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Letko, Brosseau & Associates Inc.

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities

アクティブ運用している上場株式におけるESGの組み入れ

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 200%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

ESG considerations are integrated throughout our investment selection process as part of the fundamental analysis we conduct on all potential investments. Many factors enter into our decision to invest in a company, including the firm's ESG credentials. We believe that companies with sound business practices, including strong corporate governance and responsible management of material environmental and social issues, will have better success and deliver stronger financial performance over time. Conversely, companies that have poor environmental, social or corporate governance practices present risks and controversies that may hinder their financial performance. When considering a company for potential inclusion in our portfolios, our research considers many factors, including the firm's financial position, the competitive environment in which it operates, how it differentiates itself from its competitors and how it may be positioned to satisfy evolving ESG trends.Through our in-house research process, our industry experts evaluate the company's material ESG risks and opportunities, complemented by independent third-party research. Our conclusions, including in the areas of ESG, are integrated into the investment decision-making process.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

Firstly, the company-wide screening policy is applied to all potential investments, removing tobacco, gaming and thermal coal mining companies from potential investment opportunities. ESG considerations are then integrated throughout the investment process. Additionally, LBA manages an ESG Balanced Fund which adheres to a more restrictive investment policy, which precludes investments in companies for which ESG risks are determined to be excessive, and further applies a number of ESG filters in evaluating potential investments. An ESG Fossil Fuel Free Equity Fund is expected to launch in 2020.


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

LBA has identified specific industries that it chooses not to be exposed to or profit from, which can be characterized as presenting abnormal risks or benefitting some stakeholders at the expense of others.  Accordingly, its global investment universe has been adjusted to exclude tobacco, gaming and thermal coal mining companies.

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

Clients will be informed by email or mail if any changes to our screening criteria were to be made. 


LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]


LEI 06. Processes to ensure fund criteria are not breached (Private)


B) 実施:テーマ

LEI 07. Types of sustainability thematic funds/mandates

07.1. 組織が運用している、サステナビリティをテーマとするファンドやマンデートの種類を記載してください。

07.2. 組織でのサステナビリティをテーマとしたファンドのプロセスについて説明してください。 [任意]

The LBA ESG Balanced Fund has been specifically earmarked as a responsible investment product and adheres to a more restrictive investment policy, which precludes investments in companies for which ESG information is deemed insufficient, and further applies most commonly requested ESG filters. This Fund also follows specific proxy voting guidelines. Companies in this Fund must first be deemed as suitable investments by the investment committee. The investment committee has discretion to override specific ESG criteria depending on context. Such decisions are documented and reported to clients of this Fund as described in the Fund’s Statement of Investment Policy and Guidelines. Additionally, a Fossil Free Fund is ready to launch, with funds expected to move in 2020. 


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

ESG considerations are integrated throughout our investment selection process as part of the fundamental analysis we conduct on all potential investments and, thereafter, on an ongoing basis for companies included in our portfolios.


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

          ESG issues are discussed at investment committee meetings.
        

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

          Analysts and portfolio managers include ESG factors in their investment analyses and are expected to review this information when making investment recommendations.
        

09.6. 補足情報 [任意]


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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