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PRI reporting framework 2020

Export Public Responses

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


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%)
69 %
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%)
31 %
アクティブ運用している上場株式の合計 300%

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。

Further, integration applies also for responsible business practice, and is seen as key to sustainable development. We ensure this through our integration of social responsibility in all business processes, long-term and responsible management of pension funds, work with ethics, integrity and anti-corruption in dealing with customers, suppliers and others in the value chain (i.e KLPs supplier declaration), and the use of ISO 26000, the international standard for social responsibility, as guidance.

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]

Screening applies to all investments - both passive and active. Screening alone applies to KLPs investments in factor funds. Integration applies for active fundamental investments and KLPs fund "KLP Mer Samfunnsansvar" which have been certified by by the Nordic Ecolabelling.

The funds Mer Samfunnsansvar follows the guidelines given by the Nordic Ecolabelling which include negative screening, positive inclusion, engagement and voting. Criterias can be found here:

For the active fundamental equity investment, ESG is considered in the investment process and followed up more closely when invested. Our active investments are in the Norwegian market and thereby gives the oppurtunity for a closer engagement process. 

LEI 02. Type of ESG information used in investment decision

02.1. 組織でESG組み入れ戦略に使用しているESG情報およびこの情報の提供者を記載してください。








02.2. ブローカーに対しESG調査結果を提供するよう奨励しているかどうかについて記載してください。

02.4. 補足情報 [任意]

KLP uses a variety of ESG information regularly to inform its investment process. KLP's ESG service providers monitor the investment universe and engage with companies and conducts ESG-analysis of companies in the investment universe. On specific incidents a service provider sends out an alert to inform the SRI-team.

ESG-research is conducted by service providers or the SRI-team on spesific incidents, companies or sectors independently or with the help of the portfolio managers or other experts in the relevant field.

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

03.1. ESGへのエンゲージメントや(委任状による)議決権行使から得られる情報を投資の意思決定に利用できるプロセスが組織にあるかどうかを記載してください。

03.2. 補足情報 [任意]

The relevant asset managers regularly participate in engagement with the companies they follow, also on ESG issues. For example, within the voting process, asset managers participate to determine KLP's vote in any upcoming general meetings in the Norwegian market.

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。




KLPs guidelines for responsible investments screening criteria:

ESG performance: human rights, labour rights, environment, corruption, business ethics

Product: Weapons that violate basic humanitarian principles, more than 5 percent of their revenues from coal- or oil sand-based activities (oil sand extraction, coal mining or coal-based power generation), produce more than 10,000 megawatts (MW) of energy from coal power, or extract more than 20 million tons of coal annually. 

Sector: Tobacco, alcohol, gambling services or pornography

The Nordic Ecolabelling applies additionally criteria on screening out all fossil fuels and weapons. 






KLPs funds "Mer Samfunnsansvar" includes only companies that have a best in class performance on ESG. Information on the fund can be found on


          UN and EU sanctions, international humanitarian law, relevant weapons-related conventions


Portfolios are screened for violations of the above mentioned norms. Companies that run an unacceptable risk of severe or systematic violations are excluded.

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 overall guidelines are established by the KLP board. Screening criteria are reviewed continuously and altered when needed. Any changes are published on the website and communicated through relevant information channels. The most recent version of the guidelines was adopted in 2019.

Guidelines for KLP as a responsible investor:!/menu/standard/file/Guidelines%20for%20KLP%20as%20a%20responsible%20investor.pdf

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。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

For exclusion decisions based on company conduct, KLP  generally requests a second opinion on the underlying analysis from a relevant external expert.

LEI 06. Processes to ensure fund criteria are not breached

06.1. ファンドの基準に違反がないことを確認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。

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

KLP performs quartelry screenings, and have alert functions that will notify about changes. Companies that are not in line with Guidelines for KLP as a responsible Investor (!/menu/standard/file/Guidelines%20for%20KLP%20as%20a%20responsible%20investor.pdf) will be divested from and put on the KLP-list, a list of excluded companies. The internal IT systems will perform pre-check compliance so PMs are notified if they try to buy securities issued by companies on the KLP exclusion list. 

If an error occures so that a secutity from a company on the KLP-list is invested in, the position will be sold immidiately. The breach of KLPs Guidelines will be reported to the CEO of KLP Asset Management, Compliance, Risk Management, and Responsible Investment immediately and holdings in the excluded security will be sold. This will also be reported to the KLP board of directors in the KLP Asset Management annual mandate reporting.

06.3. 補足情報 [任意]

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。








08.2. 補足情報 [任意]

The actively managed listed equities are in the Norwegian market where the PMs have good knowledge of the companies and the market. ESG-information related to a company, market etc. is included in a hollistic view of the investment together with other information. 

The funds KLP Mer Samfunnsansvar is rebalanced every quarter and companies not in line with the criterias, both negative screeening and positive inclusion by the best in class performers, are reviewed. 

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。

09.3. 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]

PMs and the RI-team regularly discuss and share company notes. meeting notes and other relevant information is shared between the teames. PMs all have access to ESG-data from third party provider.

LEI 10. Aspects of analysis ESG information is integrated into


10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。








10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

ESG information is assed in by PMs of the active-fundamental portfolios and weighs in to their overall asessment of the company. 

The funds KLP Mer Samfunnsansvar is ecolabelled by the Nordic Ecolabelling. It is rebalanced every quarter based on the companies ESG-ratings.

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

The method varies based on the specific investment under review. As an example, costs of compliance with anticipated environmental regulations would be included in valuation models.

10.5. 有価証券の評価に感応度/シナリオ分析をどのように適用しているか説明してください。

2018 was the first year that we tested all investments under different climate-scenarios. 

10.6. 補足情報 [任意]