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PGIM Fixed Income

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

責任投資の促進

SG 09. Collaborative organisations / initiatives

09.1. 報告年度に組織がメンバーであったり、参加していた協働組織やイニシアチブ、ならびにそこで組織が果たした役割のレベルを選択してください。

当てはまるもの全てを選択してください

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Since signing the PRI in February 2015, we have implemented ESG integration and made appropriate updates into our investment process as we see fit.

 

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Involvement at parent company level (As of December 31, 2017)

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Our parent company, Prudential Financial, is involved with the CDP.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Our parent company, Prudential Financial, is involved with the CDP.

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Involvement at parent company level

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Involvement at parent company level

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Involvement at parent company level

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Involvement at parent company level

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

Involvement at parent company level

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

While not a member, we utilise the United Nations Global Compact standards to guide the management of our commingled vehicles with ESG screens.

          Please see below:
        

イニシアチブにおける組織の報告年度の役割(定義を参照)

組織のイニシアチブへの関与の度合について、簡単に説明してください。[任意]

In 2019 we became a signatory to the PRI’s Statement on ESG in Credit Risk and Ratings.  This initiative will provide us a seat at the table to discuss common themes in the market and further develop guidance on ESG integration in fixed income.  We will engage in collaborative initiatives with other investors and credit rating agencies to develop best practices on ESG integration in fixed income. Upcoming discussions will include a series of roundtables to broaden the dialogue between credit analysts and corporate debt issuers, particularly treasures and CFOs, on ESG consideration.

In January 2020, the PRI created an Advisory Committee on Structured Products Workstream (ACSP) of which we are one of ten firms that have representation.   We were excited to be a part of this initiative to share best practices and thought leadership on ESG integration on securitised products. 

In addition, we participate in ESG industry conferences sponsored by the PRI, Responsible Investor, CERES, and others globally. 


SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. 組織が、協働的イニシアチブとは別に、独自に責任投資を推進しているかどうかについて記載して下さい。

10.2. 組織が協働的イニシアチブとは別に、独自に責任投資を推進するために行っているものを明示して下さい。選択した行動の目的に貢献するために組織が果たす役割と通常の行動頻度について説明して下さい。

説明

          Our client facing presentations contain ESG information regarding our implementation process when applicable.
        

行動の頻度

説明

          https://www.pgim.com/pgim-fixed-income/thought-leadership/perspectives/Applications-of-ESG-to-Securitized-Assets

https://www.pgim.com/wps/wcm/connect/c6116f1b-0653-437a-aad1-d2ac09bdb644/The+Potential+Implications+of+Investing+in+Coal+Heavy+Utilities.pdf?MOD=AJPERES&CVID=mQnxypy&CVID=mQ8fCOb
        

行動の頻度

説明

          PGIM Fixed Income is now a member of Structured Product Working Group and Statement on ESG in Credit Risk and Ratings.
        

行動の頻度

10.3. 組織が責任投資の推進のために、報告年度中に参加した追加の活動およびイニシアチブがあれば、それらを記載して下さい。[任意]

In January 2020, the PRI created an Advisory Committee on Structured Products Workstream (ACSP) of which we are one of ten firms that have representation.  This working group was formed to identify how ESG factors are considered in structured products.  We are excited to be a part of this initiative to share best practices and thought leadership on ESG integration on structured products. 


SG 11. Dialogue with public policy makers or standard setters

11.1. 報告年度において、責任投資を支援するために、組織が単独で、あるいは他組織との協働により、政策立案者や規制当局との対話を行ったかどうかを記載してください。

はいの場合

11.2. 使用した方法を選択してください。

11.3. (単独でまたは協働により)政府または規制当局に書面を提出した場合、その書面が一般に入手できるかどうかを記載してください。

11.4. 組織が公共政策立案者または規制当局と話し合いを行った主なテーマの概略を記載して下さい。

In July 2019, PGIM Fixed Income was one of two asset manager participants in an initiative by the Structured Finance Association to meet with several Capitol Hill offices, the FDIC (Federal Deposit Insurance Corporation) and the OCC (Office of the Comptroller of the Currency) to seek clarity from bank regulators and legislators on the Valid When Made doctrine and to overcome market uncertainty due to the Madden v. Midland Funding decision and follow-on cases (e.g., Cohen v. Chase Card Funding and Cohen v. Capital One Funding) where credit card securitisation trusts themselves have been listed as defendants. We feel strongly that the breath of the Madden result has had negative consequences from a social perspective because the decision does not differentiate between responsible lenders and pay-day lenders; and credit availability in New York, Connecticut and Vermont (the states where the Madden ruling applies) has been constrained. The recent cases raise a securitisation governance concern as well, as the costs of bad actions of servicers and other third-party service providers would be allowed to be transferred to the trusts and investors. In late 2019, in response to the efforts of PGIM Fixed Income and others, the OCC and the FDIC proposed an administrative workaround.

In September 2019, we visited Ghana in one of our standard due diligence investor trips. Ghana is a solid democracy with strong institutions and its fiscal policy follows the usual “democratic fiscal cycle”, i.e., government spending increases before the elections. The next elections are at the end of 2020 and the 2020 budget is being prepared, hence the trip.

Parliament last year approved a Fiscal Responsibility Act that stipulates that the primary balance must be in surplus or balance and that the general deficit is capped at 5% of GDP. We wanted to understand whether the government would embark in some pre-electoral spending and whether this increase in spending would bring about a cut in social programs, most notably the highly successful “free high school” program in order to respect the 5% deficit ceiling. This program costs around 0.7/0.8% of GDP per year.

The deputy minister of finance reassured us that the free high school program will continue and, also, that the government is making extra efforts to convince parents to keep their teenage kids in school rather than making them do menial, very low skilled jobs. We believe that the deputy Ministry of Finance is sincere and that the program will continue.

We see the strong governance as a key component to attracting foreign direct investment and maintaining strong potential growth.  We also see value in the diversification of the economy. 


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