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PRI reporting framework 2020

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


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。


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。

Our approach is guided by four key beliefs:

1. ESG analysis is consistent with PIMCO's long-established investment process.

2. ESG investing doesn't need to be an 'either/or': either financial performance or positive impact.

3. Engagement is crucial to successfull ESG investing.

4. ESG issuance is about more than green bonds.

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

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

When evaluating climate-related risks and opportunities of specific sectors and issuers, we begin with two broad categories:

1) Transition risks (e.g., tighter regulations on carbon emissions and changing economics that have affected the Auto and Utilities in the recent period) and

2) Physical risks (e.g., how the rising intensity and frequency of extreme weather events affects critical assets and natural resources used by the issuer, with consequences for credit risks similar to the wildfires that occurred in Brazil, Australia and California)

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?


Transition risks are already occurring in some industries and geographies and their intensification across a broader range of sectors due to a potential acceleration in the energy transition in the coming years is a possibility on the back of government responses to climate risks in the form of regulation, carbon taxes, and public investment, as well as shifts in consumer sentiment and business models. We expect this will change the investment landscape: The transition away from fossil fuels toward clean energy, for example, could transform the global economy and create significant investment opportunities that will expand over the next years, notably in conjunction with the Paris Agreement timetable (2020-2030).

Regarding physical risks, while some of the natural catastrophes linked to climate change are already affecting capital markets, the greatest disruptions, notably the rise in the intensity and frequency of extreme weather events, are generally projected to unfold over a long time horizon and there are larger uncertainties.

01.8 CC. 組織はTCFDを公式に支持しますか?

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?


PIMCO’s climate strategy is led by our ESG team. PIMCO’s climate research is undertaken by sector credit analysts, working in close coordination with our ESG specialists. Climate risk features for example in our proprietary ESG scores for the issuers we evaluate.

To help analysts evaluate climate risk, PIMCO’s ESG specialists designed proprietary tools, looking within and across markets globally at the potential impact of extreme weather events, the transition to a low-carbon economy, and other climate-related factors.

PIMCO has also launched a climate bond strategy that specifically emphasises opportunities linked to climate investment solutions.

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。

SG 02. Publicly available RI policy or guidance documents


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]

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。

PIMCO has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, and insider trading that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur. PIMCO seeks to resolve any actual or potential conflicts in each client’s best interest.

03.3. 補足情報 [任意]

We have appropriate systems and controls in place internally to ensure that conflicts of interests policies are adhered to and checked regularly by compliance.

SG 04. Identifying incidents occurring within portfolios (Not Completed)