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Caixa Econômica Federal - VIART

PRI reporting framework 2020

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 Investment Philosophy establishes that allocation decisions should be based on fundamentalist analysis, focusing on the markets where the area holds deep knowledge. The assumption of risks is conditional on the comprehension and the capacity to measure them. Currently, the policy does not establish formal guidelines regarding the approach of the ASG factors, however, the fundamentalist analysis of the invested assets incorporates these issues into the analysis.

In relation to the management of structured funds and the Managed Portfolio of the FGTS, the mechanisms provided in the Investment Policies, regulations, applicable legal norms and qualitative evaluation tools are adopted, such as questionnaires and/ Or audit work carried out by independent legal advisors. In Addition, according to the instruments governing the managed funds and their respective integralized assets, it is also carried out an analysis of mandatory information that is forwarded by the companies invested in socio-environmental and governance issues.
In addition, companies, investees or partners are requested to provide proof of investment analysis, including monitoring, and, in most cases, specialized third parties are hired for this purpose.
CAIXA publishes on its websites the ESG factors that permeate the entire Financial Institution

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]

          For new models of variable income evaluation, the factor integration methodology is being improved, so that the method employed can evaluate and measure the impact of ESG factors throughout the analysis process. This method should involve three phases: (i) research, (ii) quantification and (iii) valuation. The first phase involves the collection and analysis of information regarding ESG factors and the verification of which ones are relevant to the valuation of companies in the sector to be analyzed, involving macroeconomic information and themes, sector-specific value drivers, and drivers of specific values ​​of companies; The second, a crucial point in the evaluation process, consists of transforming the information obtained in the previous phase into raw material for valuation, involving steps such as determining the most appropriate indicators and metrics to quantify ESG impacts, separating recurring or episodic events, identification of the most appropriate cash flow lines to reflect the impacts, estimation of the probability of the impacts materializing, and assessment of the estimated time horizon for the impact; In the third, the information is inserted in the valuation models that use the Discounted Cash Flow method, with the objective of finding the Net Present Value of subjects that until then were not priced and, finally, the company's fair value adjusted to the ESG issues.

SG 01 CC. Climate risk (Private)

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。

Our Conduct Code and Proxy Voting Policy set forth that any situation of conflicts of interest shall be idenfified and avoided. Portfolio Managers are responsible to managing the situation of potencial conflicts of investment process, due to the first line / frontline of defence. Aditionally, as second line of defence, Compliance Division is responsible to carry out a array of processes in order to verify any situation of potential conflict of interests. Including membership in every Comitee of Caixa/VIART. Cases also can be deliberated in Comitees

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios (Private)