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Shell Contributory Pension Fund

PRI reporting framework 2020

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

(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
Corporate (non-financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income

ESG incorporation in investment decision making: All internal Fixed Income Corporate portfolio managers have access to MSCI ESG data. This includes ESG Ratings & Research, Controversial Conduct scores and Climate Change metrics. The data is used as an input for portfolio monitoring and is considered as part of the risk/return analysis when making investment decisions.

Green bonds: The market for green bonds is increasing for Corporate Credit offerings and is considered in the security-selection phase. SCPF has a positive attitude towards this asset category and green bonds will be added to the portfolio where deemed appropriate.

Engagement: SCPF has recruited Hermes EOS for engagement activities on its corporate credit holdings.

Exclusions: PMs refrain from owning financial instruments of companies on the SCPF exclusion list. This could be because of involvement in the manufacture, sale or distribution of cluster munitions and anti-personnel landmines or because of controversial conduct/UNGC non-compliance combined with unsuccessful engagement (or direct divestment in case of overtly unacceptable activities).

04.3. Additional information. [Optional]


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


FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Checks
Negative/exclusionary screening
Positive/best-in-class screening

other description

          See below (under FI 06.2).
        
Norms-based screening

other description

          See below (under FI 06.2).
        

06.2. Additional information. [Optional]

Positive/best-in-class screening : There is a preference for certain ESG characteristics; if an instrument exhibits these characteristics, it should be chosen over its peers - assuming all other characteristics are equal. There is no formal (case-by-case) check that this is done, but regular reports show the positioning of the portfolios on these ESG characteristics versus their benchmark. 

Negative/exclusionary screening / norms-based screening: PMs refrain from owning financial instruments of companies on the SCPF exclusion list. This could be because of involvement in the manufacture, sale or distribution of cluster munitions and anti-personnel landmines or because of controversial conduct/UNGC non-compliance combined with unsuccessful engagement (or direct divestment in case of overtly unacceptable activities).


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