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Jupiter Asset Management

PRI reporting framework 2020

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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

成果および結果

SAM 08. Percentage of externally managed assets managed by PRI signatories

08.1. 組織では、RIに関するベストプラクティスが保有資産の運用に確実に適用されるようどのようにして万全を図っているその内容を説明してください

方策

          The Jupiter Independent Funds Team take analysis of underlying investment managers on a case-by-case basis. If the team feel that the existing underlying investment manager's approach to governance does not sufficiently reflect their own high governance standards or could negatively affect the investment proposition for their clients, this will weigh on their investment decision.
        

08.2. 補足情報 [任意]

Hopefully what has been said so far has given an insight into how proud we our of Jupiter Merlin’s current stewardship profile, however we are acutely aware that we can always improve. The results of our manager selection and monitoring processes have led us to encourage our underlying managers to improve their RI practices where we see an opportunity to do so. Examples of this include conversations around our managers’ involvement with industry standard setters such as the UN PRI or the UK Stewardship Code. Equally, we have aided in the development of our managers’ ESG reporting, pushing for greater transparency and disclosure of their processes and engagements. We often find that our managers already have strong RI practices but have not necessarily articulated them in the public forum. We always strive to have strong relationships with our managers so that we can approach issues that we or they may have together, in a collaborative and constructive manner. 


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. 報告年度において、運用会社の選定、指名やモニタリングプロセスの過程で、ESG問題がどのように対処されているかを示す事例を挙げてください。

トピックまたは問題
          Leadership and governance
        
実行者
資産クラス
対象範囲およびプロセス

Observed that an investment company's engagement was so extensive that they were invited in by a number of companies’ management teams to present to them on sustainability so as to help develop their ESG profile.

結果

The investment company improved stewardship of the underlying companies and where it was proven to be deteriorating, the company has sold positions. The investment company collaborated with an entire industry on plastics in India.

トピックまたは問題
          Social and governance (tobacco and e-cigarettes)
        
実行者
資産クラス
対象範囲およびプロセス

Through our monitoring of an underlying fund manager's ESG process, we gained insights regarding their engagement with a tobacco company on the nicotine content in their electronic cigarettes. They discovered that that they did not believe it to be an issue, despite regulatory scrutiny of the issue.

結果

This view was contrary to the fund manager's view and research on the subject and served as a significant negative mark against the company from an investment perspective, which lead to the position’s eventual sale.

トピックまたは問題
          Social / environmental
        
実行者
資産クラス
対象範囲およびプロセス

The underlying fund manager engaged with a company on negligence lawsuits they faced about health risks associated with chemicals used in its firefighting foam for military bases and manufacturing facilities.

結果

The fund manager did not believe that the action taken by management was sufficient and therefore sold the position.

トピックまたは問題
          Environmental / disclosure
        
実行者
資産クラス
対象範囲およびプロセス

The underlying fund manager engaged heavily with an energy company held in the strategy in order to improve the environmental profile of the company in question.

結果

There was a marked change in the companies’ ESG profile from actions taken by management to both improve the company's management of climate risks  and articulate these changes. 

トピックまたは問題
          Environmental
        
実行者
資産クラス
対象範囲およびプロセス

The underlying fund manager engaged collaboratively with an energy company on their plans to align with the Paris Climate Agreement to limit global warming to well below 2°C.

結果

The company announced a commitment to targets and to link energy transition targets to the long-term incentive plans of senior executives. This pledge was the first of its kind in the sector.

Topic or issue
          Governance / shareholder rights
        
Conducted by
Asset class
Scope and process

The JIFT team engaged with one of our underlying managers on their stock lending program, which we believed not to be in line with their role as stewards of our capital.

Outcomes

Following extensive engagement, the manager in question collapsed their stock lending program on a firm wide basis.

Topic or issue
          Disclosure
        
Conducted by
Asset class
Scope and process

A member of JIFT was invited to meet with consultants, hired by one of our underlying fund managers, to discuss and help frame the articulation of the house’s ESG profile and monitoring.

Outcomes

The fund management company has since developed an effective and well-articulated ESG profile, which is very much in line with that of JIFT.

09.2. 補足情報 [任意]

The final point worth mentioning is that the Jupiter Merlin team do not make use of external consultants for a number of reasons, one being that Jupiter as a firm already has a very strong presence in the ESG space. As was detailed in SAM 04.4, Jupiter has its own GS Team that work alongside Jupiter Merlin in the framing and implementation of the Team’s ESG profile and process. Furthermore, having an in-house GS Team compared to external consultants gives Jupiter Merlin more direct access and a more tailored approach to ESG on the whole, both of which serve to enhance the Team’s ESG operations.


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