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Lyxor Asset Management

PRI reporting framework 2020

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

As of July 31st, 2019, LYXOR has taken the commitment 1 to divest itself from coal while strengthening its dialogue with the companies concerned in order to encourage them to be more transparent and to take into account the risks and opportunities associated with climate change. LYXOR has thus decided to divest of the most exposed actors by excluding companies whose turnover from activities related to the extraction of thermal coal is greater than 10% and companies that belong to the energy sector, of which more than 30% of electricity generation (energy mix) comes from coal.

These criteria are applied by the entities of the LYXOR’s Group according to the notion of 'best efforts' and taking into account legal and commercial constraints.

Lyxor applies also an exclusion list based on its Defense Policy and strives not to invest in companies identified as being involved in activities linked to prohibited and controversial weapons such as cluster-munitions and anti-personnel mines and depleted uranium weapons.

The list is applied to Lyxor’s swap based ETFs ,its Absolute Return funds, Risk Based and Solutions business as well as its Managed Account Platform, wherever legally possible and independently enforceable by Lyxor.

 

スクリーニング実行者

説明

Scoring & selection :  the fund is exposed to a selection of equities following a proprietary scoring methodology of the Management Company. The Scoring Selection ranks the equities of the Investment Universe based on a combination of scores such as growth, valuation and sustainability indicators (Governance criteria).The model selects the highest ranking stocks.

 

スクリーニング実行者

説明

LYXOR is able to provide its clients with a “norm-based exclusion” list, used in some of its sustainable investment solutions, excluding companies associated with serious and repeated breaches of the principles of the United Nations Global Compact. These ten principles of the Global Compact are derived from international standards and guide corporate behaviour in the areas of Human Rights, Labour, Environment and Corruption. 

 

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

The Defense exclusion list aggregates on one hand the firms that are to be excluded in application of the Defense Sector Policy, due to their involvement in activities linked to prohibited or controversial weapons (anti-personnel mines, cluster bombs, depleted uranium weapons) .

Lyxor uses the services of ISS Ethix to identify companies that are considered in breach of its Defence Policy. The list is revised on a quarterly basis and sent to Lyxor fund managers, Compliance, Risk, ISR teams. A daily pre trade control has been put in place. A post trade control is performed by the risk department on Fund' NAV frequency basis.

Exclusions list are updated on a quarterly basis.

 

 


LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]

The explicit inclusion of ESG Risks and opportunities into traditional financial analysis and investment decisions must be based on a systematic process and appropriate research sources. The integration process focuses on the company's management of ESG issues and the potential impact on company financials (positive and negative), which in turn may affect the investment decision.

LYXOR works in closed collaboration with its selected partners:

ESG rating agencies (MSCI, Vigeo...) and Index providers, index advisors (CBI, Equileap, Solactive, MSCI, RobecoSAM...)

Each partnership has been put in place following a rigorous selection based on request for proposals and due diligence processes addressing specific topics.

  • ISS services (Institutional Shareholder Services) on voting recommendations in addition of LYXOR internal research on corporate governance. The voting recommendations are based on LYXOR's voting policy,
  • MSCI services as ESG data provider,
  • MSCI services on Climate data for listed issuers and sovereign assets,
  • Vigeo Eiris services as part of LYXOR’s ESG evaluation applied to unlisted assets (SME/ETI),
  • CBI, Equileap, Solactive, MSCI, RobecoSAM, etc as index providers or advisors. 

In addition 

Lyxor uses the services of ISS Ethix to identify companies that are considered in breach of its Defence Policy. 

ISS-Ethix identifies companies that are at risk of being involved in controversial weapons by following several parallel research paths: 

› Identification of risk countries and relevant weapons programmes 

› Active screen of weapons programmes 

› Active screen of companies in risk sectors Data mining for corporate involvement in controversial weapons, in particular information about the technical aspects of weapons programmes and their status, is carried out by our in-house experts supported by an extensive network of military and arms industry experts. 

ISS-Ethix conducts a comprehensive review of open sources such as company publications, contract awards notifications by government authorities and military specialized magazines as well as publications by research organizations and NGOs. 

The process and analysis can be found at: https://www.issgovernance.com/file/products/iss-ethix_controversial-weapons-screening.pdf

 

 

 


LEI 06. Processes to ensure fund criteria are not breached (Private)


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