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Capital Group

PRI reporting framework 2020

You are in Direct - Fixed Income » Outputs and outcomes

成果および結果

FI 17. Financial/ESG performance

17.1. 債券におけるESG分析の組み入れが投資結果やESG実績に与えている影響を組織が測定するのかどうかを明示してください。

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SSA
社債(金融)
社債(非金融)
証券化商品
ESGの組み込みがポートフォリオ・リスクに影響を与えているかどうかを測定している
ESGの組み入れがポートフォリオのリターンに影響しているかどうかを測定している
ESG実績/ポートフォリオのプロファイル(ベンチマーク対比)を測定する
上記のいずれでもない

17.2. 債券におけるESG分析の組み入れが投資結果やESG実績に与えている影響を、組織がどのように測定するのか説明してください。 [任意]

Currently we do not measure the impact or the proportion of returns which are attributable to ESG-related investment decisions. As part of our investment process, we continually review the sectors and the companies in which we invest and this includes the assessment of ESG-related externalities. Engagement with issuers is a natural aspect to our investment process and our analysts and portfolio managers engage directly with key decision makers who impact the outcome of our investments. We apply a ‘screen and engage’ process based on the UN Global Compact Ten Principles to several of our Luxembourg-domiciled UCITS corporate bond funds. This systematic integration of norms-based screening more explicitly demonstrates to our clients how we integrate engagement on controversies.

17.3. 補足情報 [任意]


FI 18. Examples - ESG incorporation or engagement

18.1. ESG分析の組み入れや発行体のエンゲージメントが、報告年度中に組織の債券投資結果に与えている影響例を示してください。

ESG問題および説明

Since a German automaker’s emissions scandal was revealed, we have actively engaged with its management on an ongoing basis. We continue to track and monitor progress in resolving what we see as serious governance issues within the company. Looking forward, the company has outlined a roadmap towards e-mobility with specific targets. Our analyst views the events of the last few years as a critically important catalyst for the company to improve its ESG impact, as they deliver mobility to society in a responsible way.

投資決定やパフォーマンスへの影響

Based on our continuous dialogue with the company, it's our view that the company has made meaningful steps to address its corporate failings and is on a journey to change its culture. We continue to invest in the company.

ESG問題および説明

Prior to investing in Kenya government bonds, we had been closely monitoring rainfall data to anticipate inflation rates through the risks related to water supply and lost crops in the region. The country stands out in this area according to our analysts, with a dedicated climate change agency that monitors food security and with numerous investments directed towards improvements in irrigation.

投資決定やパフォーマンスへの影響

Kenya government bonds are now in Capital's investment universe.

ESG問題および説明

When investing in Latin America, risks such as legal issues, ESG concerns or corruption scandals can keep equity valuations low. Our approach is to favour engagement while navigating these risks. For example, a Brazilian meat-packer is starting to put in place measures to limit damage resulting from legal issues. After meeting with its COO, our Latin America equity analyst concluded that the company has made significant governance improvements –as a result of recent scandals –including hiring the former head of food safety at the USDA, setting up a compliance and risk committee that reports directly to the board, and ceasing political donations. Our analyst travelled to São Paulo to conduct his operational due diligence and, having spent the day at the factory alongside employees, he developed a positive impression of quality standards and employee satisfaction.

投資決定やパフォーマンスへの影響

Analyst’s view of the company's potential long-term growth prospects has been enhanced. Capital holds the bonds issued by the company in several of our fixed income funds.

18.2. 補足情報 [任意]


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