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PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

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。








08.2. 補足情報 [任意]

ESG factors are thoroughly considered and definitively incorporated into the investment decision for each investment that we make.

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。

          ESG is crucial to our risk-scoring process, feeding into cost of capital, hence valuation decisions. We ensure we are paid to take risk.

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。

09.4. 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]

The following is a summary of the process whereby ESG and other risks are assessed and quantified by the analysts and the team.

  1. The analyst considers the top 10 risk out of all possible risks, scoring each risk (out of 10) for 3 parameters: probability, materiality, and the extent to which the potential impact is priced into the stock price.  The risks are colour-coded according to 4 categories: financial; ESG (environmental, social and governance); operational; and strategic.)
  2. During the stock review, half of which is devoted to discussion of risk, each team member independently scores his or her own top 10 risks.
  3. The team comes together, lead by the analyst, to discuss each risk, placing Post-it notes on a wall-drawn matrix corresponding to the assigned scores, discussing score differences.
  4. The analyst considers new risk ideas to replace his or her preconceived ones, and chooses whether to adjust scores for other risks based on feedback from colleagues.
  5. The revised risk score, equivalent to a beta, drives a cost of capital calculation (Ke) which intern drives a risk-adjusted return calculation (IRR-Ke)

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