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Vancity Investment Management

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income

アクティブ運用している債券におけるESGの組み入れ

実施プロセス

FI 01. Incorporation strategies applied

以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)
SSA
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
100 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
100 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
100 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

We apply a screening strategy, an integration strategy and a Green bond purchase strategy. We exclude bonds from fossil fuel producers and distributers. We utilize ESG screening and monitoring for corporate issuers and government bonds. We purchase certified Green bonds as a component of the bond portfolio to give us exposure to sustainability strategies.

01.3. 補足情報 [任意]


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

03.3. 補足情報 [任意]


A) 実施:スクリーニング

FI 04. Types of screening applied

04.1. 実施するスクリーニングの種類を記載してください。

当てはまる項目を全てを選択してください
SSA
社債(金融)
社債(非金融)
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

We invest in companies that articulate and follow a governance process that ensures an involved board with clear accountabilities and strong risk management practices. Whether as a function of internal operations or their third-party suppliers, we expect the companies we invest in to take decisive corrective action where issues occur regarding our basic investment principles.                                               

We apply 26 indicators in assessing how well companies meet our ESG investment principles.

For government bonds we use our in-house research team to determine eligibility for government issuers. We avoid investing in bonds associated with nuclear energy, fossil fuel production and distribution, and military weapons. We avoid investing in bonds of governments associated with human rights violations or corruption.

04.3. 補足情報 [任意]

We use the International Capital Market Association’s (ICMA) Green Bond Principles and Social Bond Principles when selecting green and social bonds including the four components below:

1.Use of proceeds – Declaration of project(s), which provide clear environmental (social) benefits
2.Process for project evaluation and selection – Define environmental sustainability (social) objectives and how specified projects contribute
3.Management of proceeds – Proper accounting and isolation of proceeds
4.Reporting – Annual reporting on projects and amounts allocated


FI 05. Examples of ESG factors in screening process (Private)


FI 06. Screening - ensuring criteria are met

06.1. 債券投資においてファンドスクリーニングの基準に違反がないことを確認するために組織が使用しているシステムを記載してください。

スクリーニングの種類
ネガティブ/排他的スクリーニング​
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング​

06.2. 補足情報 [任意]


B) 実施:テーマ

FI 07. Thematic investing - overview (Private)


FI 08. Thematic investing - themed bond processes

08.1. グリーン債原則に従ったテーマ債券の発行に関連する透明性や開示を奨励しているかどうか示してください。社会貢献債原則またはサステナビリティ債ガイドライン。

08.2. 発行体が提供文書の記載に従って、債券収益を配分していないときに取るべき対応策を説明してください。

We have not encountered this to date, however, we would conduct an orderly divestment, similar to our action following a merger or acquisition in which the issuers has become involved in an excluded activity.

08.3. 補足情報 [任意]


FI 09. Thematic investing - assessing impact

09.1. 組織のテーマ投資の環境的または社会的影響を評価する方法を示してください。

09.2. 補足情報 [任意]


C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

Before investing, VCIM develops a complete picture of issuer-specific strengths, weaknesses, opportunities or threats by evaluating policies, performance and practices regarding the environment, social responsibility and corporate governance. This thorough ESG review is combined with rigorous financial analysis to determine whether the issuer's securities are appropriate for the funds managed on behalf of investors. The ESG Team and Financial Team work in the same physical environment  and participate in the decision-making process for selecting equities and fixed income.  Through active discussions of the analytical findings, portfolio needs and materiality of risks we integrate ESG and financial information to make a determination of eligibility.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

SSA

We use a combination of positive and negative screening to choose companies for portfolios we manage. Our ESG evaluation includes an analysis of revenue from products or processes that we have determined are unsustainable: tobacco, nuclear power, military armaments, adult entertainment and gaming. We evaluate the company for strengths or weaknesses according to 26 indicators, under the seven criteria: corporate governance, environmental performance and policy, diversity, community relations, labour relations, human rights and exposure socially or environmentally beneficial products or services. Companies that are found to have significant weaknesses in aggregate are deemed ineligible for investment   

社債(金融)

We use a combination of positive and negative screening to choose companies for portfolios we manage. Our ESG evaluation includes an analysis of revenue from products or processes that we have determined are unsustainable: tobacco, nuclear power, military armaments, adult entertainment and gaming. We evaluate the company for strengths or weaknesses according to 26 indicators, under the seven criteria: corporate governance, environmental performance and policy, diversity, community relations, labour relations, human rights and exposure socially or environmentally beneficial products or services. Companies that are found to have significant weaknesses in aggregate are deemed ineligible for investment                                         

 

 

社債(非金融)

We use a combination of positive and negative screening to choose companies for portfolios we manage. Our ESG evaluation includes an analysis of revenue from products or processes that we have determined are unsustainable: tobacco, nuclear power, military armaments, adult entertainment and gaming. We evaluate the company for strengths or weaknesses according to 26 indicators, under the seven criteria: corporate governance, environmental performance and policy, diversity, community relations, labour relations, human rights and exposure socially or environmentally beneficial products or services. Companies that are found to have significant weaknesses in aggregate are deemed ineligible for investment

10.3. 補足情報 [任意]


FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
SSA
社債(金融)
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
SSA

E(環境)

S(社会)

G(ガバナンス)

社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

SSA

We use a combination of positive and negative screening to choose companies for portfolios we manage. Our ESG evaluation includes an analysis of revenue from products or processes that we have determined are unsustainable: tobacco, nuclear power, military armaments, adult entertainment and gaming. We evaluate the company for strengths or weaknesses according to 25 indicators, under the seven criteria: corporate governance, environmental performance and policy, diversity, community relations, labour relations, human rights and exposure socially or environmentally beneficial products or services. Companies that are found to have significant weaknesses in aggregate are deemed ineligible for investment

社債(金融)

We use a combination of positive and negative screening to choose companies for portfolios we manage. Our ESG evaluation includes an analysis of revenue from products or processes that we have determined are unsustainable: tobacco, nuclear power, military armaments, adult entertainment and gaming. We evaluate the company for strengths or weaknesses according to 25 indicators, under the seven criteria: corporate governance, environmental performance and policy, diversity, community relations, labour relations, human rights and exposure socially or environmentally beneficial products or services. Companies that are found to have significant weaknesses in aggregate are deemed ineligible for investment

社債(非金融)

We use a combination of positive and negative screening to choose companies for portfolios we manage. Our ESG evaluation includes an analysis of revenue from products or processes that we have determined are unsustainable: tobacco, nuclear power, military armaments, adult entertainment and gaming. We evaluate the company for strengths or weaknesses according to 25 indicators, under the seven criteria: corporate governance, environmental performance and policy, diversity, community relations, labour relations, human rights and exposure socially or environmentally beneficial products or services. Companies that are found to have significant weaknesses in aggregate are deemed ineligible for investment

12.3. 補足情報 [任意]

Before investing, VCIM develops a complete picture of issuer-specific strengths, weaknesses, opportunities or threats by evaluating policies, performance and practices regarding the environment, social responsibility and corporate governance. This thorough ESG review is combined with rigorous financial analysis to determine whether the issuer's securities are appropriate for the funds managed on behalf of investors. The ESG Team and Financial Team work in the same physical environment  and participate in the decision-making process for selecting equities and fixed income.  Through active discussions of the analytical findings, portfolio needs and materiality of risks we integrate ESG and financial information to make a determination of eligibility.

We conduct on-going monitoring of the portfolio holdings and, when new information becomes available we integrate it into our investment process and make a determination as whether or not the ESG risk is material. We then determine if engagement or divestment is required.


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