEI 01. Percentage of each incorporation strategy

01.1. Indicate which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities; and the breakdown of your actively managed listed equities by strategy or combination of strategies.

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied — you may estimate +/- 5%
100 %
Total actively managed listed equities 100%

01.2. Describe your organisation’s approach to ESG incorporation and the reasons for choosing the particular strategy/strategies.

  • Screening helps us to define a high-grade investment universe
  • Thematic strategies: efficient way to gain exposure to off benchmark investments
  • Integration strategies: we apply integrated financial and ESG analysis.

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]

When we started to invest in emerging markets we first screened the market for asset managers providing solutions in that space. As it was essential for us to apply the same SRI guidelines we have for all our assets, we started a call for proposals. So we ensured that in the fund strategy there are exclusions integrated, a low exposure to carbon intense companies as well as a best in class approach within the sector allocation.


LEI 02. Type of ESG information used in investment decision

02.1. Indicate what ESG information you use in your ESG incorporation strategies and who provides this information.

Type of ESG information

Indicate who provides this information  

Indicate who provides this information 

Indicate who provides this information 

Indicate who provides this information 

Indicate who provides this information 

02.2. Indicate whether you incentivise brokers to provide ESG research.

02.4. Additional information. [Optional]


LEI 03. Information from engagement and/or voting used in investment decision-making

03.1. Indicate whether your organisation has a process through which information derived from ESG engagement and/or (proxy) voting activities is made available for use in investment decision-making.

03.2. Additional information. [Optional]

There is a detailed report available, key figures are published in our annual report.


(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

Description

  • product: we do not invest in nuclear energy, tobacco, weapons and munitions
  • activity: we do not invest in gene technology
  • sector: we do not invest in coal
  • country: we do not invest in countries which have authoritarian regimes, we exclude countries with death penalty
  • environmental and social practices and performance: we do not invest in companies that violate labour law and human rights, we exclude companies that cause massive ecological damage
  • corporate governance: we do not invest in companies involved with controversial economic practices                                                     

 

 

Screened by

Description

Criteria used for the incorporation of financial and ESG analysis are set according to the sector the company belongs to. It follows that the best-in-class screening ranks companies belonging to the same sector.

Screened by

Description

  • violations of human rights are tested against ILO Conventions and UN declaration on human rights

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

Screening criteria are set by our Ethics Committee, which meets regularly four times per year and reviews criteria annually. Changes which are made to our screening criteria are added to our SRI guidelines, which are available on our website. They are also written down in every annual report, which is delivered to our stakeholders.


LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure ESG screening is based on robust analysis.

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.4. Indicate how frequently you review internal research that builds your ESG screens.

05.5. Additional information. [Optional]


LEI 06. Processes to ensure fund criteria are not breached

06.1. Indicate which processes your organisation uses to ensure fund criteria are not breached.

06.2. If breaches of fund screening criteria are identified, describe the process followed to correct those breaches.

Generally we divest, but sometimes we engage too.

 

06.3. Additional information. [Optional]

We also get frequently feedback from the auditors of the Austrian Eco Label regarding critical positions in our portfolio. Usually we follow their recommendations and sell the position with protecting interest.


(B) Implementation: Thematic

LEI 07. Types of sustainability thematic funds/mandates

07.1. Indicate the type of sustainability thematic funds or mandates your organisation manages.

07.2. Describe your organisation’s processes relating to sustainability themed funds. [Optional]

We focus on long term trends like renewable energy or low carbon economy in order to find investment themes.


(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the proportion of actively managed listed equity portfolios where E, S and G factors are systematically researched as part of your investment analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

There is an annual ESG factor analysis done by an external party, namely yourSRI.


LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on robust analysis.

09.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your integration strategy.

09.3. Indicate how frequently third party ESG ratings that inform your ESG integration strategy are updated.

09.4. Indicate how frequently you review internal research that builds your ESG integration strategy.

09.5. Describe how ESG information is held and used by your portfolio managers.

09.6. Additional information. [Optional]

ESG data are an integrated part of every investment decision.


LEI 10. Aspects of analysis ESG information is integrated into

New selection options have been added to this indicator. Please review your prefilled responses carefully.

10.1. Indicate which aspects of investment analysis you integrate material ESG information into.

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

10.2. Indicate which methods are part of your process to integrate ESG information into fair value/fundamental analysis.

10.3. Describe how you integrate ESG information into portfolio weighting.

We do a quarterly ESG analysis for the portfolio. 

10.4. Describe the methods you have used to adjust the income forecast/valuation tool.

We have no standardized method for adjustment of income forecast.

10.6. Additional information. [OPTIONAL]


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