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City of Chicago (City Treasurer's Office)

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income

アクティブ運用している債券におけるESGの組み入れ

実施プロセス

FI 01. Incorporation strategies applied

以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)
SSA
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
100 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
100 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
0 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
100 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

Screening is required by multiple City of Chicago ordinances.

The Office of the City Treasurer implements thematic ESG strategies in our portfolio to invest in organizations behaving in accordance with the public interest on issues such as climate change, income inequality, air quality, water pollution, and human rights. 

ESG integration is utilized to supplement financial credit reviews and overall portfolio risk management in order to enhance our fiduciary duty to preserve capital.  

 

01.3. 補足情報 [任意]


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

03.3. 補足情報 [任意]


A) 実施:スクリーニング

FI 04. Types of screening applied

04.1. 実施するスクリーニングの種類を記載してください。

当てはまる項目を全てを選択してください
SSA
社債(金融)
社債(非金融)
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

The Office of the City Treasurer is guided by ordinance to limit investments into oil and gun manufacturers. 

04.3. 補足情報 [任意]


FI 05. Examples of ESG factors in screening process (Not Completed)


FI 06. Screening - ensuring criteria are met

06.1. 債券投資においてファンドスクリーニングの基準に違反がないことを確認するために組織が使用しているシステムを記載してください。

スクリーニングの種類
ネガティブ/排他的スクリーニング​

06.2. 補足情報 [任意]


B) 実施:テーマ

FI 07. Thematic investing - overview (Private)


FI 08. Thematic investing - themed bond processes

08.1. グリーン債原則に従ったテーマ債券の発行に関連する透明性や開示を奨励しているかどうか示してください。社会貢献債原則またはサステナビリティ債ガイドライン。

08.2. 発行体が提供文書の記載に従って、債券収益を配分していないときに取るべき対応策を説明してください。

The Office of the City Treasurer does not have an established policy. 

08.3. 補足情報 [任意]


FI 09. Thematic investing - assessing impact

09.1. 組織のテーマ投資の環境的または社会的影響を評価する方法を示してください。

09.2. 補足情報 [任意]


C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

The Office of the City Treasurer uses the MSCI ESG research platform for individual issuer credit review and utilizes all available ESG ratings for overall portfolio risk management.  

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

SSA

MSCI ESG Ratings identify 6 to 10 key ESG issues out of 37 key ESG issues for all rated entities that currently generate large environmental or social externalities; these are issues that may force some entities to absorb unanticipated costs associated with those externalities in the future. Corporate Governance is assessed for all entities. Key issues are identified for various industries and governments that are grouped by relevant exposure. Exposures are identified at an issuer level rather than at the security level, and issuers are benchmarked to their peers with similar exposure.

社債(金融)

MSCI ESG Ratings identify 6 to 10 key ESG issues out of 37 key ESG issues for all rated entities that currently generate large environmental or social externalities; these are issues that may force some entities to absorb unanticipated costs associated with those externalities in the future. Corporate Governance is assessed for all entities. Key issues are identified for various industries and governments that are grouped by relevant exposure. Exposures are identified at an issuer level rather than at the security level, and issuers are benchmarked to their peers with similar exposure.

社債(非金融)

MSCI ESG Ratings identify 6 to 10 key ESG issues out of 37 key ESG issues for all rated entities that currently generate large environmental or social externalities; these are issues that may force some entities to absorb unanticipated costs associated with those externalities in the future. Corporate Governance is assessed for all entities. Key issues are identified for various industries and governments that are grouped by relevant exposure. Exposures are identified at an issuer level rather than at the security level, and issuers are benchmarked to their peers with similar exposure.

10.3. 補足情報 [任意]

MSCI ESG Ratings identify 6 to 10 key ESG issues out of 37 key ESG issues for all rated entities that currently generate large environmental or social externalities; these are issues that may force some entities to absorb unanticipated costs associated with those externalities in the future. Corporate Governance is assessed for all entities. Key issues are identified for various industries and governments that are grouped by relevant exposure. Exposures are identified at an issuer level rather than at the security level, and issuers are benchmarked to their peers with similar exposure.


FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
SSA
社債(金融)
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
SSA

E(環境)

S(社会)

G(ガバナンス)

社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

SSA

MSCI ESG manager selects Key Issues for any given GICS Sub-Industry and sets the weights that determine each Key Issue’s contribution to the overall rating. Each Key Issue typically comprises 5-30% of the total ESG Rating. The weightings reflect both the contribution of the industry relative to all other industries related to the negative or positive impact on the environment or society and the timeline within which MSCI expect that risk or opportunity for companies in the industry to materialize. See below for the MSCI ESG Key Issue Hierarchy which includes 3 Pillars, 10 Themes, and 37 ESG Key Issues. 

Pillar: Environment

Theme: Climate Change 

Key Issues: Carbon Emissions Product Carbon Footprint Financing Environmental Impact Climate Change Vulnerability

Theme: Natural Resources

Key Issues: Water Stress Biodiversity & Land Use Raw Material Sourcing

Theme: Pollution & Waste

Key Issues: Toxic Emissions & Waste Packaging Material & Waste Electronic Waste

Theme: Environmental Opportunities

Key Issues: Opportunities in Clean Tech Opportunities in Green Building Opp’s in Renewable Energy

Pillar: Social

Theme: Human Capital

Key Issues: Labor Management Health & Safety Human Capital Development Supply Chain Labor Standards

Theme: Product Liability

Key Issues: Product Safety & Quality Chemical Safety Financial Product Safety Privacy & Data Security Responsible Investment Health & Demographic Risk

Theme: Stakeholder Opposition

Key Issue: Controversial Sourcing

Theme: Social Opportunities

Key Issues: Access to Communications Access to Finance Access to Health Care Opp’s in Nutrition & Health

Pillar: Governance

Theme: Corporate Governance*

Key Issues: Board* Pay* Ownership* Accounting*

Theme: Corporate Behavior

Key Issues: Business Ethics Anti-Competitive Practices Tax Transparency Corruption & Instability Financial System Instability 

社債(金融)

MSCI ESG manager selects Key Issues for any given GICS Sub-Industry and sets the weights that determine each Key Issue’s contribution to the overall rating. Each Key Issue typically comprises 5-30% of the total ESG Rating. The weightings reflect both the contribution of the industry relative to all other industries related to the negative or positive impact on the environment or society and the timeline within which MSCI expect that risk or opportunity for companies in the industry to materialize. See below for the MSCI ESG Key Issue Hierarchy which includes 3 Pillars, 10 Themes, and 37 ESG Key Issues. 

Pillar: Environment 

Theme: Climate Change 

Key Issues: Carbon Emissions Product Carbon Footprint Financing Environmental Impact Climate Change Vulnerability 

Theme: Natural Resources 

Key Issues: Water Stress Biodiversity & Land Use Raw Material Sourcing 

Theme: Pollution & Waste 

Key Issues: Toxic Emissions & Waste Packaging Material & Waste Electronic Waste 

Theme: Environmental Opportunities 

Key Issues: Opportunities in Clean Tech Opportunities in Green Building Opp’s in Renewable Energy 

Pillar: Social 

Theme: Human Capital 

Key Issues: Labor Management Health & Safety Human Capital Development Supply Chain Labor Standards 

Theme: Product Liability 

Key Issues: Product Safety & Quality Chemical Safety Financial Product Safety Privacy & Data Security Responsible Investment Health & Demographic Risk 

Theme: Stakeholder Opposition 

Key Issue: Controversial Sourcing 

Theme: Social Opportunities 

Key Issues: Access to Communications Access to Finance Access to Health Care Opp’s in Nutrition & Health 

Pillar: Governance 

Theme: Corporate Governance* 

Key Issues: Board* Pay* Ownership* Accounting* 

Theme: Corporate Behavior 

Key Issues: Business Ethics Anti-Competitive Practices Tax Transparency Corruption & Instability Financial System Instability 

社債(非金融)

MSCI ESG manager selects Key Issues for any given GICS Sub-Industry and sets the weights that determine each Key Issue’s contribution to the overall rating. Each Key Issue typically comprises 5-30% of the total ESG Rating. The weightings reflect both the contribution of the industry relative to all other industries related to the negative or positive impact on the environment or society and the timeline within which MSCI expect that risk or opportunity for companies in the industry to materialize. See below for the MSCI ESG Key Issue Hierarchy which includes 3 Pillars, 10 Themes, and 37 ESG Key Issues. 

Pillar: Environment 

Theme: Climate Change 

Key Issues: Carbon Emissions Product Carbon Footprint Financing Environmental Impact Climate Change Vulnerability 

Theme: Natural Resources 

Key Issues: Water Stress Biodiversity & Land Use Raw Material Sourcing 

Theme: Pollution & Waste 

Key Issues: Toxic Emissions & Waste Packaging Material & Waste Electronic Waste 

Theme: Environmental Opportunities 

Key Issues: Opportunities in Clean Tech Opportunities in Green Building Opp’s in Renewable Energy 

Pillar: Social 

Theme: Human Capital 

Key Issues: Labor Management Health & Safety Human Capital Development Supply Chain Labor Standards 

Theme: Product Liability 

Key Issues: Product Safety & Quality Chemical Safety Financial Product Safety Privacy & Data Security Responsible Investment Health & Demographic Risk 

Theme: Stakeholder Opposition 

Key Issue: Controversial Sourcing 

Theme: Social Opportunities 

Key Issues: Access to Communications Access to Finance Access to Health Care Opp’s in Nutrition & Health 

Pillar: Governance 

Theme: Corporate Governance* 

Key Issues: Board* Pay* Ownership* Accounting* 

Theme: Corporate Behavior 

Key Issues: Business Ethics Anti-Competitive Practices Tax Transparency Corruption & Instability Financial System Instability 

12.3. 補足情報 [任意]


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