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Cardano Risk Management

PRI reporting framework 2020

You are in Indirect – Manager Selection, Appointment and Monitoring » Appointment

指名

SAM 04. Appointment processes (listed equity/fixed income)

04.1. あなたの組織では、ほとんどのケースで、また、商品の仕組みが許す限り、運用会社の選定および・もしくは約定の一環として以下の項目のいずれかを行っているかどうかを明示してください。

具体的に記入してください

We require all managers to demonstrate ESG integration though ongoing (live) evidence of how ESG factors influence and are taken into account in investment decision making. This can (and does) take place both formally as part of the annual ESG data gathering exercise but also on an ad hoc basis throughout the year as part of Coverage Teams' day-to-day investment monitoring of strategies. 

04.2. 運用会社の指名において通常盛り込んでいる、ベンチマーク、目標、インセンティブ/コントロールおよび報告要件の事例を資産クラス別に記載してください。

資産クラス

ベンチマーク

ESG目標

          While we have not specific restrictions in place with managers (outside of those that are set out in the applicable strategy's governing documentation), we do expect all our third party managers to take E, S and G factors into consideration in their investment decision making when financial risk and / or return is (or could be) materially impacted. We make this clear in our rating process and in our guidance that we issue to all invested managers, as part of that rating process. 

We encourage all managers to consider ESG factors in respect of their businesses. However, we acknowledge that there are strategies where financial risk and / or return is impacted more by these factors than others and our approach and expectations for these strategies reflects that difference in impact.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          While we have not specific restrictions in place with managers (outside of those that are set out in the applicable strategy's governing documentation), we do expect all our third party managers to take E, S and G factors into consideration in their investment decision making when financial risk and / or return is (or could be) materially impacted. We make this clear in our rating process and in our guidance that we issue to all invested managers, as part of that rating process. 

We encourage all managers to consider ESG factors in respect of their businesses. However, we acknowledge that there are strategies where financial risk and / or return is impacted more by these factors than others and our approach and expectations for these strategies reflects that difference in impact.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          While we have not specific restrictions in place with managers (outside of those that are set out in the applicable strategy's governing documentation), we do expect all our third party managers to take E, S and G factors into consideration in their investment decision making when financial risk and / or return is (or could be) materially impacted. We make this clear in our rating process and in our guidance that we issue to all invested managers, as part of that rating process. 

We encourage all managers to consider ESG factors in respect of their businesses. However, we acknowledge that there are strategies where financial risk and / or return is impacted more by these factors than others and our approach and expectations for these strategies reflects that difference in impact.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          While we have not specific restrictions in place with managers (outside of those that are set out in the applicable strategy's governing documentation), we do expect all our third party managers to take E, S and G factors into consideration in their investment decision making when financial risk and / or return is (or could be) materially impacted. We make this clear in our rating process and in our guidance that we issue to all invested managers, as part of that rating process. 

We encourage all managers to consider ESG factors in respect of their businesses. However, we acknowledge that there are strategies where financial risk and / or return is impacted more by these factors than others and our approach and expectations for these strategies reflects that difference in impact.
        

インセンティブおよびコントロール

報告要件

04.3. 報告要件のいずれかが満たされない場合に、組織では、以下に記載するどの措置を講じることになるのかを示してください。

          We encourage all managers to consider ESG factors in respect of their businesses. However, we acknowledge that there are strategies where financial risk and / or return is impacted more by these factors than others and our approach and expectations for these strategies reflects that difference in impact.

We would terminate or take a decision to redeem investments from strategies where there is clear disregard for ESG integration, causing increased risk to returns. Our starting position is one of engagement versus screening / limit based. As such, where we can work with managers to improve their approach we will actively do so. Typically managers with consistently poor ESG scores, who have no willingness to change (Low Momentum Scores) and where there is material risk to financial returns will be placed on a watch list and, with no improvement - we would expect to make a redemption decision.
        

04.4. 組織が設定している外部運用会社の指名プロセスに関連する追加情報を記載してください。 [任意]

          See response for 01.2. All strategies are required to have a rating assigned to them before investment. This is to ensure that the overall risk-return decision encapsulates ESG and forces accountability and robustness of debate around the ESG policies and practices of each manager.
        

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