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Swiss Re Ltd

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Outputs and outcomes [FI 17 - 18]
Direct – Private Equity
Overview [PE 01 - 02] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Indirect – Manager Selection, Appointment and Monitoring » Appointment

指名

SAM 04. Appointment processes (listed equity/fixed income)

04.1. あなたの組織では、ほとんどのケースで、また、商品の仕組みが許す限り、運用会社の選定および・もしくは約定の一環として以下の項目のいずれかを行っているかどうかを明示してください。

04.2. 運用会社の指名において通常盛り込んでいる、ベンチマーク、目標、インセンティブ/コントロールおよび報告要件の事例を資産クラス別に記載してください。

資産クラス

ベンチマーク 

          Various MSCI ESG Leaders Indices

ESG目標 

          Outlined in the ESG Letter and in the investment mandate documents
        
          Restricted issuer list and rating based exclusions
        
          The integration of ESG is outlined in the investment mandate document
        
          Discuss major engagements in quarterly calls and/or on-site meetings
        
          Swiss Re voting framework (i.e. target voting 100 % of votable shares)
        
          ESG letter with continuous improvement target

インセンティブおよびコントロール

報告要件

ベンチマーク 

          Various

ESG目標 

          Outlined in the ESG Letter and in the investment mandate documents
        
          Restricted issuer list
        
          As no ESG benchmarks are used, a minimum ESG rating threshold defines the investment universe. Please refer to SAM 04.4 for additional information

インセンティブおよびコントロール

報告要件

ベンチマーク 

          When no ESG benchmarks are available (which holds true only for a small portion of the benchmarks), fixed income benchmarks with additional ESG criteria are used
        
          Various Bloomberg Barclays MSCI Corporate Sustainability Indices (BB and better)

ESG目標 

          Outlined in the ESG Letter and in the investment mandate documents
        
          Restricted issuer list
        
          Performance measured against ESG benchmarks, which are also used to define the investment universe. If, however, there are no ESG benchmarks available, a minimum ESG rating threshold defines the possible investment universe. Please refer to SAM 04.4 for additional information

インセンティブおよびコントロール

報告要件

ベンチマーク 

          When no ESG benchmarks are available (which holds true only for a small portion of the benchmarks), fixed income benchmarks with additional ESG criteria are used
        
          Various Bloomberg Barclays MSCI Corporate Sustainability Indices (BB and better)

ESG目標 

          Outlined in the ESG Letter and in the investment mandate documents
        
          Restricted issuer list
        
          Performance measured against ESG benchmarks, which are also used to define the investment universe. If, however, there are no ESG benchmarks available, a minimum ESG rating threshold defines the possible investment universe. Please refer to SAM 04.4 for additional information

インセンティブおよびコントロール

報告要件

ベンチマーク 

          Various

ESG目標 

          Outlined in the ESG Letter and in the investment mandate documents
        
          Restricted issuer list
        
          Performance measured against ESG benchmarks, which are also used to define the investment universe. If, however, there are no ESG benchmarks available, the manager is requested to select investments, all else equal, that have better ESG ratings

インセンティブおよびコントロール

報告要件

ベンチマーク 

          Private Equity industry return

ESG目標 

          Side letters with Private Equity GPs include country and company exclusion lists, with the latter based on industry sector and specific exclusions as per the latest applicable requirements of Swiss Re Asset Management and/or the Group. In cases where a Private Equity GP is not prepared to accept the necessary investment restrictions in the side letter, other appropriate mitigation measures are being put in place (e.g., Swiss Re to be excused from a specific restricted investment, or flexibility to divest LP stake).
        
          Outlined in the ESG Letter and/or other relevant legal documents

インセンティブおよびコントロール

報告要件

ベンチマーク 

          Leading property indices for each invested country

ESG目標 

          BREEAM, NABERS and LEED certifications, GreenPrint tracking, Energy Star, GRESB submission and tracking

インセンティブおよびコントロール

報告要件

04.3. 報告要件のいずれかが満たされない場合に、組織では、以下に記載するどの措置を講じることになるのかを示してください。

04.4. 組織が設定している外部運用会社の指名プロセスに関連する追加情報を記載してください。 [任意] 

          As part of the contractual framework for the manager appointment, Swiss Re highlights its commitment to responsible investment and the manager responsibility to take ESG considerations into account in the investment process, as well as to report on progress. The execution of the Swiss Re ESG Letter is a requirement as part of the overall appointment process. Additionally, we have defined investment guidelines also integrating exclusion lists such as based on the Swiss Re Sustainable Business Risk Framework and on ESG and reputational risk concerns, that the managers are bound to integrate.  

In 2017, we switched to benchmarks composed of higher ESG-rated companies for our actively managed listed equity and corporate bond portfolios. Active portfolio managers are given some additional but limited investment flexibility based on their own ESG assessment. Since 2018, we additionally apply ESG rating based limitations to the lowest rated companies in the active equity mandates.
For buy-and-hold portfolios, minimum ESG rating thresholds define the eligible investment universe.
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