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VBV Vorsorgekasse AG

PRI reporting framework 2020

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投資ポリシー

SG 01. RI policy and coverage

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。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

We manage assets in the sole interest of our beneficiaries. Our severance-pay fund has the objective to generate long-term constant returns and our annual reference-target is to outperform the Austrian Consumer Price Index.

Sustainability is an integral part of our corporate and investment philosophy. We believe that in the long-run sustainable companies and countries generate more stable returns. Investing in sustainable companies and countries  is also a way of mitigating investment risks. For example, VBV has decided to exclude all companies that realise at least 5% of their sales revenue or trading from coal in order to reduce the risk of "stranded assets". All our investments must be in line with our ethical, social and environmental guidelines. These are defined in our inclusion and exclusion investment criteria. After defining our investment universe, we follow a best-in-class stock selection through integrated financial and sustainability analysis. We discuss and decide on potential engagement activities and proxy voting together with our  partners. As a large part of our assets is managed by external managers, the manager selection and monitoring process are very important. Each asset manager has to complete a detailed questionnaire which includes a dedicated section covering ESG and climate related issues.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

Our Ethics Committee meets quarterly and is responsible for the definition of our investment universe through the development of our investment guidelines.

Our investment criteria are:

  1. good relations with stakeholders
  2. sustainable products
  3. environmentally and socially sustainable countries and international organisations
  4. environmental protection

Our exclusion investment criteria are:

  1. violation of labour law and human rights
  2. nuclear energy
  3. authoritarian regimes
  4. gene technology
  5. controversial economic practices
  6. massive ecological damage
  7. tobacco
  8. death penalty
  9. weapons and munitions
  10. coal

A best-in class approach is applied for the asset selection, either directly or through our external managers.

Our external asset managers must send us the ESG and carbon report every quarter.

We measure the carbon footprint of our bonds and equities once a year and publish it on our website.

We do care about the positive impact of our investments, so we classify these impacts under the Social Development Goals. Then, we ranked the SDGs according to the kind of impact that our investments can contribute to. SInce 2018 we have a third party SDG report for our equity holdings.

We register for various national and international sustainability labels so that our investment policy that covers responsible investment approach can be tested and verified by independen third parties.

 

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

In 2019,  VBV has conducted a heat map scenario analysis of climate-related risks and opportunities for our invested securities with assistance from pwc Germany. The scenario analysis tested the resilience of our equity portfolio against a climate-related scenario of 2° Celsius or lower. The 2° Celsius scenario has been based on International Energy Agency with the time horizons 2025 and 2030. The result of the analysis for the time horizon 2025 showed that overall, under a 2° C pathway, the portfolio would be mostly resilient regarding transition risks. Until 2030, the portfolio might become less resilient and the geographic differences more profound. A deep dive into sectors showed that some sectors and sub sectors are more exposed to transition risks. For instance, North American and European food and agriculture companies may be more strongly affected by water stress, CO2 prices and demand changes. On the other hand, there is a strong development of Asian Pacific companies in the financial sector mainly mirroring developments in the real estate sector and low CO2 prices.

VBV has already been working on factoring in transition risks and opportunities into our investment strategy and products:

- VBV has decided to exclude all companies that realise at least 5% of their sales revenue or trading from coal from its investment universe.

- We measure the carbon footprint of our  equity portfolios at least once a year. Our target is to produce one third fewer emissions than our benchmark (MSCI World Index) every year.

- We invest in the renewable energy sector, mainly in solar and wind, to follow governments´shift from non-renewables to renewables source of energy.

- We monitor our positions in fossil fuels and are gradually reducing our exposure. We are also discussing with our Ethics Committee to sell all our positions in fossil fuels, as fossil fuels  are highly exposed to climate risks.

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?

これらのリスクおよび機会に関連する時間の尺度について説明してください。(500語以内)

In 2019, we conducted a scenario analysis of climate-related risks and opportunities for our equity portfolio.  We chose two timescales for conducting the analysis, i.e. 2025 and 2030. As both timescales are rather short, the results of the analysis cover only transition risks. The result of the analysis for the shorter time horizon (2025) showed that under a 2° C pathway, the portfolio is mostly resilient regarding transition risks. Until 2030, the portfolio might become less resilient and the geographic differences more profound.

In the past years, action has already been taken by VBV on a sector level and on a stock specific level as regards mitigating transition risks: 

- We do not invest in coal since four years and this is checked every year from Austrian Governmental authorities for sustainability

- We monitor our positions in fossil fuels and are gradually reducing our exposure.

- We measure the carbon footprint of our equity portfolio since 2016 at least once a year. Our target is to produce one third fewer emissions than our benchmark (MSIC World Index) every year. So far, this goal has always been achieved.

- We invest in the renewable energy sector, mainly in solar and wind, to follow governments`shift from non-renewables to renewables source of energy.

01.8 CC. 組織はTCFDを公式に支持しますか?

理由を説明してください。

In 2019, we did not label our disclosures related to sustainable investments according to the TCFD recommendations, although our disclosures are to some extent already in line with them.
Last year we started an organisation-wide project together with our sister company, VBV-Pensionskasse AG,  concerning sustainable investments, with an emphasis on climate risks and opportunities and the forthcoming EU regulation on sustainability related disclosures. At the moment we are working on our governance strategy and framework to include climate-related risks and opportunities. In this context we are closely following the TCFD recommendations.

We are confident that starting in 2020 VBV-Vorsorgekasse will publicly support the TCFD. 

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?

説明してください。

Last year we started an organisation-wide project together with our sister company, VBV-Pensionskasse AG, concerning sustainable investments, with an emphasis on climate risks and opportunities and the forthcoming EU regulation on sustainability related disclosures. At the moment we are working on our governance strategy and framework to include climate-related risks and opportunities.


From an operational and management point of view, VBV has already taken several measures in the past few years to identify and manage climate-related risks and opportunities:

- VBV has decided to exclude all companies that realise at least 5% of their sales revenue or trading from coal from its investment universe

- We measure the carbon footprint of our equity portfolio at least once a year. Our target is to produce one third fewer emissions than our benchmark every year.

- We invest in the renewable energy sector, mainly in solar and wind, to follow  governments´shift from non-renewables to renewables source of energy.

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。

具体的に記入してください。

          In 2019,  we did not label our disclosures related to sustainable investments according to the TCFD recommendations, although our disclosures are in line with them.
        

SG 02. Publicly available RI policy or guidance documents

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。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

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02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

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02.3. 補足情報 [任意]

Our Proxy Voting Policy is the same as that of Erste Asset Management for more than 90% of our equity portfolio, as Erste Asset Management serves as management company for the large majority of our equity investment funds.                                                                                                                          

 


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

VBV has implemented a conflict of interest policy. Possible conflicts of interest are reported to the Compliance Officer. He documents the possible or actual conflicts of interest as well as the measures taken to prevent the possible or actual conflicts of interest. These measures may include: prevention of internal communication which might cause conflicts of interest; cancellation of conflicting trades; principle of priority (the interests of customers have the highest priority).

03.3. 補足情報 [任意]

 

 


SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

- VBV equities and fixed income instruments receive an external ESG rating.

- The equity and fixed income breakdown by ESG rating is published every quarter together with the quarterly newsletter.

- Most of our external managers divest the position with incidents within one month from the ESG rating downgrade to a not-sufficient level.

- The same is true for our internally managed portfolio (equity and bonds).

 

 

 

 

 

 

 

 


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