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CBUS Superannuation Fund

PRI reporting framework 2020

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You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および/またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください(資産クラス別、セクター別、戦略的資産配分等)。

25語以内で説明してください 。 Through the Mercer Climate Change Project in 2015 we modelled expected returns for various asset classes under different climate scenarios. In 2018, our asset consultant analysed effects of different policy scenarios. While not directly impacting asset allocation, this work focussed our efforts.

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

13.3. 補足情報 [任意]

In 2019, Cbus implemented a new strategic asset class for climate change solutions. This is a multi-asset portfolio with investments from listed equity, infrastructure, debt, private equity.   

In 2018, Cbus undertook work to review its asset allocation to international and domestic Australian equities. Part of this review assessed the climate risks concentrated in the Australian equities market. Whilst climate risks was only one part of the consideration for asset allocation and shifting greater weight to international equities, the findings from the climate work supported this view.    We also engage with other funds to understand their approach to scenario analysis.


SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて(分析がどのように解釈されているか、その結果、将来の計画等)、記述してください。

500語以内で自由に記載

Cbus undertook work with our asset consultant, Frontier, using their Partners Platform Climate Change module that outlines the portfolio impact results (return outcomes) on Cbus’ Growth Option from a return perspective under five different climate change policy response scenarios:
•CMA -standard CMA returns are provided for comparison with the five scenarios
•No Action–a scenario where there is no effective policy action (this is considered to have relatively little significance in terms of likelihood)
•Limit t=2 –policy action that limits global average temperature rises to 2 degrees (with 50% probability), which is an aspirational target involving greater effort by most countries compared to current policy settings. Emissions follow an “optimal” pathway
•Limit t=2 (2030 delay) –policy action that limits global average temperature rises to 2 degrees (with 50% probability), but which is delayed until 2030 (prior to which the emissions pathway is similar to the “no Action” scenario). The rate of emissions reduction is relatively rapid after 2030
•Paris Pledges–policy action based upon the aggregate pledges made by countries at the Paris conference in 2015, with a continuing trend in emissions beyond 2030 (allowance has been made in respect of the proposed U.S. withdrawal)
•No Action (Extreme temperatures) –there is no effective policy actions and temperature rises follow the trajectory of the 90th percentile of outcomes in the IPCC estimates

The findings included:
•The scenario “No Action (extreme temp.)” had the biggest estimated cost on portfolio returns to 2060, due to higher damage costs, relative to other scenarios
•Negative return impacts on Australian and Emerging Markets’ asset classes were slightly higher than for Developed Markets (ex-Australia) due to greater carbon intensity and higher expected levels of physical impacts

Cbus will be undertaking further analysis during 2020. 

500語以内で自由に記載

Following the work from Frontier, and our Carbon Pricing Risk research Cbus has been assessing how to tilt its factor strategies using a low carbon transition score the results to be implemented in 2020. 

Cbus made a commitment that its property managers would commit by 2020 to set a target of net zero carbon emissions by 2030.  All property managers have committed to these targets with Cbus Property making its commitment public. A new target has been set for our infrastructure fund managers to commit to net zero carbon emissions.This could assist to de-risk the unlisted portfolio from climate change.

500語以内で自由に記載

The Frontier work suggests engagement from fund managers and asset owners, or other focussed active equity selection strategies, can be an effective way of dealing with the risks (e.g. by bringing greater scrutiny to more risky projected capital expenditures) alongside any approach to de-risk a portfolio by tilting away from energy stocks.

Given the high amount of active equity stocks in the Cbus portfolio (approx 70%), engagement is considered a highly effective approach to managing risks in this area. 

Cbus has joined the Climate Action 100+ initiative, and also engages through its third party service provider ACSI and Hermes. 

13.5 CC. この分析をだれが利用するか記述してください。

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

500語以内で自由に記載してください。

This detail is outlined in SG1.7CC and SG13.4 CC. In May 2018, Cbus asset consultant, Frontier, undertook modelling of specific risks that relate to climate change and that could impact upon portfolio returns in the medium-term over 20 years. The analysis intended to provide results in advance of, and to complement, Cbus’ own climate change analysis and annual review.  

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

13.8 CC. 貴社組織が用いる気候シナリオについて記述してください。

提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他

その他 (1) 具体的に記入してください:

          Frontier: No Action scenario
        
その他

その他 (2) 具体的に記入してください:

          Frontier: Limit t=2
        
その他

その他 (3) 具体的に記入してください:

          Limit t=2(2030 delay)
        

SG 14. Long term investment risks and opportunity

14.1. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について考慮するか明示してください。

14.2. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

低炭素関連および気候変動に強いポートフォリオ、ファンド、戦略または資産クラスに投資されている運用資産(AUM)を明示してください

Total AUM
10億 100万
Currency
Assets in USD
10億 100万

使用された枠組みまたは分類法を明示してください

As at Dec 2019 based on the low carbon registry taxonomy reflecting NABERS 5 star ratings (investment value is taken from Cbus Property value at Dec 2019)

 

 

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

14.4. 排出量リスクの開示を選択した場合、採用している開示方法またはそのフレームワークの中で気候関連のものを挙げてください。

Cbus disclosed its carbon footprint using several different metrics. This informed and supported our engagement with companies individually and influenced which target companies to engage with through our service provider. 

Cbus has publicly reported using the TCFD recommendations. 

Cbus also uses its Annual Integrated report to communicate climate change related information. 

ACSI, Hermes and Climate Action 100+ use data from climate-related disclosures to inform company engagement and research reports

 

14.5. 補足情報 [任意]

Our external engagement providers ACSI and Hermes use company engagement and proxy voting for ASX-listed companies as a tool for managing climate change risks and opportunities.

ACSI and Hermes have been engaging with ASX companies for years on the disclosure and integration of climate-related risks and opportunities. ACSI and Hermes engage with a broad range of companies on climate risk and also prioritises particular companies based on materiality and exposure.

ACSI also uses proxy voting as a mechanism to create engagement on climate-related resolutions and as a tool for signalling where improvement on climate-related issues can be made.


SG 14 CC.

14.6 CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
気候関連の目標
          investment and reduction
        
          Portfolio allocation 1%
net zero emissions 2030
        
          1% - invest in climate solutions
Net zero: Science based targets
        
加重平均炭素濃度
          What is my portfolio’s exposure to carbon intensive companies?
        
          t/USD million sales
        
          The average weighted carbon intensity for our combined Australian, global and emerging markets equities portfolio
        
カーボンフットプリント(スコープ1と2)
          What is my portfolio’ total carbon footprint?
        
          apportioned emissions in tons CO2eq.
        
          absolute carbon emissions
        
炭素濃度
          What is my portfolio’s normalized carbon footprint per AUD$ million dollars invested?
        
          tons CO2eq. /$M AUD invested
        
          carbon emissions financed in investments
        

14.7 CC. 主要目標についてさらに詳しく記入してください。

目標の種類
基準年度
目標年度
内容
添付書類
          2020
        
          
        
          % Australian property fund managers that have introduced science based targets to commit to net zero emissions by a specific date
        
          rolling
        
          2025
        
          1% allocation to climate change solutions
        

          
        
          
        
          
        

          
        
          
        
          
        

          
        
          
        
          
        

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているかどうか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

The Investment Committee (IC) and Audit and Risk Management Committee (A&RM) have delegation from the Board to deal with responsible investment matters, including climate change.

At least annually, responsible investment risks, including climate change, will be formally reviewed and presented to A&RM. This occurs in conjunction with the revision of the Cbus Risk Appetite Statement.

Formal reporting to the IC on progress against the climate change roadmap will occur on a quarterly basis. The CIO Monthly Report to the Investment Committee also outlines any other responsible investment matters in respect of climate change such as company engagement, voting and advocacy related work.

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

Cbus encourages TCFD adoption though its direct engagement, ACSI's engagement and through Climate Action 100.


SG 15. Allocation of assets to environmental and social themed areas

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

4.53 %

15.3. 貴社が投資しているテーマ分野を明示のうえ、AUMに対する特定の資産クラスの割合を記載し、その内容を簡潔に説明してください。

分野

投資している資産クラス

1 % (AUMの)

簡潔な説明および投資尺度

- Bright energy investments - Direct renewable infrastructure. 

- Capital Dynamics -  international renewables fund manager in Climate Climate Solutions 1% Portfolio.

投資している資産クラス

45 % (AUMの)

簡潔な説明および投資尺度

Using IGCC standard for low carbon investments registry for property, being a 5 star or above NABERS Energy rating. All Cbus property buildings are at or above this rating. 

投資している資産クラス

1 % (AUMの)

簡潔な説明および投資尺度

In March 2019 we participated in the first National Housing Financing and Investment Corporation (NHFIC) bond issue which raised $315 million to support social housing. The bonds have a Government guarantee and a AAA credit rating, the highest credit rating a bond can receive. 

15.4. 含めたい補足情報があれば、添付してください。 [任意] 



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