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ASR Nederland N.V.

PRI reporting framework 2020

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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。

The investment principles and investment strategy are captured in a number of documents publicly available at ASR corporate website, including our overarching SRI policy with specific ESG factors and a detailed documernt on the detailed criteria and international guidelines used. For environmental criteria we have specific research studies publicly available. ASR SRI policy is applied to 100% of ASR investments.

Please refer to https://www.asrnederland.nl/over-asr/duurzaam-ondernemen 

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]

a.s.r. SRI Policy

Any investments where a.s.r. has the power to exercise influence on the investment portfolio or guidelines are governed by the SRI Policy for Companies and the SRI Policy for Countries.

a.s.r. SRI Policy for Companies

Investment decisions include the company’s score on ESG criteria and an assessment of controversial activities. This is how a.s.r. avoids non-financial risk, especially reputational risk, and complies with legislation, i.e. the UN PRI, UN Global Compact and the Dutch Association of Insurer’s Sustainable Investing Code. a.s.r. SRI guidelines follow the standards as defined by Forum Ethibel and SRI research is performed by Vigeo Eiris. The SRI Policy for Companies is implemented as follows:

1. Selection of companies by their relative ESG score

We favour companies excelling on ESG policy and implementation; these are classified as pioneering, best-in-class and sustainable companies. This classification starts from a relative, sector-wise ranking for six domains of analysis:

- Environment  
- Human Resources
- Human Rights
- Community Involvement
- Business Behaviour
- Corporate Governance

Additionally, a.s.r. has defined specific guidelines for the relative ranking of companies involved in the following activities:
- Animal welfare violations 
- Sex industry
- GMOs in food and feeds
- Hazardous chemicals
- Alcohol

2. Controversial activities that can start an engagement process or lead to exclusion 
As an institutional investor, a.s.r. can influence companies through engagement rather than by excluding them from its investment portfolio. When a.s.r. does not achieve adequate improvement in a constructive dialogue, it can exclude a company from its investment portfolio. The engagement and exclusion process looks at the following controversial activities:
- Human rights
- Labour Rights
- Environment
- Armament
- Nuclear Energy
- Gambling
- Tobacco

a.s.r. SRI Policy for Countries
1. Exclusion of countries considered lacking basic political freedoms and civil rights. Indicator: ‘Freedom in the World’ published by Freedom House. Countries are classified as ‘Free’, ‘Partly Free’ and ‘Not Free’. Exclusion level: countries classified as ‘Not Free’ by Freedom House.
2. Exclusion of countries considered highly corrupt. Indicator: Corruption Perception Index published by Transparency International. The Corruption Perception Index (CPI) by Transparency International (TI) ranks countries from 100 (very little corruption) to 0 (very high level of corruption). Exclusion level: countries with a CPI of less than 30.
3. Exclusion of countries with poor environmental performance to achieve the climate agreement and the SDGs. Indicator: SDG Index, published by the Sustainable Development Solutions Network (SDSN) and the Bertelsmann Stiftung. The SDG Index ranks countries’ performance on results and policy on the 17 SDGs. For the environmental performance, the average score for SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), SDG 14 (Life below Water) and SDG 15 (Life on Land) are calculated. Exclusion level: countries with an average score for SDGs 7,13,14 and 15 of less than 50. 4. Best in class approach to high performing countries to contribute to the Sustainable Development Goals Agenda Indicator: SDG Index, which presents where each country stands with regard to achieving the SDG 2030 Agenda throughout 99 indicators. Best in Class approach: The weighted average score of a.s.r. sovereign portfolio will be positioned within the first quartile of the SDG Index.

a.s.r. SRI Policy for External Providers
a.s.r. requests its External Providers to make the best possible effort to become signatories of the UN PRI and the UN Global Compact. Furthermore, a.s.r. engages its External Providers to comply as much as possible with a.s.r. SRI policy. ESG criteria are always taken into account in the selection process of External providers. There are certain providers (e.g. smaller boutiques or private equity houses) that do not have the internal capabilities to comply with the provisions of both sets of UN principles. With them, a.s.r. discusses their internal SRI practices and codes of conduct to make its own assessment. Exclusion of controversial weapons according to the Sustainable Investing Code of the Dutch Insurance Association is always a minimum requirement

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)

Since 2016 a.s.r. has integrated climate change and energy transition as an explicit theme/driver within its strategic asset allocation and has taken measures to implement its commitment across the investment portfolio. a.s.r. has analysed and identified risks for the investment portfolio both bottom-up: taking into account stranded assets and changing business models in the mining and energy sectors, as top-down in its strategic asset allocation.

a.s.r. Vermogensbeheer N.V. aims to provide tailor made, long-term and sustainable investment solutions for its clients. The normal process includes an extensive analysis of the target asset mix in different economic environments (i.e. neutral, optimistic stagflation and deflation).

As of 2019, in addition to these economic environments a.s.r. now validates its investment strategy and strategic asset allocation by analysing the impact on various metrics in its risk appetite statement (RAS) of the expected impact of climate change, based on the chosen scenarios. a.s.r. has used climate scenarios developed by Ortec Finance and has incorporated the impact of the different climate pathways on assets in the annual Strategic Asset Allocation study (SAA).

In the SAA the a.s.r. balance sheet in its entirety is projected forward for 20 years. Each scenario set consists of 2000 scenarios and these have been fed into a stochastic financial model which in turn translates the impacts of these climate-adjusted GDP shocks on a range of more than 600 financial and economic variables. Following this approach, a.s.r. has been able to quantify climate risk-aware economic outlooks per pathway, applied to the neutral economic scenario. The result is the impact of the different economic environments and climate scenarios on the RAS.

The 2019 Annual Report of a.s.r. includes a complete write-up of this work.

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)

For our scenario analysis with Ortec, a timescale until 2100 was taken into account. Additional scenarios and shocks were developed for over 30 years.

For our Strategic Asset Allocation (SAA), timeframes of 5 and 10 years are used.

 

 

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?

組織が気候関連のリスクおよび機会を管理する組織全体の戦略をどのように、またどのような時間スケールで実施するか記述してください。

Within the next 12-18 months

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。

具体的に記入してください。

          Integrated Annual Report
        

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。

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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

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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。

- "Insider regeling" for professional and private investments

- Various functions splits (internal chinese walls), for example:

  • - Maanger selection and Manager monitoring
  • - Operations compliance and risk
  • - Financial compliance and risk
  • - Front office, Valuation and Risk
  • - ESG comittee incl. Front office, compliance and risk
  • - Investment commitee incl. compliance, risk and alm
  • - Central investment committee incl. Executive Board and representatieves of previous departments
  • - Risk committee
  • - Compliance committee

 

 

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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