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Pensionfund Metalektro (PME)

PRI reporting framework 2020

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Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework

Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Fixed income - Corporate (financial)

Our FI credits portfolio is one portfolio in which no separation has been made between financials and non-financials: every answer for non-financials is equally applicable to financials.

16.2. Additional information [Optional].


SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Fixed income - Corporate (financial)

Apart from a company specific ESG paragraph, we construct specific ESG sector reports for sector which are most sensitive to these factors, such as Utilities, Climate, Energy and Tobacco. In these sector ESG reports, we explain what subsectors/group of companies are preferred from a risk perspective, which serves as an important input factor for our bottom-up company analysis.

We use negative screening based on UN PRI principals and on specific ESG risks which we have identified on a sector basis for sectors which are most prone to those risks. We use and positive screening in instrument selection (green bonds). Subsequently, we (analyst is in the lead, but portfolio managers are also involved) perform a downside risk analysis which is most important to bondholders. Risks and opportunities with respect to environmental, social and governance issues are explicitly taken into account and fully integrated in our analysis. As it could have impact on credit quality or even threaten the viability of a company's business model. Thematic is used when all companies within a sector are heavily exposed to a certain trend and therefore the risk is more systemic.

Forestry

In the selection and monitoring of external managers we monitor on our 5 P's: planet, performance, process, people and product. In the first P we take into account ESG.

The first part of this process is with the selection of the managers. When selecting new managers, the RI team writes an opinion of the RI aspects of the new manager, including their:

1. Commitment to responsible investment (among which the demand of being UNPRI signatory or showing proof of RI-policy equal to it), FSC

2. Integration of ESG factors in investment processes and research

3. Evidence of this ESG integration with solid examples 

4. Engagement

5. Exclusion policy

 

In the continuous monitoring of external managers we send an ESG-questionnaire every year, regarding the progress of the managers in implementing the 6 principles and of the implementation of ESG in their investment policy and decisions. Based on the answers on this questionnaire, we have a conversation with the managers about topics that we might want to elaborate on.

Managers are scored a green, orange or red score on the basis of this information. Red scoring managers should improve within two years, or their dismissal will be discussed between PME and MN.

17.2. Additional information.

For forestry, we demand for FSC certification
https://ic.fsc.org/en/what-is-fsc-certification

 


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