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CBRE Investment Management

PRI reporting framework 2020

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

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%)
98.7 %
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%)
1.3 %
アクティブ運用している上場株式の合計 102.3%

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。

CBRE Clarion believes that ESG issues are relevant and can be material in evaluating management teams of listed property companies. More specifically, we believe that management teams which articulate, enact and measure ESG issues are generally more likely to make superior business decisions. CBRE Clarion employs a large team of securities analysts responsible for fundamental analysis of the companies in which we invest client assets. Our analysts evaluate ESG issues as part of their research process, which includes: asset tours, management and director engagement, financial modeling and analysis of public documents. ESG issues are incorporated into our assessment of a company’s exposure to and ability to manage risk.  While some factors are similar, the real estate and infrastructure sectors have unique sets of fundamental and ESG factors, given different drivers and regulatory environments.  For both real estate and infrastructure, the aggregated ESG data, comprised of internal and external data, is incorporated into the “Quality” factor of the respective factor-based investment tools.

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]

While our ESG approach is primarily through integration, we also manage an account for a client who desired screening on top of our traditional integration process.  


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

We have one client where we apply screening to their account.  This is a client directive, where the client provides the list of securities to be screened.  The client uses 3rd party data to determine the list.

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。

Our client has a list on their website of all excluded companies and they notify us when it has been updated.  We then use this list to cross reference the client portfolio holdings to make changes.


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。

05.4. 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)


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]

Analysts are responsible for the systematic analysis of the impact of environmental, social and governance factors on the companies they cover and are expected to take all such factors into account when formulating “quality” inputs into our relative value analysis (RVA) model, which provides a framework for investment decision-making, as well as when recommending transactions to the portfolio managers.  Analysts use internal and external resources to evaluate a company's ESG factors.  CBRE Clarion subscribes to Sustainalytics and to GRESB, which the analysts have access to, as well as any public information provided by the company through public filings or on the company's website.  Sustainalytics is a well known ESG data provider, and CBRE Clarion uses several Sustainalytics raw data factors in our evaluation of a company's ESG practices.  GRESB is an ESG benchmark, which real estate and infrastructure companies voluntarily report to.  GRESB captures data specifically related to the real assets sector.


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。

          Scores are developed via internal and external research. Sustainalytics data is downloaded monthly, GRESB annually. Scores are reviewed monthly, follow up takes place if needed.
        

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。

          External ESG data and internal management scores are maintained in the Firm's RVA database, for investment staff to use in their analyses of companies.
        

09.6. 補足情報 [任意]

Sustainalytics data and GRESB ratings are maintained in the Firm's RVA database so therefore are accessible by all investment staff to use in their analyses of companies.  Management scores and the sub-components of the management score are also accessible to analysts to update, and PM's to view and monitor. Quality control measures are in place when indicated a large change in data or outliers, for further follow up.  CBRE Clarion's Quantitative Investment Research team analyzes the risk and return characteristics of the ESG factors on the portfolio.

CBRE Clarion's Head of ESG and senior members of the investment team are responsible for determining relevant factors to assess, aggregating such information and enabling analysts to understand the ESG issues. They work together in conducting engagement and making proxy voting decisions.  CBRE Clarion's Analytics team and Quantitative Investment Research team are instrumental in aggregating ESG information so that it is useful to the Investment team.  Engagement activities are tracked on our shared network drive for all members of the team to access.  We also use email to communicate engagement outcomes.  Our proxy voting reports are shared among our investment team and the voting record is accessible to members of the investment team.


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


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