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BNP Paribas Asset Management

PRI reporting framework 2020

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成果および結果

LEI 12. How ESG incorporation has influenced portfolio composition

12.1. 組織のESG組み入れ戦略がポートフォリオや投資ユニバースの構成にどういう影響を与えているかを記載してください。

最初の投資ユニバースの削減またはその他の効果について説明してください

BNP Paribas AM's Responsible Business Conduct Policy (RBC) applies to all its open-ended funds.

We expect companies to meet their fundamental obligations in the areas of human and labour rights, protecting the environment and ensuring anti-corruption safeguards, wherever they operate. We engage with companies where they fall short, and exclude the worst offenders.

We also have a series of sector policies that set out the conditions for investing in particular sectors, and guide our screening requirements and engagement. We do this because if not conducted properly the activities in question could cause serious social or environmental damage (such as palm oil).

We have another set of policies that commit us to exclude particular sectors or activities (such as tobacco, synthetic crude oil from tar sands, coal, controversial weapons or asbestos), as we deem them to be in violation of international norms, or to present unacceptable harms to society or the environment, without counterbalancing benefits. 

削減率を明記してください(+/- 5%)

3 %

ESG統合後の効果を記載してください。

12.2. 補足情報 [任意]

At the core of all our investment processes, analysts and portfolio managers integrate a consideration of relevant ESG factors into their company, asset and sovereign evaluation and investment decision-making processes. As reflected in our investment beliefs, this process allows them to identify and assess areas of risk or opportunity which may not be understood by all market participants, and which provide them with a relative advantage.

The process to integrate and embed ESG factors is guided by formal ESG Integration Guidelines. Critically, to support the ESG integration process and make sure that all investment strategies managed by BNPP AM are run in line with the ESG Integration Principles we set out, we set up an ESG Validation Committee. Between Q4 2018 and the end of 2019, each investment team presented its proposed ESG Integration Process for review and validation.  

We put below some of the common ESG Integration Principles, which apply to all the strategies that are in the scope of our sustainable investment approach.

PHILOSOPHY

·            Sustainability is embedded in our investment philosophy.

·            All investment teams will implement our Global Sustainability Strategy.

·            We recognise that the level of ESG integration achievable over short to medium term horizons varies between asset classes and strategies.

·            Some common principles for ESG integration will apply across all asset classes, while others are asset class or strategy-specific.

INVESTMENT PROCESS

·            Each investment team is fully responsible for their investment process, and all investment research, analysis and decisions resulting from the application of this process.

·            Investment teams are ultimately responsible for the integration of ESG factors in their investment processes.

RESEARCH

·            ESG analysis on individual entities will concentrate on those factors deemed to be material for the respective sector by the Sustainability Centre, with input from the investment teams.

·            Qualitative ESG analysis on individual entities will primarily be undertaken within the investment teams, in collaboration with the Sustainability Centre.

·            We will avoid investing in a public entity without an ESG score, performing qualitative ESG analysis in the absence of a quantitative ESG rating.

·            We will avoid investing in a private entity without performing ESG due diligence (which could include qualitative analysis, or receiving a completed ESG questionnaire).

EXCLUSIONS

·            We will not invest in companies in violation of the UN Global Compact Principles, the UN Guiding Principles on Business and Human Rights  or the OECD Guidelines for Multinational Enterprises (OECD MNE Guidelines).

·            Companies struggling to meet the standards laid down in the UN Global Compact Principles, the UN Guiding Principles on Business and Human Rights or OECD MNE Guidelines  will be put on a watch list (or not invested in)

·            We will implement BNPP AM’s sector policies, in collaboration with the BNP Paribas Group.

STEWARDSHIP AND ENGAGEMENT

·            We will actively own our passive investments through stewardship, engagement and voting.

·            We will avoid investing in a weakly rated entity without actively engaging (or planning to actively engage in the near future) particularly on the key issues identified.

·            Holdings of weakly-rated public entities will need to be justified by additional qualitative analysis integrating ESG factors, working closely with the sustainability centre.

·            As a last resort, we may  disinvest from weakly rated entities which do not respond to engagement, and which show no sign that they will place greater emphasis on sustainability considerations in the future.

KPIS AND REPORTING

·            Integrating ESG factors into our investment processes should have a measurable positive impact on the ESG characteristics of our portfolios.

·            We should aim to hold portfolios with more positive ESG characteristics than their respective (invested) benchmarks. This includes holding portfolios with a lower carbon footprint than their respective (invested) benchmarks.

             Note: The initial focus for this KPI is corporate issuer scores (e.g. sovereigns, derivatives and cash excluded at this stage). 

All BNP Paribas AM portfolio managers have full access to ESG research and scores. This comes as a complement to their financial/fundamental analysis.


LEI 13. Examples of ESG issues that affected your investment view / performance (Private)


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