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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) 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。








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)