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Veritas Pension Insurance Company Ltd

PRI reporting framework 2020

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ESG issues in asset allocation

SG 13. ESG issues in strategic asset allocation

13.1. Indicate whether the organisation carries out scenario analysis and/or modelling, and if it does, provide a description of the scenario analysis (by asset class, sector, strategic asset allocation, etc.).

13.3. Additional information. [OPTIONAL]

Our scenario analysis currently includes economic and investment market related scenarios. We plan to incorporate climate related scenarios in to the analysis in the future.


SG 13 CC.


SG 14. Long term investment risks and opportunity

14.1. Some investment risks and opportunities arise as a result of long term trends. Indicate which of the following are considered.

14.2. Indicate which of the following activities you have undertaken to respond to climate change risk and opportunity

Specify the AUM invested in low carbon and climate resilient portfolios, funds, strategies or asset classes.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

Specify the framework or taxonomy used.

We take into account only "clear cut cases" ie our green bonds, forestry, certified property and renewable infrastructure investments 

14.3. Indicate which of the following tools the organisation uses to manage climate-related risks and opportunities.

14.5. Additional information [Optional]


SG 14 CC.

14.6 CC. Provide further details on the key metric(s) used to assess climate-related risks and opportunities.

Metric Type
Coverage
Purpose
Metric Unit
Metric Methodology
Climate-related targets
          Reduce the carbon emissions in our direct properties. Joined the Finnish national agreement to reduce energy consumption in our properties 7,5% by 2025
        
          Mwh
        
          http://www.energiatehokkuussopimukset2017-2025.fi/energiatehokkuussopimukset/
        
Carbon footprint (scope 1 and 2)
          
        
          
        
          
        
Exposure to carbon-related assets
          To understand stranded asset risk and transition risk
        
          We minimize carbon intensive sectors in portfolio
        
          PACTA analysis and sector/company weights in portfolio
        

14.7 CC. Describe in further detail the key targets.

Target type
Baseline year
Target year
Description
Attachments
          
        
          
        
          
        

          
        
          
        
          
        

          
        
          
        
          
        

          
        
          
        
          
        

          
        
          
        
          
        

14.8 CC. Indicate whether climate-related risks are integrated into overall risk management and explain the risk management processes used for identifying, assessing and managing climate-related risks.

Please describe

Climate related risks are analyzed where relavant and possible in the investment desicion process conducted byeach of the portfolio managers. Our independent risk management processes do not as of yet look at climate risks. 

14.9 CC. Indicate whether your organisation, and/or external investment manager or service providers acting on your behalf, undertake active ownership activities to encourage TCFD adoption.

Please describe

In our directly held listed companies climate related relevant issues are taken into discussion in the quarterly meetings with companies. 


SG 15. Allocation of assets to environmental and social themed areas

15.1. Indicate if your organisation allocates assets to, or manages, funds based on specific environmental and social themed areas.

15.2. Indicate the percentage of your total AUM invested in environmental and social themed areas.

15 %

15.3. Specify which thematic area(s) you invest in, indicate the percentage of your AUM in the particular asset class and provide a brief description.

Area

Asset class invested

5 Percentage of AUM (+/-5%) per asset class invested in the area
100 Percentage of AUM (+/-5%) per asset class invested in the area

Brief description and measures of investment

A commitment in an emerging market Clean energy fund (Infra) and a commitment in a PE fund investing in energy efficiency technologies, our green bonds in credit portfolio, our RE investments will be effectivised according to ETS, the national energy efficiency agreement to increase energy efficiency of all of our propert investments. Investment into wind farms.

Asset class invested

10 Percentage of AUM (+/-5%) per asset class invested in the area

Brief description and measures of investment

We are invested in wind parks in Finland.

Asset class invested

15 Percentage of AUM (+/-5%) per asset class invested in the area

Brief description and measures of investment

We work a lot with increasing efficiency of our direct real estate. We are certifying all new buildings and some old as well. We are continuously effectivising the energy efficiency of our buildings. CO2 emissions from our buildings held for the whole period between 2012-2016 went down by 22% (Like for like comparison). The target going forward is a further reduction of energy usage 7,5% by 2025. 

Asset class invested

5 Percentage of AUM (+/-5%) per asset class invested in the area

Brief description and measures of investment

An investment in Finnish forests that are managed sustainably.

Asset class invested

6 Percentage of AUM (+/-5%) per asset class invested in the area

Brief description and measures of investment

We are lending to SMEs in Finland. Typically these are companies that for some reason are not able to get bank financing but are needing growth financing. 

Asset class invested

5 Percentage of AUM (+/-5%) per asset class invested in the area

Brief description and measures of investment

We are building a campus for an arts university in Helsinki. We are planning the buiding to be a LEED Gold building.

15.4. Please attach any supporting information you wish to include. [OPTIONAL]



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