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PRI reporting framework 2020

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PR 04. Incorporating ESG issues when selecting investments

04.1. 組織が不動産投資先を選択する際、通常ESG問題を組み入れているかどうかを記載してください。

04.2. ESG問題を不動産投資の選択に組み入れる際のアプローチを説明してください。

We have established a direct investment ESG Due Diligence (DD) framework. Depending on the type of property asset we will identify and undertake due diligence on the material ESG factors. 

The framework sets out key ESG risks to be considered and we request information to review to be able to undertake our ESG assessment.

Our team then prepare an ESG report detailing any risks or opportunities to be considered.

We consider whether the company has the following:

Environmental Issues
 Environmental/sustainability Policy
 Environmental Management System
 Regular Environmental impact audits undertaken
 Environmental breaches of underlying asset/controversies
 Toxic Emissions and waste management, including recycling
 Carbon Emissions
 Physical Climate Risk
 Supply chain risk from water scarcity, extreme weather events
 Energy/water Efficiency
 Renewable energy targets
 Biodiversity and Land Use

 Labour rights
 Labour management and Human Rights in the supply chain including Modern Slavery
 Worker Safety
 Worker Safety in Supply Chain
 Product Safety
 Human Capital Development
 Social initiatives
 Social Licence to operate/community engagement

 Bribery & Corruption
 Management remuneration
 CEO have had direct equity in business?
 Controlling shareholder
 Board Structure
 Audit Practices
 Code of conduct

We consider materiality based on the underlying property asset. Depending on the investment will determine material ESG issues.

04.3. 貴社の不動産投資選定プロセスにおいて、どのESG問題が主に考慮されているかを記載し、問題毎に事例を3つまで挙げてください。 

説明 [任意]

          We prefer buildings that are rated by NABERS and have a rating of 4 and above

説明 [任意]

          Environmental impact studies are undertaken to understand what risks are present in terms of flooding

説明 [任意]

          We ask our managers to incorporate a 'resilence' assessment as part of their due diligence.  We have also undertaken a physical risk assessment of our property portfolio to understand how 'resilient' it is to physical impacts from climate change.

説明 [任意]

          We have an approved strategy to invest in affordable housing

説明 [任意]

          Assessment of whether cladding is approved and not a fire hazard

説明 [任意]

          Supplier assessment to ensure supply chain risks are monitored and assessed.

説明 [任意]

          Seek to ensure there is an independent board in place

説明 [任意]

          Prefer structures that allow investor rights

説明 [任意]

          Ensure all direct assets have the appropriate policies and procedures in place

04.4. 補足情報 [任意]

PR 05. Types of ESG information considered in investment selection

05.1. 不動産の投資選定プロセスにおいて組織が主にどのような種類のESG情報を考慮しているかを明示してください。

05.2. これらのESG情報をどのように投資対象選定プロセスに組み込んでいるかについて簡潔に説明して下さい。

Our investment recommendations include assessment of the investment case and ESG risks and opportunities.  The information is used to prepare the investment recommendation. 

PR 06. ESG issues impact in selection process

06.1. 報告年度において、ESG問題が不動産投資の選択プロセスに影響を及ぼしたかどうかを明示してください。

06.2. 報告年度に、ESG問題が不動産投資の取引構造化プロセスに影響したかどうかを記載してください。

06.3. 補足情報 [任意]