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Keva

PRI reporting framework 2020

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You are in Organisational Overview » Asset class implementation gateway indicators

ゲートウェイ資産クラス実施指標

OO 10. Active ownership practices for listed assets

10.1. 報告年度において組織が実施した積極的な保有活動(アクティブ・オーナーシップ)を選択してください。

上場株式 – エンゲージメント

上場株式 – 議決権行使

債券SSA – エンゲージメント

債券 - 社債(金融) – エンゲージメント

債券 - 社債(非金融) – エンゲージメント

債券 - 社債(証券化) – エンゲージメント


OO 11. ESG incorporation practices for all assets

11.1. 投資決定や積極的な保有の実務に(報告年度中に)ESGの組み入れを行った組織内で運用される資産クラスを以下から選択してください。

上場株式

債券 – SSA

債券 - 社債(金融)

債券 - 社債(非金融)

債券 - 証券化商品

プライベートエクイティ

不動産

インフラ

現金

短期金融市場商品

報告年度中に組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有に取り組んだ場合は、組織外で運用される資産クラスを選択してください。
アセット・クラス
組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有
上場株式

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – SSA

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – 社債 (金融)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – 社債 (非金融)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – 証券化商品

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

プライベートエクイティ

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

不動産

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

インフラ

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

ヘッジファンド

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

11.4. 投資マネジャーの選定、任命、モニタリングプロセスに、投資に関する考慮事項がどのように含まれているかを簡単に説明してください。

External equity and fixed income investments

External equity and fixed income investments are managed by external asset managers. External asset management may be broken down into three distinct stages: the search for the new asset managers, the monitoring of the selected asset managers in the portfolio, and the monitoring of the underlying securities in the portfolio. The responsible investment perspective is factored in throughout these three stages.

The search for the new asset managers includes an assessment of the candidates from the responsible investment perspective.

The first stage, i.e. request for proposal (RFP) stage addresses asset managers’ responsible investment policies, which in turn acts as a starting point for the further dialogue. Most of the selected asset managers have in place a responsible investment policy and corresponding processes. The following areas, among others, are observed: how the asset manager integrates ESG criteria into their analysis and investment decisions, how responsibility is addressed at the corporate meetings, and whether the asset manager has signed PRI or intends to do so.

The second stage involves regular monitoring of the selected asset managers. An annual ESG survey is sent out to all external equity and fixed income asset managers in the portfolio. The survey addresses asset managers’ responsible investment policies as well as their stance towards ESG-related risks and opportunities from the long-term return viewpoint.

The third stage, i.e. monitoring of the underlying securities, entails both ESG analysis and dialogue with the asset managers. In ESG analysis, responsibility indicators can be used for relative analysis (such as comparisons with a geographic dimension) as well as for examining individual investments in absolute terms.The portfolio managers in the external equity and fixed income investments unit regularly address responsibility issues in their dialogue with the asset managers.

Keva aims to enhance its active ownership mechanisms in the external equity and fixed income investments by working in close collaboration with the other investors and by using external service providers.

Alternative Investments

The alternative investments unit manages Keva’s private equity, real estate, infrastructure and hedge fund investments. In all of these asset classes, the emphasis is on the assessment of the fund manager/management company from the responsibility perspective and in ongoing engagement during the term of the investment.

Private equity investments

During the investment process the ESG criteria and/or the requirement of compliance with UN PRI is included in the process description, DDQ documentation, the fund description and in the legal due diligence documentation. In respect of major holdings, ongoing engagement is sought during the term of the investment through advisory board seats. An ESG survey of the largest funds’ management companies is conducted annually.

Real estate fund investments

The same principles largely apply to real estate fund investments as to private equity funds. The ESG policy of both the asset manager and the fund is reviewed in the context of new investments. Specific topics addressed with asset managers, by means of examples, include energy efficiency requirements and environmental aspects. With regard to funds held in the portfolio, advisory board seats allow responsibility issues to be raised as and when necessary.

Infrastructure investments

The same principles apply to infrastructure investments as to private equity fund investments. The ESG policy of the fund is reviewed when reviewing new investment opportunities and environmental considerations are in particular discussed with the fund manager. Advisory board seats are taken in infrastructure funds as well and are a good way to engage with the fund manager.

Hedge fund investments

In hedge fund investments, the responsibility assessment focuses mainly on the asset manager.


OO 12. Modules and sections required to complete

12.1. 自主的な報告を希望される場合には、該当するするモジュールやセクションを以下のリストから選択して下さい。組織のAUMの10%以上を占める資産クラスについてのみ報告が義務付けられています。

中核的なモジュール

直接またはサービスプロバイダーを経由したRI実施

自己運用 - 上場株式の組入れ

自己運用 - 上場株式の積極的な保有

自己運用 – 債券

自己運用 - 専用のモジュールがあるその他の資産クラス

外部の運用会社を経由したRI実施

委託 - 組織外の運用会社の選定、指名、モニタリング

終了モジュール

12.2. 補足情報 [任意]

The procedures we apply to external manager selection in Listed Equities are also used in external Fixed Income - Corporate and Fixed Income - Government.


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