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

United Nations Joint Staff Pension Fund

PRI reporting framework 2020

Export Public Responses
Pdf-img

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

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。

ESG integration across the fixed income portfolio is a hybrid approach that sources multiple ESG sources and issuer information to better validate credit quality:

Internal Analysis 

  • Deal Size
  • Bond Currency
  • Bond Tenor / Time Horizon
  • Instrument Type
  • Guarantor
  • **Use of Proceeds: ESG KPI indicators for average sector credit profiles)***
  • CRA's  vs. ESG rating differential analysis relative historical fixed income performance 
  • Utilize MSCI ESG ratings across corporate (financials & non-financials) 
  • Country and sector risk (World Bank Governance Indicators)
  • Industry ESG materiality risk (MSCI ESG)
  • Corporate goverance rating (Corporate)
  • Project and operations risk (**SSA's)

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。

社債(金融)

​ESG integration across the fixed income corporate bonds portfolio is a hybrid approach that sources multiple ESG sources and issuer information to better validate credit quality:

Internal Analysis 

  • Deal Size
  • Bond Currency
  • Bond Tenor / Time Horizon
  • Instrument Type
  • Guarantor
  • **Use of Proceeds: ESG KPI indicators for average sector credit profiles)***
  • CRA's  vs. ESG rating differential analysis relative historical fixed income performance 
  • Utilize MSCI ESG ratings across corporate (financials & non-financials) 
  • Country and sector risk (World Bank Governance Indicators)
  • Industry ESG materiality risk (MSCI ESG)
  • Corporate goverance rating (Corporate)
  • Project and operations risk (**SSA's)

社債(非金融)

​ESG integration across the fixed income corporate bonds portfolio is a hybrid approach that sources multiple ESG sources and issuer information to better validate credit quality:

Internal Analysis 

Deal Size
Bond Currency
Bond Tenor / Time Horizon
Instrument Type
Guarantor
**Use of Proceeds: ESG KPI indicators for average sector credit profiles)***
CRA's  vs. ESG rating differential analysis relative historical fixed income performance 
Utilize MSCI ESG ratings across corporate (financials & non-financials) 
Country and sector risk (World Bank Governance Indicators)
Industry ESG materiality risk (MSCI ESG)
Corporate goverance rating (Corporate)
Project and operations risk (**SSA's)

証券化商品

UNJSPF's securitised portfolio comprises a sizeable allocation to loans disbursed by GNMA. A significant proportion of the loans comprises mortgages of first-time home buyers and starter homes that facilitate homeownership.

When researching, we focus mostly on the top rated 'AAA' securities and keep in mind that the underlying mortgages should be issued in a responsible lending manner. The issuers of underlying mortgages should not “churn” borrowers or practice predatory lending practices.

10.3. 補足情報 [任意]


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
社債(金融)
社債(非金融)
証券化商品​
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)
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)

証券化商品

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。

社債(金融)

Several factors are analyzed while analyzing investment opportunities:

Enviromental (Green Bonds):

  • Inclusive and Sustainable Development Plan 
  • Climate Change
  • Conservation of Natural Resources
  • ​Renewable Energy
  • Low Carbon Buildings & Energy Efficiency 
  • Clean Transport
  • Sustainable Land Use & Forestry
  • Sustainable Water Management 
  • Sustainable Waste Management

Social (IFC, IBRD, ADB & Soverigns):

  • SSA Social Bonds 
  • Gender Equality 
  • Assessment and management of environmental and social risks and impacts
  • Community, health, safety and security
  • Labor and working conditions 
  • Cultural heritage 
  • Land acquisition and involuntary resettlement 
  • Indigenous peoples
  • Resource efficiency and pollution prevention 

Governance:

  • World Bank Governance Indicators (WBGI)
  • Corporate goverance ratings
  • Project and operations risk
  • Country Systems

 

社債(非金融)

Several factors are analyzed while analyzing investment opportunities:

Enviromental (Green Bonds):

Inclusive and Sustainable Development Plan 
Climate Change
Conservation of Natural Resources
​Renewable Energy
Low Carbon Buildings & Energy Efficiency 
Clean Transport
Sustainable Land Use & Forestry
Sustainable Water Management 
Sustainable Waste Management

Social (IFC, IBRD, ADB & Soverigns):

SSA Social Bonds 
Gender Equality 
Assessment and management of environmental and social risks and impacts
Community, health, safety and security
Labor and working conditions 
Cultural heritage 
Land acquisition and involuntary resettlement 
Indigenous peoples
Resource efficiency and pollution prevention 

Governance:

World Bank Governance Indicators (WBGI)
Corporate goverance ratings
Project and operations risk
Country Systems

証券化商品

UNJSPF has a sizeable portfolio allocation in securitized products. Via these products, we have exposure to the loans that make a direct impact at the E, S, and G levels.

- Social: A high proportion of the underlying loans of these securitized products comprise loans to First time homebuyers and mortgages that finance underserved communities. Hence, these loans facilitate homeownership. 

- Environmental: Many of the underlying real-estate loans are for LEEDS (Leadership in Energy and Environmental Design) certified buildings. Hence, they promote sustainable environmental pratices.

- Governance: We deeply analyze the governance of issuers of our portfolio securities such as GNMA, Fannie Mae, etc. We make sure that our issuers follow strong governance practices.

12.3. 補足情報 [任意]


Top