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Generation Investment Management LLP

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 (Private)


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

Disclosure of carbon emissions - particularly to CDP in this instance.

Disclosure to CDP is something we track for all the companies we cover and tailor engagement accordingly. We are generally satisfied with the response we have from companies we cover and we also judge their response in the context of the nature of their business and other relevant factors. We undertook research for a potential Focus List candidate during the year who we found were not disclosing to CDP. Given the size and position of the company, we are determining whether this is a gating factor or warrants a downgrade in our quality scores as a result.

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

So far this is showing to be a material factor in our research and how much time we decide to spend researching the company.

ESG要因および説明

Carbon emissions of ecommerce vs traditional stores

A part of our investment thesis on all the companies we invest in includes a look at whether a business is system positive, neutral or negative. Those on the negative side do not make our coverage lists. During the year we partnered with academics to revisit our conclusion of ecommerce being less carbon intensive than traditional bricks and mortar stores.

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

Our work led us to find ecommerce as broadly less intensive and confirmatory of our existing thesis, however also situations in which this may vary and how ecommerce companies can help to maximise savings, which provides us with areas to focus our engagement on.

ESG要因および説明

Market Power and Anti-trust

We have made considerable advancements in our research into the risks arising from large technology platforms’  market power. This is a topic that has been on-going over the last few years and continue to track and update our thinking as things progress. We are enaging policy makers as part of our research.

 

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 continue to determine the companies on our focus list as managing their position in a way we were comfortable with from a sustainability perspective. 

13.2. 補足情報 [任意]

Sustainability is always integrated into our process and each year it will always impact our portfolios' performance. The examples we have shared  are areas of our research that have been a particular soure of deliberation and careful navigation of the issues. Sustainability is not a black and white issue, and often not one that stands still, especially in the technology sector.


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