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Pareto Asset Management AS

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

Being a Norwegian company, the exclusion list published by the Norwegian Government Pension Fund was a natural starting point for us in incorporating our SRI/ESG strategy, which we have applied for more than 10 years.

The last few years we have had a more active approach to SRI/ESG incorporation, where we also look at other sources of information as well as emerging trends and issues. This has led to more exclusions, without reference to the Government Pension Fund, as well as more direct contact with management at the companies involved.

It is fair to say that the degree of incorporation differs among our various portfolios/mandates. This is a work in progress, not least in making sure that ESG incorporation is on our portfolio managers' agenda at all times, in a systematic way. It is, nevertheless, a constant topic in investment meetings and communication.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

PAM uses a combination of negative screening (being a starting point) as well as ESG incorporation when investments are made and ongoing monitoring.

 

 


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

Product/activity/sector

  • Companies that produce weapons that through normal use violate fundamental humanitarian principles.
  • Companies that produce tobacco.
  • Companies that sell weapons or military material to states as specifed by the scheme for government bond exceptions mentioned in the mandate for the Norwegian Government Pension Fund.
  • Mining companies and power producers that themselves or through consolidated entities they control will have 30 per cent or more of their revenues from thermal coal, or basing 30 per cent or more of their business on thermal coal.
  • Companies engaged in producing pornography.

Environmental and social practices

  • Serious or systematic violations of human rights such as murder, torture, deprivation of liberty, forced labour, the worst forms of child labour.
  • Serious violations of individual rights in war or conflict situations.
  • Severe environmental damage.
  • Acts or omissions on an aggregated company level, to an unacceptable degree, leadsing to emission of greenhouse gases.
  • Gross corruption.
  • Other especially severe breaches of common norms and rules.

Countries/geographic regions

In the (exceptional) event we consider investing in companies listed outside the OECD, a more thorough analysis needs to be made.

Corporate Governance

Companies with sub-standard corporate governance.

Other

We also have a product-based precautionary principle towards certain sectors.

スクリーニング実行者

説明

Negative transition risk (opportunities arising from the transition to a less carbon-dependent world) is factored into stock selection, e.g. when investing in a solar parks company.

スクリーニング実行者

説明

Our internal guidelines are based on these principles and guidelines and more. 

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

The screening criteria are based on the Norwegian Government Pension Fund and recognised international standards and principles, as well as emerging environmental and soscial trends etc. The criteria are reviewed biannually, and communicated to clients in our biannual SRI report. 


LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

Our equity funds have low turnover, meaning that we tend to know these companies very well - and spend more time analyzing new candidates for investment. As for new candidates, thus, the share is very high. For the portfolio in total, maintaining ESG knowledge and insights takes less time - though we do examine their products and practises on an ongoing basis (cf. also next page).


LEI 06. Processes to ensure fund criteria are not breached (Private)


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

According to both external research and our own experience, G factors are more likely to influence financial performance than both E and S. While we would not allow this observation to influence our prioritisation of these tasks, researching governance was part of the investment process long before anyone thought of stamping it part of our ESG policies. As for E, we see that its commercial relevance is growing, e.g. in relation to transition risk.

 


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

For some mandates, like the Nordic Ecolabel-approved Pareto Global Corporate Bond or the recently launched Pareto Nordic Cross Credit, we go more into detail. For these mandates we could have checked the "Systematic records ..." box.


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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