Sobre nosotros
Inversión responsable
Integral a nuestra filosofía de inversión
- La robusta capacidad de análisis integrada en nuestro proceso de inversión representa la piedra angular de nuestro enfoque en IR.
- Nuestro análisis cuenta con el respaldo de calificaciones de IR internas que nos permiten evaluar riesgos y oportunidades relevantes en materia ASG en más de 8.000 compañías de todo el planeta.
- Como gestores activos, el compromiso cobra una vital importancia, y atesoramos un excelente historial en la influencia sobre el cambio positivo mediante la administración y el voto.
- Tenemos una sólida cultura colaborativa que sustenta nuestro análisis y nuestro enfoque de inversión.
En Columbia Threadneedle Investments nos esforzamos por administrar de manera responsable los activos de nuestros clientes, y asignamos el capital dentro de nuestro marco de robusto análisis y buen gobierno corporativo. La integración de los aspectos ambientales, sociales y de gobierno corporativo (ASG) dentro de nuestro análisis dibuja un cuadro más completo de los riesgos y las perspectivas de futuras rentabilidades de todas las oportunidades de inversión.
Análisis
Un profundo análisis de base
Análisis interno
Administración
- la relevancia material de una emisión para la compañía,
- el riesgo para nuestros clientes,
- el tamaño de nuestra posición,
- nuestra oportunidad para colaborar
- y nuestra capacidad para materializar un cambio
Cambio climático
Colaboraciones sectoriales
- Los Principios para la Inversión Responsable (PRI) de las Naciones Unidas. Fuimos signatarios fundadores de estos Principios en 2006, lo que implica que la inversión responsable lleva más de una década siendo un pilar fundamental del negocio.
- Stewardship Code (Código de administración) del Reino Unido. Este Código, mantenido por el Consejo de Información Financiera (Financial Reporting Council) del Reino Unido, establece una serie de principios comúnmente acordados para la gestión de las participaciones por parte de los inversores institucionales. Gracias a estos principios, el Código mejora la calidad del compromiso entre los inversores institucionales y las compañías, lo que torna el gobierno corporativo más eficaz y eficiente e incrementa las rentabilidades ajustadas al riesgo para los accionistas.
- Investor Stewardship Group. Esta red estadounidense de inversores y gestores de activos promociona las buenas prácticas en materia de administración y gobierno corporativo.
- Carta de Mujeres en el Ámbito de las Finanzas en el Reino Unido. Fuimos el primer gestor de activos en firmar esta carta, cuyos signatarios apoyan el avance de la mujer en los servicios financieros. Estos signatarios también establecen objetivos e implementan estrategias que resultan apropiados para su organización, además de informar sobre el progreso realizado en relación con estos objetivos.
- La introducción de bonos soberanos (gilts) verdes en el Reino Unido. La idea de unos gilts verdes se basa en la creciente emisión de bonos soberanos medioambientales y sociales en todo el planeta. Supone un significativo paso adelante en el desarrollo de un mercado de bonos verdes a escala mundial al mostrar cómo el dinero que se recauda puede, a la misma vez, generar beneficios ambientales, reducir las desigualdades y ayudarnos a adoptar un enfoque de «reconstruir mejor» (build back better).
Políticas y divulgación de información
Vea nuestras divulgaciones:
A
Adverse impact
Aggregate sustainability risk exposure
The overall sustainability risk faced by a company or portfolio, taking account of a range of issues such as climate risk and ESG factors.
B
Best-in-class
Best-in-class strategies try to make their portfolios better on ESG issues and/or carbon characteristics by excluding certain investments deemed negative in that respect or including certain investments deemed positive in that respect.
C
Carbon footprint
The carbon emissions and carbon intensity of a portfolio, compared with its investment universe (benchmark). The benchmark might be, for example, companies in the FTSE 100.
Carbon intensity
A company’s carbon emissions, relative to the size of the business. This allows investors to compare the company’s carbon efficiency with its competitors’.
Climate risk
The risk that an investment’s value could be harmed by climate issues such as global warming, energy transition and climate regulation. Investors normally assess climate risk by looking at carbon footprint data, climate adaptation risk, physical risk and stranded assets.
Climate adaptation risk
See Transition Risk.
Controversies
A company’s operational failures or everyday practices that have severe consequences for workers, customers, shareholders, wider society and the environment. Examples are poor employee relations, human rights abuses, failure to follow regulations, and pollution. Controversies help to indicate the quality of a company.
Corporate governance
The way that companies are organised and led. We look at how well companies are sticking to good practices set out in Corporate Governance Codes, which vary from country to country. Corporate governance is also part of the ‘G’ in ESG. In this context Governance may focus on the operational and management practices relating to social and environment aspects of the business.
Corporate Social Responsibility (CSR)
A company’s approach to (and engagement with) its stakeholders and the communities it operates in, reflecting its responsibility towards people and planet.
D
Decarbonisation
The reduction of the carbon emissions associated with a region, country, industry or organisation. It can also refer to the reduction of the carbon emissions associated with a fund’s investments.
Divestment
The opposite of investment. In other words, either reducing or exiting an investment. We divest if we think the potential risks of investing in a company outweigh the potential returns. This may be because we have lost confidence in a company’s leadership, strategy, practices or prospects .
E
Engagement
Talking to members of the board or management of a company – a two-way process that we might initiate, or the company might initiate. We use engagement to understand companies better. We also use it to give feedback, offer advice and seek changes – including change relating to ESG and climate risk. Engagement also means consulting with government and collaborating with other investors to influence policy and shape debate.
Environmental
The «E» in ESG. This covers a focus on significant environmental risks and their management. In a climate change context it is a focus on the risks associated with a business having to adapt to climate change requirements or the physical impacts of climate change. We also look at companies’ environmental opportunities due to changing consumer demands, policy changes, technology and innovation.
ESG
Short for environmental, social and governance. Investors consider companies’ ESG risks and how well they are managed. To do this, we use the Sustainability Accounting Standards Board (SASB) framework. Considering ESG gives us a different perspective on how good an investment might be.
ESG integration
Always taking account of ESG issues when assessing potential investment opportunities and monitoring the investments in a portfolio.
ESG ratings
Many investment managers use external providers, such as MSCI, to rate companies on their ESG practices. Each provider has its own way of doing things, so ESG scores can vary radically from one provider to another. We run our own ESG system to rate companies. This is based on 77 standards, each for a different industry, produced by the Sustainability Accounting Standards Board.
Ethical investing
An ethical approach excludes investments that conflict with the client values and ethics that a fund is seeking to reflect. There are many different activities or issues that people prioritise as ethical. Common examples include tobacco, adult entertainment, controversial weapons, coal or activities that contravene religious social teaching.
Exclusion
Excluding companies from a portfolio. Exclusions can also be used to set minimum standards or characteristics for inclusion of investments in portfolios. Fund managers may exclude entire industries (e.g. tobacco), companies involved in ethically questionable activities (e.g. gambling), companies that fail to meet certain ESG standards, and companies with a bad carbon intensity.
F
Fundamental analysis/research
Using research to work out the true value of an investment, rather than its current price. Many factors contribute to this, including responsible investment factors. Responsible investment helps us understand the quality of a company, its scope to develop and improve (e.g. in response to climate transition) and its prospects (through making money from responding to sustainability issues). Even if a company is good, it is unlikely to offer good investment returns if this is already reflected in the share price.
G
Green bonds
Debt issued by companies or governments, with the money raised earmarked for green initiatives such as building renewable energy facilities.
Greenwashing
Insincere approaches to climate change and other ESG issues by companies, including investment management firms. For example, an investment manager may label a fund as an ESG fund, even if it does not adopt ESG integration in practice.
I
Impact investing
International Labour Organisation (ILO)
A United Nations agency, often abbreviated to «ILO», that sets international standards for fairness and safety at work. The ILO standards are commonly used by investors to assess how serious a corporate controversy is.
M
Materiality
An ESG issue is «material» if it is likely to have a significant positive or negative effect on a company’s value or performance.
N
Norms-based screening
Screening investments for potential controversies by looking at whether a company follows recognised international standards. We consider standards including the International Labour Organisation standards, the UN Guiding Principles for Business and Human Rights and the UN Global Compact. Specialist RI funds may exclude companies that do not meet these standards.
P
Physical risk
The physical risks of climate change for businesses, such as rising sea levels, water shortages and changing weather patterns.
Portfolio tilts
Investment industry jargon for having more of something in a portfolio than the benchmark, or less of it. In responsible investment it usually means having more companies in a portfolio that have better ESG credentials or are less exposed to climate risk than there is in the benchmark. The tilt is measured as the overall exposure to a specific type of investment in a portfolio compared to that in the benchmark.
Positive inclusion/screening
Seeking companies that have good ESG practices or that help the world economy be more sustainable. Also used as an alternative to «best-in-class«. The opposite of exclusion.
Principles for Responsible Investment
Often shortened to PRI. A voluntary set of six ethical principles that many investment companies have agreed to adopt. Principle 1, for example, is: «We will incorporate ESG issues into investment analysis and decision-making processes.» The PRI was sponsored by the United Nations. Columbia Threadneedle is a founding signatory, and has attained the top A+ headline rating for its overall approach for the sixth year running.
Proxy voting
Voting on behalf of our clients at company general meetings to show support of their practices and approach – or to show our dissent. We put our voting record on our website within seven days of the vote.
R
Responsible Investment (RI)
The umbrella term for our approach towards managing our clients’ money responsibly. This includes the integration of ESG factors, controversies, sustainability opportunities and climate risks into our investment research and engagements with companies, to inform our investment decisions and proxy voting.
Responsible Investment Ratings
Mathematical models created by our responsible investment analysts that provide an evidence-based and forward-looking indication of the quality of a business and its management of risk.
S
Scope 1, 2 and 3 emissions
The building blocks used to measure the carbon emissions and carbon intensity of a company. Under an international framework called the Greenhouse Gas Protocol these are divided into Scope 1, 2 and 3 emissions. Scope 1 emissions are generated directly by the business (e.g. its facilities and vehicles). Scope 2 covers emissions caused by something a company uses (e.g. electricity). Scope 3 is the least reliable because it is the hardest to measure. It covers other indirect emissions generated by the products it produces (e.g. from people driving the cars a company makes).