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Storebrand Asset Management

PRI reporting framework 2020

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投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

Storebrand's Group Policy on sustainable investments is an overarching structure stating Storebrand Asset Management's vision and goals in sustainable investments. The policy was revised in 2019 and expanded to include developments in exclusions and engagement. Storebrand's Group Policy recognises explicitly the importance of the UN Sustainable Development Goals, outlined in Agenda 2030 in investments. The goals provide a common international agenda and highlight key business risks and opportunities. In addition the policy is clear on

- Criteria and policy for Exclusions based on international norms and conventions

- Criteria and policy regarding our observation list

- Policy and methods for Integration of ESG factors into fund management

- Cases for engagement and engagement alternatives

- Use of Voting Rights and Proxy voting policy

- Securities lending

- Conflicts of Interest

- Inside information

- Membership of organisations and Guiding Principles including the PRI framework

- Scope, responsibilities, follow up and reporting. The policy covers all asset classes and geographical regions, as well as all externally managed assets,

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

In addition, a set of policies apply to the selection of external asset managers. Comprehensive ESG guidelines are outlined in the selection process with sustainability being one of the key selection criteria. In addition policies regarding follow up and monitoring of external fund managers ensure quarterly screening and engagement with managers.

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

Our asset management’s largest climate-related financial risks and opportunities are believed to lie in the transition to a low-emission society. Climate policy and regulations, more rigorous emission requirements, a changed cost structure and market preferences may affect our investments. 

Storebrand Asset Management stress tested its investments through the 2 Degrees Investing Initiative scenario analysis tool PACTA[1] in 2019. Transitional risk was mapped through exposure to high and low carbon technologies in the most important sectors, including fossil fuels and electrification in the transport sector. The results indicate how our investments are influenced by different scenarios, compared to reference portfolios.

The main impacts of scenarios indicating successful climate action policy, are:

  1. Low returns from companies that are not able to adapt to a low carbon economy, such as the risk of stranded assets in the short to medium term.[2]
  2. Storebrand is not able to meet increasing customer demands for green investments. If Storebrand does not invest enough in green companies, there could be a reputational risk that may affect our market position.
     

The main impacts of the second scenario, late transition, are:

  1. Low absolute returns and financial instability due to climate related issues.
  2. Solution companies and projects are priced too high in the short term, creating a valuation bubble that may burst in the medium to long term.

 

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[1] Paris Agreement Capital Transition Assessment

[2] Stranded assets are assets that have suffered from unanticipated or premature write-downs, devaluations or conversion to liabilities

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?

これらのリスクおよび機会に関連する時間の尺度について説明してください。(500語以内)

We have therefore based our assessment on the impact of successful climate action (1,5oC) and a late transition (>2oC). Based on these two scenarios we identified the potential risks and assessed them in the short (1-3 years) and long term (3-10 years).[1]

 

[1] Since climate risk has been integrated into our structured risk assessment framework, which only looks at these two terms, we have not included the longer- term risks occurring beyond 10 years.

01.8 CC. 組織はTCFDを公式に支持しますか?

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?

説明してください。

Climate change adaptation and the transition to a low carbon economy provide both risks and opportunities for Storebrand. Sustainability is integrated into all investment decisions we make, and in 2019 we further strengthened climate risk analyses and disclosure through adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We were also one of twenty leading investors in the UNEP FI investor group on TCFD. The group developed models to enable scenario-based assessment and disclosure of climate-related risks and opportunities. In addition we worked on methods to determine the value at risk for equity, bond and real estate portfolios.

In 2019, we changed our methodology to report on carbon footprint metrics according to the TCFD recommendation using weighted average carbon intensity. To advance our approach to climate-related reporting, both Storebrand Asset Management and Storebrand Life Insurance participated in the UNEP FI TCFD project for investors and insurers in 2019.

 

 

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

添付ファイル


URL/添付ファイル

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 補足情報 [任意]

Please see the newly published integrated Annual Report 2019 for the Storebrand Group in English.

URL: https://www.storebrand.no/en/investor-relations/annual-reports

For all Storebrand Sustainability reports please see

https://www.storebrand.no/en/asset-management/sustainable-investments/document-library


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

Storebrand Asset Management is dependent on access to information about the company in order to assess any challenges companies have with their corporate governance. It is also important to retain flexibility with respect to funds' investments so that one can act in the best interests of the unit holders. The Storebrand Group should have a clear understanding of the information received in relation to the rules on inside information, also in relation to the exercise of corporate governance. It is expected that companies and their advisors also have an awareness of this legislation and do not put the Storebrand Group in an insider position without consent.

If in doubt it should, as far as possible, be clarified by the declarant whether the relevant information is inside information before it is received.

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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