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Pendal

PRI reporting framework 2020

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成果および結果

FI 17. Financial/ESG performance (Private)


FI 18. Examples - ESG incorporation or engagement

18.1. ESG分析の組み入れや発行体のエンゲージメントが、報告年度中に組織の債券投資結果に与えている影響例を示してください。

ESG問題および説明

Our investment team had a constructive meeting with a Supranational discussing SDG bond issuance and impact reporting. They mentioned that most new issuance will be in the form of SDG bonds given most if not all of their lending is aligned with the SDGs. The Supranational will be reporting at a business level that impacts such as disadvantaged education, poverty programs, empowerment, health services, and housing.

We spoke to them about whether they are the sole lender for projects, they said they are the majority (some sovereigns participate as well). We asked them to increase their reporting disclosures by providing a percentage exposure to projects given the impact reporting is based on the total project.

 

投資決定やパフォーマンスへの影響

The Supranational agreed to provide us with the percentage exposures. This data allows for calculation of our impact pro-rata benefit.

ESG問題および説明

In our fixed income holdings, we reduced our exposure to a a semi-government issuer due to our concerns around climate change/carbon emissions in relation to thermal coal exposure. We engaged with the issuer QTC to get a sense of the state government's go-forward policy on climate. We held concerns with their response, which indicated ongoing support for coal mines given the perceived public focus on jobs. At that point, and also given the issuer’s credit spreads/valuation were tight (expensive), we reduced our exposure in the portfolio due to this climate-related risk not reflected in the semi-government’s bond valuations.

投資決定やパフォーマンスへの影響

By reducing our exposure to this semi-government issuer given the climate-related risks we believe that other investors will follow in our steps and sell down their exposure to this issuer as well which would pressure the semi-government’s credit spreads wider in the future (i.e. their bonds will sell off).

18.2. 補足情報 [任意]


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