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New York State Common Retirement Fund

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (A) Implementation: Screening

(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
Corporate (financial)
Corporate (non-financial)
Securitised
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income

We employ negative screening for companies that add articulable, serious, and sustained investment risk to the portfolio. This includes issuers that are involved in firearms manufacturers and private prisons. For thermal coal mining companies, we are conducting further research to evaluate individual companies’ readiness for a low carbon transition, and are engaging with the companies before considering divestment.

We also consider an issuer’s ESG performance relative to its peers in our fundamental credit analysis. We typically analyze a green or sustainable bond issuer’s ESG performance as part of our fundamental analysis on themed bonds. For example, we factored Xcel Energy’s subsidiary’s performance in climate change and the low carbon transition into our investment decision as part of the investment analysis when we considered purchasing their green bonds.

Our external managers incorporate positive screening to invest in best-in-class performers in ESG consistent with fiduciary duty.  
 

 

04.3. Additional information. [Optional]


FI 05. Examples of ESG factors in screening process

05.1. Provide examples of how ESG factors are included in your screening criteria.

Type of fixed income

ESG factors

Screening

Description of how ESG factors are used as the screening criteria

Private Prison

Firearms

Thermal Coal Mining 

Type of fixed income

ESG factors

Screening

Description of how ESG factors are used as the screening criteria

Climate change

Affordable Housing 

Access to healthcare

05.2. Additional information.


FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Checks
Negative/exclusionary screening
Positive/best-in-class screening

06.2. Additional information. [Optional]


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