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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 » (C) Implementation: Integration of ESG factors

(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the proportion of actively managed listed equity portfolios where E, S and G factors are systematically researched as part of your investment analysis.

ESG issues

Proportion impacted by analysis




Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

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. Indicate which processes your organisation uses to ensure ESG integration is based on robust analysis.

          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. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your integration strategy.

09.3. Indicate how frequently third party ESG ratings that inform your ESG integration strategy are updated.

09.4. Indicate how frequently you review internal research that builds your ESG integration strategy.

09.5. Describe how ESG information is held and used by your portfolio managers.

          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. Additional information. [Optional]

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)