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First Sentier Investors (including First State Investments)

PRI reporting framework 2020

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投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲
          Global Stewardship Policy (Principles)
        

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。

We recognise our significant responsibilities as stewards of our clients’ assets. These include our role in maintaining the integrity and quality of the markets in which we operate, the allocation of investment capital to productive purposes, and the use of sound judgement and detailed analysis to make investment decisions which protect and enhance our clients’ capital over the long term. Our approach to stewardship and, in particular, to the ownership obligations which arise from individual investments made and held on behalf of our clients, rests upon these fundamental objectives.

We interpret our fiduciary duty to include assessment of ESG, and climate-related risk with regard to investment decision making, and also to manage those risks in line with our responsibilities as stewards of our client's capital.

Actively monitoring and engaging with company management and diligently executing our ownership obligations are central to our approach to the stewardship of our clients’ capital. In managing our clients’ assets through our investment strategies, the integration of environmental, social and governance factors is embedded into our investment processes. We believe that this enhances the quality of our investment processes and will therefore deliver long term benefits to our clients. 

 

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]

The key elements of our investment policies covering responsible investment are captured in our:

  • Global Stewardship Principles
  • Guidelines and principles for corporate engagement on governance, environmental and social issues; and

  • Policy on cluster munitions and anti-personnel mines

  • Policy on cigarettes and tobacco related products 

Our unlisted infrastructure team have asset class specific guidelines which are designed for this particular illiquid asset class.  

01.6. 補足情報 [任意]

          Further information and policies can be found on our public website
https://www.firststateinvestments.com/global/responsible-investment/responsible-investment-reports-and-policies.html
        

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。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

We understand Climate Change will impact different assets in different ways, both in relation to their contribution to climate change in the form of greenhouse gas emissions, but also their exposure to changes occurring in the physical environment, this is taken into account in investment decisions. Climate change considerations have been incorporated into the organisational and investment governance structures. Climate change and Stranded Assets working groups have been set up with a reach across all investment teams to put additional focus on these specific areas of risk and opportunity.

Management of climate change related risk is incorporated into our broader responsible investment strategy. The governance structures and strategy we have in place have been designed so that they are flexible enough to cater to the needs of our diverse organisation while remaining clear and practical. Given the diversity of our investment capabilities and consequently the range of risks and opportunities posed by climate change, we believe this integrated approach is more effective than a stand-alone strategy.

With climate change as a key consideration in the investment process, our active managers look to invest in companies that are actively taking steps to solve the climate change problem, or at least recognise and are adapting to the risks and opportunities posed by it.

Reports and policies can be found on the following URL: https://www.firststateinvestments.com/global/responsible-investment/responsible-investment-reports-and-policies.html. Our Climate Change Statement is available at the following URL:https://www.firststateinvestments.com/global/responsible-investment/responsible-investment-and-climate-change.html.  Each investment team has also provided a climate change statement in their team profile on this website so that the way they consider climate change and related issues for their specific investment strategies is clear to clients and other stakeholders. 

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?

これらのリスクおよび機会に関連する時間の尺度について説明してください。(500語以内)

In general, our investment teams take a long term approach to risk, often maintaining an interest in an investee company or country for over a decade, therefore the consideration of very long term (>10 year) risks is integral to our investment process.

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?

説明してください。

Climate change has been considered and incorporated as an investment risk, including in relation to product strategy. 

As a strategic response in 2015, a Climate Change working group was formed (joining the existing Stranded Assets Working Group) as a sub group of the Global ESG Committee. The group was charged with developing guidance for all investment teams on the integration and management of climate change risks and opportunities. The output has been integrated into organisation-wide governance structures and broader responsible investment strategy. Given the diversity of our investment capabilities and consequently the range of risks and opportunities posed by climate change, we believe this integrated approach is more effective than a stand-alone strategy. The key elements of our Responsible Investment Strategy which are directly related to climate change are:

  • Integration of carbon and other climate related data into our systems and reporting processes including portfolio assessments for climate change risks.
  • Actively engaging with our clients to ensure we can anticipate and meet their needs now and into the future.
  • Including climate change as part of our training program for example by inviting in external experts to present and engage with our investment teams.
  • Improved disclosure of climate change as a material business and investment issue.
  • Continued support of the IGCC and other industry bodies who are working on climate change.

Climate change, and in particular the carbon exposure of portfolios, was raised at the Global Investment Committee in March 2016. In December 2016 we appointed MCSI to provide carbon and related data which we are now regularly reporting to the committee and also publicly. The Global Investment Committee is responsible for monitoring the risk and performance of all investment capabilities across our global business and meets quarterly. The committee is chaired by the CEO and includes the Chief Investment officers of each asset class and the Global Head of RI.

We have prepared our climate change disclosures to align as much as practicable with the TCFD and The Global Investor Coalition on Climate Change - Guide to Investor Disclosure.

In addition each investment team is required to provide a climate change statement in their team profile on our public website so that the way they consider climate related risk in their specific investment strategies is clear to clients and other stakeholders.

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。

具体的に記入してください。

          Company website: https://www.firststateinvestments.com/global/responsible-investment/responsible-investment-and-climate-change.html
        

SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

URL/添付ファイル

URL/添付ファイル

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。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 補足情報 [任意]

All of our policies can be accesses on our website at:

https://www.firststateinvestments.com/global/responsible-investment/responsible-investment-reports-and-policies.html

We report annually on our progress and the approach taken to RI by our investment teams:

 

https://www.firststateinvestments.com/global/responsible-investment/responsible-investment.html

Detailed information on individual investment teams can also be found in both our RI Report and on our website: 

https://www.firststateinvestments.com/global.html

 

 


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。

Conflicts of interest may arise from time to time in the course of our business activities. At all times the interests of our clients are put first and we are committed to implementing the highest standards of governance and control. In recognition of this, FSI maintains and implements a conflicts of interest policy.

Our conflicts of interest policy sets out how FSI define, record, monitor, escalate and resolve potential conflicts. Our conflicts of interest statement is available on our website:

https://www.firststateinvestments.com/about-us-files/CFSGAM-FSI-Conflicts-of-Interest-Statement.pdf

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

All investment teams have access to the Reprisk controversy monitoring service. Watch lists for each team are created with our latest holdings information and made available to the teams.

The RI Team has access to all watch lists and monitors the service. In addition ESG risks reporting is provided to the Global Investment Committee which includes information on incidents.


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