This report shows public data only. Is this your organisation? If so, login here to view your full report.

Railways Pension Trustee Company Limited

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%)
100 %
アクティブ運用している上場株式の合計 200%

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。

A Sustainable Ownership framework has been developed that considers the impact of ESG factors through four lenses as set out below:

  1. Improves investment returns
  2. Reduces investment risk
  3. Impacts our reputation as a responsible investor
  4. Impacts the world our beneficiaries retire into

We have three main strategies: passive (external and internal managers), active fundamental portfolio (internal), and alternative risk premia (ARP) strategies (external and internal).

For the active fundamental portfolio, ESG considerations are considered ex-ante before selection of the constituents of the portfolio and are also considered on an ongoing basis. Joint engagements between the fund managers and ESG professionals - both for this portfolio and for companies in the wider portfolio - also took place. This helps us to improve our integration and stewardship capabilities. We have held a number of joint meetings with our internal managers and the portfolio companies.

We completed two projects to integrate climate risk and corporate governance into our equity portfolios. They resulted in the exclusion of a total of 175 companies on the basis of climate risk, and six companies for governance and conduct reasons.

As a signatory to the Montreal Pledge, we have made an annual commitment to measure and disclose the carbon footprint of part or all of the equities portfolio managed on behalf of the scheme. This also contributes to our understanding of the impact of climate change on the equities portfolio.

This can be found at: https://www.rpmirailpen.co.uk/long-term-risks-opportunities/

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]

In addition to ongoing integration of ESG considerations prior to investment and on an ongoing basis, screening is carried out annually.


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

In 2019, we implemented exclusions on certain companies on the grounds of climate risk, cluster munitions and governance and conduct.

As a step to managing climate risk in our portfolios, we have divested from companies which derive greater than 30% of their revenues from the thermal coal and tar sands sectors. We also excluded companies on the grounds of poor governance and conduct from our equity portfolios. Our view of governance risk takes into account local market and sector norms. Companies may be excluded for their conduct in relation to bribery and corruption, human rights, labour relations or environmental issues.

We continue to exclude companies that are involved in the production of cluster munitions and land mines.

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。

The exclusion lists are signed off by the Railpen Investments Board. We communicate our approach to exclusions in our annual Sustainable Ownership report, which is published on our website: https://www.rpmirailpen.co.uk/wp-content/uploads/2018/05/Sustainable-Ownership-Report-2019.pdf

A summary of this report is also communicated to members in a newsletter.


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。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

We use third-party research for our initial screening for the cluster munitions and land mines, climate and governance and conduct exclusions. We review our ESG research providers at least annually, and receive regular updated data feeds. All exclusion lists are reviewed and updated annually.

For cluster munitions and land mines, all companies identified in the third-party screen were reviewed by a member of the Sustainable Ownership team, and checked by the Head of Sustainable Ownership. In cases where the involvement was not clear, we contacted the data provider to verify, and also cross-check the list against other publicly available exclusion lists. Additional research may also be carried out internally.

For the climate exclusion list, all companies identified in the screening process were notified in writing that they had been identified as deriving more than 30% of their revenues from thermal coal and/or tar sands, and were given time to respond and verify the revenue assessment. Where companies provided information in the public domain that disputed the research provider’s data, we updated the exclusion list.

For governance and conduct, all companies identified in the screen underwent a qualitative review by a member of the Sustainable Ownership team. All qualitative analyses were reviewed within the team and the most significant received a letter asking for dialogue on governance and sustainability practices. Following the engagement, the team identified which companies to place on an exclusion list.

All exclusion lists were reviewed and signed off by the Railpen Investments Board. Following this, the exclusion lists were added to our internal trading platform.


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


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]

The investment analysis for every active equity portfolio constituent involves an assessment of the most material ESG factors.


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]

For the active fundamental portfolio, ESG considerations are considered ex-ante before selection of the constituents of the portfolio. An assessment of potentially material ESG factors is carried out by a member of the Sustainable Ownership team, and discussed with the portfolio managers to highlight any potential ESG risks or opportunities. As part of the review, we also identify potential areas of concern and topics for engagement.

For companies in the fund, ESG considerations are also considered on an ongoing basis. We aim to engage with companies in this portfolio annually, and all engagement notes are shared with the portfolio managers, who also attend engagement meetings that focus on ESG. We regularly update our ESG research notes to reflect our engagement and voting.

For the other portfolios, we work closely with the portfolio manager to prioritise company engagement activity and share engagement notes after the event as appropriate. We hold regular meetings with the Chief Investment Officer and Head of Public Markets updating them on our active ownership activities, including engagement and proxy voting.


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


Top