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B&I Capital AG

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

Implementation processes

LEI 01. Percentage of each incorporation strategy

01.1. Indicate which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities; and the breakdown of your actively managed listed equities by strategy or combination of strategies.

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied — you may estimate +/- 5%
100 %
Total actively managed listed equities 100%

01.2. Describe your organisation’s approach to ESG incorporation and the reasons for choosing the particular strategy/strategies.

 

From an investment perspective, we have always viewed ESG initiatives of REITs as important factors for long-term value creation, hence incorporating a REIT’s ESG profile (especially Governance) in our investment analysis and decision-making processes. Our portfolio construction is a bottom-up, index agnostic, and best-in-class stock picking process. To properly assess a REIT’s ESG profile, we combine qualitative and quantitative data from both external and internal sources.

Regarding the external sources, B&I Capital is a member of Global Real Estate Sustainability Benchmark (GRESB) for investors. GRESB specializes in assessing and benchmarking the ESG of real assets with a very close focus on environmental and social factors. As members, we have access to their detailed data, scorecards, benchmark reports, etc. It also enables us to track the REITs’ ESG improvements on YoY basis. Complementary to GRESB, we subscribe to Green Street Advisors, a specialist in assessing of corporate governance of individual real estate companies. They provide their own proprietary evaluations and rankings of corporate governance using a set of factors focusing on board make-up, compensation, anti-takeover weapons, and other conflicts of interest.

Regarding the internal sources, we gather ESG data via our proprietary B&I Capital ESG questionnaires, open dialogue with company managements which includes face to face meetings, conference calls, property visits, conferences, etc. We have developed a quantitative scoring methodology reflecting the questionnaires which evaluates the ESG performance of individual REITs.

Not all REITs or RE companies (typically small caps and/or specific geographic regions) are covered by GRESB or Green Street Advisors and thus we have created our own internal assessment procedures reflecting the ESG factors we believe are most material for REITs. The comprehensive ESG overview of individual companies that we are invested or might invest in is part of the B&I research and analysis process. We put a lot of emphasis on the development of each individual company over time. We look for an improving trend rather than just investing in REITs that are already highly ESG rated. 

 

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the proportion of actively managed listed equity portfolios where E, S and G factors are systematically researched as part of your investment analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]


LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on robust analysis.

09.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your integration strategy.

09.3. Indicate how frequently third party ESG ratings that inform your ESG integration strategy are updated.

09.4. Indicate how frequently you review internal research that builds your ESG integration strategy.

09.5. Describe how ESG information is held and used by your portfolio managers.

09.6. Additional information. [Optional]


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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