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Generation Investment Management LLP

PRI reporting framework 2020

You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および/またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください(資産クラス別、セクター別、戦略的資産配分等)。

25語以内で説明してください 。 At the sector level (Roadmap part of our process). We are currently working with a partner to undertake scenario modelling at the portfolio level. See further detail in comments to 13.3.

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

13.3. 補足情報 [任意]

Explicit modelling scenarios have historically been part of our process. The scenario assessments we do occur during the Roadmap stage, where we seek to understand the long-term dynamics that are likely to impact company value in the future. We believe climate change to be a significant source of risks and opportunities and have sought to structure our portfolios to be well-positioned for this transition. In this way, carbon and environmental intensity of industries and businesses have been gating factors to companies being accepted for coverage, across all our strategies. Therefore rather than model high-level impacts on the portfolio of, for example, a 2 degree world, at the company level where it is material, analysts will model the cost curves of, for example, battery storage, or other aspects that relate to our view of the carbon transition.

We are currently conducting an assessment with an external partner that includes modelling at the portfolio level. This includes an analysis of implied temperature alignment and the value at risk (or opportunity) under different climate scenarios for each of the sectors we cover. This work focuses initially on transition risk, but we expect to add physical risk to this in future.


SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて(分析がどのように解釈されているか、その結果、将来の計画等)、記述してください。

500語以内で自由に記載

We have always incorporated transition and physical risk into our investment practice. The modelling work currently being conducted is an opportunity to explore a different methodology and work with external experts. Of course, we hope this generates interesting insights – if so, these lessons will naturally be reflected in our investment practice in future.

13.5 CC. この分析をだれが利用するか記述してください。

具体的に記入してください

          All the investment team.
        

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

500語以内で自由に記載してください。

Our investment approach is to take a long-term view. Our valuation model is based on a 40 year time horizon.

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

13.8 CC. 貴社組織が用いる気候シナリオについて記述してください。

提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他

その他 (1) 具体的に記入してください:

          IPCC 1.5
        
その他
その他

SG 14. Long term investment risks and opportunity

14.1. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について考慮するか明示してください。

14.2. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

低炭素関連および気候変動に強いポートフォリオ、ファンド、戦略または資産クラスに投資されている運用資産(AUM)を明示してください

Total AUM
10億 100万
Currency
Assets in USD
10億 100万

使用された枠組みまたは分類法を明示してください

We believe 100% of our AUM to be in climate resilient portfolios. As discussed, our asset allocation strategy is based on selecting businesses we believe are well-positioned over the long-term for the risks and opportunities posed by climate change. 

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

その他(具体的に記入してください)

          Our investment process is our primary tool in managing climate-related risks and opportunities.
        

14.4. 排出量リスクの開示を選択した場合、採用している開示方法またはそのフレームワークの中で気候関連のものを挙げてください。

We disclose climate related disclosures as part of our regular reporting to our clients. For our listed equity strategies, this includes analysis prepared by Trucost on our carbon footprints relative to the benchmark. For our private strategy, we work with Environmental Capital Group to provide impact reporting to our clients. 

14.5. 補足情報 [任意]

We use many of these scenarios in our research as well as in our external publications - our annual sustainability trends report, for instance, will typically include scenarios from the IEA, BNEF and IPCC among many others.

The focus of our ongoing assessment into transition risk and opportunity IN OUR PORTFOLIO compares an extended NDC scenario with a 1.5 scenario based on ADVANCE (see citations for Luderer et al. in the IPCC 1.5 report) and REMIND (also described in IPCC 1.5 report).

(This exercise tests the impact of a high ambition outcome. For consideration of physical risk we would explore a more pessimistic outcome for the climate).

In addition to scenarios focused on energy systems, we also draw on modelling work that assesses food-land systems and nature based solutions potential to contribute to high ambition sustainability outcomes (such as the work undertaken in support of FOLU and Eat-Lancet and the IPCC land report).


SG 14 CC.

14.6 CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
カーボンフットプリント(スコープ1と2)
          Client reporting on listed strategies
        
          CO2 equivalent/$mn revenues
        
          Trucost model or company disclosure
        
ポートフォリオのカーボンフットプリント
          Client reporting on listed strategies
        
          CO2 equivalent/$mn revenues
        
          Trucost model or company disclosure
        
炭素濃度
          Client reporting on listed strategies
        
          CO2 equivalent/$mn revenues
        
          Trucost model or company disclosure
        
炭素関連資産へのエクスポージャー
          Ongoing work into transition risk and opportunity
        
          Case-by-case
        
          In-house methodology
        
その他の排出量指標
          Scope 3 Emissions reported to listed equity clients
        
          CO2 equivalent/$mn revenues
        
          In-house methodology
        

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているかどうか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

The investment philosophy and process we have described is the primary way that we mitigate climate-related risks across the Firm. The Firm is built on the premise that climate change will be a significant driver of economies and source of both risks and opportunities. In this way, it is built into the fabric of the firm and not a separate agenda topic, or applied to a separate proportion of our assets.

However, we do also embed climate risks into the firm's overall risk management framework which our senior partner and management committee has ultimate responsibility for. Exercise of risk oversight is through a Risk Oversight Group (ROG), which reports to the Management Committee. Generation's risk management framework and governance structure are intended to provide comprehensive controls and ongoing identification and management of its major risks. The ROG meets regularly to review internal controls, risk management processes, regulatory compliance and relevant reports received from Generation's advisors and auditors. While climate change risk is not considered a major risk given that it is implicitly managed by our overall strategy execution, The ROG will also review data on the firm's carbon footprint and carbon offsets.

 

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

Climate action is an engagement priority across all the companies on our Global and Asia Equity Focus Lists. This includes progress on GHG emissions disclosure, adoption of science based targets and disclosure of (and strategic responses to) climate risk (and opportunity) in line with TCFD.

Analysts are responsible for leading the direct engagement with the companies under their coverage. We do not outsource this to a third party. Based on their knowledge and research on each company and how advanced the company is in terms of climate awareness and action, analysts engage and encourage companies to consider reporting against the TCFD framework if they are not already, or enhancing the reporting they already provide.

SBT and TCFD are both pillars of our climate engagement strategy. There are of course important linkages between them. On balance, in our engagement work over the past year we have placed more emphasis on the importance of adopting science based targets than we have on incorporating TCFD recommendations.


SG 15. Allocation of assets to environmental and social themed areas

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

6 %

15.3. 貴社が投資しているテーマ分野を明示のうえ、AUMに対する特定の資産クラスの割合を記載し、その内容を簡潔に説明してください。

分野

          All of the above.
        

投資している資産クラス

6 % (AUMの)

簡潔な説明および投資尺度

Our private equity funds could be described as an environmental and socially themed strategy. They seek to identify sustainable solutions businesses and impact is assessed against material sustainability factors. We believe all sectors are ripe for disruption, but focus on transport & supply chain, agriculture & food, building & energy, enterprise & industrial, and consumer & health. We also do a full sustainability assessment and consider impact as a whole so that, for example, impact on one area is not at the expense of a negative impact on another.

15.4. 含めたい補足情報があれば、添付してください。 [任意] 



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