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S-Bank Plc.

PRI reporting framework 2020

Export Public Responses

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

The basis for our investing is strategic asset allocation. Depending on the clients' investing goals and desired risk level, the allocation is applied according to each customers' needs. We emphasize active products in markets where we believe we can achieve excess return. Passive products are used in combination with active products in some markets. Active allocation and position taking in the underlying products are dynamic processes and deviations from strategic allocation and benchmark are based on different issues on different time horizons.  Issues can be related to megatrends, economic cycles, central bank policies or company specific issues that can be related to financial or sustainable issues that will later turn into financial issues etc.

We believe that automatisation, artificial intelligence, urbanisation, population ageing, transformation into low carbon society and other sustainability related issues will be crucial issues shaping the investing landscape going forward.

We believe that incorporating ESC factors in the investment decision making process alongside with financial factors will enhance portfolio performance and reduce risk in the long run. We have reached the level in sustainable investing where we don't make a distinction between 'investing' and 'sustainable investing' any longer. 

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

01.6. 補足情報 [任意]


SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

As a part of our investment process, we evaluate the climate related risks of each of the potential investments. The framework is centered around two possible climate scenarios: 1) global warming of two degrees and 2) four degrees Celsius by 2100, respectively. In assessing the two-degree-scenario we focus on identifying and, up to certain level, quantifying transition risks and opportunities, emphasis being on the risks. In assessing the four-degree-scenario, we focus on identifying and quantifying (when possible) physical risks and opportunities brought on by the changing climate, emphasis of the analysis being once again on the risks.

The analysis is based mostly on our previous knowledge of the industry, opinions presented by trusted experts, material provided by the company and discussions with company representatives.  

Special emphasis is laid on analyzing the preparedness of the company for both of our scenarios. We probe the awareness and prioritizing on the board level, quality and depth of reporting on climate risks as well as actual or planned measures for mitigating those risks.

The outcome of our analysis serve as an input for our investment decision process and helps us better contextualize the valuation of the company.

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?


The horizon of our analysis spans 10-15 years.

01.8 CC. 組織はTCFDを公式に支持しますか?

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?


We have trained portfolio managers to use TCFD framework in analysing companies' climate related risks and opportunities. We have adopted an exclusion policy that covers all our internally managed assets. Coal exclusion is currently the core element in managing climate related risks at FIM. We have also planned to make exclusion criterias stricter going forward. Also, our strategy is to introduce more products that have climate risks and opportunities in the core of the investment strategy. By doing this, the proportion of climate aware AUM will increase. All this will be on the top of existing climate consideration in analysing and making investment decisions on a portfolio management level.

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


          We provide those clients that are interested a carbon footprint for their portfolios. Also, for the public funds we disclose carbon footprints publicly.

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。









02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。







02.3. 補足情報 [任意]

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

We have two conflict of interest prevention policies on a S-Bank Group (parent entity of FIM Asset Management) level: the general policy and the complementary policy for offering investment services.

The general policy addresses the following issues:

1. Identifying and disclosing conflicts of interests
2. Managing Conflicts of interests
3. Organizational arrangements
4. Secondary external roles of management and personnel members
5. Gifts and hospitality
6. Personal trading
7. Renumeration
8. Training activities
9. Specific rules regarding offering of investment services
10. Roles and responsibilities
11. Documentation and monitoring

The complementary policy for offering investment services identifies the following specific areas of possible conflicts of interest:

1. Brokerage services
2. Discretionary asset management
3. Mutual fund management
4. Offering custody services
5. Offering advisory services

The complimentary policy specifically defines management of conflicts and segregation of duties when offering discretionary asset management, mutual investment funds and proprietary trading activities.

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

We follow ESG controversies that occur in portfolio companies. We use an external service provider to highlight controversies and their severity. Our ESG / responsible investing policy describes the process and options we have in place should those incidents happen.