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APG Asset Management

PRI reporting framework 2020

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

アクティブ運用している上場株式におけるESGの組み入れ

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 200%

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。

We are convinced that investors make better investment decisions if they look structurally at sustainability factors and responsible business practices as this gives them a more comprehensive picture of investment risks and opportunities.

This policy requires that our investment teams actively consider relevant environmental, social and governance factors alongside considerations of return, risk and cost in a portfolio context, leading to informed and well-considered investment decisions for every industry and company we are invested in.

Based on that belief, APG, together with our clients, has developed an industry-leading inclusion policy whereby the investment universe for capital market investments is assessed based on a proprietary methodology and categorized into leaders and laggards. Investments in laggards require engagement in order to improve their sustainability performance. Engagement is therefore one of the cornerstones of the inclusion policy. We aim to invest only in companies that either perform adequately on our chosen sustainability indicators or those that we expect can make progress in these areas.

In addition to the Inclusion Policy, APG has a carbon reduction target for the equity portfolios and an investment target for Sustainable Development Investments (SDIs). APG has also continued to apply its corporate governance framework in our engagement and voting activities.

In addition to a strong focus on integration, APG has minimum standards and an exclusion policy built into its investment processes.

We expect companies to act in line with the principles of the UN Global Compact. On a regular basis we screen our equity and bond portfolio and engage with companies we think are in breach of these. Where engagement does not lead to the desired change we can decide to divest. This is a last resort and the result of an intensive process that can take several years and involves clear requirements and deadlines. In line with our clients policies, APG does not invest in companies involved in the following:

− Controversial weapons: This means we do not invest in companies that are involved in the production, sale or distribution of cluster munitions, anti-personnel mines, chemical or biological weapons. We define involvement as production, sale and/or distribution of the core weapon system, or components/services of the core weapon system that are considered tailor made (or dedicated) for the weapon or weapons system and essential (key) for the lethal use of the weapons. Regarding nuclear weapons, we exclude companies involved in the production, development, sale and/or distribution of the core weapon system. We also consider companies involved in the production, development, sale and/or distribution of the company is deriving revenues of components or services that are considered tailor-made (or dedicated) for the weapon or weapon system and components or services that are considered essential (key) for the lethal use of the weapon or weapon system.

− Tobacco production: we define involvement as companies that derive revenues (i.e. > 0% revenue) from the production of tobacco products. This relates to companies engaged in manufacturing and producing tobacco products such as cigars, cigarettes, e-cigarettes, beedi, kretek, smokeless tobacco, reconstituted tobacco leaf, snuff, snus, and chewing tobacco. It also includes companies that grow or process raw tobacco leaves

In addition to the exclusion policy on corporates, we exclude sovereign bonds issued by countries that are subject to an arms embargo by the UN Security Council.

As of January 2019 companies involved in tobacco production, and companies involved in nuclear weapons inside the Non-Proliferation Treaty are excluded from investment. The exclusion list is determined on a semi-annual basis. Per December 2019 we excluded 156 public and 119 private companies that are directly, or through ownership, involved in production of anti-personnel landmines, cluster munitions, nuclear weapons or tobacco production. We exclude 3 companies that we consider to be in violation of the UN Global Compact principles. 10 countries currently feature on the exclusion list for sovereign bonds. We apply the exclusion policy for listed and non-listed issuers, the list of private issuers is internally available and shared with our external managers. 

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]


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。

ESG情報の種類

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

          NGOs, voting research, news and media, company documents, Bloomberg
        

この情報の提供者を選択してください

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。

02.3. ブローカーに対しどのように奨励しているかを記載してください。

APG is compliant with MiFID II and as a result has a direct research contract with brokers. We do not disclose the actual amount or percentage paid for ESG research as we consider that confidential.

02.4. 補足情報 [任意]

The majority of acquired ESG information is company related, including ESG ratings and scores, analysis of policies and performance on specific issues, news and controversies related to ESG issues, and broker analyses of ESG issues. Part of this information is made available to portfolio managers via a centralized knowledge management system (KMS) in which we track our engagement with companies as well as other relevant research, financial and ESG information. For more in-depth analysis, more detailed reports are used.

We procure specialist research that establishes how companies perform against specific standards (e.g. UNGC principles) or verifies the involvement with controversial weapons (cluster munitions). The latter forms the basis for our exclusion policy. If we deem companies to potentially be in breach of the UNGC principles, we start an intensive engagement program that could ultimately result in exclusion if the company does not show sufficient progress over a period of time. We also acquire ESG research at a country level that provides insight into the risks of investing in corporates in specific countries (governance, environment, human rights).

In case third parties do not cover companies, we initiate our own efforts to collect relevant ESG data of issuers.


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]

Information about APG's engagement and voting activities is made available to the investing teams using the following tools:

  • The Knowledge Management System,
  • Alert systems that communicate when relevant new shareholder meeting information becomes available,
  • The disclosure of our voting record, and
  • Regular joint meetings between the investment and GRIG teams.

Additional ad-hoc requests for specific information can also be made and are handled on a case-by-case basis.


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

In addition to a strong focus on integration, APG has minimum standards and an exclusion policy built into its investment processes.

We expect companies to act in line with the principles of the UN Global Compact. On a regular basis we screen our equity and bond portfolio and engage with companies we think are in breach of these. Where engagement does not lead to the desired change we can decide to divest. This is a last resort and the result of an intensive process that can take several years and involves clear requirements and deadlines. In line with our clients policies, APG does not invest in companies involved in the following:

  • Controversial Weapons
  • Tobacco production

スクリーニング実行者

説明

We expect companies to act in line with the principles of the UN Global Compact. On a regular basis we screen our equity and bond portfolio and engage with companies we think are in breach of these. Where engagement does not lead to the desired change we can decide to divest. This is a last resort and the result of an intensive process that can take several years and involves clear requirements and deadlines.

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 exclusion policy including the screening criteria are evaluated and reviewed by the client twice per year.


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]


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。

          Exclusion policy including implementation is part of our risk management framework, and the process is audited by an external third party.
        

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。

The external fund manager or internal portfolio manager is instructed to sell the position immediately. An investigation is conducted to assess the background of and reason for the breach of the policy in order to establish whether and, if yes, which additional measures are needed to prevent future breaches.

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。

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]


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]

Company inclusion classifications and the carbon reduction targets are formally updated on an annual basis. However, portfolio managers/analysts and members of the Global Responsible Investment & Governance team will have access to so-called pro-forma classifications, which are based on latest input data and thereby can monitor developments between formal update moments.


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


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