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Boston Trust Walden

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。








08.2. 補足情報 [任意]

See the response to LEI 01 and LEI 04. The same broad ESG research approach applies for ESG integration, though an assessment of financial materiality is the distinguishing factor in this case. In other words, not every issue we research for screening purposes is determined to be material to the long-term financial sustainability of the company in question.

LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

Along with the following points, please see the additional information in the responses to LEI 01.2 and LEI 05.5:

  • An ESG financial materiality matrix is jointly completed by ESG analysts and securities analysts for every portfolio company. This analysis is included in securities research reports disseminated to all Investment Committee members.

  • ESG information is discussed at weekly Investment Committee meetings.


LEI 10. Aspects of analysis ESG information is integrated into


10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。








10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

ESG factors influence portfolio construction decisions, such as industry and sector allocation. For example, climate risk influences overall energy sector allocation, the type of energy companies selected, as well as the relative weightings.

Our portfolio construction process results in a broadly diversified portfolio. When determining position weights, the portfolio management team considers the quality characteristics of a company, including ESG factors, as well as diversification and risk. ESG integration is both exclusionary (ruling out companies with significant risks) and inclusionary (identifying companies with superior performance). Hence, position weights reflect a company's ESG profile, among other factors.

Furthermore, specific ESG priorities of Boston Trust Walden clients will affect portfolio construction decisions. For example, fossil fuel free portfolios often require reweighting and company substitution in order to achieve financial objectives.

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

One input into Boston Trust Walden's revenue and income forecasts is the macroeconomic environment in which the company operates. Important macro ESG factors include climate change, government policies, population demographics, and income distribution, among others. All investments are evaluated in terms of their risks and potential mitigating factors. While ESG analysis does not lead to specific quantitative inputs in forecasts and valuation models, our assessment of the risks and associated company response affects the context within which we evaluate future cash flows of the company. Overall, we believe investors frequently fail to discount sufficiently for these and other risks, thereby providing an opportunity for Boston Trust Walden to identify high quality businesses with superior investment prospects and less risky business models at attractive valuations.

10.5. 有価証券の評価に感応度/シナリオ分析をどのように適用しているか説明してください。

We consider investments in a scenario where appropriate, although we do not typically define precise scenario forecasts for individual security assessments. 

10.6. 補足情報 [任意]