Sur cette page
Au cœur de notre philosophie d'investissement
L’investissement responsable (IR) fait depuis longtemps partie intégrante de notre recherche et de nos décisions d’investissement et, plus généralement, de notre approche des affaires. La raison qui justifie l’investissement responsable est claire : les sociétés dotées de modèles économiques durables et tournés vers l’avenir sont mieux à même de générer de la valeur pour toutes les parties prenantes, y compris les actionnaires. Columbia Threadneedle étant l’un des signataires fondateurs des Principes pour l’investissement responsable (PRI) des Nations Unies, l’investissement responsable constitue un pilier majeur de notre entreprise depuis plus d’une décennie.
- Notre approche de l’IR s’articule autour de solides capacités de recherche intégrées dans notre processus d’investissement
- Nos recherches s’appuient sur des notations IR internes, afin d’évaluer les risques et opportunités ESG de plus de 8.000 entreprises dans le monde
- En tant que société de gestion active, nous considérons que l’engagement est essentiel et nous possédons un long palmarès de changements positifs obtenus grâce à l’exercice d’une bonne gouvernance et de notre droit de vote
- Notre approche de la recherche et de l’investissement est fondée sur le socle d’une forte culture collaborative
Chez Columbia Threadneedle Investments, nous mettons tout en œuvre pour assurer une gestion responsable en investissant les actifs de nos clients au sein d’un cadre robuste de recherche et de bonne gouvernance. L’intégration des enjeux environnementaux, sociaux et de gouvernance (ESG) dans nos recherches offre une vision plus globale des risques et des perspectives de rendement que présentent toutes les opportunités d’investissement.
Nos analystes IR dédiés font partie intégrante de notre équipe mondiale de recherche et partagent la même ligne de reporting. Profondément imprégnées de notre culture de la recherche, nos équipes actions, obligations, immobilier, macroéconomie et science des données entretiennent un lien permanent en collaborant et en partageant leurs informations avec l’ensemble de l’entreprise. Cette étroite coopération rend nos décisions d’investissement et nos activités de gestion plus éclairées et facilite l’identification des opportunités et des risques, ce qui nous permet de protéger les intérêts des clients et les actifs qu’ils nous confient.
Outre la notation quantitative, nos analystes IR procèdent également à une évaluation qualitative des entreprises, des secteurs et des thèmes ESG et autres enjeux liés au développement durable. Nous nous concentrons sur un sous-ensemble de huit des 17 Objectifs de développement durable (ODD) des Nations Unies que nous considérons comme les plus importants pour les investissements. Notre recherche thématique étudie des sujets tels que la transition énergétique, le développement du capital humain et la gestion des émissions de carbone. Toujours axés sur une perspective d’investissement, ces recherches mettent en évidence les risques et les opportunités qui caractérisent les secteurs et les entreprises du point de vue de l’IR.
Accédez à nos derniers rapports sur l’investissement responsable en cliquant ici
Accédez aux rapports précédents
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.
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.
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.
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’.
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.
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.
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.
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.
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 .
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.
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.
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.
Always taking account of ESG issues when assessing potential investment opportunities and monitoring the investments in a portfolio.
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.
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.
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.
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.
Debt issued by companies or governments, with the money raised earmarked for green initiatives such as building renewable energy facilities.
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.
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.
An ESG issue is « material » if it is likely to have a significant positive or negative effect on a company’s value or performance.
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.
The physical risks of climate change for businesses, such as rising sea levels, water shortages and changing weather patterns.
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.
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.
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.
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.