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Norwegian Government Pension Fund Norway (Norwegian Ministry of Finance and Folketrygdfondet)

PRI reporting framework 2020

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

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

In the Norwegian and Nordic fixed income portfolios, we have chosen integration as our ESG incorporation strategy as it fits best with our goal of achieving increased returns over time through responsible investment. In our view, the way an issuer handles material ESG risks may affect creditworthiness. We therefore aim to integrate ESG considerations into our ongoing credit assessment procedures. We do this by making use of the ESG analyses that are produced in-house. These are incorporated into the credit rating we assign that issuer.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

SSA

Folketrygdfondet's principles for responsible investment cover all asset classes. For SSA, investments are limited to sovereign bonds and municipal bonds in the Nordic market. Hence, financial risk due to issuers' management of ESG issues is minimal. We nevertheless review annually potential adjustements to our approach to ESG integration per asset class in response to changes in the underlying risk. Thus far, given the risk profile, our integration of ESG into SSA investing does not extend beyond this initial review. 

社債(金融)

We prioritize ESG analysis and engagement with issuers before investing, as we have the greatest influence at this stage. Folketrygdfondet's fixed income investments in the financial sector are in investment grade issuers. As a result, the risk of material ESG events is generally lower than for other sectors.

社債(非金融)

A common challenge for fixed income ESG analysis is the lack of data on issuers. Folketrygdfondet's fixed income investments include small and/or unlisted companies without comprehensive reporting or analyst coverage. As a result, Folketrygdfondet uses internally developed sector-based ESG risk guides to analyze issuers for material sustainability risks. We focus primarily on the high yield sector, where the risks are determined to be greatest.

10.3. 補足情報 [任意]


FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
SSA
社債(金融)
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
SSA

E(環境)

S(社会)

G(ガバナンス)

社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

SSA

For SSA, the various ESG factors are assessed at an overarching level in the annual assessment of Folketrygdfondet's approach to responsible investment. Should developments in the asset class ESG risk profile warrant greater scrutiny, that would be incorporated into our day-to-day investment processes.

社債(金融)

We review the potential significance of ESG issues and investigate them accordingly. The information derives from in-house ESG research and analysis. For the financial sector, which consists primarily of investment grade issuers, Folketrygdfondet incorporates ESG information into the investment process when likely to be material.

In addition, in order to develop a common understanding of ESG-related issues, Folketrygdfondet includes ESG-related information as a fixed agenda item for the daily morning meeting in the front office (both equity and fixed income investment teams). Folketrygdfondet's dedicated ESG resource also presents information of particular relevance to the fixed income portfolio at the fixed income team's monthly strategy meetings.

 

社債(非金融)

We review the potential significance of ESG issues and investigate them accordingly. The information derives from in-house ESG research and analysis. Folketrygdfondet prioritizes ESG analysis of high yield issuers prior to investment. For investment grade issuers, Folketrygdfondet incorporates ESG information into the investment process when likely to be material.

In addition, in order to develop a common understanding of ESG-related issues, Folketrygdfondet includes ESG-related information as a fixed agenda item for the daily morning meeting in the front office (both equity and fixed income investment teams). Folketrygdfondet's dedicated ESG resource also presents information of particular relevance to the fixed income portfolio at the fixed income team's monthly strategy meetings.

12.3. 補足情報 [任意]


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