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Patrimonium Asset Management AG

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。

The analysis of ESG risk is a main element of the whole investment process. Within the initial screening of an investment opportunity, a red-flag analysis is conducted in order to identify potential ESG risk factors. In case of existing ESG-issues which do not lead yet to an immediate rejection of the investment opportunity, the relevant topic becomes a crucial part of the subsequently conducted due diligence analysis. For given investments, ESG compliance is widely ensured by several elements structured in the loan contracts which is internally monitored on a regularly basis.

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。


We invest into one asset class, hence there is no differenciation.

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。


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。





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。


The analysis of the ESG is not only conducted on the legal issuer (borrowing entity) of the credit facility but on the whole group.  

Environmental Issue: We evaluate:

- the company’s negative impact on climate during the whole production process,

- its waste production (non-degradable waste, waste management),

- its negative impact on water,

- its negative impact on land,

- its polluting emissions (methane, CO2)

Social Issue: In a first step, we evaluate the social issues which can be inferred from the available documentation. Then, we evaluate the likelihood that

- the worker conditions are insufficient (unhealthy, unsafe work environment, no diversity, unequal opportunities, no development opportunities)

- the human rights are not honoured by the company

- the community is negatively impacted by the company’s activities (public health endangered, force to relocate populations, activity linked with nuisance)

- the product or service provided by the company harms by anyway its consumers (unhealthy, unsafe product, integrity, data privacy of consumers not considered)

Governance Issue: In a first step, we evaluate the governance issues which can be inferred from the available documentation. Then, we assess the likelihood that:

- the company is fiscally not clean / involved with money laundering,

- the executives receive inadequate pays,

- corruption interferes within the company business,

- the nomination process of directors in not in the best interest of the company (advisory board structure),

- the cyber security aspect is neglected by the company

As company level data concerning ESG issues are usually not disclosed, we assess the likelihood of each risk elements based on the information we have regarding the industry, country, assets, shareholder structure, product, raw materials, etc. related to the analysed company.

If an ESG-related issue cannot be excluded, we further investigate the relevant elements until sufficient information is provided to evaluate the situation.

12.3. 補足情報 [任意]