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Alberta Investment Management Corporation

PRI reporting framework 2020

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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

The AIMCo Fixed Income team integrates the analysis of ESG issues into security selection and portfolio construction. Internal credit analysts evaluate ESG issues (independent of rating agencies). Our internal credit research will capture ESG factors and such issues are flagged through a bottom-up analytical approach and access to management. ESG information obtained from rating agencies or ESG data providers serves as reference only.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

SSA

AIMCo's sovereign investments are mainly Canadian federal, provincial, municipal and related entities. Internal credit analysts evaluate sovereign issuers in the context of its financial institutions given that a sovereign issuer's credit is inextricably linked to that of its domestic banking system. AIMCo's Fixed Income team prioritizes analyzing lower rated corporate credits where ESG factors have a larger impact. Governance issues for municipal and quasi sovereign credits (e.g. universities, school boards, hospitals, transportation authorities) are considered more frequently.

社債(金融)

The AIMCo Fixed Income team integrates the analysis of ESG issues into security selection and portfolio construction. Our internal credit research will capture ESG. Such issues are flagged through a bottom-up analytical approach and access to management. These issues are incorporated into our internal notional ratings which portfolio managers use to select securities and construct portfolios.

社債(非金融)

The AIMCo Fixed Income team integrates the analysis of ESG issues into security selection and portfolio construction. Our internal credit research will capture ESG. Such issues are flagged through a bottom-up analytical approach and access to management. These issues are incorporated into our internal notional ratings which portfolio managers use to select securities and construct portfolios.  

証券化商品

The AIMCo Fixed Income team integrates the analysis of ESG issues into security selection and portfolio construction. Our internal credit research will capture ESG. Such issues are flagged through a bottom-up analytical approach and access to management. These issues are incorporated into our internal notional ratings which portfolio managers use to select securities and construct portfolios. ESG risks are evaluated to the extent that such risks affect servicers, counterparties or specific obligors.

10.3. 補足情報 [任意]


FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
SSA
社債(金融)
社債(非金融)
証券化商品​
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション/満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他(具体的に記載してください)

11.2. 補足情報 [任意]


FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E(環境)
S(社会)
G(ガバナンス)
SSA

E(環境)

S(社会)

G(ガバナンス)

社債(金融)

E(環境)

S(社会)

G(ガバナンス)

社債(非金融)

E(環境)

S(社会)

G(ガバナンス)

証券化商品

E(環境)

S(社会)

G(ガバナンス)

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

SSA

AIMCo's sovereign investments are mainly Canadian federal, provincial, municipal and related entities. Internal credit analysts evaluate sovereign issuers in the context of its financial institutions given that a sovereign's credit is inextricably linked to that of its domestic banking system. AIMCo's Fixed Income team prioritizes analyzing lower rated corporate credits where ESG factors have a larger impact. Governance issues for municipal and quasi sovereign credits (e.g. universities, school boards, hospitals, transportation authorities) are considered more frequently. Environmental and Social issues are typically reviewed when contingent liabilities are present.

社債(金融)

We integrate the analysis of governance issues into our security selection and portfolio construction. Internal credit analysts develop independent notional ratings and evaluate governance issues for the corporate bond issuers in our investing universe. Examples of typical governance issues include:

1) Board independence and oversight of CEO;

2) Level and nature of executive compensation (alignment of incentives); and

3) Independence of audits and quality of internal controls.

AIMCo also considers the advice of rating agencies on governance issues (e.g. S&P). Environmental and Social issues are evaluated on a case by case basis if relevant to an individual issuer (e.g. potential environmental remediation or labour issues and their related impact).

社債(非金融)

We integrate the analysis of governance issues into our security selection and portfolio construction. Internal credit analysts develop independent notional ratings and evaluate governance issues for the corporate bond issuers in our investing universe. Examples of typical governance issues include:

1) Board independence and oversight of CEO;

2) Level and nature of executive compensation (alignment of incentives); and

3) Independence of audits and quality of internal controls.

AIMCo also considers the advice of rating agencies on governance issues (e.g. S&P). Environmental and Social issues are evaluated on a case by case basis if relevant to an individual issuer (e.g. potential environmental remediation or labour issues and their related impact).

証券化商品

We integrate the analysis of ESG issues into our security selection and portfolio construction. Internal credit analysts develop independent notional ratings and evaluate ESG risks to the extent that such risks affect servicers, counterparties or specific obligors.

12.3. 補足情報 [任意]


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