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Aktia Bank p.l.c.

PRI reporting framework 2020

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

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。

Material effects from ESG factors that impact the financial outlook and prospects of companies and countries are accounted for in our valuation and investment process.

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。

SSA

We observe the following factors when assessing government bonds from a sustainability perspective: political practices, government strength, social development, economic and financial stability, ability to withstand external shocks, and willingness to reform. An absolute lower score in any single factor does not always translate into excluding an investment. Instead, we focus on longer-term development and trends, whether they are positive or negative. Through instrument selection we can decide whether we are willing to finance a specific government or not. 

Within Emerging market sovereign debt, our strategies have a macroeconomic and fundamentally driven approach with ESG integrated process. Long-term investment horizon is based on country selection with combined qualitative and quantitative decision-making process. With our in-house quantitative model (consisting of around 30 indicators), we monitor the level and the development of economic, political and social factors (environment and climate change risk are included in social component). In addition, we analyze countries based on their performance in UN’s sustainable development goals (SDG) and other broad ESG data sets. A weak development in ESG factors can lead to a situation where country is excluded from our investment portfolios or we are not willing to finance the government.

社債(非金融)

For corporate bonds governance related topics have traditionally been an important part of credit risk analysis but issues relating to the environment and society are nonetheless gaining in importance. We believe that by assessing ESG factors we improve transparency and are able to identify new investment opportunities. Within corporate credit, ESG considerations are integrated in daily research and portfolio management activities. We assess different indicators depending on companies' business models. These are considered relative to relevant peer group and company history. We also consider ESG-related risks to business models and the ability of companies to respond to these risks by adapting their business models. In particular we focus on minimizing climate change related risks. Finally, we look into companies' positive impact on the environment and society. The proprietary ESG analysis includes both quantitative and qualitative components.

10.3. 補足情報 [任意]


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
SSA
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)
SSA

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。

SSA

Within Emerging market sovereign debt, E, S and G factors are represented in our country selection model with wide set of indicators. They are a fundamental part of our country analysis and seen equally important as traditional economic factors. With our in-house quantitative model (consisting of around 30 indicators), we monitor the level and the development of economic, political and social factors (environment and climate change risk are included in social component). In addition, we analyze countries based on their performance in UN’s sustainable development goals (SDG) and other broad ESG data sets. A weak development in ESG factors can lead to a situation where country is excluded from our investment portfolios or we are not willing to finance the government.

社債(非金融)

We assess companies both qualitatively and using a proprietary ESG tool constructed in-house. The tool looks at a large dataset depending on sector/industry in question. The tool comprises indicators for E, S, G, so that there are in total 85 different indicators. The data source for the tool is Bloomberg. The credit team members then conduct qualitative analysis in order to broaden and widen a company's ESG profile when deemed necessary.   

12.3. 補足情報 [任意]


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