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Mirova

PRI reporting framework 2020

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

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 100%

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。

The global economic environment is facing major transitions – environmental, social, technological and governance- which are accelerating a paradigm shift towards a more sustainable development model. Climate change, rising inequality, technological disruption and governance crisis are examples of the challenges that the economic leaders have to face, and which are calling for a broader response from the  business world to achieve a sustainable growth as defined by the UN Sustainable Development Goals. These four major transitions - ecological, demographic, technological, and governance - have long-term effects on our economies and require the creation of a new socio-economic paradigm in order to respond to the SDGs defined by the United Nations.

For companies, the major issue at stake is development of new models for sustainable growth that are inclusive and compatible with the energy transition. Innovation and integrating sustainable development issues into strategic decisions will be the main factors for success. For investors, the major issue at stake is reorienting their capital allocation strategies towards innovative and sustainable companies that will shape our future and become the winners of tomorrow.

Therefore, the strategic integration of sustainable development has also become a factor in remaining competitive and ensuring sustainable performance. It is this conviction that is the basis for Mirova’s responsible investment approach for listed equities. The goal of this approach is to create medium-term financial performance while contributing to preservation of human and environmental capital, a necessary condition to deliver long-term performance.

How do we reconcile these goals? Our active conviction-based portfolio management prioritises investments in:

- players offering sustainable solutions with positive implications for the SDGs

- innovative players that will contribute to shaping the world of tomorrow while managing their ESG risks. We thus create investment portfolios that generate triple performance - social, environmental, and financial - that we seek to improve through our voting policy and responsible engagement.

The in-house RI research team therefore focuses both on opportunities (idea generation) and risks. They ask themselves two questions: what does a company do (i.e. does it provide solutions for the long-term sustainable development of our economy) and how does a company do its business (with enough respect for ESG criteria)?

To answer the first question (what?), ESG research helps to identify opportunities across all aspects of the economy. Mirova has broken down these opportunities into eight themes: Energy; Resources; Consumption; Information and Communication Technologies; Health; Buildings & Cities; Mobility and Finance. ESG research therefore makes it possible to identify the companies offering solutions to sustainability issues, and to target groups that are likely to outperform the broader market over the next decade.

The answer to the second question (how?) helps improve risk management. Firstly, it is a way of avoiding black swan events. Non-compliance with ESG criteria, can lead to rapid and sharp underperformance (e.g. BP, Tepco or Volkswagen). Secondly, it helps avoid exposure to long-term underperforming or even dying business models. Lastly, ESG research leads to better management of reputational and image risks.

To apply this philosophy, Mirova is set up to incorporate these inputs efficiently throughout its entire equity investment process.


In concrete terms, Mirova combines:

- a thematic (or multi-thematic) approach to seize the opportunities arising from sustainability issues;
- ESG screenings: controversy and ESG filters are applied to exclude companies potentially exposed to ESG risks;
- ESG integration: fundamental analysis notably incorporates ESG analysis.

 

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]

ESG analysis is incorporated at every stage of the investment process. The in-house equity investment & RI Research teams have developed a proprietary approach that includes a thematic bias as part of idea generation, screenings and ESG integration.

 

Thematic approach:

In a first step, an ESG positive thematic filter is applied to this universe so as to identify the companies which provide solutions for sustainable, long-term economic development, taking into account the impact (challenges and opportunities) of the long-term megatrends on Mirova’s eight macro-sectors.

 

Screening focused on ESG corporate profile:

In a second step, the universe is further reduced by using an ESG filter (corporate behaviour) including a in-depth screening of controversies (major violations of the UN Global Compact and OECD principles, controversial weapons. This restricted universe is then analysed in greater depth.

 

ESG Integration:

The third step consists in an in-depth fundamental analysis of the company that notably includes a detailed ESG analysis.


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

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。

Mirova explicitly encourages sell-side analysts to develop and improve their ESG research, as part of its engagement process. Mirova has formalized its requirements, and takes them into account while assessing sell-side research during the annual “broker-review”:

1. developing research to enhance its understanding of sustainability and governance issues
2. closely monitoring ESG newsfeed (at issuers’ level, but also the changes in regulatory framework, new drivers, etc.)
3. undertaking ESG issues-related studies (exposure of industries to sustainability matters, impacts on companies’ valuation, identification of specific risks, etc.).
4. establishing relevant stock lists that fit with sustainability themes
5. organizing events to foster a better understanding of a) companies’ strategies / business models ; b) the development of new technologies towards sustainability 
6. being able to provide in-house RI teams with flexible and ad hoc support in case of ESG-related specific request. 

Brokers are therefore selected based on their capability to integrate long term sustainability issues into their financial research, according to the 6 requirements mentioned above. In this context, ESG and financial research remuneration are now fully combined.

These replies apply to the reporting year and should evolve with the Mifid II regulation.

 

02.4. 補足情報 [任意]

Additional information to LEI.02.1:

As explained above in LEI.04.2, most of ESG information is provided by the in-house RI Research team, who draw on various sources, among which ESG research providers and sell-side research. The investment team uses ESG information while managing portfolios, but is also involved in the production of some research outputs:

Sector-related analysis and ratings: as Mirova is a Core RI player, all its analysts and PMs are specialists of ESG issues. They closely work together and share views with regard to risks and opportunities arising from ESG sectorial issues, notably during the Thematic Committees.

Company-related analysis or ratings and screened stock list: PMs and RI analysts closely work together on a daily-basis (combined stock-notes, thematic committees, etc.) to analyze companies and find efficient investment ideas from both financial and sustainability viewpoints.

ESG issue-specific analysis or ratings: The investment teams are also sometimes called upon to contribute to RI research papers. 


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]

Mirova’s portfolio managers (PMs) systematically take all relevant ESG inputs into consideration in their investment decisions, including those arising from the exercise of voting rights and from the engagement actions conducted by the RI Research team. This sharing of information is made through several ways:

-A report of each engagement action is logged in “OCTAVE”*, a proprietary centralized database available to all Mirova’s teams, including PMs.
-A platform discloses all voting decisions for each security of the voting universe
-The most important voting and engagement activities are summarized in combined stock-notes performed by PMs and ESG analysts.
-Portfolio managers and ESG analysts interact constantly:

-They share the same offices. Informal  cross-teams exchanges are therefore fostered, including about active ownership matters.
-They take part in several common internal meetings (Conviction meetings, Thematic clusters, etc.) during which strategic voting decisions and results of key engagement actions are disclosed.
-PMs can attend meetings with companies dedicated to the topics of voting and/or engagement; and conversely RI analysts have the opportunity to take part in meetings with companies’ management, during which questions about engagements and vote can be addressed.

 *Online Collaborative Tool for Analysis, Voting and Engagement

 


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

Mirova applies an “absolute” ESG analysis. Hence, Mirova does not exclude any activity or sector as a matter of principle, but an entire industry might be rated “Risk” if the activity or the industry practices as a whole are not sufficient or if their current business model does not fit into a sustainable world. (e.g. Mirova does not invest in tobacco, in military industry, in coal nor in Oil Exploration and Production). Companies involved in antipersonnel mines and cluster bombs, as well as those based in non-eligible countries are also excluded.

Besides, in addition to the thematic selection of companies (please refer to the section “positive screening” hereafter for further details), an ESG filter is applied to ensure that all risks are reviewed, including an in depth review of severe controversies

The companies are assessed on a 5-level scale”, “Negative”, “Risk”, “Neutral”, “Positive” and “Committed”. Companies negatively assessed (i.e. below “neutral”) are excluded from Mirova’s investment universe.

スクリーニング実行者

説明

Mirova’s RI equity portfolios are managed following a thematic or multi-thematic approach that consists in identifying and investing in sustainable business models, that is to say companies that:

- fit with its  sustainable investment themes* i.e. that provide solutions for the long term sustainable development of our economy. (“Sustainability Opportunities Exposure”).

- Correctly manage their impacts by re-internalizing their social and environmental externalities, thanks to good ESG practices (“Sustainability risk review”), and those that correctly take into sustainability issues at board and executive level (“Sustainability Governance opinion”).

The “Sustainability Opportunities Exposure” is merged with the “sustainability Risk Review” Opinion to form the overall “Sustainability Opinion” assessed on a 6-level scale: “Negative”, “Risk”, “Neutral”, “Positive” and “Committed”. Only issuers rated “Neutral”, “Positive” or “Committed” are eligible for investment at Mirova. When relevant, the investment team  overweighs “positive contributors, i.e. issuers rated “Committed” and “Positive”.

スクリーニング実行者

          The United Nations Sustainable Development Goals (SDGs), Ruggie Guiding Principles, International Climate
Summits & Agreements ( Paris Agreement), Nagoya Biodiversity Summit, etc.
        

説明

As mentioned previously, Mirova’s equity investment process includes systematic review of companies’ ESG risk management. All companies rated below “neutral” in Mirova’s ESG rating scale are excluded from the eligible universe, among which companies exposed to severe and repeated violations of the UN Global Compact and OECD Guidelines for Multinational Enterprises.

Furthermore, Mirova’s RI research methodology takes into consideration the tenets of the main international guidelines and agreements related to sustainability issues. Should a severe breach of these international guidelines be identified, an alert system would be activated and the involved company could be downgraded, and therefore automatically be excluded from Mirova’s investment universe (after a check and potential engagement actions undertaken by the in-house RI research team).

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。

How the screening criteria are established and combined

Screening criteria, whether positive (thematic filter) or negative (ESG filter), are established by Mirova’s in-house RI research department. In order to further explore sustainable development issues and analyse their impacts on sectors and companies, Mirova has built up a robust in-house extra-financial research capacity. A dedicated team of 11 specialists in ESG issues, among which 7 dedicated to corporate issuers, undertakes analysis according to a proprietary methodology that is both demanding and practical.

In concrete terms, for each company, the RI research team produces a Sustainability Opinion, which assesses whether the investment is compatible with the UN Sustainable Development Goals. The team’s guiding philosophy is publicly available on Mirova’s website*. The formation of this Sustainability Opinion relies on two main assessments. 

-The Sustainability Opportunities Exposure which assesses the compatibility of the company’s business model with sustainable development themes. The level of exposure is calculated in terms of the environmental or social benefits presented by an activity in comparison to a business-as-usual scenario.
-The Sustainability Risks Review, which evaluates how a company addresses environmental and social challenges, regardless of the quality of its business model. It also includes an in-depth analysis of companies’ exposition to severe and repeated controversies (major violations of the UN Global Compact and OECD principles, controversial weapons)

The “Sustainability Opportunities Exposure” is merged with the “Sustainability Risk Review Opinion” to form the overall “Sustainability Opinion”, defined on a 6-level scale: “Worst Offender (WO)”, “Negative”, “Risk”, “Neutral”, “Positive” and “Committed”. Only issuers rated “Neutral”, “Positive” or “Committed” are eligible for investment at Mirova.

As regards the analysis, the RI research team has implemented two types of coverage regarding sustainability analysis:

Core scope, mostly made up of companies held in portfolio: good knowledge of the company (or event extensive for the main holdings), regular monitoring/updates and validation/review of ISS ESG’s analyses on a quarterly basis (ISS ESG is Mirova’s main external research partner), meetings with companies, etc.
Standard scope, i.e. all other companies: the analysis is fully delegated to ISS ESG.

How often the criteria are reviewed

There is no pre-defined frequency to review the RI criteria. The idea generation process and screening criteria, and generally speaking the entire process of extra-financial research, undergo constant improvement and refinement (strengthening sources, constant monitoring of sustainability issues, etc.), while offering continuity.

How Mirova notifies clients and/or beneficiaries when changes are made

Should a significant change of RI approach or criteria occur that might affect the investment process, the fund’s prospectus would be updated. In such a case, changes would be notified to AMF, the French securities regulator, and investors would be properly informed, i.e. by press release or by letter to the unitholders.

 

* http://www.mirova.com/Content/Files/Mirova%20Research%20Philosophy.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 each company, Mirova’s RI research team produces a “Sustainability Opinion”, which assesses to what extent the investment is compatible with the UN Sustainable Development Goals. The formation of this “Sustainability Opinion” relies on two main assessments. 

-The “Sustainability Opportunities Exposure”, which evaluates the compatibility of the company’s business model with sustainable development themes. The level of exposure is calculated in terms of environmental or social benefits presented by an activity, in comparison to a business-as-usual scenario.
-The “Sustainability Risks Review”, which evaluates how a company addresses environmental and social challenges, as well as potential involvement in controversies, regardless of the quality of its business model. 

The research Committee and the buy list committee integrate non-RI research members and enable Mirova to challenge the ESG ratings applied to  companies. A CRD alert is transmitted to portfolio managers through the IT system to prevent any buying of an issuer rated as "risk" or "negative". 

In order to have a high level of information and a broad coverage of companies related to sustainability, Mirova relies on various providers regarding sustainability analysis, among which ISS ESG, its main ESG Research partner. ISS ESG, a sustainability rating agency with more than 50 analysts dedicated to sustainability issues, works hand in hand with Mirova to cover an extensive universe. Considering this close partnership:

-ISS ESG applies Mirova’s RI research methodolology ;
-Mirova’s RI Research team regularly challenges the robustness of the analysis carried out by ISS ESG’s analysts ;
-On Core Universe*, Mirova’s RI Research teams reviews and modifies ISS ESG’s analyses on a quarterly basis. Mirova’s RI Research teams set up meetings with companies
to reach a better understanding of their ESG practices, verify or further investigate specific aspects and make suggestions for improvement if necessary, as part of Mirova’s engagement approach. Companies are therefore sometimes given the opportunity to review ESG research on them and to correct potential inaccuracies during the dialogue undertaken.

As regards how often the ESG analyses are updated, for its Core Universe* the RI Research team follows the newsflow on issuers (on a real time basis for top holdings) so as to ensure that the Sustainability Opinion continually corresponds to companies’ the actual practices. The RI Research team carries out three main actions:

- A daily review of news feeds and a comment on each relevant news item every week.

- A quarterly review of ISS ESG’s updates (ISS ESG is Mirova’s main external research partner)

- A review after each company meeting.

For the Standard scope**,  ISS ESG’s analyses are annually updated and controversies and other important information (mergers etc.) are integrated in ISS ESG’s own tools as soon as their rating update is finalised. Each quarter, newly updated information is integrated in the data delivered to Mirova.

A periodic review of the quality of the research is also carried out by third parties:

- EY has conducted an audit on the robustness of Mirova’s ESG research processes in June 2014 (with a review in 2015)
- In the framework of the SRI label, that has been awarded to 21 Mirova’s funds, and of the and TEEC/ green label, awarded to 3 strategies and 5 funds,  the investment process that includes Mirova’s ESG research have been audited by external certificators (EY ).
- Very regular audits are carried out by the General Inspection Department of BPCE Group on investment processes.  

- An audit was carried out by the French Market Authority on our SRI processes in 2018. 

* mostly made up of companies held in portfolio

** All other companies

 


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。

Mirova is a Core RI player. As a consequence, ESG criteria are at the heart of its investment processes. The ESG guidelines are formalized and their application is strictly monitored.

 

To ensure the follow-up of Environmental, Social and Governance criteria in Mirova’s RI strategies, two levels of monitoring are in place:

-At the level of the RI Research team: the analysts responsible for assessing companies monitor news and alarms so as to continually ensure the consistency of their ratings with companies’ actual practices (the monitoring of companies and updates of sustainability opinions are previously explained in question LEI.05)
-At the level of the Risks Constraints and Operations teams: they monitor not only the regulatory and financial constraints of portfolios, but also their minimum level of ESG quality. Among their tools, therefore, these teams have access to the ESG ratings of each company and ensure that none rated below “neutral” is present in the portfolio continuously.

Mirova also holds regularly a dedicated Risks management Committee. 

 In addition, Mirova draws on Natixis IM’s (its parent-company) strong risk management organisation to ensure that fund screening criteria are not breached, among which ESG constraints. To this end, the process described below is strictly applied.

Considerable attention is paid to monitor compliance with established guidelines. Given the in-depth risk monitoring and the ability to pre-test trades both for consistency with the model portfolio and for guideline compliance, the potential for breaches based on portfolio management activity should be low. Further, in case a breach actually occurred (for example, due to market action), it can be quickly discovered and resolved given the systems that actively monitor guideline compliance. 

Guardian, dedicated software 

Guardian leads both pre-trade and post-trade controls and provides a daily automated audit trail. All portfolio constraints are input into the Guardian dedicated software by the Risk Constraints and Operations Team (RCO) of the Legal, Monitoring (Compliance and Internal Control) and Risk Department of Ostrum AM (another affiliate of NIM). Guardian (Compliance module of CRD) is linked to the Charles River Development order management system and to the Apollo central record keeping system for portfolio positions, which is updated daily.

The RCO Team develops and maintains pre-trade controls for the use of portfolio managers before submitting trades. These controls are performed in real time, before a broker or counterparty has been contacted by a dealer. These pre-trade controls concern mainly eligibility and investment constraint calculations, and are intended to prevent breaches. Pre-trade compliance strengthens the asset management process by reducing risk of late corrections and end-of-day non-compliance.

In addition the RCO Team uses Guardian to perform post-trade controls. Any breaches are reviewed daily and brought to the portfolio manager for resolution. There is a formal escalation procedure if the breach is not resolved in less than 2 days. Reports on breaches are sent twice each month to the heads of investment departments and the heads of Legal, Monitoring (Compliance and Internal Control) and Risk Department.

 

 

06.3. 補足情報 [任意]

Control mechanisms operate at three distinct levels.

 

-First level: controls at front office level – portfolio managers

Operational business lines are responsible for these front-level controls through self-regulation and the policies stipulated in the written procedures. Risk management is part of the portfolio managers’ investment process. They use an in-house developed tool for pre-trade simulations and controls. These ex-ante controls include regulatory, contractual and internal constraints that portfolio managers take into account while constructing and managing a portfolio. The Middle Officers are in charge of the first analysis. Through standardized consistency checks, Middle Officers make sure the breach is valid and raise it, through Guardian, to the portfolio manager for action

 

-Second level: controls at risk management team level

The second level of controls is led by the RCO Team, who monitors constraints linked to portfolios’ financial management (intelligence and validation, exhaustiveness, effective control, adjustment procedure, audit trails, reporting). Controls cover either the prospectus specifications when relevant for funds, or contractual constraints for mandates including specific investment guidelines, as well as regulatory requirements. It finally implements ex-ante constraint controls on portfolios.

The initial analysis is handled by the middle office. Through standardized consistency checks, this department checks that the breach is valid and raises it, through Guardian, to the portfolio manager for action. If after two alerts, action is not taken, risk managers take over from the middle office until the exception is corrected.

 

-Third level of control, called regular controls

Specific audits can be conducted by Natixis IM, and the quality and relevance of Mirova’s internal control mechanism is reviewed 3 times a year by the Risk and Compliance Committee.

 


B) 実施:テーマ

LEI 07. Types of sustainability thematic funds/mandates

07.1. 組織が運用している、サステナビリティをテーマとするファンドやマンデートの種類を記載してください。

07.2. 組織でのサステナビリティをテーマとしたファンドのプロセスについて説明してください。 [任意]

Mirova has a core belief: The global economic environment is facing 4 major transitions – environmental, social, technological and governance- which are accelerating a paradigm shift towards a more sustainable development model. Climate change, rising inequality, technological disruption and governance crisis are examples of the challenges that the economic leaders have to face, and which are calling for a broader response from the  business world to achieve a sustainable growth as defined by the UN Sustainable Development Goals.

In this context, innovation and sustainability are becoming the main levers for economic, environmental and social value creation. The companies that will be able to provide sustainable and or innovative solutions, while appropriately managing their ESG, will benefit from a real competitive advantage. Our investment approach is primarily based on that conviction and combines the sustainability and financial dimensions of investing with the objective to allocate financial capital with a net positive impact on society and benefit from returns of companies that should deliver better than average performance.

 

RI research is therefore at the heart of its investment process. It aims at further understanding sustainability issues* and transpose them to investment-context, and then determine to what extent business industries are exposed to risks and/ or opportunities related to sustainability.

 

In practical terms, this thematic / multi-thematic approach entails selecting companies that are ‘tomorrow’s winners’, i.e. that have the ability to perform over the long run via business models that fully integrate the challenges of sustainable economic development. These issues are classified around 8 macro-sectors enabling the identification of investment opportunities along the entire value chain and across all sectors of activity. Mirova’s PMs can either :

-cover all these themes (or several) in multi-thematic funds, and therefore combine environmental and social issues:

e.g. Mirova Global Sustainable Equity Fund *** ; Mirova Europe Sustainable Equity Fund, Mirova Euro Sustainable Equity Fund, etc. ****

-or focus on 1 or 2 theme(s) in thematic funds:

environmental theme: e.g. Mirova Europe Environmental Equity Fund, etc.
social theme: e.g. Insertion Emplois Dynamique, which targets companies that are the most likely to create employment over 3-year cycles.

For further details about the themes addressed by Mirova’s product range, please refer to the section “Strategy and Governance”, Question SG.15.

* Climate stability change, Healthy Ecosystems, resources security,  Basic Needs, Decent work, Wellbeing,
** Energy, mobility, resources, sustainable, consumption, buildings and cities, health, finance, information and communication technologies

*** Mirova Global Sustainable Equity Fund is a sub-fund of the Luxembourg SICAV Mirova Funds, approved by the Luxembourg Commission for the Supervision of the Financial sector (the "CSSF"). Natixis Investment Management International is the management company and has deleguated financial management to Mirova US.

**** Mirova Europe Sustainable Equity Fund and Mirova Euro Sustainable Equity Fund are sub-funds of the Luxembourg SICAV Mirova Funds, approved by the Luxembourg Commission for the Supervision of the Financial sector (the "CSSF"). Natixis Investment Management International is the management company and has deleguated financial management to Mirova.

 


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]

Mirova is a pure player in the RI market. Considering this positioning, the incorporation of ESG in its investment processes forms an integral part of its business model.

As a consequence, all its funds systematically take into account E, S and G criteria.

Environmental and social factors are analysed for all funds on a sector-specific basis, either through a multi-thematic approach or a thematic one (for more details, please refer to LEI.07 or SG.15) on the following basis:

- A Risk / Opportunity Approach

- Taking advantage of opportunities ; .
- Managing Risks ;
- Targeted Issues
- A Life Cycle Analysis
- A Qualitative and Absolute Assessment

Governance issues are analysed at two levels:

- the sustainability governance analysis evaluates how environmental and social performance are managed by the issuer; this is performed directly by the RI research team;

- the corporate governance analysis evaluates how the economic performance is managed by the issuer; this is performed directly by PMs.


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]

The processes in place to ensure ESG integration is based on robust analysis are the same than those described for the screening (please refer to LEI.5 for further information).

In addition, optimum ESG Integration is fostered by constant interactions between the RI Research team and the portfolio managers:

- not only do they share the same offices, they take part in several common internal meetings (Conviction meetings, Thematic clusters, etc.)

- they hold open meetings where anyone can attend (with company management, external strategists/analysts, etc.)

- together, they perform combined financial & extra-financial stock-notes, with a standard section dedicated to sustainability opinion.

- they share a common, proprietary and internal tool: OCTAVE (Online Collaborative Tool for Analysis, Vote and Engagement).

This collaborative modus operand fosters trust and idea sharing.

Mirova systematically captures how ESG information and research was incorporated into investment decisions to ensure that all the companies included in its portfolios are compliant with its high standard ESG and thematic requirements. Mirova is fully transparent with regard to this ESG quality commitment and discloses publicly the breakdown of its portfolios in terms of “Sustainability Opinion” in the funds’ monthly factsheets, available on its website: http://www.mirova.com/en-UK/p/our-funds.


LEI 10. Aspects of analysis ESG information is integrated into

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

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。

Mirova is a key player in the RI market, with strong ambitions in terms of sustainability. This commitment takes the form of tangible ESG and sustainability features of its investment processes, with strict and traceable portfolio management guidelines, controlled by the risk management department (For further details, please refer to LEI.06).

Mirova’s portfolios cannot hold issuers rated less than neutral (in terms of Sustainability Opinion). Besides, the sustainability opinion is incorporated in the fundamental analysis, and therefore impacts the weights of stocks in portfolios. The objective is to maximise the number of issuers rated “positive” or “committed”.  Whenever possible and relevant, the latter are overweighed. Mirova is fully transparent with regard to this portfolio construction commitment and discloses publicly the breakdown of its portfolios in terms of “Sustainability Opinion” in monthly factsheets, available on its website: http://www.mirova.com/en-UK/p/our-funds

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。

ESG criteria are integrated in revenue and earnings forecasts, in the following ways:

Positively: Revenue growth potential related to the companies' capacity to offer solutions for sustainability issues;
Negatively: cost impact due to fines related to non-compliance with legal and regulatory framework and cost or remediation.

 

10.6. 補足情報 [任意]

The equity investment team has a conviction-driven, stock picking approach based on a bottom-up investment process. ESG issues are therefore mostly taken into account at the stock-selection and portfolio construction levels.

Achieving the SDGs requires taking two different dimensions into account that often go together.

- Taking advantage of opportunities

- Managing Risks:

This analysis structure gives equal importance to opportunities and risks. It is the primary prism through which we analyse sustainable development issues.

Targeted Issues

Our risk/opportunity analysis focuses on the elements most likely to have a tangible impact on the assets studied and on society in general. Additionally, the issues that economic agents face are very different depending on the sector, and can even vary within the same sector.

A Life Cycle Analysis

In order to identify the issues that could impact an asset, the analysis of environmental and social issues must consider the entire life cycle of products and services, from raw material extraction to end-of-life.

A Qualitative and Absolute Assessment

The primary result of these analyses is an overall qualitative opinion on a five-tier scale. This score demonstrates how the asset performs in terms of sustainable development goals.


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