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Vancity Investment Management

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

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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