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British Columbia Public Service Pension Board of Trustees

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。

Our investment agent, BCI has an ESG component in their risk analysis and credit research which is integrated into their investment decision making process. BCI's fixed income teams (including bond and private credit but excluding mortgages) recently increased engagement with BCI's team of dedicated ESG professionals to improve their understanding and integration of evolving ESG issues. Even when ESG factors are not sufficient to warrant an exclusion of issuers and companies, BCI assesses as part of their research process the potential for ESG factors to produce negative credit outcomes. In credit research, BCI is much more focused on potential negative outcomes as part of their process irrespective of if potential outcomes are ESG related or not due to the asymmetric nature of the asset class. BCI's teams also track and assess controversies related to ESG issues. In 2019, BCI implemented a portfolio monitoring process that tracks daily negative news coverage for issuers in the portfolios.

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

BCI's SSA investments are predominantly limited to bonds issued by the Canadian federal government, provinces, municipalities and agencies or denominated in Canadian dollars. Credit rating agencies (CRAs) have increased the transparency of ESG integration into their ratings. BCI feels that governance and social factors that are material to credit worthiness are mostly captured by the CRAs, as well as priced in. While PMs consider environmental factors, BCI's processes could benefit from further formalization, especially should BCI consider new SSA issuers beyond their current exposure.

社債(金融)

BCI leverages some third party ESG providers as a general approach, and leverage sell-side research providers that BCI considers to have a strong ESG framework. Furthermore, for higher materiality issues in the bond space, BCI's Public Markets ESG team is engaged for in-house views and reviews.

社債(非金融)

BCI leverages some third party ESG providers as a general approach, and leverage sell-side research that BCI considers to have a strong ESG framework. Furthermore, for higher materiality issues in the bond space, BCI's Public Markets ESG team is engaged for in-house views and reviews.

For Private Credit, all new potential investments seek an ESG review from BCI's in-house team no matter the materiality threshold. When opportunities arise, BCI performs an initial assessment of the creditworthiness of a borrower. If the opportunity passes this initial test, it is then subjected to more intensive due diligence, including ESG considerations, and ultimately presented to a formal credit committee that approves the investment. Each investment recommendation includes an ESG section. BCI has passed on certain investments due to ESG concerns.

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(金融)
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]

To facilitate our investment agent, BCI's, reporting in line with TCFD recommendations, BCI calculates a carbon footprint of their corporate bond portfolio (financial and non-financial). The overall carbon footprint is compared to that of the performance benchmark.


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(金融)

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

ESG forms a key part of our investment agent BCI's risk assessment and credit research to evaluate the credit worthiness of issuers.

社債(金融)

ESG forms a key part of our investment agent BCI's risk assessment and credit research that evaluates the credit worthiness of issuers. Even when ESG factors are not sufficient to warrant an exclusion of a corporate issuer BCI assess as part of their research process the potential for ESG factors to produce negative credit outcomes. In credit research BCI is much more focused on potential negative outcomes as part of their process irrespective of if potential outcomes are ESG related or not due to the asymmetric nature of the asset class.

社債(非金融)

Our investment agent BCI recently made an allocation to the private debt market. When opportunities arise, they perform an initial assessment of the creditworthiness of a borrower. If the opportunity passes this initial test, it is then subjected to more intensive due diligence, including ESG considerations, and ultimately presented to a formal credit committee that authorizes the investment. An ESG section is a required component of all investment recommendations that come to the committee.

12.3. 補足情報 [任意]


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