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Marks & Spencer Pension Scheme

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

The Scheme’s primary objective is to have sufficient funds to meet the Scheme’s liabilities when they are due. It aims to do this by:

  • investing in a range of suitable assets of appropriate liquidity which will generate, in the most efficient and effective manner possible, income and capital growth to ensure that there are sufficient assets to meet the cost of the benefits which the Scheme provides in its DB arrangement.
  • hedging interest and inflation risks to the Scheme’s funding by investing in appropriate gilts, interest and inflation swaps.
  • minimising exposure to excessive short-term volatility of investment returns.
  • minimising the long-term costs to the Company by maximising the return on the assets, whilst having regard to the risk objectives described above.

The Scheme’s primary concern in setting its investment strategy, is to act in the best financial interests of members and the investment strategy is formulated to support its objective of paying benefits as and when they fall due.

The Trustee believes that companies that effectively manage ESG risks can protect and enhance value by, for example, avoiding risk to their reputation, reducing potential financial liability and by increasing their ability to recruit and retain high-quality staff. 

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

The Scheme has a diminishing exposure to listed equity assets as a consequence of the maturity of the Scheme and the risk management approach of the Scheme to seek to hedge real interest rate and longevity risks in the Scheme. Consequently, when considering responsible investment, the Scheme also considers investments in credit (including corporate bonds) and real assets, including real estate, but also infrastructure and longer dated secure income assets. The nature of these assets means that the Scheme is very focussed on the sustainability of the cashflows from these assets and their residual value. Owing the long date of these, the Scheme devotes considerable effort to understanding the risks over the long term to these assets, including climate change and broader social and environmental risks. An increasing proportion of these assets that the Scheme invests in are in sectors such as; Social housing, Renewables and Healthcare related assets.

01.6. 補足情報 [任意]


SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。








02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。



02.3. 補足情報 [任意]

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

It is not expected that there would be any conflicts of interest.  However at the start of any Trustee meeting (and Investment sub-committee meeting) Trustees are required to declare any conflicts that they are aware of.

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios (Private)