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CenterSquare Investment Management LLC

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities

アクティブ運用している上場株式におけるESGの組み入れ

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
90.0 %
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
10.0 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

CenterSquare’s commitment to evaluating ESG principals is based upon the belief that they make good business sense and can represent a strong source of return for investors. Governance is the most material of the three primary categories, followed by Environmental factors, with Social factors being the least germane as a result of the nature of the real estate industry. Our process begins with a ranking framework that assesses a company’s ESG score along ten equally-weighted factors (each scored 0 to 10) measuring environmental stewardship, social responsibility, and corporate governance to provide an expanded analysis. The sum of these ten scores generates the REIT’s overall ESG score. Environmental factors account for 40% of CenterSquare’s overall ESG score. These factors capture the robustness of the company’s environmental sustainability policies addressing energy efficiency, conservation, and carbon footprint reduction as well as the execution and disclosure of those policies. As the company develops additional assets, we identify brown-field development and mass transit-oriented development as environmentally friendly. We also analyze the company’s real estate portfolio for heightened sustainability standards, such as attaining LEED2 and GRESB3 certification. Companies receive superior scores for being leaders and advocates within the environmental sustainability space. Social factors account for 20% of the overall ESG score. These factors capture the company’s quality of employee engagement and extent of community involvement. We consider policies regarding ethics, conduct, anti-corruption, and anti-bribery for employees and contractors as well as the company’s commitment to community involvement, civic service, and philanthropic efforts. Governance factors account for the remaining 40% of the overall ESG score. Shareholder alignment and board independence measure the shareholders’ influence over the company and the board’s ability to carry out its fiduciary responsibility as the steward of shareholder capital. We also measure the extent to which strategic efforts have been clearly identified and implemented to enhance governance of shareholder capital and the quality of governance disclosures. 

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

The screening and integration process applies to a mandate with a custom ESG focused Index. That index is constructed using the following methodolog - Companies in the representative index are initially screened on a scorecard that requires an assessment of domicile country, property type, occupancy, and leverage. Companies can also be excluded at the PM’s discretion if they demonstrate non-core real estate characteristics or illiquidity. If compliant with these screens, companies are then excluded if they screen in the bottom quartile of CenterSquare’s proprietary quality and/or ESG scores. The remaining companies are then grossed up to generate 100% of the index.  


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

We do not invest in prison REITs 

スクリーニング実行者

説明

Our ESG mandate is based on a custom index. Companies in the representative index are initially screened on a scorecard that requires an assessment of domicile country, property type, occupancy, and leverage. Companies can also be excluded at the PM’s discretion if they demonstrate non-core real estate characteristics or illiquidity. If compliant with these screens, companies are then excluded if they screen in the bottom quartile of CenterSquare’s proprietary quality and/or ESG scores. The remaining best-in-class companies are part of the investible universe. 

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

Clients receive regular reporting.


LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]


LEI 06. Processes to ensure fund criteria are not breached (Not Completed)


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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