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Eurazeo

PRI reporting framework 2020

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。

Idinvest Partners has determined several processes aiming at integrating ESG considerations into traditional financial analysis and throughout the investment life cycle.

Pre-Investment:

Private debt analysts systematically conduct a first assessment of the ESG and impact stakes of investment targets. The results are consolidated into an ESG and impact profile, which includes an initial score that is to be monitored throughout the investment lifecycle. This Profile is further discussed at the Investment Committee and integrated in investment documents such as the Investment Memorandum. This step is a requirement for the validation of the investment.

The initial review allows to identify potential ESG risks and improvement areas. When high ESG or reputational risks are identified, the investment may be dropped. Specific ESG due diligence may be conducted to assess whether the identified ESG risks may result in impacting the relevance of the business model, and hence the financial performance of the company (e.g. reputation risk, market risk - change in consumer demand, regulation/ taxation) and if these risks are mitigated.

Post-investment:

Idinvest Partners has put in place a comprehensive process to monitor ESG risks and opportunities during the holding period:

Direct lending legal documentation includes an information on Idinvest's ESG commitments and ESG reporting requested to portfolio companies annually.
Idinvest Partners monitors the ESG performance of portfolio companies through this annual ESG reporting. In its role as a responsible investor, Idinvest provides KPI dashboards with improvement recommendations to portfolio companies. The objective is to further empower them on the management of ESG issues.
When appropriate, specific ESG audit/ reviews may be conducted on some portfolio companies.
ESG matters are expected to be discussed at least once a year within portfolio companies at Board level.
Every year, ESG best practices identified at portfolio companies are highlighted within the Idinvest Partners' annual ESG report.

In addition, together with a strategy advisory firm, Idinvest Partners has developed in 2018 a proprietary Sustainability & Impact matrix aiming at identifying its portfolio's impact on the achievement of the Sustainable Development Goals. The matrix is reviewed on an annual basis and allows for the identification of companies contributing most/ having a negative impact on these SDGs. This mapping also serves as an educational tool for companies that are not fully aware of all the potential impacts their activity may have on society.

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。

社債(非金融)

Idinvest Partners only manages private debt within its fixed income activity. For more information please see question FI 10.1.

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
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)
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。

社債(非金融)

Idinvest Partners' responsible investment integration approach to its Fixed Income investments is broad as it includes both environmental, social and governance-related and SDG impact considerations. For example:

  • Environment: Environmental criteria are systematically considered as a part of Idinvest's overall ESG assessment. Idinvest Partners conducts climate-risk assessments of its largest fixed income portfolios. This assessment allowed for the identification of companies highly exposed to climate risks and to raise their awareness (and that of the investment directors) on these issues.
  • Social: Idinvest Partners closely monitors social indicators at portfolio level. This is specifically the case of the job creation indicator which is studied at portfolio companies and aggregated at portfolio level on an annual basis. In addition, Idinvest Partners encourages its portfolio companies to deploy social initiatives related to staff training or profit-sharing scheme for example.
  • Governance: Idinvest Partners can participate in governing bodies of portfolio companies (observer seat). Idinvest Partners encourages the nomination of independent Board members of portfolio companies and the formalisation of structuring policies and procedures.

Idinvest has issued an Engagement policy for Private debt investments which encompasses all three pillars.

12.3. 補足情報 [任意]


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