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CBUS Superannuation Fund

PRI reporting framework 2020

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

Cbus believes that as a responsible investor we can improve long term risk adjusted returns through active involvement in Environmental, Social and Governance (ESG) issues. Companies that take account of ESG factors are likely to have sustainable business models and an ability to generate long term shareholder returns for our beneficiaries. The consideration of ESG factors is required form all portfolio managers across all asset classes, to the extent that it is possible, including listed equities.

We also believe we have a role in:

-influencing and contributing to the shift towards a sustainable finance system — (the Sustainable Development Goals - SDGs)
-demonstrating leadership in the built environment
-operating in a manner consistent with our responsible investment approach and
-being transparent in our approach to achieving our objectives

To help define what is important to us with regards to responsible investment, our organisation has also surveyed our staff and members for their views.Cbus has also adopted a specific Responsible Investment Policy and Responsible Investment Principles, which are: Climate Change, Cognitive Diversity, Safety, Labour Rights, Human Capital Management. Cbus also believes in transparency to members and report our Carbon Intensity each year in the integrated annual report, which also includes a dedicated Responsible Investment Supplement.

Cbus has implemented a negative screen process as well as different ESG integration practices alongside its Stewardship program to ensure the Policy objectives are met.

Negative screening is in place across the entire listed equities portfolio to ensure all portfolios exclude and divest from manufactures of tobacco products and also companies directly involved in the manufacture of controversial weapons.

Along with the adoption of negative screening all equity teams incorporate ESG factors into their investment decision making. The fundamental principle of our ESG integration approach is based on assessing the financial materiality of ESG issues both during decision making as well as through ongoing monitoring of our portfolios. In order to help us implement this approach we utilise third party ESG research & data, align to materiality frameworks such as SASB and utilise portfolio management tools. 

With regards to our Stewardship activities, Cbus engages with domestic and international companies both directly and via collaborative engagement initiatives and service providers such as Hermes, ACSI, CGI Glass Lewis, Climate Action 100+ and IGCC. Cbus has been a signatory to the ACSI Asset Owner Stewardship Code since 2018.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

Cbus has implemented a negative screen process as well as different ESG integration practices alongside its Stewardship program to ensure the Policy objectives are met.

Negative screening is in place across the entire listed equities portfolio to ensure all portfolios exclude and divest from manufactures of tobacco products and also companies directly involved in the manufacture of controversial weapons.

Along with the adoption of negative screening all equity teams incorporate ESG factors into their investment decision making. The fundamental principle of our ESG integration approach is based on assessing the financial materiality of ESG issues both during decision making as well as through ongoing monitoring of our portfolios. In order to help us implement this approach we utilise third party ESG research & data, align to materiality frameworks such as SASB and utilise portfolio management tools.

With regards to our Stewardship activities, Cbus engages with domestic and international companies both directly and via collaborative engagement initiatives and service providers such as Hermes, ACSI, CGI Glass Lewis, Climate Action 100+ and IGCC. Cbus has been a signatory to the ACSI Asset Owner Stewardship Code since 2018.


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


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

Tobacco and controversial weapons.

If any changes are made information would be available on the Funds website together with Annual reporting.

Cbus Risk & Compliance team will distribute a formal notification to all equity managers to advise any changes to the negative screen list. Internal trading restrictions are placed in the Bloomberg trading platform.

スクリーニング実行者

          DFAT Exclusions List
        

説明

Cbus has taken a conservative view in relation to geopolitical sanctions and negatively screens the universe against companies on the DFAT list. 

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。

We have not made any changes to the ESG screening process.

If a change were made information would be available on the Funds website together with Annual reporting.

 


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。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

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]

Bloomberg trading platform restriction rules are maintained by the Cbus Risk & Compliance team and are also monitored by the custodian, JP Morgan. 

On an annual basis, we review our negative screen list and update our Bloomberg rule for internal portfolios if required. 


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


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

ESG factors are considered and included as an input in the investment process. Issues deemed likely financially material are analysed in more detail to determine if there are any valuation impacts or if monitoring of the issue is required.

Fundamental analysis is undertaken which utilises internally developed research templates, company management meetings, third party ESG data and research. In some instances, specific ESG thematic’s are also analysed, such as supply chain, labour relations or climate change risk of a company or portfolio.

 


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合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記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

ESG forms a core part of the investment process. ESG risks are assessed on a financial materiality basis as well as any thematic issues deemed a priority by Cbus, such as safety. These can be built into future engagement with the company.

Stock Peer Review meetings are held whereby information presented by a team member is reviewed. Information is circulated and stored on the  information management systems and all team members can contribute or critique work undertaken in relation to a given company.

The equity teams monitor company reporting in order to identify issues, look for improvements or otherwise in the disclosures made by the company. Third party ESG materiality frameworks such as SASB help direct this review.

Regular meetings between the portfolio manager and members of the Responsible Investment team are scheduled fortnightly.

The review of external ESG providers is the responsibility of the Cbus Responsible Investment team and they receive input from stakeholders across the organisation. Both the Responsible Investment team and the Internal Equities team engage with these providers on a regular basis.


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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