This report shows public data only. Is this your organisation? If so, login here to view your full report.

KBI Global Investors

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

We incorporate RI factors into the investment process because we believe that companies with strong governance and whose products and services enhance social or environmental goals should meaningfully outperform over time. Such companies are more likely to have long, durable, sustainable business models.

Responsible Investing can be incorporated into the investment process in three ways. Screening involves excluding stocks that ‘fail’ ESG criteria. A Thematic ESG approach means investing in certain industries or sectors that have strong ESG credentials throughout the sector. Integration is where ESG information about a company is directly built into the investment process. Currently, approximately 13% of the firm’s AUM comprises assets which are managed using all three methods (Screening, Integration and Thematic) while the remainder of the AUM is managed using Screening and Integration.

We are strongly committed to Active Ownership as detailed elsewhere in this submission.

We do not believe that Responsible Investing is a static process. In contrast, it constantly evolves to take account of changing investor preferences, and societal norms. We are continuously striving to enhance our RI policies, practices and products and we expect change to continue to be a constant feature of RI in the years ahead.

 

 

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

Our Responsible Investing Policy (available in full on our website) has the following elements:

  • Scope: covers all internally-managed investments (the vast majority of our AUM) and in most circumstances to externally managed investments
  • Approval process: the policy is approved by the firm's Responsible Investment Committee and is reviewed annually.
  • Exceptions to some aspects of the policy may apply for some externally managed funds in which our funds or clients invest.

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

We have identified a number of risks and opportunities that arise in our investment strategies, as outlined below.

For our Global Equity Strategy portfolios, which are broad-based equity portfolios seeking to outperform broad equity market benchmarks, climate change related risks exist in many industry sectors, including (but not limited to) utilities, energy, financial services (particularly insurance), transportation and materials. In most cases, companies in these sectors are at significant risk of being adversely impacted by regulatory and similar pressures to reduce greenhouse gas emissions, which may reduce future profitability and/or require significant changes to the companies' business model. In other cases, there are significant physical risks (e.g. insurance companies which have exposure to rising sea-levels).

The Global Equity Strategy portfolios also have actual or potential investments in companies which have opportunities to grow their business, and their earnings, as a result of climate change. Examples include companies which are providing products or services in the area of climate change mitigation or adaptation, such as renewable energy utilities. In some cases, e.g. auto companies, the same companies face both opportunities and risks.

For our Natural Resources equity strategies, we have identified many companies with climate-related opportunities. Our Energy Solutions strategy, in particular, invests only in companies which provide solutions to the scarcity of clean energy, but our Water and Agribusiness and our Sustainable Infrastructure strategies also invest in several companies which are well placed to benefit from the opportunities arising from climate change. We have also identified companies held in our Natural Resources strategies which face climate-related risks. Typically, the companies in which we invest for these strategies are not exposed to substantial risk from the need to reduce their own greenhouse gas emissions (due to the nature of their business activities) but some companies, for example companies which own farmland, are exposed to unclear physical risks from climate change, such as increased flooding or drought. Other companies face indirect risks, for example they may supply goods or technical services to a sector which in turn faces the need to change its fundamental business model due to climate change. 

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?

これらのリスクおよび機会に関連する時間の尺度について説明してください。(500語以内)

The range of risks and opportunities across our portfolios is very wide and the timescale ranges from very short-term to very long-term.

01.8 CC. 組織はTCFDを公式に支持しますか?

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?

説明してください。

We actively monitor our portfolios for climate-related risks and opportunities, and we use the tool provided by the PRI and the Two Degrees Investing Initiative  ('PACTA'), and carbon footprint data from an external supplier, to do so, although of course we also use our own judgement and expertise. Further, we engage directly with companies to assess climate-related risks and opportunities for specific companies.

This is something that comes easily to this firm, as we identified the opportunities from climate change as long ago as 2000, when we launched our Energy Solutions strategy, investing only in companies providing solutions to the global shortage of clean energy.

In terms of risks, we have for some time concluded that the climate-related risk associated with thermal coal extraction is too large to merit investment, and so we exclude large-scale investment in thermal coal extraction and generation from all portfolios.  

Internally (and separate to our investment process) we have a Sustainability Committee which has implemented a number of measures related to climate, including encouraging a move to electric vehicles for our car fleet (now about 25% EV), elimination of single-use plastics, and similar measures.

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 補足情報 [任意]


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

KBI Global Investors always endeavours to act in the best interests of its clients. The firm has a robust Conflicts of Interests policy in place which is made available to all staff and is published on our website. It also maintains a conflicts of interest log which is reviewed at least annually.  Where conflicts do arise they are always reviewed, giving priority to the client's best interests.  More detail on the type of conflicts which can arise, and the way we manage them, is available in our Conflicts of Interest Policy and in our UK Stewardship Code statement.  Both are public documents available on our website.

https://www.kbiglobalinvestors.com/wp-content/uploads/2019/12/KBIGI-Conflicts-of-Interest-Policy1.pdf

 

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

We subscribe to the services of MSCI ESG Research, in addition to our own monitoring of portfolio companies by the portfolio managers, so we are confident that we will quickly become aware of such incidents. Where these incidents are sufficiently material, they will become a subject for potential engagement and may be referred to the firm's Responsible Investing Committee for further discussion. Ultimately, we exclude from all our portfolios any companies which are involved in serious and continued breach of the United Nations Global Compact principles, which usually encompasses serious incidents that are not resolved.


Top