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Pensioenfonds Metaal en Techniek

PRI reporting framework 2020

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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » Implementation processes

実施プロセス

FI 01. Incorporation strategies applied

以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)
SSA
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

SSA (DM): We use negative screening based on UN PRI principals and European sovereign bonds investments we score the countries by looking at several governance indicators. We look at three areas for our inclusion: economic, financial, and governance indicators. Only the countries that score sufficient are eligible for inclusion. We take into account Governance data from the World Bank Worldwide Governance Index. 

SSA (EMD): We use negative screening based on UN PRI principals and ESG criteria (based on a set of ESG indices such as ND-GAIN, Human Development Index, WB Gov indicators etc., which are updated yearly) to provide a minimum level of ESG standards in the portfolio. This results in excluding around 50% of the amount of countries. When we’ve established the investable universe, we do a deep-dive in each country that we are allowed to invest in and we take into account data that covers E, S and G. The analysis done is updated regularly and consists indicators like United Nations Human Development Index, World Bank Worldwide Governance Index, Heritage Index of Economic Freedom, World Bank Ease of Doing Business Index, environmental data to analyze countries.

Corporates (Fin and non-Fin), see FI 01.3.

01.3. 補足情報 [任意]

Corporates (Fin and non-Fin): Apart from a company specific ESG paragraph, we construct specific ESG sector reports for sector which are most sensitive to these factors, such as Utilities, Climate, Energy and Tobacco. In these sector ESG reports, we explain what subsectors/group of companies are preferred from a risk perspective, which serves as an important input factor for our bottom-up company analysis. We use negative screening based on UN PRI principals and on specific ESG risks which we have identified on a sector basis for sectors which are most prone to those risks. We use positive screening in instrument selection (green bonds). Subsequently, we (analyst is in the lead, but portfolio managers are also involved) perform a downside risk analysis which is most important to bondholders. Risks and opportunities with respect to environmental, social and governance issues are explicitly taken into account and fully integrated in our analysis. As it could have impact on credit quality or even threaten the viability of a company's business model. Thematic is used when all companies within a sector are heavily exposed to a certain trend and therefore the risk is more systemic.


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

具体的に記載してください

          Discuss with other asset managers key ESG challenges/how to leverage our combined knowledge; - organize and participate in internal Education sessions regarding specific ESG themes.
        

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

          We keep track of our ESG activities, discuss the progress on climate issues from the cross-asset Climate Task Force. Furthermore, ESG is regularly discussed
        

03.3. 補足情報 [任意]

SSA: Our investable universe is determined by either positive (Rates) or negative (EMD) screening. After the investable universe is determined we incorporate multiple ESG indicators and multiple providers of ESG research, into the overall bottom-up analysis of countries we invest in, and use this to determine the most efficient allocation of our clients' funds. As such ESG is an integral part of our investment decision/process and can take on different forms depending on the country at hand. To determine that ESG research is robust we use different providers for similar ESG indicators to check for consistency. We participate in country visits to determine if the 'on the ground' situation is reflected in the reported ESG criteria.

Corporates (Fin and non-Fin): our investable universe is determined by negative screening. Subsequently, we use various ESG indicators, depending on sector and issuer specific characteristics and use various ESG sources (primarily from MSCI and CRA's if available) and use recent ESG specific news flow for determining the most imminent issues. We also compare ESG performance within heterogeneous sectors and assess whether or not we see risks for credit quality and if so when (short or long term) this could materialize.


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