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Sound Shore Management, Inc.

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


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。


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。

Sound Shore’s experience has been that high standards of corporate responsibility including good business practices, transparency and accountability, reflect good business sense and are directly related to long term investment outperformance. Our fundamental company research includes active engagement with management.  Before owning a stock, we generally meet with management directly.  Additionally, we conduct cross-checks with suppliers, competitors, clients, and other relevant primary sources.  We have approximately 600 management meetings annually.

Criteria we evaluate to assess risk include:

  • Operating performance
  • Rigor in capital expenditure budgeting and allocation
  • Compensation practices
  • Director accountability
  • Climate and environmental risks and changes
  • Social factors and changes
  • Focus on total shareholder return versus appropriate market benchmarks
  • Free cash flow per share and shareholder yield (dividends plus share repurchase)
  • Time allocated to non-core activities
  • Other company specific responsible investing factors

As long-term investors of our clients’ capital, we view active ownership as our fiduciary responsibility.  Our company-specific due diligence process includes financial statement analysis, focusing on risks and liabilities, including ESG considerations.  Sound Shore discusses material items with management, providing remediation input.  Our target valuations for stocks will include estimate for these factors if relevant. We also utilize external sources such as Bloomberg ESG data.

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]

01.6. 補足情報 [任意]


SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents


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。


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。

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。

As set forth in Sound Shore’s Code of Ethics, employees are required to put client interests ahead of personal interests and avoid any actual or potential conflicts of interest.  Any potential conflict must be discussed with the Sound Shore’s Chief Compliance Officer who is responsible for ensuring that there are no conflict of interest issues and that the activity is deemed to be beneficial to or at least not detrimental to Sound Shore’s clients.  Employees sign annual certifications that they have no undisclosed conflicts of interest.

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios (Private)