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Cometa Pension Fund

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


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。


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。

Investment Principles

The commitment stems from the importance of integrating social and environmental considerations and governance, which go beyond the sole target to any financial return of the investment, to embrace broader issues , in accordance with nature of the pension fund and with the awareness of acting as a long-term investor (fiduciary duty).

Cometa objective is to address the invested companies to more sustainable management styles, in order to take into consideration the expectations of present and future stakeholders involved , mitigating the negative externalities deriving from their activities .

Investment Strategy

In accordance with the investment strategy Cometa will engage with investred companies which are involved (also through the supply chain) in serious social or environmental controversies, such as:

1. violation of human rights,

2. violation of workers' rights,

3. occurence of significant environmental accidents,

4. violation of business ethics (corruption, conflicts of interest, ...)

5. violation of consumer rights (lack of transparency in communication on products and services, insufficient product safety, ...)

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]

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)

During 2019 Cometa - thanks to the support of an ESG rating agency - adopted an integrated approach for aligning with the Paris Agreement and the TCFD recommendations, considering the growing awarness of the risk posed by the climate change, the growing regulatory pressure and the fiduciary duty of asset owners and asset managers. The climate risk assessment framework is shaped by international and national authoritative norms, regulations, standards and initiatives, which define the principles of action upon which companies are assessed.

Transition Risks who have been identifired are: policy & legal, technology, market, regulation. All these risks are assessed through any potential fossil fuel involvement. Transition opportunities are: resource efficiency, energy source, sustainable products and services.All these opportunities are assessed  in terms of contribute toward the transition to a low carbon economy and climate related SDGs.

Physical risks management is assessed on how companies anticipate, prevent and manage the risk associated with the physical impacts of climate change (temperature increase, sea level rise, change in precipitations patterns, hurricanes). 

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?


Cometa assesses the companies climate risks/opportunities management, not the impact likelihood. 

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?


Cometa set up a methodological framework to identify all climate related risks and expects to implement an investment strategy of climate related issues in time for its 2020/2021 Annual Report, due out in early 2021.

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


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。



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。



02.3. 補足情報 [任意]

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。

Interest conflict are regulated by the italian law n.703/1996. Internal code of ethics and compliance policies are designed to address and prevent any potential conflicts of interests. key points:

  • Cometa can invest in the corporates it belongs according to specific limit set up by italian law. In case Cometa has to communicate it to the italian pensione funds Authority.
  • Cometa's employees are required to review and certify compliance with our policies on an annual basis. 

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

It is possible to identify an incident that could occur within invested portfolio, through the ESG portfolio analysis periodically carried out by the ESG advisor.

Cometa defines an ESG incident as a tangible fact  based on information public, documented and traceable, incriminating a company on corporate responsibility issues and incorporating a potential investment risk.

When incidents' severity is critical, Cometa starts an Engagement activity. Immediately the dialogue is addressed to the asset manager to verity his awarness and level of information. Secondly the engagement is activated with the company involved in the allegation, to assess its reactivity and responsivness. Both engagements are conducted with the support of the ESG advisor. Until the dialogue is in progress, the company is included in a watch list, waiting for all relevant information to decide about the stock in portfolio.