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CenterSquare Investment Management LLC

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income

アクティブ運用している債券におけるESGの組み入れ

実施プロセス

FI 01. Incorporation strategies applied

以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
100 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

An integration strategy allows us to incorporate considerations of ESG risks and opportunities via several data sets across our platform. As the industry continues to evolve and more data become available, this startegy allows us to continue enhancing our process. 

01.3. 補足情報 [任意]


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

          ESG risks and opportunities are reviewed as part of due diligence process prior to closing on any investment opportunity.
        

03.3. 補足情報 [任意]


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 connection with all new investment activities, CenterSquare independently or in conjunction with a co-lender, engages the services of a 3rd party professional to complete a Phase I Environmental Site (“Phase I”) Assessment prior to making any new investment. The Phase I is conducted in accordance with ASTM E1527-13 Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process, generally accepted industry standards, and is designed to meet the United States Environmental Protection Agency (USEPA) Standards. In some cases, the Phase I will also address certain ASTM non-scope considerations. These non-scope considerations can include asbestos-containing materials (ACM), radon, lead-based paint (LBP), microbial growth, drinking water quality, flood zones, and wetlands. The purpose of the Phase I is to determine if a particular property contains any Recognized Environmental Conditions (“RECs”) and, if so, indicate what, if any, further investigation may be required to better understand and potentially mitigate those RECs. The phase I includes an environmental records search, a search of the historical uses of the property, and on-site reconnaissance performed by a physically inspection by a trained professional. To the extent the Phase I identifies RECs, further investigation may be conducted through a Phase II which typically involves more invasive testing. Based on the results of the Phase II, CenterSquare may elect to forgo the investment or move forward with the investment but require environmental mitigations to address the REC.

In connection with all new investment activities, CenterSquare takes steps to determine if properties are currently located in existing flood zones and, to the extent such a condition is discovered, takes steps in conjunction with a professional 3rd party insurance consultant to ensure adequate insurance coverage is in place to address the risk. Additionally, CenterSquare assesses the coastal risk associated with rising sea levels and incorporates such data into investment decisions.

In connection with all new investment activities, CenterSquare independently or in conjunction with a co-lender, either performs in-house or engages the services of a 3rd party professional to complete a background check on all individuals that control the borrower, partner, or sponsor as well as any individuals or entities that own a significant portion (>25%) of the financial interest of the borrower or General Partner. The scope of the search includes bankruptcy records, civil records and judgements, criminal records, UCC-1 filings, regulatory sanctions, tax liens, and OFAC. To the extent the search uncovers concerning results, the borrower will be asked to provide further detail regarding the event which will be considered in determining if CenterSquare will move forward with the investment. A history of Class A or 1 felonies or crimes and civil judgements involving fraud will, in almost all cases, result in CenterSquare declining to make an investment.

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。

社債(非金融)

CenterSquare only invests in real estate. 

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
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)
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。

社債(非金融)

Environmental Due Diligence

In connection with all new investment activities, CenterSquare independently or in conjunction with a co-lender, engages the services of a 3rd party professional to complete a Phase I Environmental Site (“Phase I”) Assessment prior to making any new investment. The Phase I is conducted in accordance with ASTM E1527-13 Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process, generally accepted industry standards, and is designed to meet the United States Environmental Protection Agency (USEPA) Standards. In some cases, the Phase I will also address certain ASTM non-scope considerations. These non-scope considerations can include asbestos-containing materials (ACM), radon, lead-based paint (LBP), microbial growth, drinking water quality, flood zones, and wetlands. The purpose of the Phase I is to determine if a particular property contains any Recognized Environmental Conditions (“RECs”) and, if so, indicate what, if any, further investigation may be required to better understand and potentially mitigate those RECs. The phase I includes an environmental records search, a search of the historical uses of the property, and on-site reconnaissance performed by a physically inspection by a trained professional. To the extent the Phase I identifies RECs, further investigation may be conducted through a Phase II which typically involves more invasive testing. Based on the results of the Phase II, CenterSquare may elect to forgo the investment or move forward with the investment but require environmental mitigations to address the REC.

Assessing Climate-Related Physical Risks

In connection with all new investment activities, CenterSquare takes steps to determine if properties are currently located in existing flood zones and, to the extent such a condition is discovered, takes steps in conjunction with a professional 3rd party insurance consultant to ensure adequate insurance coverage is in place to address the risk. Additionally, CenterSquare assesses the coastal risk associated with rising sea levels and incorporates such data into investment decisions.

Background Checks

In connection with all new investment activities, CenterSquare independently or in conjunction with a co-lender, either performs in-house or engages the services of a 3rd party professional to complete a background check on all individuals that control the borrower, partner, or sponsor as well as any individuals or entities that own a significant portion (>25%) of the financial interest of the borrower or General Partner. The scope of the search includes bankruptcy records, civil records and judgements, criminal records, UCC-1 filings, regulatory sanctions, tax liens, and OFAC. To the extent the search uncovers concerning results, the borrower will be asked to provide further detail regarding the event which will be considered in determining if CenterSquare will move forward with the investment. A history of Class A or 1 felonies or crimes and civil judgements involving fraud will, in almost all cases, result in CenterSquare declining to make an investment.

12.3. 補足情報 [任意]


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