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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 » (C) Implementation: Integration of ESG factors

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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