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ACTIAM

PRI reporting framework 2020

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities

アクティブ運用している上場株式におけるESGの組み入れ

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

ACTIAM uses a combination of strategies for its internally managed active funds. A combination of screening, integration and thematic strategies is implemented. Please see LEI 01.3 for an explanation of the incorporation approach. The reason for choosing this combination of strategies is that it allows us to exclude companies that we do not wish to be invested in because of violation of international standards or due to insufficient performance in several material drivers and risks; differentiating the remaining companies with respect to their ESG performance (although only a minority of companies is excluded, yet there can be considerable differences in ESG performance of the remaining companies); and finally to downgrade or upgrade companies based on certain material themes, such as climate change, water and land.

The approach allows us to form an opinion about the sustainability of every entity in the portfolio and to combine this analysis with the financial analysis of the entity, thereby constructing a portfolio of companies that show both a high ESG as well as a high financial performance. 

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

ACTIAM stimulates companies to prepare for the ongoing transitions, operate within the planetary boundaries, respecting the social foundations. All companies are evaluated on its steps to move towards the so-called safe and just space. Accordingly, the active funds incorporate all three strategies. First, a screening is conducted based on ACTIAM's Sustainable Investment policy. Companies in breach of the FIP or non-adaptive at any material business drivers are excluded from the investment universe (https://www.actiam.com/siteassets/4_verantwoord/documenten/en/ri_overview_exclusions_companies.pdf)

Secondly, we add a thematic overlay based on material business drivers, such as water, land and social capital development that impact several sustainability issues. For this, we consider to what extent companies have the capabilities of adapting to the ongoing sustainability transitions. Companies that are considered positive contributors, such as responsible renewable energy producers, are positively selected by upgrading their ESG score. Engagements can be set up in case these companies deliver a sustainable core product but are lagging in their ESG score due to, for example, a relatively low level of disclosure. The ESG team and the Equity portfolio management team are jointly responsible for managing the integrated strategy. For more, please see following questions in this report.


LEI 02. Type of ESG information used in investment decision

02.1. 組織でESG組み入れ戦略に使用しているESG情報およびこの情報の提供者を記載してください。

ESG情報の種類

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

02.2. ブローカーに対しESG調査結果を提供するよう奨励しているかどうかについて記載してください。

02.3. ブローカーに対しどのように奨励しているかを記載してください。

ESG is a component of our broker evaluation and research buying processes (as performed by the Equity portfolio management team) which determines the allocation of commissions to brokers and where we will buy our external research. In 2014 we also determined a set of key ESG issues and shared these with the sell-side as suggestions for sell-side research topics as well as agenda topics in meetings with companies. Based on the added value of their research and the corporate meetings arranged, as well as their overall ESG score our brokers are ESG-scored at the end of each year. The overall ESG score is an integral factor in the overall broker score which determines the overall allocation of commissions to brokers.

02.4. 補足情報 [任意]

ACTIAM uses multiple specialised external data providers as a supplement to its own in-house research. For both screening and integration, we use all the above-mentioned sources.


LEI 03. Information from engagement and/or voting used in investment decision-making

03.1. ESGへのエンゲージメントや(委任状による)議決権行使から得られる情報を投資の意思決定に利用できるプロセスが組織にあるかどうかを記載してください。

03.2. 補足情報 [任意]

ESG information derived from engagement and voting processes is provided to the ACTIAM ESG Committee, which meets on a quarterly basis and decides on the eligibility of investments. This decision and policy making body comprises four members: the CEO, performing the role of Chair; the CIO; the Head of Fund Management and Head of the ESG Research team; and an external expert who is a Professor of Ethics.
Additionally, both engagement and proxy voting information is shared with investment decision-makers through an internal dashboard, as well as raw data files. The dashboard is updated every quarter with the latest engagement developments and every half year to reflect outcomes of voting. 


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。

スクリーニングの種類

スクリーニング実行者

説明

Based on data from our external data providers we perform a screening every quarter, in line with ACTIAM's Sustainable Investment Policy (including both Fundamental Investment Principles and Fundamental Material Drivers), which incorporate Environmental, Social and Governance Issues. We exclude several products and activities, for instance nuclear weapons or riverine tailings disposal. Furthermore, a sector-based score is integrated into the final ESG score, which downgrades companies that are active in certain sectors, such as the oil & gas sector. An analyst score (positive or negative) can also be given and applied by the ESG team.

スクリーニング実行者

説明

Companies that deliver sustainable goods or services, with particularly positive impacts on focus themes such as climate, land and water will receive an upgrade in their ESG score, based on the thematic overlay in the actively managed fund strategies.
Furthermore, given the varying degree of sustainability among different sectors, ACTIAM has developed sector scores into its ESG scoring methodology. Likewise to the negative/exclusionary screening approach, the ESG team can add a positive analyst score to upgrade companies.

These various (positive) screening methodologies result in higher ESG Scores for relevant individual companies.

Lastly, the mandates of our actively managed fund strategies stipulate optimising financial returns in combination with high portfolio ESG-scores relative to its benchmarks.

スクリーニング実行者

          Please check the list of other international mechanisms we consult as an appendix to our Fundamental Investment Principles on our website: https://www.actiam.com/4a775d/siteassets/4_verantwoord/documenten/en/actiam-fundamental-investment-principles.pdf
        

説明

ACTIAM applies a norms-based screening to all its investments, including passive funds, in which a series of relevant regulation and international norms apply to several topics. For more information, please see our Fundamental Investment Principles for both companies and sovereigns (https://www.actiam.com/4a775d/siteassets/4_verantwoord/documenten/en/actiam-fundamental-investment-principles.pdf), as well as the current exclusion lists (https://www.actiam.com/48d3fd/siteassets/4_verantwoord/documenten/en/ri_overview_exclusions_companies.pdf; https://www.actiam.com/48d7f8/siteassets/4_verantwoord/documenten/en/ri_overview_sovereign_bond_exclusions.pdf)

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。

Screening criteria, which form important part of ACTIAM's Sustainable Investment Policy, are researched and proposed by the in-house ESG team. Changes to our screening criteria first have to be approved by the ESG-Committee, which consists of the CEO, CIO, the Sustainability Director and an independent ethics professor. In addition, these changes are discussed with our clients and beneficiaries. The ACTIAM ESG Committee meets on a quarterly basis and decides on the eligibility of investments and any revisions of the sustainability Policy.

Any changes and newly excluded companies are communicated on our website and in our quarterly ESG report which is published on our website and is sent to our clients. Furthermore, changes made in the past year are described in the annual report and an overview of policy updates is given. 


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]

The internal research that builds our ESG screens is reviewed as an ongoing process.


LEI 06. Processes to ensure fund criteria are not breached

06.1. ファンドの基準に違反がないことを確認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。

          Our external accountant also verifies our processes.
        

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

ACTIAM's governance is organised according to the 'three lines of defence'- model. The first line (portfolio management and the ESG research team) is the risk owner and responsible for first line risk controls. ESG criteria is integrated into mandates and underlying agreements with the clients. Mandate restrictions are monitored automatically by the mandate compliance department (the 'second line') on a continuous basis. In the event of a breach, the second line manager will investigate the cause of the breach as soon as the breach is discovered. In case of a passive breach (caused by external factors as f.i. market moves), portfolio management will realign the portfolio to the permitted bandwidth. In case of an active breach (internal factors, like f.i. an excluded security is accidentally purchased), portfolio management must sell the security immediately. The client will be informed about the event and will be compensated according to ACTIAM's compensation policy to the extent any losses have arisen. Any profits remain with the client. 

06.3. 補足情報 [任意]

In case a breach of screening criteria occurs due to a corporate action (e.g. merger, acquisition), the security will be sold when the corporate action is physically settled.


B) 実施:テーマ

LEI 07. Types of sustainability thematic funds/mandates

07.1. 組織が運用している、サステナビリティをテーマとするファンドやマンデートの種類を記載してください。

07.2. 組織でのサステナビリティをテーマとしたファンドのプロセスについて説明してください。 [任意]

In our sustainably themed funds (our actively managed fund strategies), a combination of environmental and social themes is applied. The focus is on selecting companies that respect the planetary boundaries and that positively contribute to any of the Sustainable Development Goals without compromising on any of the other SDGs. This not only includes environmental sustainability themes such as climate change, water, and land, but also looks at social and human capital development and business ethics. ACTIAM identifies companies that contribute negatively and positively to these themes. Only those that contribute positively are allowed in the sustainably themed actively managed fund strategies. In addition, the positive contributors receive an upgrade in their ESG score, thereby increasing the likelihood of being selected for investment.


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。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]


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。

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。

09.6. 補足情報 [任意]

LEI 09.4 - The review of our internal research supporting our ESG integration strategy is an ongoing process.


LEI 10. Aspects of analysis ESG information is integrated into

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

          We apply our ESG score in the portfolio construction setting as one input in our overall company scores.
        

10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

We apply our ESG score in the portfolio construction setting as one input in our overall company scores.

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

We apply our ESG score in the portfolio construction setting as one input in our overall company scores, in which the ESG score has a fixed weight. 

10.5. 有価証券の評価に感応度/シナリオ分析をどのように適用しているか説明してください。

We integrate sensitivity and scenario analysis into our ESG scoring model. This ESG score is part of the portfolio construction and is one input in our overall company scores. 

10.6. 補足情報 [任意]


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