Public HTML RI reports - PRI reporting framework 2020

J.P. Morgan Asset Management

PRI reporting framework 2020

Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Strategy and Governance

Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Indirect – Manager Selection, Appointment and Monitoring

Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]

Direct - Listed Equity Active Ownership

Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]

Direct – Private Equity

Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]

Direct - Property

Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]

Direct - Infrastructure

Overview [INF 01 - 02] Fundraising of infrastructure funds [INF 03 - 04] Pre-Investment (Selection) [INF 05 - 09] Selection, appointment and monitoring of third-party infrastructure operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure Monitoring and Operations [INF 12 - 14] Infrastructure Maintenance [INF 15] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18] Communication [INF 19]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

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。

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。

はい

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。

当てはまるものをすべて選択してください。

ポリシーの構成要素/種類

AUMの対象範囲

ポリシーでは包括的アプローチを規定している

環境要因に関するガイドラインを正式に規定

社会的要因に関するガイドラインを正式に規定

コーポレートガバナンスに関するガイドラインを正式に規定

受託者義務（または同等のもの）

資産クラス別のRIガイドラインを正式に規定

セクター毎のRIガイドラインを規定

スクリーニング/除外ポリシーの規定

エンゲージメントポリシーの規定

（委任状による）議決権行使ポリシー

その他（具体的に記載してください）（1）

その他（具体的に記載してください）（2）

適用ポリシーは全てのAUMを対象としている

適用ポリシーは大部分のAUMを対象としている

適用ポリシーは一部のAUMを対象としている

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:

組織としてのESG や責任投資の定義ならびに投資との関連性

ESG ファクター/実体経済への影響を考慮に入れた投資目標

投資におけるタイムホライゾン

組織としてのESG 関連責任に係るガバナンス体制

ESG 組み込みアプローチ

積極的な議決権行使に係るアプローチ

報告

気候変動

顧客・受益者のサステナビリティ選好の理解および組み込み

その他のRIの検討事項を具体的に記入して下さい (1)

その他のRIの検討事項を具体的に記入して下さい (2)

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。

JPMAM is a team-based investment management firm using disciplined processes. We have expertise across every key asset class and investment market so we can offer clients the widest range of investment solutions. For JPMAM, Sustainable/Responsible Investing is a forward-looking investment approach that aims to deliver long-term sustainable financial return in a fast changing world. We believe that explicit incorporation of material Environmental, Social and Governance information in the investment process can help to deliver enhanced risk-adjusted returns over the long-run while also serving as a foundation to align portfolios with client values. As stewards of our clients' assets, we seek to incorporate ESG into the investment and business process. We believe that transparency around how a company manages ESG risks and opportunities is part of its value proposition. Management of ESG factors impacts business results in numerous respects including access to capital, cost savings, productivity, revenue growth, market access, reputation, insurance cost and availability, talent retention and risk management.

Please note based on our discussions with PRI, PRI considers JPMAM's Sustainable Investing Statement to fall within the definition of "policy" for purposes of the modules as it describes an overall investment approach

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]

The Sustainable Investing Statement is reviewed on a regular basis by the Sustainable Investing team as well as the Sustainable Investment Leadership Team (SILT), at least once a year, and reported to AMOC (Asset Management Operating Committee) and AMIC (Asset Management Investment Committee). The Statement covers all of our investment engines.

As stated above, for JPMAM, Sustainable/Responsible Investing is a forward-looking investment approach that aims to deliver long-term sustainable financial return in a fast changing world. We believe that explicit incorporation of material Environmental, Social and Governance information in the investment process can help to deliver enhanced risk-adjusted returns over the long-run while also serving as a foundation to align portfolios with client values. As stewards of our clients' assets, we seek to incorporate ESG into the investment and business process. We believe that transparency around how a company manages ESG risks and opportunities is part of its value proposition. Management of ESG factors impacts business results in numerous respects including access to capital, cost savings, productivity, revenue growth, market access, reputation, insurance cost and availability, talent retention and risk management.

Although our investment horizon varies across different investment engines and styles, our fundamental active portfolios typically look to hold investments for longer horizons (e.g., 5 years or more).

We take a research-driven approach underpinned by our active investment heritage to ESG/Responsible investing. We recognize that sustainable investing represents a broad set of opportunities and that clients may choose to implement their views based on explicit portfolio objectives. With that in mind, we offer an array of investment solutions to meet our clients' financial goals and non-financial objectives. Many of our core investment capabilities incorporate ESG factors into their analysis with the primary goal of delivering exceptional investment returns. This is supported by over 1,000 investment professional across 13 different investment locations across the globe. Our broad product capabilities and global research allow us to partner with clients to meet their needs across a spectrum of solutions, including strategies that incorporate a variety of sustainable capabilities, for example leveraging our research-driven investment approach to identify ESG risks and opportunities. Our global scale means we are well placed to help our clients manage various challenges and objectives. Our analysts and portfolio managers integrate a wide range of investment risks into the investment process, including environmental impacts. We focus on risks that are material to cash flows, duration of business, credit risk and/or prospective returns in client portfolios. In-depth bottom up analysis provides insight into the long-term sustainability of a business or whether the entities we invest in will remain competitive in the future.

いいえ

01.6. 補足情報 [任意]

SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents

URL https://am.jpmorgan.com/blob-gim/1383229018341/83456/2019_Global%20Procedures%20and%20Guidelines_FINAL.pdf

添付ファイル [公衆に開示されます]

受託者義務（または同等のもの）

資産クラス別のRIガイドラインを正式に規定

URL/添付ファイル

URL

URL https://am.jpmorgan.com/gi/getdoc/1383400562086

添付ファイル [公衆に開示されます]

スクリーニング/除外ポリシーの規定

URL/添付ファイル

URL

顧客・受益者のサステナビリティ選好の理解および組み込み

投資ポリシー文書を公表していません

02.3. 補足情報 [任意]

JPMAM's Sustainable Investing Statement outlines our commitment to sustainable investing and outlines our four pillar framework that focuses on ESG integration, data and research, engagement and products and solutions. It also provides our ESG capabilities and specific philosophies by asset class. Jennifer Wu, JPMAM’s Global Head of Sustainable Investing is responsible for leading the efforts across sustainability-focused investment research, solutions-development and investment stewardship with a dedicated team of specialists. She is also responsible for keeping the Sustainable Investing Statement updated and effective through driving the ESG integration process. The Sustainable Investment Leadership Team (SILT) will also be consulted where changes are necessary. Our investment teams have a quarterly review with our Investment Directors who ensure each team is following our firm level statement as well as the investment guideline that was agreed with our clients.

We have continued our journey to ESG integration across all of our strategies. In order to achieve this, funds must "commit, implement and demonstrate" their level of ESG integration. As of December 2019, 78% of strategies are ESG integrated representing USD 1.5tn. All ESG integrated strategies must be approved by the Sustainable Investment Leadership Team.

Our recent statement on Investment Stewardship “promoting sustainability through investment-led Stewardship” outlines our enhanced approach our approach with close collaboration between our portfolio managers, research analysts and investment stewardship specialists to engage with the companies we invest. In the statement we have also identified five main investment stewardship priorities that we believe have universal applicability and will stand the test of time: Governance, Strategy Alignment with the Long Term, Human Capital Management, Stakeholder engagement and Climate risk. Within each priority area, we have identified related themes that we are seeking to address over a shorter timeframe. These themes will evolve over time, as we engage with investee companies to understand issues and promote best practice. This combination of long-term priorities and evolving, shorter-term themes provides us with a structured and targeted framework to guide our investors and investment stewardship teams globally, as we engage with investee companies around the world. Investment-led, expert-driven investment stewardship will not only enable us to recognize significant risks, identify new opportunities and better generate attractive risk-adjusted returns, but it should also help us to build stronger and more sustainable portfolios for our clients . For example, Climate Risk, especially encouraging corporate disclosure to be TCFD aligned, is one of our top five priorities of our Investment Stewardship activities. Our Investment Stewardship specialists will be putting extra effort on this agenda through our corporate engagement and proxy voting.

In addition, JPMAM’s parent company JPMC’s companywide ESG report provides information on how we are addressing the ESG matters that we and our stakeholders view as most important to our business, including the asset management entities. The ESG report consolidates and summarizes the most important aspects of our work in these areas. The report accompanies our Annual Report, our Proxy Statement and our annual Corporate Responsibility Report.

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。

はい

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。

Conflicts include where JPMC or its affiliates are involved in a transaction at an investee company, or provide banking or other services, or where JPM personnel sit on other company boards. To maintain the integrity and independence of JPMAM's proxy voting decisions as well as investment decisions, JPMC has established formal barriers designed to restrict the flow of information between JPMC's securities, lending, investment banking and other divisions to JPMAM investment professionals. The policy is available on our website. A conflict is deemed to exist when voting in relation to JPMC, or for JPMorgan funds, or when JPMAM has knowledge that a JPMorgan affiliate is an advisor or has rendered a fairness opinion with respect to the matter being voted upon. When such conflicts are identified JPMAM will call upon an independent third-party to make the voting decision either in accordance with JPMAM voting guidelines or by the third party using its own guidelines. Effective January 2020, JPMAM investment professionals may request an exception to this process to vote against certain proposals rather than referring them to an independent third party. The applicable Proxy Committee shall review the Exception Request and shall determine whether JPMAM should vote against the proposal.

いいえ

03.3. 補足情報 [任意]

As a subsidiary of a global financial services firm involved in many areas of business, actual, potential or perceived conflicts of interest may arise when the interests of JPMAM or other parts of JPMorgan Chase & Co (“JPMC”), Employees or Clients oppose one another.

JPMC's Conflicts of Interest Policy requires JPMC, all lines of business and Corporate Functions, and its employees to identify and manage actual, potential and perceived conflicts of interest in accordance with the Conflicts of Interest Framework.

The Conflicts of Interest Framework, not only requires the identification and review of actual, potential and perceived conflicts, but sets out the requirements to manage and mitigate conflicts and to escalate any material conflicts.

SG 04. Identifying incidents occurring within portfolios (Private)

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