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Keva

PRI reporting framework 2020

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投資ポリシー

SG 01. RI policy and coverage

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。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲
          Ownership policy
        

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

Keva's basic task is to manage its cross-generational pension liability. The purpose for Keva's investment operation is described in Keva's Investment Beliefs document. The starting point is "The objective of the fund is to generate real investment returns required to meet our long-term pension liabilities under the Act on Keva. This requires us to take on investment risk. Taking on investment risk might at times result in investment losses over short and medium-term horizons".

The timeframe of the investment operation is long: "The long-term nature of our pension liabilities and their predictable cash flows enable an investment strategy aiming for long-term investment results. A long-horizon investment strategy will generate better returns than a short-horizon investment strategy."

An integration of ESG considerations links to the timeframe. "Investment returns are driven by long-term economic growth, which must be sustainable since pensions are, by nature, long-term liabilities. Integrating the dimensions of responsible investment (ESG) into the choice of investments creates long-term added value through better returns and lower risk".

Steering documents were approved by Keva's board

Investment beliefs:

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/investment-beliefs.pdf

A whitepaper explaining the Investment beliefs

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/how-we-invest---investment-beliefs.pdf

Resposible Investment Beliefs:

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/responsible-investment-beliefs.pdf

Responsible investment beliefs by asset class

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/responsible-investment-by-asset-class.pdf

Environmental targets for real estate.

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/keva_environmental_strategy_real_estate_investments__2016.pdf

 

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk (Private)


SG 02. Publicly available RI policy or guidance documents

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。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.3. 補足情報 [任意]

Below the most important public documents

Investment beliefs with an ESG reference

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/investment-beliefs.pdf

Whitepaper on investment beliefs (for a broader explanation of the beliefs)

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/how-we-invest---investment-beliefs.pdf

Responsible investment beliefs

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/responsible-investment-beliefs.pdf

Responsible investment beliefs by asset class

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/responsible-investment-by-asset-class.pdf

Environmental strategy for real estate investments

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/keva_environmental_strategy_real_estate_investments__2016.pdf

Ownership policy (currently only in Finnish)
https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/sijoitukset-talous-ja-raportointi/omistajaohjauksen-periaatteet.pdf

 


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

The main general company-wide policies are discussed in Keva's code of conduct:

https://www.keva.fi/globalassets/2-tiedostot/tama-on-keva--tiedostot/keva-code-of-conduct-eng.pdf

In the external equity and fixed income investments, most significant conflict of interest relates to such unrecognized or emerging principal-agent- problem which jeopardizes the long-term return potential. 

Aligning the interest with the selected external asset managers is a critical, prioritized matter both in pre- and post-due diligence phase. Much of this relates to ensuring the same long-termism is consistently shared by both parties, and that the long-termism is enforced through e.g. appropriate incentive mechanisms.

However, there are occasionally incidents where transparency and predictability in the manager’s actions and long-term performance deteriorates. This includes e.g. shift in the firm’s focus, departure of key people, adverse changes in the ownership or investment style drift.  As a long term investors, we have patience to evaluate investment managers’ actions and performance over an extended time frame and strive for assessing the potential causalities of such changes in an objective manner. Severe conflicts of interest may, however, lead to termination of the investment strategy.

In the internal management, access to personnel ownership information of the people who are responsible for investment decisions is available on the website (code of conduct).

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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