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Nexxus

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

We act as responsible investors in our day to day, integrating ESG factors in each of the phases of our financing process:

  • Pre - Financing: we have decided to exclude from our financing universe a number of activities that are contrary to our principles and involve high reputational risk.
  • Evaluation: those companies that meet our financing criteria are subject to a preliminary analysis process by the financing team that includes major ESG risks and opportunities.
  • First Credit Committee and Approval of the Due Diligence Budget by the Borrower.
  • Due Diligence: includes a specific ESG due diligence performed internally in order to identify short and long-term ESG risks and opportunities. The results of the analysis are included in a report of conclusions and recommendations containing details of the most relevant issues from an ESG perspective.
  • Credit Committee Approval: once the transaction team is satisfied with the results of the due diligence analysis, the relevant team will prepare the Credit Paper and submit it to the Credit Committee for final approval of the transaction. The Credit Paper includes at least a specific section devoted to the main ESG risks and opportunities identified in the Due Diligence phase.
  • In the debt financing processes, the compliance with Nexxus Responsible Investment Policy is included as a Borrower obligation, within the Loan Agreement and other transaction documents. Likewise, the Loan Agreement includes specific provisions in the Information Undertakings clauses.
  • Full amortisation / maturity: Nexxus’ objective is to be able to prove at amortisation or maturity that we have contributed to the creation of a more sustainable company, from a social and environmental point of view.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

社債(非金融)

We follow the same integration approach in every private debt transaction. Due to our investment strategy (private debt), we do not use comparables within the fixed income market.

10.3. 補足情報 [任意]


FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

社債(非金融)

The ESG due diligence analysis is performed internally and covers at least the following items:

(i) Analysis of the adequacy of the borrower to the exclusions and restrictions defined in this policy;

(ii) High level analysis of the geographies and sectors in which the company operates, allowing the identification of the main ESG risks and opportunities determined by the location and general characteristics of the activity it carries out; and

(iii) Specific analysis of the company to assess its ESG risks and opportunities.

The ESG Due Diligence process ensures that the following aspects are covered when analysing new financing opportunities:

Social:

Respect of workers’ human rights
Maintain safe and healthy work conditions for employees and contractors

Environmental:

Prudent and responsible environmental management of operations, ensuring an efficient use of natural resources as well as mitigation of environmental risks and issues

Governance:

Maintain high standards of business integrity, avoid corruption in any of its forms and complying with laws and regulation applicable against bribery, fraud and money laundering
Apply a good business management establishing clear responsibilities, procedures and controls and applying best corporate governance practices
Follow as a standard an inclusion and diversity policy

The results of the analysis are included in a report of conclusions and recommendations that contains details of the most relevant issues from an ESG perspective for making a financing decision. These conclusions inform the credit report that is analysed in the Credit Committee prior to take any financing decision.

12.3. 補足情報 [任意]


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