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Mirova

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct - Infrastructure
Overview [INF 01 - 02] Fundraising of infrastructure funds [INF 03 - 04] Pre-Investment (Selection) [INF 05 - 09] Selection, appointment and monitoring of third-party infrastructure operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure Monitoring and Operations [INF 12 - 14] Infrastructure Maintenance [INF 15] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18] Communication [INF 19]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Direct - Listed Equity Incorporation » Outputs and outcomes

成果および結果

LEI 12. How ESG incorporation has influenced portfolio composition

12.1. 組織のESG組み入れ戦略がポートフォリオや投資ユニバースの構成にどういう影響を与えているかを記載してください。

最初の投資ユニバースの削減またはその他の効果について説明してください

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*.

There are 5 levels of Sustainability Opinions: “Negative”, “Risk”, “Neutral”, “Positive” and “Committed”. Only issuers rated “Neutral”, “Positive” or “Committed” are eligible for investment at Mirova.

* http://www.mirova.com/Content/Files/Mirova%20Research%20Philosophy.pdf

And http://www.mirova.com/Content/Documents/Mirova/publications/va/Reports/ResponsibleInvestorReport2016.pdf

削減率を明記してください(+/- 5%)

40 %

投資ユニバースの変更またはその他の効果について説明してください

Considering its thematic approach (please refer to LEI.01 and LEI.07 for further details), Mirova targets sectors that positively contribute to tackle sustainable development issues by addressing one (or several) of its eight sustainability investment themes, and then automatically avoids those with negative ESG externalities. As a result, some sectors are not eligible to Mirova’s investment universe; not on an ex-ante basis as a matter of principle, but rather as a result of the RI Research. Mirova’s ESG analysis is “absolute”. Hence, an entire industry might be rated “Risk” if 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 E&P*). Conversely, a low-risk industry or an industry with good practices might see none of its actors rated “Risk”.

*except through green bonds on the fixed income side

ESG統合後の効果を記載してください。

12.2. 補足情報 [任意]

Mirova is a pure player in the RI market. The investment universe of Mirova and PMs is therefore not only taking into account ESG factors but directly defined by ESG factors analysis. Only stocks that are attributed a “committed”, “positive” or “neutral” sustainability optinion therefore remain in the investment universe.

As a consequence, Mirova’s portfolio managers (PMs) systematically take all relevant ESG inputs into consideration in their investment decisions. ESG issues are therefore fully integrated in Mirova’s investment processes, and can impact each step (investment universe definition, idea generation, portfolio construction / weight decisions, buy / sell decisions, etc.).

The figure for the percentage of reduction of the investment universe provided at LEI 12.1 is the same in practice as last year.

LEI 13. Examples of ESG issues that affected your investment view / performance (Private)

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