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Boston Trust Walden

PRI reporting framework 2020

You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および/またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください(資産クラス別、セクター別、戦略的資産配分等)。

25語以内で説明してください 。 As appropriate, ESG considerations are considered in strategic asset/sector/industry allocation decisions, particularly with respect to portfolio holdings and weightings.
25語以内で説明してください 。 As appropriate, climate-related risks and opportunities are considered in strategic asset/sector/industry allocation decisions, particularly with respect to portfolio holdings and weightings.

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

13.3. 補足情報 [任意]

As appropriate, ESG considerations are considered in strategic asset/sector/industry allocation decisions, particularly with respect to portfolio holdings and weightings. For example, we consider the impact of climate change on industries comprising the energy sector as part of our sector and industry allocation decisions. As the Task Force on Climate-related Financial Disclosures (TCFD) framework makes clear, however, climate risk is not limited to energy companies and utilities. We have long considered the supply side of climate risk (fossil fuel companies and utilities), as well as the demand side (all other companies). The impact on demand side companies is more challenging to discern and is further influenced by the range of potential responses to climate change. The current state of disclosure from companies makes it especially challenging for investors to systematically consider risks, underscoring the importance of the TCFD framework.

Other examples of ESG considerations include how performance on financial inclusion and fair lending practices may affect the long-term outlook of the banking industry, and how consumer preferences for healthy food influences fast food restaurants and food and beverage companies.


SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて(分析がどのように解釈されているか、その結果、将来の計画等)、記述してください。

500語以内で自由に記載

Please see our TCFD report, specifically our response to "Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2-degree C or lower scenario. Describe how each product or investment strategy might be affected by the transition to a lower-carbon economy" on our website under Impact Investing Resources at https://www.bostontrustwalden.com/investment-services/impact-investing/resources/.

500語以内で自由に記載

The changing climate is the world’s foremost environmental challenge with far-reaching economic, environmental, and social implications that create risks and opportunities for companies and investors. As investors who hold shares of publicly traded companies, we believe we have a unique ability and responsibility to influence corporate leadership to embrace its role in identifying and advancing solutions.

While we cannot anticipate the global pathway to a low carbon economy, we know we want to use our investment influence and resources to advance a low carbon future. As such, a multiple scenario approach is unnecessary. 

We utilize active ownership strategies to encourage companies to aggressively pursue a path toward a carbon-neutral future by asking them to:

  • set greenhouse gas (GHG) emissions reduction targets based on widely-accepted scientific research.
  • advocate for and support effective climate policy with lawmakers at the local, state, national, and international levels.

As companies set science-based targets, they signal to lawmakers that addressing climate risk makes good business sense, enabling legislators and regulators to develop sound public policy solutions that, in turn, provide companies effective frameworks to support climate-related goals.

Our active ownership efforts on climate risk span decades. In 1990, we filed our first climate-related shareholder resolution, asking the company to commit to the Valdez Principles, one of the first corporate environmental codes of conduct. In 1998, we filed a resolution asking an insurance company to review the potential effects of climate change on its business and financial outlook.

Today, we work independently and in partnership with others to move toward a carbon-neutral future. Results of these efforts, including direct company engagement, collaborative initiatives, and public policy activities, are disclosed in our Annual ESG Impact Report 2019 available at https://www.bostontrustwalden.com/wp-content/uploads/2020/02/2019-ESG-Impact-Report_Digital-PDF.pdf.

Our proxy voting record supports our engagement efforts. In 2019, we voted for all shareholder proposals that asked companies to set GHG emission reduction targets and improve climate risk disclosure. 

13.5 CC. この分析をだれが利用するか記述してください。

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

500語以内で自由に記載してください。

As investment managers on behalf of asset owners who often have indefinite time horizons, we keep informed by the work of the IPCC, among others, in considering climate risk.

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

13.8 CC. 貴社組織が用いる気候シナリオについて記述してください。

提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他

その他 (1) 具体的に記入してください:

          IPCC and others
        
その他
その他

SG 14. Long term investment risks and opportunity

14.1. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について考慮するか明示してください。

その他(具体的に記入してください)(1)

          Increasing U.S. and global income and wealth inequality.
        

14.2. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

低炭素関連および気候変動に強いポートフォリオ、ファンド、戦略または資産クラスに投資されている運用資産(AUM)を明示してください

Total AUM
10億 100万
Currency
Assets in USD
10億 100万

使用された枠組みまたは分類法を明示してください

Boston Trust Walden integrates climate change risk in portfolio management in a holistic manner – addressing the supply side (fossil fuel and related companies when held) as well as the demand side (all other portfolio companies as energy users). We consider several indicators of corporate performance on climate change when making investment decisions, including greenhouse gas reduction initiatives, energy efficiency and natural resource conservation, commitment to renewable fuel sources, and public policy positions. This investment approach results in portfolios that have favorable carbon footprints relative to comparable benchmarks.

We also use our influence as investors to engage companies strategically on the development and implementation of robust climate strategies, including minimization of risk and identification of opportunities. We track substantive climate-related engagements and public policy efforts and disclose results, including improvements in climate policies, practices, and/or disclosures, in our Annual ESG Impact Report 2019 available at https://www.bostontrustwalden.com/wp-content/uploads/2020/02/2019-ESG-Impact-Report_Digital-PDF.pdf.

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

14.4. 排出量リスクの開示を選択した場合、採用している開示方法またはそのフレームワークの中で気候関連のものを挙げてください。

In 2019, for the sixth consecutive year, we published carbon footprint metrics for our strategies. In 2019, based on TCFD recommendations, we reported emissions normalized by revenue, in place of market capitalization. Using the weighted average intensity metric, our portfolios were 46 to 74% percent less carbon intensive than their respective benchmarks (see our full TCFD report and carbon portfolio footprint for details: https://www.bostontrustwalden.com/investment-services/impact-investing/resources/).

The shortcomings of footprinting methodologies are well established. For example, most approaches do not include value chain emissions (Scope 3), which usually dwarf emissions from direct operations. The footprint also gives no indication of industry dynamics in scenarios that incorporate a price on carbon, which may help predict winners and losers. Furthermore, the underlying data do not reflect commitments companies may have made to reduce their carbon footprints going forward, or whether a company's products have a positive or negative impact from a climate perspective.

To address this final concern, we expanded our analysis to track companies in our large cap core strategy with emissions reduction targets, a potentially useful forward-looking indicator. Forty seven of sixty five companies in the portfolio as of December 31, 2019 had either absolute or intensity-based greenhouse gas reduction goals. Eighteen companies currently have science-based emission reduction targets and an additional twelve companies plan to set science-based targets soon. Most recent data available as of this writing.

We also continue to include the weighted average carbon intensity metric in our standard “Portfolio Characteristics” table. This table is used internally and externally to help clients and others understand how our portfolios compare to their respective benchmarks on a range of financial metrics.

 

 

14.5. 補足情報 [任意]


SG 14 CC.

14.6 CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
加重平均炭素濃度
          To assess our relative carbon intensity across equity strategies.
        
          Tons of carbons emissions per million dollars of revenue, per the portfolio.
        
          See our Annual Carbon Footprint Report for details on our methodology and the results (for 2019): https://www.bostontrustwalden.com/investment-services/impact-investing/resources/.
        
ポートフォリオのカーボンフットプリント
          To assess our relative carbon intensity across equity strategies.
        
          Tons of carbons emissions normalized by market capitalization.
        
          Current and prior year reports available at https://www.bostontrustwalden.com/investment-services/impact-investing/resources/.
        

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているかどうか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

Please see our TCFD report at https://www.bostontrustwalden.com/investment-services/impact-investing/resources/.

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

Please see our Annual ESG Impact Report 2019 and our TCFD report at https://www.bostontrustwalden.com/investment-services/impact-investing/resources/.


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

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

8 %

15.3. 貴社が投資しているテーマ分野を明示のうえ、AUMに対する特定の資産クラスの割合を記載し、その内容を簡潔に説明してください。

分野

          Fossil Fuel Free
        

投資している資産クラス

8 % (AUMの)

簡潔な説明および投資尺度

For all client portfolios, Boston Trust Walden integrates climate change risk in portfolio management in a holistic manner – addressing the supply side (fossil fuel companies) as well as the demand side (all other portfolio companies as energy users). We consider climate change risk in company selection, shareholder engagement activities, and public policy advocacy.

For clients who have determined that they will exclude investment in fossil fuel companies altogether, we have over twenty years’ experience managing portfolios with no direct exposure to coal, natural gas, and oil companies.

15.4. 含めたい補足情報があれば、添付してください。 [任意] 



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