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APG Asset Management

PRI reporting framework 2020

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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

We take ESG issues into account in our investment processes by:

  • Making ESG research and analysis available systematically through various ESG tools.
  • Including the key ESG ratings compared to peers in the investment case.
  • Having portfolio managers and analysts assess the ESG risks and determine how these may affect companies' performance and/or risk profiles and required premiums.
  • Having material ESG issues discussed at credit investment committees.

In addition to this we also screen entire portfolios against compliance with the UN Global Compact principles, apply an exclusion policy companies involved in the manufacture of controversial weapons, and engage with companies.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

SSA

We fully integrate ESG within SSA. Although the focus for sovereigns in mostly exclusion based, we do integrate ESG factors into our decision making. For government related and agencies we integrate ESG factors of the issuer, and actively engage with issuers on issuance of green bonds, In our EMD portfolio we integrate various ESG factors into our investment decisions (including rule of law and corruption) that enables us to better assess risks in a country.

社債(金融)

Within corporates ESG is integrated through our Inclusion Policy. We also actively invest in Green Bonds and consider the available ESG information when selecting certain investments and carry out joint engagements with equity where we both have a position in a company. The exclusion policy is also applicable for fixed income investments.

社債(非金融)

Within corporates ESG is integrated through our Inclusion Policy. We also actively invest in Green Bonds and consider the available ESG information when selecting certain investments and carry out joint engagements with equity where we both have a position in a company. The exclusion policy is also applicable for fixed income investments.

10.3. 補足情報 [任意]


FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
SSA
社債(金融)
社債(非金融)
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
SSA

E(環境)

S(社会)

G(ガバナンス)

社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

SSA

The emerging market debt team has deepened ESG integration in its investment process over the past years. The team uses the ESG Country risk tool that APG has developed together with research providers. The emerging market debt team has done an analysis on the data of the ESG Country Risk tool to assess the relationship between the risk premium of a country and the ESG scoring. The team has selected indicators deemed relevant for this relationship as these factors drive growth potential or are an indicator of social (in)stability. These selected ESG indicators are integrated in the in-house build score card for assessing risks and opportunities of the investments. Most of the indicators that the team adopted are governance and social indicators such as rule of law, government effectiveness, corruption perception, equality, education and the standard of living. Next to the ESG integration in the investment process through the Scorecard model, the team implements the Sovereign Bonds Exclusion list. Going forward, EMD will deepen the responsible profile of our clients portfolio, and search for potential new investment opportunities in sustainable development investments and ESG integration will take place in all phases of the investment management process. For SSA, other than sovereign issuers we apply the Inclusion Policy.

社債(金融)

We take ESG issues into account in our Corporate Bond Investment processes by:

  • Making ESG research and analysis available systematically through the Knowledge Management System (KMS).
  • Including the key ESG ratings compared to peers in the investment case.
  • Having portfolio managers and analysts assess the ESG risks and determine how these may affect companies' performance and/or risk profiles and required premiums.
  • Having material ESG issues discussed at credit investment committees.

In addition to this we also screen entire portfolios against compliance with the UN Global Compact principles, apply an exclusion policy companies involved in the manufacture of controversial weapons, and engage with companies.

社債(非金融)

We take ESG issues into account in our Corporate Bond Investment processes by:

  • Making ESG research and analysis available systematically through the Knowledge Management System (KMS).
  • Including the key ESG ratings compared to peers in the investment case.
  • Having portfolio managers and analysts assess the ESG risks and determine how these may affect companies' performance and/or risk profiles and required premiums.
  • Having material ESG issues discussed at credit investment committees.

In addition to this we also screen entire portfolios against compliance with the UN Global Compact principles, apply an exclusion policy companies involved in the manufacture of controversial weapons, and engage with companies.

12.3. 補足情報 [任意]

We use an ESG country risk tool that is complementary to the other country risk research efforts led by APG's Economics and Financial Markets team, Global Emerging Markets team, and Financial Risk team. The tool is based on public sources generating detailed information for over 165 countries on 31 Environmental, Social and Governance criteria. Having the possibility to scrutinise and apply different weights to criteria and categories, portfolio managers can adjust the scoring according to their views and perform in-depth analysis on the underlying information. The methodology takes into account APG's exclusion policy on countries subject to an arms embargo by the UN Security Council in whose bonds we cannot invest.


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