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Stichting Shell Pensioenfonds

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » Implementation processes

Implementation processes

FI 01. Incorporation strategies applied

Indicate (1) Which ESG incorporation strategy and/or combination of strategies you apply to your actively managed fixed income investments; and (2) The proportion (+/- 5%) of your total actively managed fixed income investments each strategy applies to.
Corporate (non-financial)
0 Screening alone
0 Thematic alone
0 Integration alone
100 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied

01.2. Describe your reasons for choosing a particular ESG incorporation strategy and how combinations of strategies are used.

The SSPF investment policy is focused on long-term value creation, where SSPF acts as a responsible investor; an active owner of assets that takes into account both financial and ESG considerations (incl. climate change) in its investment decisions.

ESG incorporation in investment decision making: All internal Fixed Income Corporate (non-financial) portfolio managers have access to MSCI ESG data. This includes ESG Ratings & Research, Controversial Conduct scores and Climate Change metrics. The data is used as an input for portfolio monitoring and is considered as part of the risk/return analysis when making investment decisions.

Green bonds: The market for green bonds is increasing for Corporate Credit offerings and is considered in the security-selection phase. SSPF has a positive attitude towards this asset category and green bonds will be added to the portfolio where deemed appropriate.

Engagement: SSPF has recruited Hermes EOS for engagement activities on its corporate credit holdings (incl. non-financial).

Exclusions: PMs refrain from owning financial instruments of companies on the SSPF exclusion list. This could be because of involvement in the manufacture, sale or distribution of cluster munitions and anti-personnel landmines, or because of controversial conduct/UNGC non-compliance combined with unsuccessful engagement.

01.3. Additional information [Optional].

FI 02. ESG issues and issuer research (Private)

FI 03. Processes to ensure analysis is robust

03.1. Indicate how you ensure that your ESG research process is robust:

03.2. Describe how your ESG information or analysis is shared among your investment team.

          Exclusions: ESG information on exclusions is communicated to the investment teams/portfolio managers, as required. The compliance department also blocks trades in the systems.

03.3. Additional information. [Optional]