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UniSuper Management Pty Limited

PRI reporting framework 2020

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。

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

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。

UniSuper has a formally documented set of guiding principles (annually endorsed by the Investment Committee). These guiding principles augment our 5 investment beliefs. Key is the notion and belief that ESG factors are important considerations in assessing investment risk and determining earnings sustainability. 

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]

UniSuper, as a regulated superannuation fund and fiduciary, takes seriously the duty incumbent upon it to avoid the permanent loss of member capital and to invest member funds in a pragmatic manner.

UniSuper's investment approach is informed by its Investment Beliefs, Investment Guiding Principles and Responsible Investment and Proxy Voting Policy.

UniSuper's approach to ESG and RI, can be categorised as follows:

1. Active ownership - as a large investor we have a duty to responsibly exercise our ownership rights. We do so via extensive engagement with investee companies and by voting at company AGMs.

2. ESG integration and investment due diligence - We continually strive to assess and consider ESG risk as part of the investment management and decision making process.

3. Member choice (sustainable options) - ESG considerations are integrated into all investments (UniSuper was one of the first Australian super funds to screen tobacco from all portfolios in 2011). UniSuper also provides for member choice and provides its members with three dedicated options which apply more extensive screens and pursue relevant thematics. Specifically, UniSuper has two Sustainable options (Balanced and High Growth) and a Global Environmental Opportunities (GEO) option.  All three of these options exclude alcohol, gaming, weapons and fossil fuels. The two Sustainable options then seek to target investments in companies that perform well from a sustainability perspective (i.e. positive screening), noting also that the Sustainable Balanced option also has a significant green bond allocation. The GEO option targets investments in companies that derive >50% of their revenues from clean energy, energy efficiency, clean water, green buildings and waste / pollution control.

4. Collaboration and advocacy - In order to demonstrate our commitment and pursuit of improved ESG / RI standards and performance we also participate in a broad range of collective / collaborative initiatives. This collaborative work is both informal with peers and via a range of formal avenues (e.g. PRI, ACSI, RIAA, IGCC, ACGA, ESG RA).

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

Portfolio Analysis/ Risk assessment in current holdings - published for each option in our TCFD report to members:

  • Transition - exposure to fossil fuels- exploration, production, transportation and use
  • Transition - exposure to supporting infrastructure and industrials reliant on fossil fuels - eg Airports, steel manufacturing
  • Transition - exposure to financial services sector - Insurance and banking
  • Transition - exposure to green products and services
  • Carbon Footprint - Relative to MSCI benchmark
  • Physical Risks - exposure to severe weather events
  • Physical risks - exposure to rising tides for large asset exposure (property and infrastructure)
  • Company response -  measuring how companies are responding - with Carbon targets, renewable energy and energy efficency

Due Diligence:

  • Considering threats/opportunities from physical risks - such as rising tides, severe weather, changing operations and customer trends as a result of climate change
  • Considering costs associated with "greening" existing infrasturcture, what has been done, what are plans for the future etc

Investment product development:

  • 7 of UniSuper's 16 options are fossil fuel free. 
    • 3 as a result of specific exclusions/screens - Sustainable High Growth, Sustainable Balanced, Global Environmental Opportunities
    • 4 as a result of the investment universe - Global Companies in Asia, Listed Property, Australian Bonds and Cash

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?

これらのリスクおよび機会に関連する時間の尺度について説明してください。(500語以内)

Risk exposures were considered a stress test (i.e. our total exposure to thermal coal is 0.5% - no further analysis was carried out). If the exposure to a particular risk was greater than 5%, then we have considered a range of scenarios. For example, our exposure to gas is >5%, and in our latest TCFD report we detailed some of the factors we are monitoring with respect to gas and the shift to renewable energy. 

With respect to physical risks, UniSuper used publically available data and scenarios:

  • Rising tides - 4 degree temperature rise in ~80 years. 
  • Severe weather - current experience/findings, which did not lead to further analysis as the exposure was less than 5%.

 

01.8 CC. 組織はTCFDを公式に支持しますか?

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?

説明してください。

As a regulated Superannuation (pension) fund, the key risks and opportunities associated with climate are in our investments.

Our Climate related risk report details our approach that we take in our investment portfolio. 

We have 3 options available to members that specifically target climate related themes - 2 Sustainable Options - which screen out fossil fuel companies (as well as gaming, alcohol and weapons + fund wide tobacco), and Global Environmental Opportunities, which invests in companies that receive more than 50% of their revenues by addressing environmental themes - renewable energy, water and waste management, pollution control, energy efficiency and green buildings. 

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。

具体的に記入してください。

          Our TCFD disclosures are published on our website: https://www.unisuper.com.au/investments/responsible-investing/climate-risk-disclosure
        

SG 02. Publicly available RI policy or guidance documents

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。

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。

URL/添付ファイル

URL/添付ファイル

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。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

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 Investment Procedures Manual specifically makes provision for managing conflicts of interest . The Investment Committee (IC) is charged with overseeing the management of conflicts with regard to UniSuper's investment process and the IC must comply with the IC code of conduct. All IC members and investment staff are required to maintain a register of personal interests.

Internally - UniSuper has a robust and heavily monitored securities trading policy and approval process  in place - "UniSuper Restricted Securities Trading Policy". Investment staff are not allowed to accept any gifts and may only accept some forms of entertainment and only in certain circumstances.

Externally - UniSuper includes clauses in the Investment Management Agreements regarding conflict of interest management.  Our investment managers are required to manage material sources of conflict in accordance with their own or industry codes of practice.

Further from a governance perspective, where we have participated in a corporate action, such as a rights issue or equity raising, we do not vote as part of the shareholder approval process.

 

 

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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