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PRI reporting framework 2020

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

B) 実施:テーマ

FI 07. Thematic investing - overview

07.1. テーマ投資の割合を示してください。


          ESG investments
100 %

07.2. テーマ債券投資に対する組織のアプローチについて説明してください。

A structured business approach to ESG disclosure assists Cordiant in managing social, environmental and ethical risks and is increasingly seen as a priority and precondition to sustainable development efforts. Cordiant believes that proper respect for ESG principles can optimize investment strategies, risk management, responsiveness in volatile markets, reduce costs for all parties engaged in investment activities, as well as strengthen stakeholder relations and improve a borrower’s brand, reputation, and profitability.

Each potential investment is subjected to a multi-stage approval process with analysis of the ESG risks incorporated at the outset of the process. Cordiant assesses potential investments on a variety of levels, beginning with the sector (i.e. does it fit into Cordiant’s preferred areas of focus?). The first step of screening is therefore rejecting undesirable investment categories and ensuring that all proposed investments do not show evidence of excluded/prohibited activities.

By investing in sectors with already high potential for positive social, economic, and environmental impact, in addition to financial return considerations, Cordiant seeks companies that support our Impact Investor themes that include bridging the digital divide, food security and the modernisation of agriculture, enhancing energy security whilst reducing greenhouse gas emissions, improving transportation whilst reducing pollution and sustainable urbanisation. Hence, Cordiant seeks to invest  in  well‐managed and commercially-minded  enterprises  that  generate  positive  development  outcomes  (see below).


Seeking Inherently Impactful Sectors


  • Sustainable production practices and modernization of agriculture
  • Clean Energy
  • Sustainable Transportation
  • Information and Communication Technologies: Digital Communications
  • Other sectors, as appropriate 


Cordiant’s ESG analyst then identifies an investment’s potential impact:


Seeking Best Practices & Impact Themes: Environment, Health and Quality of Life


  • Improving food security
  • Increasing agricultural exports
  • Generating renewable energy
  • Increasing energy efficiency (and storage)
  • Bridging the digital divide

07.3. 補足情報 [任意]

FI 08. Thematic investing - themed bond processes

08.1. グリーン債原則に従ったテーマ債券の発行に関連する透明性や開示を奨励しているかどうか示してください。社会貢献債原則またはサステナビリティ債ガイドライン。

08.2. 発行体が提供文書の記載に従って、債券収益を配分していないときに取るべき対応策を説明してください。

The following are subsets of all potential IRIS & HIPSO development impact metrics that Cordiant tracks, where applicable, during the life of an investment.

General Cross-Sector Indicators:

  • Community Development Contributions (CSR)
  • Direct Employment – Construction Phase
  • Direct Employment – Operations and Maintenance
  • International Sustainability Certification (ISO)
  • Payments to Government


  • Amount of Hectares of Land (i) Indirectly Controlled (ii) Directly Controlled
  • Amount of Hectares Under Sustainable Agriculture Practices
  • Amount of HA preserved
  • Amount of forest replanted
  • Average Agricultural Yield
  • Improved Market Linkages: Number of individual farmers Reached throughout the Supply Chain
  • Amount Disbursed for project-related CSR programs (yearly)
  • Amount of Water Recycled
  • Amount of Solid Waste Recycled for Energy Production
  • Export Sales Revenue
  • Farmer Sales Revenue

Clean Energy

  • Power Distribution Estimation Methodology
  • Power Production
  • Ratio: Grid / Total Amount Produced
  • Local Grid: Number of Beneficiaries

Information & Communication Technologies

  • Number of Fixed Data Subscriptions
  • Number of Fixed Voice Subscriptions
  • Number of Mobile Subscriptions


08.3. 補足情報 [任意]

FI 09. Thematic investing - assessing impact

09.1. 組織のテーマ投資の環境的または社会的影響を評価する方法を示してください。

09.2. 補足情報 [任意]

Impact Evaluation: Assessment of Business Contribution to Development Impact (Positive Screen)

During this Phase, Cordiant’s ESG team works closely with the Investment Team. As part of its due-diligence, Cordiant uses Impact Reporting Investment Standards (IRIS) developed by the GIIN to establish a baseline survey. Those are used in conjunction with the IFC’s “Harmonized Development Results Indicators (HIPSO) for Private Sector Investment Operations”. Cordiant selects which relevant subset of cross-sector & sector-specific performance metrics are aligned with the objective of the company. The objective is to have measurable and quantifiable nonfinancial returns, to monitor Cordiant`s own performance in terms of development impact, as well as to monitor the performance of its borrower companies from one supervision to the next.

Monitoring & Evaluation

Monitoring & Evaluation are vital aspects of the process to ensure that the borrower’s actions are consistent with the agreed- upon ESG plan. Monitoring is conducted either on a bi-annual or yearly basis- depending on the materiality of risks- and throughout the life of the loan. Cordiant conducts a yearly monitoring of the firms’ performance through (i) the Annual Monitoring Report (AMR) which quantifies risks E&S indicators; (ii) the Action Plan which forms the compliance indicators and loan agreement; and (iii) the Developmental Impact Baseline Survey.

  1. Monitoring & Measurement of the Developmental Impacts
  2. Monitoring of Compliance with Action Plan & Mitigation Measures: Cordiant is responsible for developing an Action Plan (AP) with the borrower that will serve as a benchmark which is then used as a basis for monitoring compliance and progress.
  3. Annual Monitoring Report (AMR)