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Aware Super

PRI reporting framework 2020

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投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

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。

First State Super believes that an investee asset or company’s approach to managing ESG risks, impacts and opportunities, has a meaningful impact on their long-term viability and success. That is, assets and companies that act in a responsible way are likely to perform better over time. Assets and companies that are unwilling or unable to take ESG issues into consideration may:

• put the asset/company’s reputation at risk;

• cause loss of market opportunities;

• diminish asset/company value; and

• adversely affect other assets/companies in which the Trustee has invested.

The Trustee believes that identifying and managing ESG factors helps in finding new opportunities, steering capital towards more attractive areas, and managing long-term investment risks. It is expected that returns will be higher, and downside risks lower, over the long term. These benefits arise from avoiding the poor performance and enterprise failures that can arise from lax governance, and weak environmental and social practices. Managing ESG risk is a source of opportunity and a way to control for longer-term risks. Assessing ESG risks in the investment process is consistent with the Funds’ objectives as long-term investors, and also the Trustee’s fiduciary duties and responsibilities to members.

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]

As stewards of our members’ retirement savings, we have a duty to act in their best interests and to protect and grow the real value of their assets.  FSS approaches ESG integration across the whole fund, via assessment of ESG integration and stewardship of our managers in the management selection phase, appointment and monitoring thereafter. Where possible, we attempt to educate our mainstream analysts and fund managers on ESG integration. For investments in the private equity or infrastructure assets classes where either FSS or our manager takes a board seat in an unlisted company, we ensure our ESG principles influence board decisions. For listed assets a critical part of this is a responsibility to monitor and engage with companies in which we invest, directly and through the fund managers we appoint. This is more than just voting. Activities may include monitoring and engaging with companies on matters such as strategy, performance, risk, and capital structure.

Perhaps most importantly, we have an obligation to ensure that the companies we invest in on behalf of members are governed in a way which will enhance their performance over the longer term. 

We believe that good governance is essential to being able to generate the best financial outcome for members. We generally support boards that have a majority of independent directors and that contain a diverse set of experience and skills appropriate to the business.

Additionally, we take an interest in the environmental and social practices of the listed companies in which we invest.  We believe companies that take a sustainable approach to the environment and to the community, including their own workforce, will perform better over the long term.

To improve our knowledge of ESG issues, which enters in to our ESG direct or co-investment reviews, corporate engagements, or proxy voting, we carry out in depth thematic research projects annually. We have completed projects on executive remuneration, climate change, worker safety, diversity and long term value creation. We participate in and are members of industry bodies such as PRI, RIAA, ACSI, Hermes Eos and IGCC, to ensure our work is benchmarked with our peers and to learn and provide information on our approach to ESG integrate and active ownership.

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)

First State super undertook a research project in 2015/16 to understand the climate related risks and opportunities.  This resulted in our Board approved Climate Change Adaptation Plan (CCAP). [https://firststatesuper.com.au/content/dam/ftc/digital/pdfs/about/policies/FSS-Responding-to-Climate-Change-a-Case-Study_May-2016.pdf]  

The CCAP took a total fund view as opposed to individual investment strategies as climate related risks exist across the total portfolio.   

Risks identified include: direct (loss of earnings; physical asset damage and stranded asset risk); indirect (supply chain disruption; resource scarcity and specie extinctions and direct member impacts (health effects; wealth effects and loss of purchasing power).

Key short term risks and key medium to long term risk were also identified (Display 13 of our CCAP).

In 2018 a report was commissioned by 427 which undertook/incorporated a whole of portfolio assessment of the physical risks of climate change to our assets.  Risk assessed included sea level rise, flooding from extreme rainfall, heat and water stress and cyclones.  The outcomes of this assessment are utilised in assessing physical risk of climate change to existing assets as well as feeding into any new investments in direct infrastructure and property assets.

In 2019, First State Super’s Investment Committee approved its Climate Change Portfolio Transition Plan (CCPTP).  This Plan includes a commitment to increase the degree of physical risk assessments being undertaken as an integral part of due diligence in all new investments in real assets.

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?

これらのリスクおよび機会に関連する時間の尺度について説明してください。(500語以内)

The way we have tried to assess the nature and scale of climate change risk is to consider possible future scenarios of emission reduction “pathways” and then consider the risks posed under each one over different timeframes.  Specifically, we define four scenarios, corresponding roughly to four representative concentrations pathways (RCPs) modelled by the IPCC:

Scenario 1: Transformation (~ICPP RCP2.6)

Scenario 2: Policy Co-Ordination (~ICPP RCP4.5)

Scenario 3: Policy Fragmentation (~ICPP RCP6.5)

Scenario 4: Inaction (~ICPP RCP8.5)

The Transformation scenario, for instance, is an optimistic scenario in which global carbon emission are sequentially reduced to be 90 per cent less than 1990 levels by 2050 (or ~50% by 2030), with accumulated CO2 levels peaking at ~800 GtCO2.  This is a scenario where investors and corporations pre-empt policy changes and drive a major reallocation of resources from carbon-intensive activities to low-carbon activities, including greater renewable energy use.  Under this scenario, average temperature are projected to peak at 1.8O above pre-Industrial levels making it the only scenario in which global warming remains within the 2OC limit.

A high-level summary of these scenarios and associated risks is set out in our Climate Change Adaptation Plan  https://firststatesuper.com.au/content/dam/ftc/pdfs/About/policies/FSS-Responding-to-Climate-Change-a-Case-Study_May-2016_FINAL.PDF

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?

説明してください。

In 2016 our Board approved our Climate Change Adaptation Plan that sets our the Fund's approach to identifying, managing and responding to risks and opportunities relating to climate change.  https://firststatesuper.com.au/content/dam/ftc/pdfs/About/policies/FSS-Responding-to-Climate-Change-a-Case-Study_May-2016_FINAL.PDF

The Board has approved our Climate Change: Portfolio Transition Plan (CC PTP), building on our CCAP, sets out our supporting analysis for our framework of recommended actions and targets to address material portfolio-wide climate change risks and opportunities. 

The CCPTP was separated into 2 parts being:

Part 1 seeks to provide a summary of a range of background climate change science and global responses to climate change.

Part 2 provides an overview of activities following the 2015 CCAP recommendations. 

The analysis and research from Part 1 culminates in an updated framework of recommended actions and targets FSS to:

  • provide a pathway for decarbonisation of the investment portfolio;
  • address climate change risk embedded within the investment portfolio and to adapt, where possible;
  • capture opportunities that will emerge in a decarbonising economy; and
  • lower risk through actively managing and engaging with portfolio investments on their climate change transition pathway.

A three-pronged transition plan has been recommended:

  1. Low carbon investments
  2. Portfolio Future – Proofing
  3. Engagement

A key highlight of the framework is the overarching emissions reduction target.  FSS will advocate for an economy wide 45% reduction in emissions by 2030.    For FSS this means, as a responsible owner, being accountable for targeted emissions reduction through the investment and portfolio decisions made across listed and unlisted assets.  In order to underwrite this in a meaningful way, FSS must understand, measure and monitor its investment portfolio emissions profile and understand what its future carbon liability may be as assets become responsible for paying for their emissions.  

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。

具体的に記入してください。

          Website - Climate Change Adaptation Plan https://firststatesuper.com.au/content/dam/ftc/pdfs/About/policies/FSS-Responding-to-Climate-Change-a-Case-Study_May-2016_FINAL.PDF
        

SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

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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。

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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。

First State Super has a board approved Conflicts of Interest Policy that applies to all aspects of business within the Fund.  The Policy is publicly available on our website.

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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