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Boston Trust Walden

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
55 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
45 スクリーニング + テーマ戦略
0 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。

The approximate 14% of assets under management that constitute SSA bonds are primarily U.S. Agency notes and municipal bonds. Because we purchase investment grade securities, thematic and screening approaches are the focus of fixed income incorporation strategies.

Thematic: At the national level, Boston Trust Walden focuses on notes of U.S. government sponsored enterprises, most commonly Federal National Mortgage Association and Federal Home Loan Bank securities that support the financing of housing and community lending. We also hold Federal Farm Credit Bank securities, a leading financer of agriculture and rural communities. Municipal securities support infrastructure development, housing, education, healthcare, as well as projects with environmental benefits. For example, MA Commonwealth Green bonds held in many client portfolios fund stormwater projects, energy efficiency and conservation in Massachusetts buildings, open space protection and environmental remediation, and river revitalization and habitat restoration projects. In a few instances, green bonds have also been purchased from supranational organizations (e.g. World Bank) and other sovereign states.

SSA screening: As appropriate, we apply screens to achieve any unique environmental and social objectives of our clients. For example, some clients rule out investment in general obligations of the U.S. Treasury or securities that fund specific projects such as prisons.

01.3. 補足情報 [任意]


FI 02. ESG issues and issuer research

02.1. 発行体に対する分析の一部として体系的に調査するESG要因を明示してください。

SSA
環境データ
社会的データ
ガバナンスデータ

02.2. 入ってくるESG情報のフォーマットと主な情報源を明示してください。

この情報の提供者を説明してください
この情報の提供者を説明してください
この情報の提供者を説明してください

具体的に記載してください

          NGOs with knowledge of country-specific risks.
        

02.3. 使用されているESG情報を簡単に説明してください。ESG組み入れ戦略全体における情報源の違いを明らかにしてください。

Given our investment focus on U.S. government sponsored enterprises, our main source of ESG information is issuer documentation, supplemented by primary research from the Boston Trust Walden in-house ESG and traditional analysts, as needed. The same information sources apply on occasions when we invest in non-U.S. fixed income securities, but we may also call upon NGOs with significant expertise and knowledge about unique country level risks and opportunities.  

02.4. 補足情報 [任意]

The sources of ESG factors selected above also apply to purchases of Fixed Income Corporates, which comprise less than 2% of assets under management (as previously described). Boxes checked that refer to company research processes were completed with these fixed income corporate bonds in mind, as company research does not apply to SSA bonds. 


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]

Boston Trust Walden monitors issuer information relevant to investment in SSA fixed income securities. However, given our focus on high quality U.S. government issuers of securities that have direct, positive impacts such as Federal Home Loan Bank notes or infrastructure funding muni bonds, we rarely experience concerns related to monitoring or updating ESG analysis of these investments.


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
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。

As appropriate, we apply positive and negative screens to achieve the specific environmental and social objectives of our clients. For example, we seek opportunities to invest in securities with social or environmental benefits, such as investments in education, healthcare, or environmental infrastructure. On the flip side, some clients rule out investment in general obligations of the U.S. Treasury or securities that fund specific projects such as prisons. Similarly, these clients avoid any issuer deemed to violate international norms of conduct (for example, a general obligation bond issued by a country known for widespread violations of human rights).

04.3. 補足情報 [任意]


FI 05. Examples of ESG factors in screening process

05.1. スクリーニング条件に含まれているESG要因の例を挙げてください。

種類

ESG要因

スクリーニング

スクリーニングの説明

As appropriate, we apply positive and negative screens to achieve the specific environmental and social objectives of our clients. For example, we seek opportunities to invest in securities with social or environmental benefits, such as investments in education, healthcare, or environmental infrastructure. On the flip side, some clients rule out investment in general obligations of the U.S. Treasury or securities that fund specific projects such as prisons. Similarly, these clients avoid any issuer deemed to violate international norms of conduct (for example, a general obligation bond issued by a country known for widespread violations of human rights).

種類

ESG要因

スクリーニング

スクリーニングの説明

Examples of investment in municipal bonds funding projects with environmental and societal benefits include:

  • Climate Bonds Initiative certified Metropolitan Transportation Authority bond, a public benefit corporation of New York State, funding transit and commuter projects;
  • Rhode Island Infrastructure Bank Safe Drinking Water Revolving Fund Revenue green bonds; and
  • A California Kaiser Permanente Green Bond funding green buildings.

種類

ESG要因

スクリーニング

スクリーニングの説明

As part of our commitment to seek opportunities to invest in securities with social benefits, we invest in various municipal bonds funding state-level health and educational projects.

種類

ESG要因

スクリーニング

スクリーニングの説明

We are responsive to clients seeking to rule out investment in general obligations of the U.S. Treasury or securities that fund specific projects such as prison construction or operations.

05.2. 補足情報 [任意]


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​
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​

06.2. 補足情報 [任意]

These systems to ensure compliance with ESG criteria also apply to purchases of Fixed Income Corporates, which comprise less than 2% of assets under management (as previously described). Boxes checked above that refer to company research processes were completed with these fixed income corporate bonds in mind, as company research does not apply to SSA bonds. 


B) 実施:テーマ

FI 07. Thematic investing - overview

07.1. テーマ投資の割合を示してください。

100 %

07.2. テーマ債券投資に対する組織のアプローチについて説明してください。

Boston Trust Walden seeks to invest in fixed income securities that have a positive societal benefit. These include green bonds (e.g., NY Metropolitan Transportation Authority Green Bonds that are Climate Bond Certified; Export-Import Bank of Korea Green Bond; North American Development Bank; Mid-American Green Energy Bonds) or municipal securities supporting environmental projects (e.g., Massachusetts and California tax-exempt Green Bonds), health and education (e.g. Massachusetts Health and Educational Facilities), housing, sustainability (e.g. State of Oregon Sustainability Bonds that comport with Green Bonds Principles), water (e.g., Massachusetts Water Authority Green Bonds; Massachusetts Clean Water Trust green bond that finances or refinances costs of wastewater and drinking water projects), and other infrastructure development projects. Recent corporate green bond purchases include issuances from Apple, Bank of America, NSTAR (Eversource), and Verizon.

We conduct our own due diligence on the ESG characteristics of the issuers. Certified green bonds (e.g. Climate Bonds Initiative) are viewed favorably. We have also encouraged robust reporting on impacts, sometimes through investor collaborations. In addition, we believe investments in general obligations of municipalities helps support those local economies.

*While we do invest in specific green bonds and social bonds, in addition to broader sustainability bonds, our system does not allow us to track percentages. Therefore, we have categorized everything under the broader sustainability bonds category.

07.3. 補足情報 [任意]


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。

To our knowledge, this problem has not occurred given the nature of our fixed income investments (primarily U.S. federal and state level government bonds). Green bonds are a relatively small, albeit growing, portion of our fixed income assets, which in turn are a small portion of overall assets under management. As the markets for such bonds expand, we will continue to increase exposure in our clients' portfolios.

In addition, while we do not require issuers to report at least annually, we encourage them to demonstrate impact over time through public reporting.

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。

          In-house analysts assess the consistency of thematic investments with client-specific objectives.
        

09.2. 補足情報 [任意]

While we do not require issuers in our portfolios to report at least annually given the nature of our fixed income investments, as appropriate, we encourage issuers to demonstrate impact over time through public reporting. As described throughout our PRI response, we have comprehensive in-house ESG research, integration, and engagement processes, as well as a proprietary method for tracking and measuring impact. 


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