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BT Funds Management (NZ) Limited

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。

          - Exclusions decision framework

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:

その他の説明 (1) - BTNZ's RI policy incorporates BTNZ's approach to  investment screens and securities exclusions for investments held.

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。

  • Our fiduciary duty prescribes that we act in the best interest of our customers.  As an organisation, BTNZ is cognisant of the need to make investment decisions that have regard for the risk-weighted return over nominated time periods.  BTNZ believes that long term investment outcomes can be enhanced if ESG considerations are factored in to the investment decision making process.
  • When considering ESG factors in the investment process, BTNZ is not seeking to take a moral stance. Instead, our approach is motivated by an objective of creating value and/or avoiding undue risks.
  • Consistent with our fiduciary responsibilities to our customers:
  1. We aim to incorporate ESG factors into investment analysis and decision-making processes (either directly or through third party investment managers (IMs)).
  2. We are active owners, consistent with our proxy voting policy.
  3. Where activity is in breach of national laws and international treaties supported by New Zealand, or engagement cannot deliver the necessary change, we implement asset restrictions, in line with our exclusion framework.
  4. We seek appropriate disclosure on ESG research and ESG-related issues by the IMs and/or entities in which we invest.
  5. We promote acceptance and implementation of ESG-related principles within the investment industry.

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

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。

組織が気候関連の移行リスク・物理的リスクおよび機会を特定するためのプロセスをまだ踏んでいない理由を説明してください。(500 語以内で自由に記載)

  • BTNZ is currently developing a climate change strategy, which will incorproate identifying transition and physical climate-related risks and opportunities across the BTNZ funds.

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?


  • As part of the ESG Credit Policy climate-related risks form part of the lending process for transaction-managed (commercial) lending. WNZL published its first Climate Change Impact Report in 2018, which used scenario analysis to quantify the possible impact of two transition scenarios on NZ’s economy. WNZL is currently undertaking an in depth climate risk assessment focussing on the financial impacts of particular physical climate risks.
  • BTNZ is currently developing a climate change strategy, which will incorproate identifying transition and managing material climate-related risks and opportunities across the BTNZ funds. This strategy is due to be presented to the BT Investment Committee in May 2020 and the BTNZ Board in June 2020, as part of a wider review of our responsible investment strategy.

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。

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。





          - Exclusions decision framework


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]

  • As part of Westpac New Zealand Limited (WNZL), BTNZ's activites are governed by WNZL's guidelines and approach to environment, social and governance factors. These are outlined publically at 

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。

  • WNZL's conflict of interest policies apply to all BTNZ and WNZL employees. These policies set out a process for identifying, declaring and managing conflicts of interest to ensure that any conflicts do not cause detriment to clients or allow senior managers to gain improper advantage or make improper use of their position.
  • Additionally the WNZL Code of Conduct applies to all BTNZ and WNZL employees. This sets out the standards of conduct expected of employees, and states in its principles that "we should not put ourselves in a position of conflict with the interests of a customer".
  • BTNZ has various policies, processes and internal controls to mitigate the risk of improper behaviour, including a comprehensive risk and compliance framework incorporating a 'Three Lines of Defence' model, online mandatory training, and investor surveys.

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

  • BTNZ is made aware of company incidents through various means including news subscriptions, IMs, and our ESG research provider Sustainalytics.
  • Where BTNZ is exposed to a company involved in an incident, BTNZ will consider the incident and may request further information and an opinion from the relevant IM.