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Solaris Investment Management Limited

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

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。




Solaris commenced management of one negatively screened client portfolio during 2016, another negatively screened portfolio in 2017 and another in 2019.  Those mandates require that stocks are screened based on products, activities and sectors.

All portfolios participate in the Solaris process where active discussion is held around country / geopolitical risks.  Where Solaris feels that these risks are too great we may choose to avoid (or screen out) companies with material exposure to those countries.  Similarly companies may exhibit behaviours that are assessed as untenable in terms of investment risk.  For example (this list is not exhaustive):

  • legacy issues relating to pollution or remediation issues
  • inappropriate labour use within the supply chain.
  • insufficient governance controls or evidence of poor governance leading to other concerns within the company - eg safety failures, exposure to corrupt practices

Companies are assessed on a case by case basis and to date we have excluded a number of stocks on the basis of these concerns.




Companies that operate in countries or geographic regions that exhibit greater levels of transparency and good governance are typically exposed to less operational risk.

Companies that exhibit leading corporate governance procedures typically have exhibited better risk management strategies and have demonstrated a greater understanding of the challenges and opportunities facing the company. 

These companies are typically afforded a governance premium within our valuation assessments.

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。

The Solaris screening criteria was formulated as part of our Initial Risk Screening Stage which has been in place for over 16 years.  The Initial Risk Screening Stage (of which the ESG screen forms part) is under constant review as an integral part of our investment process.

It is important to Solaris that this remains a fluid process as we review and reflect on the relevance of screens in a rapidly changing world.  This process is an internal one and as such has not been communicated to the public to date.

The screening criteria for the negatively screened portfolios is determined by the clients' Individual Mandate Agreements (IMAs).  The data for the negatively screened portfolio is reviewed and reflected in the database at least quarterly.  A dialogue is required to occur between Solaris management and the clients' representatives to make any alterations to the IMAs.

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。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

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)