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Suva

PRI reporting framework 2020

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You are in Organisational Overview » Asset class implementation gateway indicators

ゲートウェイ資産クラス実施指標

OO 10. Active ownership practices for listed assets

10.1. 報告年度において組織が実施した積極的な保有活動(アクティブ・オーナーシップ)を選択してください。

上場株式 – エンゲージメント

上場株式 – 議決権行使

債券SSA – エンゲージメント

直接的にエンゲージメントを行わず、組織外の運用会社がESG要因について企業とエンゲージメントをすることを要求しない理由を示してください。

          We do not have the necessary resources to engage directly with SSAs.
        

債券 - 社債(金融) – エンゲージメント

債券 - 社債(非金融) – エンゲージメント

債券 - 社債(証券化) – エンゲージメント


OO 11. ESG incorporation practices for all assets

11.1. 投資決定や積極的な保有の実務に(報告年度中に)ESGの組み入れを行った組織内で運用される資産クラスを以下から選択してください。

上場株式

債券 – SSA

債券 - 社債(金融)

債券 - 社債(非金融)

債券 - 証券化商品

不動産

コモディティ

短期金融市場商品

その他(1)

‘その他(1)’ [OO 05において明示されたもの]

          Mortgages, Loans and Syndicated Loans
        
報告年度中に組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有に取り組んだ場合は、組織外で運用される資産クラスを選択してください。
アセット・クラス
組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有
上場株式

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

プライベートエクイティ

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

ヘッジファンド

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

その他(2)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

11.4. 投資マネジャーの選定、任命、モニタリングプロセスに、投資に関する考慮事項がどのように含まれているかを簡単に説明してください。

Suva's Approach to Long-Term Investment and Mandates.

Suva's investment strategy is based on the principles of broad diversification and a long investment horizon. This strategy is possible for the reasons described below.

Suva provides mandatory accident insurance as part of the social insurance system in Switzerland to certain specified sectors of the Swiss economy. This partial monopoly ensures a relatively stable number of insured companies and allows Suva to take a long-term investment view.

Ongoing claims and disability pensions are financed through the collection of mandatory insurance premiums. Most of Suva's liabilities are for disability pensions which are long-term in nature. Under these circumstances the risk of forced selling of long-term investments at depressed levels is limited.

Given this ability to have a long investment view, Suva focuses not only on direct financial aspects when investing, but also takes into account environmental, ethical, social and governance principles. The normative basis for these principles is Swiss law, the international conventions signed by Switzerland, including those on the Environment, Human Rights, Labor Rights, Governance and Banned Weapons and the ten Principles of the UN Global Compact, all of which are taken to reflect the interests of the Swiss public.

In selecting external managers, Suva analyses their investment strategy and how they incorporate non-financial aspects into their due diligence processes. As both analyses are uniquely interrelated, a case-by-case evaluation of each manager is carried out.

A long investment horizon supports responsible investing. The preference for long-term investing in the context of selecting external managers is reflected in various aspects of Suva's manager selection process.

A manager's performance is quantitatively screened when Suva searches for new mandates. The filters applied in a quantitative screening are designed with the assumption that potential managers need a long time period to prove their capability to add value. Managers are thus not excluded for following longer-term investment approaches that might lead to significant periods of underperformance.

Suva prefers equity investment managers with longer-term investment strategies. Suva changes managers infrequently, generally in cases of a change in the organization or a deviation from a stated investment strategy.

While short-term investment approaches which are often applied by quantitative managers might not lend themselves to an active engagement on sustainability issues, they can still be an effective part of investment portfolios. Therefore, Suva does not exclude short-term investment approaches when implementing its investment strategy. However, there is a general preference to partner with equity investment managers that apply longer-term investment strategies. These strategies typically exhibit lower trading costs and managers have a strong self-interest to carefully evaluate ESG aspects during their due diligence of companies and in some instances to actively engage with companies. An investment manager that claims to follow a long-term investment strategy, but does not include ESG criteria in its analyses, is not credible in Suva's view. If a strategy is implemented through a managed account, a list of restricted securities is provided to the manager.

Suva proactively expresses its view of the value of ESG integration in the investment process but leaves the choice between active engagement and exclusion to the managers it chooses. Ultimately, it is our belief that only a manager itself can decide on the effectiveness of an ESG approach given its own investment strategy, skillset and the culture in a particular country.

In order to evaluate a manager's true focus on the long-term aspects of investments, Suva uses interviews and examples of company research provided by the manager. Both tend to give good indications of how focused an investment manager truly is on understanding a company's long-term strategic issues and value drivers. Another valuable source when evaluating the credibility of ESG claims is a manager's proxy voting policy.

When it comes to the actual terms of a mandate, Suva aspires to include certain provisions in Investment Management Agreements (IMAs). For example, we negotiate the inclusion of Suva's restricted list to exclude companies from the investment universe. In the negotiation of fees, for performance fee structures Suva tries to incentivize managers with a long-term strategy.

When working with external managers, Suva emphasizes its efforts to invest responsibly during the due diligence and monitoring phases, as the terms of the mandate cannot compensate for a lack of long-term reasoning and commitment by a manager.


OO 12. Modules and sections required to complete

12.1. 自主的な報告を希望される場合には、該当するするモジュールやセクションを以下のリストから選択して下さい。組織のAUMの10%以上を占める資産クラスについてのみ報告が義務付けられています。

中核的なモジュール

直接またはサービスプロバイダーを経由したRI実施

自己運用 - 上場株式の組入れ

自己運用 - 上場株式の積極的な保有

自己運用 – 債券

自己運用 - 専用のモジュールがあるその他の資産クラス

外部の運用会社を経由したRI実施

委託 - 組織外の運用会社の選定、指名、モニタリング

終了モジュール

12.2. 補足情報 [任意]


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