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Storebrand ASA

PRI reporting framework 2020

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Organisational Overview
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] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
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] (C) Implementation: Integration of ESG factors [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] 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] ESG incorporation in passively managed fixed income [FI 13] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Confidence building measures
Confidence building measures [CM1 01 - 07]
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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (A) Implementation: Screening

(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
SSA
Corporate (financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income

Negative and Norm based screening

The Storebrand Standard applies to all internally managed funds and portfolios, including all Fixed Income investments, and covers:

1) Product related exclusions: controversial weapons (landmines, cluster munitions, nuclear weapons, chemical/biological weapons) and tobacco

2) Controversial issues: human rights and international humanitarian law, corruption and economic crime, environmental degradation

3) Sector specific exclusions: lowest performing companies in high risk industries + climate related (companies with over 25% of revenues from coal or planned coal fired plants over 1000MW, oil sand companies, palm oil companies causing deforestation).

As of Q4 2019 182 companies were excluded.

Positive/Best in Class screening

The Storebrand Sustainability rating covering 4000 companies also includes fixed income funds and portfolios. Ratings are on a 1-100 scale and capture whether companies are contributing positively or negatively to financially material Sustainable Development Goals. Analyses leading to the rating are theme/SDG based. Some types of bonds (Norwegian regional banks, Swedish Covered Bonds and Bonds issued by Norwegian/Swedish communes are given a group score based on ratings from the Financial sector in these countries.

On the basis of this sustainability rating, fixed income funds are rated on a scale of 1-10.

04.3. Additional information. [Optional]

FI 05. Examples of ESG factors in screening process

05.1. Provide examples of how ESG factors are included in your screening criteria.

Type of fixed income

ESG factors

Screening

Description of how ESG factors are used as the screening criteria

1. Transparency International's Corruption Perceptions Index (CPI), published annually

2. The World Bank Worldwide Governance Indicators; Control of Corruption Index, published annually since 1996.

Exclusion criterion: Countries ranking among the 10 percent worst performers on the Transparency International CPI index and/or the World Bank Control of Corruption index will be excluded from investments at Storebrand. The 10 percent threshold includes any country with the same numerical score as the best performer of the group.

3. Freedom House Freedom in the World index, published annually since 1972

Exclusion criterion: Countries and territories which are given the lowest rating of 7 will be excluded from investments at Storebrand. Countries are given a rating of 7 when political and civil rights are absent or virtually nonexistent and the nature of the regime is characterised by severe oppression.

4. UN Sanctions:

Exclusion criterion: Countries that are subject to sanctions imposed by the UN Security Council will be excluded from investments at Storebrand. Countries will not be excluded in cases where sanctions are targeted specifically at independent groups within a country and not at the government of the country.

Type of fixed income

ESG factors

Screening

Description of how ESG factors are used as the screening criteria

The Storebrand Standard applies to all Fixed Income products. In the areas of Social and Governance the standard comprises the following criteria

International Law and Human Rights: Storebrand will not invest in companies that contribute to serious violations of international law. This includes serious humanitarian law violations as well as violations of basic human rights.

Corruption: Storebrand will not invest in companies that are involved in grand corruption. The criterion is based on, among others, the United Nations Convention against Corruption.

Controversial weapons: Storebrand will not invest in companies involved in the development and/or production of controversial weapons including Landmines, Cluster Munitions or Nuclear weapons.

Tobacco: Storebrand will not invest in companies where the sale of tobacco products, or components exclusively designed for such products, exceeds 5 percent of total sales.

Type of fixed income

ESG factors

Screening

Description of how ESG factors are used as the screening criteria

The Storebrand Standard applies to all Fixed Income products. In the area of Climate and Environment, the standard comprises the following criteria:

Environmental damage: Storebrand will not invest in companies involved in activities that cause serious environmental damage. The criterion is based on, among others, The UN Convention on Biological Diversity and The UN Framework Convention on Climate Change.

In addition the environmental damage criteria includes Palm Oil, Oil Sands and revenues from Coal.

Type of fixed income

ESG factors

Screening

Description of how ESG factors are used as the screening criteria

Fossil Fuel exclusions

A number of our Fixed Income products are also fossil free which means that theyexclude companies that derive more than 5% of their revenues from the production and/or distribution of fossil fuels.

05.2. Additional information.

FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Checks
Negative/exclusionary screening

other description 

          Compliance on the Storebrand standard and other relevant exclusion criteria is conducted daily and eventual breaches are reported to the board.
Positive/best-in-class screening

other description 

          In house sustainability rating updated continually and used as input in fund management.
Norms-based screening

other description 

          Compliance on the Storebrand standard and other relevant exclusion criteria is conducted daily and eventual breaches are reported to the board.

06.2. Additional information. [Optional]

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