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VBV Vorsorgekasse AG

PRI reporting framework 2020

Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Strategy and Governance

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Indirect – Manager Selection, Appointment and Monitoring

Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] Outputs and outcomes [LEI 12 - 13]

Direct - Listed Equity Active Ownership

Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Outputs and outcomes [FI 17 - 18]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

(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 <10% 10-50% 51-90% >90%
Social	Social <10% 10-50% 51-90% >90%
Corporate Governance	Corporate Governance <10% 10-50% 51-90% >90%

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.

Comprehensive ESG research is undertaken or sourced to determine companies’ activities and products

Companies are given the opportunity by you or your research provider to review ESG research on them and correct inaccuracies

Third-party ESG ratings are updated regularly

A periodic review of the internal research is carried out

Structured, regular ESG specific meetings between responsible investment staff and the fund manager or within the investments team

ESG risk profile of a portfolio against benchmark

Analysis of the impact of ESG factors on investment risk and return performance

Other; specify

None of the above

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

<10%

10-50%

51-90%

>90%

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

Quarterly or more frequently

Bi-Annually

Annually

Less frequently than annually

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

Quarterly or more frequently

Bi-Annually

Annually

Less frequently than annually

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

ESG information is held within centralised databases or tools, and it is accessible by all relevant staff

ESG information or analysis is a standard section or aspect of all company research notes or industry/sector analysis generated by investment staff

Systematic records are kept that capture how ESG information and research were incorporated into investment decisions

Other; specify

None of the above

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

51-90%

>90%

Security sensitivity and/or scenario analysis

Fair value/fundamental analysis

Proportion of actively managed listed equity exposed to investment analysis

<10%

10-50%

51-90%

>90%

Other; specify

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

Adjustments to forecasted company financials (sales, operating costs, earnings, cash flows)

Adjustments to valuation-model variables (discount rates, terminal value, perpetuity growth rates)

Valuation multiples

Other adjustments; specify

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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VBV Vorsorgekasse AG

PRI reporting framework 2020

(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.

Environmental

Social

Corporate Governance

08.2. Additional information. [Optional]

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]

LEI 10. Aspects of analysis ESG information is integrated into

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.

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

10.6. Additional information. [OPTIONAL]