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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 » (A) Implementation: Screening

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.


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