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CDC Group plc

PRI reporting framework 2020

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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%)
社債(金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 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%
社債(非金融)
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 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。

As previously mentioned, CDC interprets “fixed income” as our entire debt portfolio and responds accordingly. ESG factors are core to all of CDC's investments. All debt opportunities are screened first against CDC's Code of Responsible Investing, including our exclusion list. The selection of remaining potential investments are benchmarked against one another and against the market for both financial and ESG factors.

Before investment, all opportunities are diligenced against international best practices, and the gap analysis is translated into an action plan which becomes part of the deal legal documents. Thus, ESG factors are explicitly and systematically included into the decision-making process.

 

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。

社債(金融)
社債(非金融)
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

具体的に記載してください

          Publicly available sources, also specialist consultancies for technical ESG information
        
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

          Publicly available sources
        
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

          TBC with Mark
        
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

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

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。

CDC gathers ESG information with respect to every investment made. ESG information is requested from prospective investees, and assessed alongside evidence from environmental and social due diligence (ESDD) documents. ESDDs are conducted either by CDC professionals or external consultants who are specialists in the particular area for diligence, and are conducted in line with international best practices.

Investment and ESG teams also incorporate wider ESG information into sector and country mapping, including, for example, inherent political risks. When a larger sector or country mapping or an assessment of a new sub-sector is being undertaken, an ESG research provider may be engaged. 

02.4. 補足情報 [任意]


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。

具体的に記載してください

          CDC internal ESG professionals review the content of all ESG-related information to ensure it is robust/accurate/appropriate.
        

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。

          Ad-hoc meetings involving all the relevant teams.
        

03.3. 補足情報 [任意]


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
社債(金融)
社債(非金融)
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。

Environmental, social and governance risks are generally identified through a specific screening and due diligence process. Potential investees are assessed against international best practice standards for ESG matters. In the due diligence phase, risks are identified through site visits by CDC, and often also by external specialist consultants. 

Exclusionary screening is done to ensure the target is not engaged in any activities on the CDC Exclusion List or barred by the IFC Performance Standards (e.g. the use of pesticides that are identified in the Stockholm Convention on Persistent Organic Pollutants). Norms-based and Positive screening are done against the framework of the IFC Performance Standards, World Bank EHS Guidelines, and good international industry practice to identify compliance gaps as well as opportunities to support a company's move toward international best practice. Any gaps between current and international best practice are included in an action plan, which is included in the legal agreement of the loan.

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

CDC's Exclusion List includes military equipment, for example. CDC and any funds CDC invests in cannot make investments in military equipment or trade in protected or endangered wildlife, for example. This exclusion appears also on a harmonised list which is common to most DFIs. In 2019, we rejected a deal due to the use of coal that would breach our new Climate Change Policy.

種類

ESG要因

スクリーニング

スクリーニングの説明

Potential investments demonstrating strong commitment, capacity, and track record on ESG factors are favoured over equivalent similar investments. This is also an opportunity to identify areas to work with a company to add value, for example through women's economic empowerment, the introduction of resource efficiency measures, among others.

種類

ESG要因

スクリーニング

スクリーニングの説明

ESG factors are considered in all investments through the CDC Code of Responsible Investing, which reflects the international standards and practice including the IFC Performance Standards and other norms that portfolio companies, fund managers and financial institutions are expected to meet. IC papers all include a section for ESG which highlight any gaps to international best practice, and steps to achieve better practice. ESG factors form part of the core investment decision; any potential investment can be rejected on ESG grounds.

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​

その他

          During due diligence, an ESG staff member or expert consultant will visit to check compliance against our Code, including exclusion list.
        
ポジティブ/業界最高のスクリーニング

その他

          We compare assets to international best practice and identify opportunities to move toward this over the course of our investment.
        
基準に基づくスクリーニング​

その他

          During due diligence, an ESG staff member or expert consultant will visit to check compliance with our reference framework
        

06.2. 補足情報 [任意]

ESG due diligence, encompassing each of the three listed types of screening, is conducted for every potential CDC direct investment. Schedule 6 of CDC's Code of Responsible Investing identifies excluded activities. Any compliance gaps to our norms and reference framework will be addressed through an Action Plan agreed with the Company in advance of disbursement; and opportunities to move toward best practice will also be identified and included in the Action Plan. Key findings to come out of ESG DD, including high-risk issues, will be included in Investment Committee papers and raised at the meetings to ensure CDC's screening criteria are not breached. Post-investment, regular monitoring meetings are held to discuss overall borrower performance.


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 is integrated into each step of the investment process, and dedicated ESG professionals engage closely on management of ESG issues. Analysis of ESG factors is usually undertaken separately from business modelling, unless there is a material ESG consideration or capital expenditure requirement that is clear before investment; however both are taken into account in all stages of investment decision.

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)

CDC's baseline environmental, social and governance standards ​identified in our Code of Responsible Investing are the same across all types of investment and are international best practice. The approach to addressing the gap with international best practice is adapted based on the materiality of specific risks in each project. Corrective action plans are developed for each investment, and are included in the legal agreements. In cases where a specific gap or opportunity is expected, such as a climate change risk or women's economic empowerment, the ESG team may engage a topic-specific expert to provide input during the investment analysis stage.

社債(非金融)

CDC's approach across its fixed income categories is the same. Our corporate (non-financial) debt is our financial institutions debt portfolio, which we treat the same as outlined in corporate (financial) above.

10.3. 補足情報 [任意]

CDC's approach across its project and corporate finance is the same, as outlined above. For trade finance, CDC provides a lighter touch due to the shorter tenor of our finance but we are working with the International Chamber of Commerce (ICC) on an initiative for sustainable trade finance to explore ways to be more ambitious in our approach for ESG in this type of facility.


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)
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)

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)

ESG is integrated into each step of the investment process. Members of the responsible investment teams contribute to all investment committee papers and provide verbal input to investment committees, as well as carry out due diligence (usually including site visits) and help negotiate legal agreements​, which include Action Plans to close compliance gaps and add value. As discussed in FI06, this is done through exclusionary, norms-based and best-in-practice screening across E,S, and G. 

社債(非金融)

CDC's approach across its fixed income categories is the same. Our corporate (non-financial) debt is our financial institutions debt portfolio, which we treat the same as outlined in corporate (financial) above.

12.3. 補足情報 [任意]


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