PUBLIC TRANSPARENCY REPORT
2023
Japan Post Insurance Co., Ltd.
Generated 15-12-2023

About this report
PRI reporting is the largest global reporting project on responsible investment. It was developed with investors, for investors.
PRI signatories are required to report publicly on their responsible investment activities each year. In turn, they receive a number of
outputs, including a public and private Transparency Report.
The public Transparency Reports, which are produced using signatories’ reported information, provide accountability and support
signatories to have internal discussions about their practices and to discuss these with their clients, beneficiaries, and otherstakeholders.
This public Transparency Report is an export of the signatory’s responses to the PRI Reporting Framework during the 2023 reporting
period. It includes the signatory’s responses to core indicators, as well as responses to plus indicators that the signatory has agreed tomake public.
In response to signatory feedback, the PRI has not summarised signatories’ responses – the information in this document is presented
exactly as it was reported.
For each of the indicators in this document, all options selected by the signatory are presented, including links and qualitative
responses. In some indicators, all applicable options are included for additional context.

Disclaimers
Responsible investment definitions
Within the PRI Reporting Framework Glossary, we provide definitions for key terms to guide reporting on responsible investment
practices in the Reporting Framework. These definitions may differ from those used or proposed by other authorities and regulatory
bodies due to evolving industry perspectives and changing legislative landscapes. Users of this report should be aware of thesevariations, as they may impact interpretations of the information provided.

Data accuracy
This document presents information reported directly by signatories in the 2023 reporting cycle. This information has not been auditedby the PRI or any other party acting on its behalf. While this information is believed to be reliable, no representations or warranties are
made as to the accuracy of the information presented.
The PRI has taken reasonable action to ensure that data submitted by signatories in the reporting tool is reflected in their official PRI
reports accurately. However, it is possible that small data inaccuracies and/or gaps remain, and the PRI shall not be responsible or
liable for such inaccuracies and gaps.

2

Table of Contents
ModulePage

SENIOR LEADERSHIP STATEMENT (SLS)

4

ORGANISATIONAL OVERVIEW (OO)

6

POLICY, GOVERNANCE AND STRATEGY (PGS)

26

MANAGER SELECTION, APPOINTMENT AND MONITORING (SAM)

52

SUSTAINABILITY OUTCOMES (SO)68

CONFIDENCE-BUILDING MEASURES (CBM)70

3

SENIOR LEADERSHIP STATEMENT (SLS)SENIOR LEADERSHIP STATEMENTSENIOR LEADERSHIP STATEMENT
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SLS 1

CORE

N/A

N/A

PUBLIC

Senior LeadershipStatement

GENERAL

Section 1. Our commitment■ Why does your organisation engage in responsible investment?
■ What is your organisation's overall approach to responsible investment, and what major responsible investmentcommitment(s) have you made?
The purpose of our responsible investment is to realize a sustainable society, improve investment results and reduce risks in the longterm perspective. We believe that maintaining sustainability of the societies, financial systems and investee companies is extremely
important to fulfill our long-term policy liabilities as a life insurance company.
We believe that we can contribute to these objectives by incorporating ESG factors into our investment analysis / decision-making
and conducting appropriate engagement. In addition, we believe that the practice of responsible investment is essential in fulfilling oursocial responsibility to all stakeholders.
We approach responsible investment based on the methods listed below.
・ We have established our ESG investment policy, and have expressed the importance of responsible investment and our methods inpublic.
・ We integrate ESG factors into all our investment processes according to the characteristics of respective assets by analyzing
opportunities for resolution of social/ environmental problems and utilizing information based on ESG factors
・ As we support the Japanese Stewardship Code, we conduct voting and engagement considering ESG factors, to enhancesustainable growth of corporate value for investee companies.
・ We consider ESG factors in our appointment and management of external managers, and assess their efforts in the field ofresponsible investment.
In our external manager selection, appointment and monitoring processes, we review ESG initiatives such as PRI signature, annual PRI
assessment, engagement activities, ESG investment policies and so on, according to characteristics of external assets.
・ We actively disclose our responsible investment activities through our PRI report, annual report, and Responsible Investment Report.
・ We proactively push ahead with investments that contribute to the realization of a decarbonized society. We measure and analyze
greenhouse gas emissions from investees and take the results into account during our engagement with them, so that we can reducegreenhouse gas emissions from the entire investment portfolio.

Section 2. Annual overview

4

■ Discuss your organisation’s progress during the reporting year on the responsible investment issue you consider most
relevant or material to your organisation or its assets.
■ Reflect on your performance with respect to your organisation’s responsible investment objectives and targets during thereporting year. Details might include, for example, outlining your single most important achievement or describing your generalprogress on topics such as the following (where applicable):• refinement of ESG analysis and incorporation• stewardship activities with investees and/or with policymakers• collaborative engagements• attainment of responsible investment certifications and/or awards
During this reporting year, we have taken the following actions:・ We continue to practice ESG integration in all of our assets under management, and keep making efforts on sophistication of ESG
integration to realize sustainable society, improve investment results, and reduce risks in the long-term point of view.
・ We are strengthening our efforts to address systemic sustainability issues.
i) Climate Change: We are measuring the GHG emissions of our investment portfolio, aiming to be carbon neutral by 2050, and studying
ways to achieve the reduction target of 50% reduction (compared to FY2020) as an interim target by FY2029 (end of March 2030).
ii) Natural capital: We perform initial analysis of natural capital risk in investment portfolio.
iii) Human rights: We participated in the collaborative stewardship initiative “Advance” as an Endorser.
iv) Human capital: We encourage companies to enhance disclosure and other initiatives.
・ In order to expand impact investments that contribute to solving social issues in addition to securing economic returns, we havelaunched Impact “K” Project, an investment framework uniquely defined by Japan Post Insurance.
In this project, we are promoting impact-oriented investments and loans for all of our assets, focusing on the priority initiative themes of
our ESG investment and working toward the future society we wish to realize and the solutions to social issues that will lead to suchsociety.
・ We signed a memorandum of understanding for collaboration and cooperation to actively promote investment in innovativetechnological developments and businesses held by academia.
・ We continue to publish "Responsible Investment Report" to explain our overall approach to responsible investment.

Section 3. Next steps■ What specific steps has your organisation outlined to advance your commitment to responsible investment in the next two
years?
We will take the following actions:・ In order to reduce GHG emissions in our investment portfolio, we will expand the range of assets subject to GHG measurement andconsider measures to reduce GHG emissions.
・ In addition to climate change, we will establish a framework for evaluating investees with regard to systemic sustainability issues
such as human rights, human capital, and natural capital, and enhance the incorporation of these issues into investment decisions andengagements.
・ Through Impact "K" Project, we will promote investments that have a positive impact on society and the environment.

5Section 4. Endorsement'The Senior Leadership Statement has been prepared and/or reviewed by the undersigned and reflects ourorganisation-wide commitment and approach to responsible investment'.
Name
Atsushi Tachibana

Position
Chief Investment Officer

Organisation’s NameJapan Post Insurance Co., Ltd.

◉A'This endorsement applies only to the Senior Leadership Statement and should not be considered an endorsement of
the information reported by the above-mentioned organisation in the various modules of the Reporting Framework.
The Senior Leadership Statement serves as a general overview of the above-mentioned organisation's responsible
investment approach. The Senior Leadership Statement does not constitute advice and should not be relied upon as
such. Further, it is not a substitute for the skill, judgement and experience of any third parties, their management,
employees, advisors and/or clients when making investment and other business decisions'.
○ B

ORGANISATIONAL OVERVIEW (OO)
ORGANISATIONAL INFORMATIONREPORTING YEAR
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 1

CORE

N/A

N/A

PUBLIC

Reporting year

GENERAL

What is the year-end date of the 12-month period you have chosen to report for PRI reporting purposes?

Year-end date of the 12-month
period for PRI reporting purposes:

Date

Month

Year

31

03

2023

6

SUBSIDIARY INFORMATION
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 2

CORE

N/A

OO 2.1

PUBLIC

Subsidiary
information

GENERAL

Does your organisation have subsidiaries?
◉ (A) Yes
○ (B) No
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 2.1CORE

OO 2

OO 2.2

PUBLIC

Subsidiary
information

GENERAL

Are any of your organisation’s subsidiaries PRI signatories in their own right?
○ (A) Yes
◉ (B) NoASSETS UNDER MANAGEMENTALL ASSET CLASSES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 4

CORE

OO 3

N/A

PUBLICAll asset classes

GENERAL

What are your total assets under management (AUM) at the end of the reporting year, as indicated in [OO 1]?

7

USD(A) AUM of your organisation,
including subsidiaries, andexcluding the AUM subject toexecution, advisory, custody, or
research advisory only

US$ 453,606,845,116.00(B) AUM of subsidiaries that are
PRI signatories in their own rightand excluded from thissubmission, as indicated in [OO
2.2]

US$ 0.00(C) AUM subject to execution,
advisory, custody, or researchadvisory only

US$ 0.00

ASSET BREAKDOWN
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 5

CORE

OO 3

Multiple
indicators

PUBLICAsset
breakdown

GENERAL

Provide a percentage breakdown of your total AUM at the end of the reporting year as indicated in [OO 1].
(1) Percentage of Internally managed AUM(2) Percentage of Externally managed AUM(A) Listed equity>0-10%>0-10%(B) Fixed income>75%>0-10%(C) Private equity

0%>0-10%(D) Real estate0%>0-10%(E) Infrastructure>0-10%>0-10%(F) Hedge funds

0%>0-10%(G) Forestry

0%

0%

8

(H) Farmland

0%0%(I) Other>0-10%>0-10%(J) Off-balance sheet0%0%(I) Other - (1) Percentage of Internally managed AUM - Specify:
Cash and cash equivalents etc.

(I) Other - (2) Percentage of Externally managed AUM - Specify:
Cash and cash equivalents etc.

ASSET BREAKDOWN: EXTERNALLY MANAGED ASSETS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 5.1CORE

OO 5

Multiple

PUBLIC

Asset breakdown:
Externally managed
assetsGENERAL

Provide a further breakdown of your organisation’s externally managed listed equity and/or fixed income AUM.

(1) Listed equity(2) Fixed income SSA(3) Fixed income corporate(4) Fixed income securitised(5) Fixed income private debt

(A) Active>0-10%>10-50%>50-75%

0%

0%

(B)
Passive

>75%

0%

0%

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 5.2CORE

OO 5, OO 5.1

SAM 3,SAM 8

PUBLIC

Asset breakdown:
Externally managed
assetsGENERAL

Provide a breakdown of your organisation’s externally managed AUM between segregated mandates and pooled funds orinvestments.

9(1) Segregated mandate(s)(2) Pooled fund(s) or pooled
investment(s)(A) Listed equity - active>50-75%>10-50%(B) Listed equity - passive

>75%

0%

(C) Fixed income - active>10-50%>50-75%(E) Private equity>75%>0-10%(F) Real estate>75%>0-10%(G) Infrastructure>75%>10-50%(H) Hedge funds

0%

>75%

ASSET BREAKDOWN: INTERNALLY MANAGED LISTED EQUITY
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 5.3 LE

CORE

OO 5

Multiple

PUBLIC

Asset breakdown:Internally managed
listed equity

GENERAL

Provide a further breakdown of your internally managed listed equity AUM.
(A) Passive equity

0%(B) Active – quantitative

0%(C) Active – fundamental>75%(D) Other strategies

0%10

ASSET BREAKDOWN: INTERNALLY MANAGED FIXED INCOME
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 5.3 FI

CORE

OO 5

Multiple

PUBLIC

Asset breakdown:Internally managed
fixed income

GENERAL

Provide a further breakdown of your internally managed fixed income AUM.
(A) Passive – SSA

0%(B) Passive – corporate

0%(C) Active – SSA>75%(D) Active – corporate>0-10%(E) Securitised>0-10%(F) Private debt

0%

ASSET BREAKDOWN: INTERNALLY MANAGED INFRASTRUCTURE
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 5.3 INF

CORE

OO 5

N/A

PUBLIC

Asset breakdown:Internally managed
infrastructure

GENERAL

Provide a further breakdown of your internally managed infrastructure AUM.
(A) Data infrastructure0%(B) Diversified

0%(C) Energy and water resources0%11

(D) Environmental services

0%(E) Network utilities

0%(F) Power generation (excl.
renewables)

0%(G) Renewable power>75%(H) Social infrastructure

0%(I) Transport

0%(J) Other

0%

MANAGEMENT BY PRI SIGNATORIES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 6

CORE

OO 5

N/A

PUBLICManagement by PRI
signatories

GENERAL

What percentage of your organisation’s externally managed assets are managed by PRI signatories?
>75%

GEOGRAPHICAL BREAKDOWN
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 7

CORE

Multiple, seeguidance

N/A

PUBLIC

Geographicalbreakdown

GENERAL

How much of your AUM in each asset class is invested in emerging markets and developing economies?

12

AUM in Emerging Markets and Developing Economies(A) Listed equity(2) >0 to 10%(B) Fixed income – SSA(2) >0 to 10%(C) Fixed income – corporate(2) >0 to 10%(D) Fixed income – securitised(1) 0%(F) Private equity(2) >0 to 10%(G) Real estate(2) >0 to 10%(H) Infrastructure(2) >0 to 10%(I) Hedge funds(2) >0 to 10%

STEWARDSHIPSTEWARDSHIP
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 8

CORE

Multiple, seeguidance

Multiple
indicators

PUBLIC

Stewardship

GENERAL

Does your organisation conduct stewardship activities, excluding (proxy) voting, for any of your assets?
(1) Listed equity- active(2) Listed equity- passive(3) Fixed income- active(5) Private equity(A) Yes, through internal staff

☑

☐

☑

☐

(B) Yes, through service providers

☐

☐

☐

☐

(C) Yes, through external managers

☑

☑

☑

☑

13

(D) We do not conduct stewardship

○

○

○

○

(6) Real estate(7) Infrastructure(8) Hedge funds(11) Other(A) Yes, through internal staff

☐

☑

☐

☑

(B) Yes, through service providers

☐

☐

☐

☐

(C) Yes, through external managers

☑

☑

☑

☑

(D) We do not conduct stewardship

○

○

○

○

STEWARDSHIP: (PROXY) VOTING
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 9 HF

CORE

OO 5

OO 9

PUBLIC

Stewardship: (Proxy)
votingGENERAL

Does your organisation have direct investments in listed equity across your hedge fund strategies?
○ (A) Yes
◉ (B) No
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 9

CORE

Multiple, seeguidance

Multiple
indicators

PUBLIC

Stewardship:(Proxy) voting

GENERAL

14

Does your organisation conduct (proxy) voting activities for any of your listed equity holdings?
(1) Listed equity - active(2) Listed equity - passive(A) Yes, through internal staff☑

☐(B) Yes, through service providers☐☐(C) Yes, through externalmanagers☑

☑

(D) We do not conduct (proxy)
voting○○Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 9.1CORE

OO 9

PGS 10.1,
PGS 31

PUBLIC

Stewardship:(Proxy) voting

GENERALFor each asset class, on what percentage of your listed equity holdings do you have the discretion to vote?
Percentage of your listed equity holdings over which you have the discretion tovote(A) Listed equity – active(9) >70 to 80%(B) Listed equity - passive(1) 0%

15

ESG INCORPORATIONINTERNALLY MANAGED ASSETS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 11

CORE

Multiple, seeguidance

Multiple
indicators

PUBLICInternallymanaged assets

1

For each internally managed asset class, does your organisation incorporate ESG factors into your investment
decisions?
(1) Yes, we incorporate ESG factors
into our investment decisions(2) No, we do not incorporate ESG
factors into our investment decisions(C) Listed equity - active fundamental◉○(E) Fixed income - SSA◉○(F) Fixed income - corporate◉○(G) Fixed income - securitised◉○(K) Infrastructure◉○(V) Other: Cash and cash
equivalents etc.

◉

○

16

EXTERNAL MANAGER SELECTION
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 12

CORE

OO 5, OO 5.1

Multiple
indicators

PUBLIC

External manager
selection

1

For each externally managed asset class, does your organisation incorporate ESG factors when selecting external
investment managers?
(1) Yes, we incorporate ESG factors
when selecting external investment
managers(2) No, we do not incorporate ESG
factors when selecting external
investment managers(A) Listed equity - active◉○(B) Listed equity - passive◉○(C) Fixed income - active◉○(E) Private equity◉○(F) Real estate◉○(G) Infrastructure◉○(H) Hedge funds◉○(K) Other: Cash and cash
equivalents etc.

◉

○

17

EXTERNAL MANAGER APPOINTMENT
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 13

CORE

OO 5, OO 5.1

Multiple
indicators

PUBLIC

External manager
appointment

1

For each externally managed asset class, does your organisation incorporate ESG factors when appointing external
investment managers?
(1) Yes, we incorporate ESG factors
when appointing external investment
managers(2) No, we do not incorporate ESG
factors when appointing external
investment managers(A) Listed equity - active◉○(B) Listed equity - passive◉○(C) Fixed income - active◉○(E) Private equity◉○(F) Real estate◉○(G) Infrastructure◉○(H) Hedge funds◉○(K) Other: Cash and cash
equivalents etc.

◉

○

18

EXTERNAL MANAGER MONITORING
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 14

CORE

OO 5, OO 5.1

Multiple
indicators

PUBLIC

External manager
monitoring1

For each externally managed asset class, does your organisation incorporate ESG factors when monitoring external
investment managers?
(1) Yes, we incorporate ESG factors
when monitoring external investment
managers(2) No, we do not incorporate ESG
factors when monitoring external
investment managers(A) Listed equity - active◉○(B) Listed equity - passive◉○(C) Fixed income - active◉○(E) Private equity◉○(F) Real estate◉○(G) Infrastructure◉○(H) Hedge funds◉○(K) Other: Cash and cash
equivalents etc.

◉

○

19

ESG IN OTHER ASSET CLASSES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 15

CORE

OO 11, OO 12–
14

N/A

PUBLICESG in other asset
classes1

Describe how your organisation incorporates ESG factors into the following asset classes.
Internally managed(C) Other
We have negative screening criteria for all assets under management.

Externally managed(F) Other
We have negative screening criteria for all assets under management.

ESG STRATEGIESLISTED EQUITY
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 17 LE

CORE

OO 11

OO 17.1 LE, LE 12

PUBLIC

Listed equity

1

Which ESG incorporation approach and/or combination of approaches does your organisation apply to your internallymanaged active listed equity?
Percentage out of total internally managed active listed equity(A) Screening alone

0%(B) Thematic alone

0%(C) Integration alone

0%(D) Screening and integration>75%(E) Thematic and integration

0%20

(F) Screening and thematic

0%(G) All three approaches combined0%(H) None0%

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 17.1 LE

CORE

OO 17 LELE 9

PUBLIC

Listed equity

1

What type of screening does your organisation use for your internally managed active listed equity assets where ascreening approach is applied?
Percentage coverage out of your total listed equity assets where a screening
approach is applied(A) Positive/best-in-classscreening only

0%(B) Negative screening only

>75%(C) A combination of screening
approaches

0%

FIXED INCOME
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 17 FI

CORE

OO 5.3 FI, OO
11Multiple, seeguidance

PUBLIC

Fixed
income1Which ESG incorporation approach and/or combination of approaches does your organisation apply to your internallymanaged active fixed income?

21

(1) Fixed income - SSA(2) Fixed income corporate(3) Fixed income securitised(A) Screening alone

0%

0%

0%

(B) Thematic alone

0%

0%

0%

(C) Integration alone

0%

0%

0%

(D) Screening and integration

>75%

>75%

>75%

(E) Thematic and integration

0%

0%

0%

(F) Screening and thematic

0%

0%

0%

(G) All three approaches combined>0-10%>0-10%

0%(H) None

0%

0%

0%

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 17.1 FI

CORE

OO 17 FI

N/A

PUBLIC

Fixed income

1

What type of screening does your organisation use for your internally managed active fixed income where a screening
approach is applied?

(1) Fixed income - SSA(2) Fixed income corporate(3) Fixed income securitised(A) Positive/best-in-class screening
only

0%

0%

0%

(B) Negative screening only

>75%

>75%

>75%

(C) A combination of screening
approaches

0%

0%

0%

22

ESG/SUSTAINABILITY FUNDS AND PRODUCTSLABELLING AND MARKETING
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 18

CORE

OO 11–14

OO 18.1

PUBLIC

Labelling andmarketing1

Do you explicitly market any of your products and/or funds as ESG and/or sustainable?
○ (A) Yes, we market products and/or funds as ESG and/or sustainable○ (B) No, we do not offer products or funds explicitly marketed as ESG and/or sustainable◉ (C) Not applicable; we do not offer products or funds

THEMATIC BONDS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 20

CORE

OO 17 FIFI 15, FI 17

PUBLIC

Thematic bonds

1

What percentage of your total environmental and/or social thematic bonds are labelled by the issuers in accordance withindustry-recognised standards?
Percentage of your total environmental and/or social thematic bonds labelled by
the issuers(A) Green or climate bonds>10-50%(B) Social bonds>10-50%(C) Sustainability bonds>10-50%(D) Sustainability-linked bonds

0%(E) SDG or SDG-linked bonds>0-10%(F) Other>0-10%

23

(G) Bonds not labelled by theissuer0%(F) Other - Specify:
Transiton

SUMMARY OF REPORTING REQUIREMENTS
SUMMARY OF REPORTING REQUIREMENTS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 21

CORE

Multiple
indicators

Multiple
indicators

PUBLIC

Summary ofreportingrequirements

GENERAL

The following table shows which modules are mandatory or voluntary to report on in the separate PRI asset classmodules. Where a module is voluntary, indicate if you wish to report on it.
(1) Mandatory to report(pre-filled based on
previous responses)(2.1) Voluntary to report.
Yes, I want to opt-in toreporting on the module(2.2) Voluntary to report.
No, I want to opt-out ofreporting on the module

Policy, Governance and Strategy

◉

○

○

Confidence Building Measures

◉

○

○

(T) External manager selection,
appointment and monitoring (SAM)– listed equity - active

◉

○

○

(U) External manager selection,
appointment and monitoring (SAM)– listed equity - passive

◉

○

○

(V) External manager selection,
appointment and monitoring (SAM)– fixed income - active

◉

○

○

Applicable modules

24

(X) External manager selection,
appointment and monitoring (SAM)– private equity

○

◉

○

(Y) External manager selection,
appointment and monitoring (SAM)– real estate

○

◉

○

(Z) External manager selection,
appointment and monitoring (SAM)– infrastructure

○

◉

○

(AA) External manager selection,
appointment and monitoring (SAM)– hedge funds

○

○

◉

SUBMISSION INFORMATIONREPORT DISCLOSURE
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

OO 32

CORE

OO 3, OO 31

N/A

PUBLIC

Report disclosure

GENERAL

How would you like to disclose the detailed percentage figures you reported throughout the Reporting Framework?
○ (A) Publish as absolute numbers◉ (B) Publish as ranges

25

POLICY, GOVERNANCE AND STRATEGY (PGS)
POLICYRESPONSIBLE INVESTMENT POLICY ELEMENTS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 1

CORE

OO 8, OO 9Multiple
indicators

PUBLIC

Responsible
investment policy
elements

1, 2Which elements are covered in your formal responsible investment policy(ies)?
☑ (A) Overall approach to responsible investment☑ (B) Guidelines on environmental factors☑ (C) Guidelines on social factors☑ (D) Guidelines on governance factors☑ (E) Guidelines on sustainability outcomes☑ (F) Guidelines tailored to the specific asset class(es) we hold
☑ (G) Guidelines on exclusions☑ (H) Guidelines on managing conflicts of interest related to responsible investment☑ (I) Stewardship: Guidelines on engagement with investees☐ (J) Stewardship: Guidelines on overall political engagement☑ (K) Stewardship: Guidelines on engagement with other key stakeholders☑ (L) Stewardship: Guidelines on (proxy) voting☐ (M) Other responsible investment elements not listed here
○ (N) Our organisation does not have a formal responsible investment policy and/or our policy(ies) do not cover any responsible
investment elements
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 2

CORE

PGS 1

Multiple, seeguidance

PUBLIC

Responsible
investment policy
elements

1

Does your formal responsible investment policy(ies) include specific guidelines on systematic sustainability issues?
☑ (A) Specific guidelines on climate change (may be part of guidelines on environmental factors)☑ (B) Specific guidelines on human rights (may be part of guidelines on social factors)☑ (C) Specific guidelines on other systematic sustainability issues
Specify:biodiversity, human capital○ (D) Our formal responsible investment policy(ies) does not include guidelines on systematic sustainability issues

26

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 3

CORE

PGS 1, PGS 2

N/APUBLIC

Responsible
investment policy
elements

6

Which elements of your formal responsible investment policy(ies) are publicly available?
☑ (A) Overall approach to responsible investment
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/policy.html☑ (B) Guidelines on environmental factors
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/policy.html☑ (C) Guidelines on social factors
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/policy.html☑ (D) Guidelines on governance factors
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/policy.html☑ (E) Guidelines on sustainability outcomes
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/policy.html☑ (F) Specific guidelines on climate change (may be part of guidelines on environmental factors)
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/policy.html☑ (G) Specific guidelines on human rights (may be part of guidelines on social factors)
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/assets/pdf/stewardship_policy.pdf☑ (H) Specific guidelines on other systematic sustainability issues
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/assets/pdf/stewardship_policy.pdf☑ (I) Guidelines tailored to the specific asset class(es) we hold
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/initiatives_achievements.html☑ (J) Guidelines on exclusions
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/initiatives_achievements.html☑ (K) Guidelines on managing conflicts of interest related to responsible investment27

Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/policy.html☑ (L) Stewardship: Guidelines on engagement with investees
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/stewardship.html☑ (N) Stewardship: Guidelines on engagement with other key stakeholders
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/stewardship.html☑ (O) Stewardship: Guidelines on (proxy) voting
Add link:
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/esg/stewardship.html○ (Q) No elements of our formal responsible investment policy(ies) are publicly available
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 5

CORE

PGS 1

N/A

PUBLIC

Responsible
investment policy
elements

2

Which elements are covered in your organisation’s policy(ies) or guidelines on stewardship?
☑ (A) Overall stewardship objectives☑ (B) Prioritisation of specific ESG factors to be advanced via stewardship activities☑ (C) Criteria used by our organisation to prioritise the investees, policy makers, key stakeholders, or other entities on
which to focus our stewardship efforts☑ (D) How different stewardship tools and activities are used across the organisation☑ (E) Approach to escalation in stewardship☑ (F) Approach to collaboration in stewardship☑ (G) Conflicts of interest related to stewardship☑ (H) How stewardship efforts and results are communicated across the organisation to feed into investment decisionmaking and vice versa☐ (I) Other○ (J) None of the above elements is captured in our policy(ies) or guidelines on stewardship
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 6

CORE

PGS 1

N/A

PUBLIC

Responsible
investment policy
elements

2

Does your policy on (proxy) voting include voting principles and/or guidelines on specific ESG factors?
☑ (A) Yes, it includes voting principles and/or guidelines on specific environmental factors☑ (B) Yes, it includes voting principles and/or guidelines on specific social factors☑ (C) Yes, it includes voting principles and/or guidelines on specific governance factors○ (D) Our policy on (proxy) voting does not include voting principles or guidelines on specific ESG factors

28

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 7

CORE

OO 9

N/A

PUBLIC

Responsible
investment policy
elements

2

Does your organisation have a policy that states how (proxy) voting is addressed in your securities lending programme?
○ (A) We have a publicly available policy to address (proxy) voting in our securities lending programme○ (B) We have a policy to address (proxy) voting in our securities lending programme, but it is not publicly available○ (C) We rely on the policy of our external service provider(s)○ (D) We do not have a policy to address (proxy) voting in our securities lending programme◉ (E) Not applicable; we do not have a securities lending programme

RESPONSIBLE INVESTMENT POLICY COVERAGE
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 8

CORE

PGS 1

N/A

PUBLIC

Responsible
investment policy
coverage1

What percentage of your total AUM is covered by the below elements of your responsible investment policy(ies)?
Combined AUM coverage of all policy elements(A) Overall approach toresponsible investment(B) Guidelines on environmental
factors(C) Guidelines on social factors(D) Guidelines on governancefactors(7) 100%

29

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 9

CORE

PGS 2

N/A

PUBLIC

Responsible
investment policy
coverage1

What proportion of your AUM is covered by your formal policies or guidelines on climate change, human rights, or othersystematic sustainability issues?
AUM coverage(A) Specific guidelines on climatechange(1) for all of our AUM(B) Specific guidelines on humanrights(1) for all of our AUM(C) Specific guidelines on othersystematic sustainability issues(1) for all of our AUM

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 10CORE

OO 8, OO 9,
PGS 1

N/A

PUBLIC

Responsible
investment policy
coverage2

Per asset class, what percentage of your AUM is covered by your policy(ies) or guidelines on stewardship with investees?
☑ (A) Listed equity(1) Percentage of AUM covered○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%
☑ (B) Fixed income30(1) Percentage of AUM covered○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%
☑ (C) Private equity(1) Percentage of AUM covered○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%
☑ (D) Real estate(1) Percentage of AUM covered○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%
☑ (E) Infrastructure(1) Percentage of AUM covered○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%
☑ (F) Hedge funds

31

(1) Percentage of AUM covered○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%
☑ (I) Other(1) Percentage of AUM covered○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 10.1

CORE

OO 9.1, PGS
1

N/A

PUBLIC

Responsible
investment policy
coverage2

What percentage of your listed equity holdings is covered by your guidelines on (proxy) voting?
☑ (A) Actively managed listed equity(1) Percentage of your listed equity holdings over which you have the discretion to vote○ (1) >0% to 10%○ (2) >10% to 20%○ (3) >20% to 30%○ (4) >30% to 40%○ (5) >40% to 50%○ (6) >50% to 60%○ (7) >60% to 70%○ (8) >70% to 80%○ (9) >80% to 90%○ (10) >90% to <100%◉ (11) 100%32

GOVERNANCE
ROLES AND RESPONSIBILITIESIndicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 11CORE

N/A

Multiple
indicators

PUBLIC

Roles and
responsibilities

1

Which senior level body(ies) or role(s) in your organisation have formal oversight over and accountability for responsible
investment?
☐ (A) Board members, trustees, or equivalent☑ (B) Senior executive-level staff, or equivalentSpecify:
Chief Investment Officer☐ (C) Investment committee, or equivalent☐ (D) Head of department, or equivalent○ (E) None of the above bodies and roles have oversight over and accountability for responsible investment
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 11.1

CORE

PGS 1, PGS 2,
PGS 11

N/A

PUBLIC

Roles and
responsibilities

1, 2

Does your organisation's senior level body(ies) or role(s) have formal oversight over and accountability for the elements
covered in your responsible investment policy(ies)?
(2) Senior executive-level staff, investment committee, head of department, or
equivalent(A) Overall approach toresponsible investment☑

(B) Guidelines on environmental,social and/or governance factors☑

(C) Guidelines on sustainability
outcomes☑

33

(D) Specific guidelines on climatechange (may be part of guidelines
on environmental factors)☑

(E) Specific guidelines on humanrights (may be part of guidelines
on social factors)☑

(F) Specific guidelines on othersystematic sustainability issues☑

(G) Guidelines tailored to thespecific asset class(es) we hold☑

(H) Guidelines on exclusions☑

(I) Guidelines on managing
conflicts of interest related toresponsible investment☑

(J) Stewardship: Guidelines on
engagement with investees☑

(L) Stewardship: Guidelines on
engagement with other key
stakeholders☑

(M) Stewardship: Guidelines on(proxy) voting☑

(N) This role has no formal
oversight over and accountability
for any of the above elements
covered in our responsible
investment policy(ies)○34

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 11.2

CORE

N/A

N/A

PUBLIC

Roles and
responsibilities

1–6

Does your organisation have governance processes or structures to ensure that your overall political engagement isaligned with your commitment to the principles of PRI, including any political engagement conducted by third parties on
your behalf?
○ (A) Yes
◉ (B) No
Explain why:
It is recognized as a future subject.

○ (C) Not applicable, our organisation does not conduct any form of political engagement directly or through any third parties
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 12

CORE

N/A

N/A

PUBLIC

Roles and
responsibilities

1

In your organisation, which internal or external roles are responsible for implementing your approach to responsible
investment?
☑ (A) Internal role(s)Specify:
Chief Investment Officer, Co-Chief Investment Officer☐ (B) External investment managers, service providers, or other external partners or suppliers○ (C) We do not have any internal or external roles with responsibility for implementing responsible investment
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 14

CORE

PGS 11

N/A

PUBLIC

Roles and
responsibilities

1

Does your organisation use responsible investment KPIs to evaluate the performance of your senior executive-level staff(or equivalent), and are these KPIs linked to compensation?

35◉ (A) Yes, we use responsible investment KPIs to evaluate the performance of our senior executive-level staff (orequivalent)
Indicate whether these responsible investment KPIs are linked to compensation◉ (1) KPIs are linked to compensation○ (2) KPIs are not linked to compensation as these roles do not have variable compensation○ (3) KPIs are not linked to compensation even though these roles have variable compensation
Describe: (Voluntary)○ (B) No, we do not use responsible investment KPIs to evaluate the performance of our senior executive-level staff (orequivalent)

EXTERNAL REPORTING AND DISCLOSURES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 16

CORE

N/A

N/A

PUBLIC

External reportingand disclosures

6

What elements are included in your regular reporting to clients and/or beneficiaries for the majority of your AUM?
☑ (A) Any changes in policies related to responsible investment☑ (B) Any changes in governance or oversight related to responsible investment☑ (C) Stewardship-related commitments☑ (D) Progress towards stewardship-related commitments☑ (E) Climate–related commitments☑ (F) Progress towards climate–related commitments☐ (G) Human rights–related commitments☐ (H) Progress towards human rights–related commitments☐ (I) Commitments to other systematic sustainability issues☐ (J) Progress towards commitments on other systematic sustainability issues○ (K) We do not include any of these elements in our regular reporting to clients and/or beneficiaries for the majority of our AUM
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 17

CORE

N/A

N/A

PUBLIC

External reportingand disclosures

6

During the reporting year, did your organisation publicly disclose climate-related information in line with the Task Forceon Climate-Related Financial Disclosures' (TCFD) recommendations?
☑ (A) Yes, including all governance-related recommended disclosures☑ (B) Yes, including all strategy-related recommended disclosures☐ (C) Yes, including all risk management–related recommended disclosures☑ (D) Yes, including all applicable metrics and targets-related recommended disclosures○ (E) None of the above36

Add link(s):https://www.jp-life.japanpost.jp/english/aboutus/sustainability/environment/tcfd.html

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 19

CORE

N/A

N/A

PUBLIC

External reportingand disclosures

6

During the reporting year, did your organisation publicly disclose its membership in and support for trade associations,
think tanks or similar bodies that conduct any form of political engagement?
◉ (A) Yes, we publicly disclosed our membership in and support for trade associations, think tanks, or similar bodies
that conduct any form of political engagement
Add link(s):https://www.jp-life.japanpost.jp/english/aboutus/sustainability/initiative/index.html○ (B) No, we did not publicly disclose our membership in and support for trade associations, think tanks, or similar bodies that
conduct any form of political engagement○ (C) Not applicable, we were not members in or supporters of any trade associations, think tanks, or similar bodies that conduct
any form of political engagement during the reporting year

STRATEGYCAPITAL ALLOCATION
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 20

CORE

N/A

N/A

PUBLIC

Capital allocation

1

Which elements do your organisation-level exclusions cover?
☑ (A) Exclusions based on our organisation's values or beliefs regarding particular sectors, products or services☐ (B) Exclusions based on our organisation's values or beliefs regarding particular regions or countries☐ (C) Exclusions based on minimum standards of business practice aligned with international norms such as the OECD
Guidelines for Multinational Enterprises, the International Bill of Human Rights, UN Security Council sanctions or the UN Global
Compact☑ (D) Exclusions based on our organisation’s climate change commitments☐ (E) Other elements○ (F) Not applicable; our organisation does not have any organisation-level exclusions

37

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 21

CORE

N/A

N/A

PUBLIC

Capital allocation

1

How does your responsible investment approach influence your strategic asset allocation process?
☐ (A) We incorporate ESG factors into our assessment of expected asset class risks and returns☐ (B) We incorporate climate change–related risks and opportunities into our assessment of expected asset class risks andreturns☐ (C) We incorporate human rights–related risks and opportunities into our assessment of expected asset class risks and returns☐ (D) We incorporate risks and opportunities related to other systematic sustainability issues into our assessment of expectedasset class risks and returns◉ (E) We do not incorporate ESG factors, climate change, human rights or other systematic sustainability issues into
our assessment of expected asset class risks and returns○ (F) Not applicable; we do not have a strategic asset allocation process

STEWARDSHIP: OVERALL STEWARDSHIP STRATEGY
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 22CORE

OO 8, OO 9N/A

PUBLIC

Stewardship: Overall
stewardship strategy

2

For the majority of AUM within each asset class, which of the following best describes your primary stewardshipobjective?

38

(1) Listed
equity(2) Fixed
income(3) Private
equity(4) Real
estate(5)(6) Hedge
Infrastructure funds(A) Maximise our portfolio-level riskadjusted returns. In doing so, we
seek to address any risks to overall
portfolio performance caused byindividual investees’ contribution tosystematic sustainability issues.

◉

◉

◉

◉

◉

◉

(B) Maximise our individual
investments’ risk-adjusted returns. In
doing so, we do not seek to address
any risks to overall portfolio
performance caused by individual
investees’ contribution to systematicsustainability issues.

○

○

○

○

○

○

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 24CORE

OO 8, OO 9N/A

PUBLIC

Stewardship: Overall
stewardship strategy

2Which of the following best describes your organisation's default position, or the position of the external service
providers or external managers acting on your behalf, concerning collaborative stewardship efforts?
◉ (A) We recognise the value of collective action, and as a result, we prioritise collaborative stewardship efforts
wherever possible○ (B) We collaborate on a case-by-case basis○ (C) Other○ (D) We do not join collaborative stewardship efforts

39

STEWARDSHIP: (PROXY) VOTING
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 29CORE

OO 9, PGS 1

N/A

PUBLIC

Stewardship: (Proxy)
voting2

When you use external service providers to give recommendations, how do you ensure those recommendations are
consistent with your organisation's (proxy) voting policy?
☐ (A) Before voting is executed, we review external service providers' voting recommendations for controversial and high-profile
votes☐ (B) Before voting is executed, we review external service providers' voting recommendations where the application of ourvoting policy is unclear☐ (C) We ensure consistency with our voting policy by reviewing external service providers' voting recommendations only after
voting has been executed○ (D) We do not review external service providers’ voting recommendations◉ (E) Not applicable; we do not use external service providers to give voting recommendations
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 30

CORE

OO 9

N/A

PUBLIC

Stewardship: (Proxy)
voting2

How is voting addressed in your securities lending programme?
○ (A) We recall all securities for voting on all ballot items○ (B) When a vote is deemed important according to pre-established criteria (e.g. high stake in the company), we recall all our
securities for voting○ (C) Other○ (D) We do not recall our securities for voting purposes◉ (E) Not applicable; we do not have a securities lending programme
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 31CORE

OO 9.1

N/A

PUBLIC

Stewardship: (Proxy)
voting2

40

For the majority of votes cast over which you have discretion to vote, which of the following best describes your decision
making approach regarding shareholder resolutions (or that of your external service provider(s) if decision making isdelegated to them)?
◉ (A) We vote in favour of resolutions expected to advance progress on our stewardship priorities, including affirming acompany's good practice or prior commitment○ (B) We vote in favour of resolutions expected to advance progress on our stewardship priorities, but only if the investee
company has not already publicly committed to the action(s) requested in the proposal○ (C) We vote in favour of shareholder resolutions only as an escalation measure○ (D) We vote in favour of the investee company management’s recommendations by default○ (E) Not applicable; we do not vote on shareholder resolutions
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 32

CORE

OO 9

N/A

PUBLIC

Stewardship: (Proxy)
voting2

During the reporting year, how did your organisation, or your external service provider(s), pre-declare voting intentions
prior to voting in annual general meetings (AGMs) or extraordinary general meetings (EGMs)?
☐ (A) We pre-declared our voting intentions publicly through the PRI's vote declaration system on the Resolution Database☐ (B) We pre-declared our voting intentions publicly by other means, e.g. through our website☑ (C) We privately communicated our voting decision to investee companies prior to the AGM/EGM○ (D) We did not privately or publicly communicate our voting intentions prior to the AGM/EGM○ (E) Not applicable; we did not cast any (proxy) votes during the reporting year
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 33CORE

OO 9

PGS 33.1

PUBLIC

Stewardship: (Proxy)
voting2

After voting has taken place, do you publicly disclose your (proxy) voting decisions or those made on your behalf by yourexternal service provider(s), company by company and in a central source?
◉ (A) Yes, for all (proxy) votes
Add link(s):https://www.jp-life.japanpost.jp/aboutus/company/assets/pdf/stewardship_result_2022.pdf○ (B) Yes, for the majority of (proxy) votes○ (C) Yes, for a minority of (proxy) votes○ (D) No, we do not publicly report our (proxy) voting decisions company-by-company and in a central source41IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 33.1

CORE

PGS 33

N/A

PUBLIC

Stewardship: (Proxy)
voting2

In the majority of cases, how soon after an investee's annual general meeting (AGM) or extraordinary general meeting(EGM) do you publish your voting decisions?
○ (A) Within one month of the AGM/EGM○ (B) Within three months of the AGM/EGM◉ (C) Within six months of the AGM/EGM○ (D) Within one year of the AGM/EGM○ (E) More than one year after the AGM/EGM
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 34

CORE

OO 9

N/A

PUBLIC

Stewardship: (Proxy)
voting2

After voting has taken place, did your organisation, and/or the external service provider(s) acting on your behalf,
communicate the rationale for your voting decisions during the reporting year?
(1) In cases where we abstained or
voted against management
recommendations(2) In cases where we voted against
an ESG-related shareholder resolution(A) Yes, we publicly disclosed therationale(1) for all votes(1) for all votes(B) Yes, we privately
communicated the rationale to thecompany(1) for all votes(3) for a minority of votes(C) We did not publicly or privately
communicate the rationale, or we
did not track this information

○

○

42

(D) Not applicable; we did not
abstain or vote against
management recommendations or
ESG-related shareholder
resolutions during the reporting
year

○

○

(A) Yes, we publicly disclosed the rationale - Add link(s):https://www.jp-life.japanpost.jp/aboutus/company/assets/pdf/stewardship_result_2022.pdf

STEWARDSHIP: ESCALATION
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 36CORE

OO 8, OO 9N/A

PUBLIC

Stewardship:
Escalation2

For your listed equity holdings, what escalation measures did your organisation, or the external investment managers orservice providers acting on your behalf, use in the past three years?

(1) Listed equity(2) Direct listed equity holdings inhedge fund portfolios(A) Joining or broadening an
existing collaborative engagement
or creating a new one☑

☐(B) Filing, co-filing, and/or
submitting a shareholder resolution
or proposal☐☐(C) Publicly engaging the entity,e.g. signing an open letter☑

☐(D) Voting against the re-electionof one or more board directors☑

☐(E) Voting against the chair of theboard of directors, or equivalent,e.g. lead independent director

☑

☐

43

(F) Divesting☑

☐(G) Litigation☐☐(H) Other☐☑

(I) In the past three years, we did
not use any of the above
escalation measures for our listed
equity holdings○○(H) Other - (2) Direct listed equity holdings in hedge funds portfolios - Specify:
We don't have direct listed equity holdings in hedge fund portfolios.

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 37

CORE

Multiple, seeguidance

N/A

PUBLIC

Stewardship:
Escalation2

For your corporate fixed income assets, what escalation measures did your organisation, or the external investment
managers or service providers acting on your behalf, use in the past three years?
☑ (A) Joining or broadening an existing collaborative engagement or creating a new one☑ (B) Publicly engaging the entity, e.g. signing an open letter☑ (C) Not investing☑ (D) Reducing exposure to the investee entity☐ (E) Divesting☐ (F) Litigation☐ (G) Other○ (H) In the past three years, we did not use any of the above escalation measures for our corporate fixed income assets

44

STEWARDSHIP: ENGAGEMENT WITH POLICY MAKERS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 39CORE

OO 8, OO 9

PGS 39.1,
PGS 39.2

PUBLIC

Stewardship:
Engagement with
policy makers

2

Did your organisation, or the external investment managers or service providers acting on your behalf, engage with policy
makers as part of your responsible investment approach during the reporting year?
☑ (A) Yes, we engaged with policy makers directly☐ (B) Yes, we engaged with policy makers through the leadership of or active participation in working groups or collaborative
initiatives, including via the PRI☑ (C) Yes, we were members of, supported, or were in another way affiliated with third party organisations, including
trade associations and non-profit organisations, that engage with policy makers, excluding the PRI○ (D) We did not engage with policy makers directly or indirectly during the reporting year beyond our membership in the PRI
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 39.1

CORE

PGS 39N/A

PUBLIC

Stewardship:
Engagement with
policy makers

2During the reporting year, what methods did you, or the external investment managers or service providers acting on yourbehalf, use to engage with policy makers as part of your responsible investment approach?
☐ (A) We participated in 'sign-on' letters☑ (B) We responded to policy consultations☑ (C) We provided technical input via government- or regulator-backed working groups
Describe:
We participated in the Financial Services Agency's Working Group on Impact Investment as a financial practitioner member.

☐ (D) We engaged policy makers on our own initiative☑ (E) Other methods
Describe:
As a member of The Life Insurance Association of Japan, we have published a report summarizing activities to reinvigorate theequity market and achieve a sustainable society and recommendations. This report includes recommendations to the government totake steps to promote ESG initiatives.

45

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 39.2

CORE

PGS 39N/A

PUBLIC

Stewardship:
Engagement with
policy makers

2During the reporting year, did your organisation publicly disclose details of your engagement with policy makers
conducted as part of your responsible investment approach, including through external investment managers or service
providers?
☐ (A) We publicly disclosed all our policy positions☑ (B) We publicly disclosed details of our engagements with policy makers
Add link(s):https://www.seiho.or.jp/info/news/2022/pdf/20220415_4-2.pdf○ (C) No, we did not publicly disclose details of our engagement with policy makers conducted as part of our responsible
investment approach during the reporting year

CLIMATE CHANGE
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 41

CORE

N/A

PGS 41.1

PUBLICClimate change

General

Has your organisation identified climate-related risks and opportunities affecting your investments?
☑ (A) Yes, within our standard planning horizon
Specify the risks and opportunities identified and your relevant standard planning horizon:
We recognize the impact (risks and opportunities) of climate change on our company as an asset owner, as follows.
i) Physical Risks: Impaired value of invested assets due to expanding loss incurred by investees upon increased damage fromnatural disasters, etc. [Timeline of impact: Short to long term]ii) Transition Risks: Impaired value of investees due to the impact of changes in regulations in line with the shift to a low-carbon
society, stricter regulations and changes in consumer preference. [Timeline of impact: Short to long term]iii) Opportunities: Expanding green finance market and increasing investment opportunities including investments in renewableenergy business (infrastructure) [Timeline of impact: Short to medium term]
Notes: 1. In identifying the risks and opportunities mentioned above, we disclose risks and opportunities with high degree of impact
based on their importance to our company’s business after identifying large and small potential risks.
2. We assume that the timeline of impact will be as follows: short term: 5 years, medium term: 15 years, long term: 30 years.

☐ (B) Yes, beyond our standard planning horizon○ (C) No, we have not identified climate-related risks and/or opportunities affecting our investments

46

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 41.1

CORE

PGS 41

N/A

PUBLICClimate change

General

Does your organisation integrate climate-related risks and opportunities affecting your investments in its overall
investment strategy, financial planning and (if relevant) products?
◉ (A) Yes, our overall investment strategy, financial planning and (if relevant) products integrate climate-related risks
and opportunities
Describe how climate-related risks and opportunities have affected or are expected to affect your investment strategy, financial
planning and (if relevant) products:
We are conducting analyses of the impact of climate change on our asset management (e.g., impact analysis on investment income
focusing on key sectors, analysis on the impact of carbon cost on investee companies, etc.). Based on the results of theseanalyses, we will hold dialogues with investees regarding the specific impacts indicated by the analysis and encourage them to takeaction to improve our investment performance.

○ (B) No, our organisation has not yet integrated climate-related risks and opportunities into its investment strategy, financial
planning and (if relevant) products
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 43

CORE

N/A

N/A

PUBLICClimate change

General

Has your organisation assessed the resilience of its investment strategy in different climate scenarios, including one inwhich the average temperature rise is held to below 2 degrees Celsius (preferably to 1.5 degrees Celsius) above preindustrial levels?
☐ (A) Yes, using the Inevitable Policy Response Forecast Policy Scenario (FPS) or Required Policy Scenario (RPS)☐ (B) Yes, using the One Earth Climate Model scenario☐ (C) Yes, using the International Energy Agency (IEA) Net Zero scenario☑ (D) Yes, using other scenarios
Specify:
We have analyzed how our assets would be affected under several climate scenarios published by the Network of Central Banksand Supervisors for Greening the Financial System (NGFS).
The scenarios used are: (1) Current Policies scenario in which global warming will progress as no further action on climate change
will be taken by countries than they are currently implementing (global temperature will rise by more than 3℃), (2) Net Zero 2050
scenario in which countries will achieve the 2050 carbon neutrality and 1.5℃ temperature rise targets in a coordinated andsystematic manner, and (3) Divergent Net Zero scenario in which the 2050 carbon neutrality and 1.5℃ temperature rise targets will
be achieved.
In addition, we also focus on key sectors and analyze the impacts under 2°C and 4°C scenarios, referring to the IEA "World Energy
Outlook" scenarios, IEA reports, and "Synthesis Report on Observations, Projections, and Impact Assessments of Climate Change(2018): Climate Change and Its Impacts in Japan" from the Ministry of the Environment, et al.

○ (E) No, we have not assessed the resilience of our investment strategy in different climate scenarios, including one that holds
temperature rise to below 2 degrees

47

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 44

CORE

N/A

N/A

PUBLICClimate change

General

Does your organisation have a process to identify, assess, and manage the climate-related risks (potentially) affecting
your investments?
☑ (A) Yes, we have a process to identify and assess climate-related risks(1) Describe your process
At our company, various issues related to climate change are examined and discussed by the Sustainability Committee, chaired by
the Executive Officer in charge of Public Relations Department, and the Risk Management Committee, chaired by the Chief Risk
Officer (CRO). The status of examinations and discussions is reported to the Executive Committee, and particularly important issues
are discussed at the Executive Committee and decided by the President, CEO, Representative Executive Officer. In addition, reports
are made to the Board of Directors on a regular basis, and the Board of Directors has established the framework in which it
appropriately monitors the status of climate change response and, as necessary, supervises related policies, targets, strategies, andplans.
When identifying risks and opportunities, we identify them on a short-, medium-, and long-term time horizon. The relevant divisions
prepare drafts, which are disclosed once a year after discussion and decision by the Sustainability Committee and othercommittees, and are subsequently reviewed. As a result of the review, additional time frames for the impact of identified risks andopportunities are considered, and disclosed after discussion and decision by the Sustainability Committee and other committees.
We also conduct scenario analyses to assess risks.

(2) Describe how this process is integrated into your overall risk management
Risk assessment details are reported to the Sustainability Committee and Risk Management Committee, as well as to the Executive
Committee and Board of Directors, to share recognition. We will continue to analyze scenarios to improve accuracy and integratethem into our multispecialized company-wide risk management process.

☐ (B) Yes, we have a process to manage climate-related risks○ (C) No, we do not have any processes to identify, assess, or manage the climate-related risks affecting our investments
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 45

CORE

N/A

N/A

PUBLICClimate change

GeneralDuring the reporting year, which of the following climate risk metrics or variables affecting your investments did yourorganisation use and disclose?
☐ (A) Exposure to physical risk
☐ (B) Exposure to transition risk
☐ (C) Internal carbon price☑ (D) Total carbon emissions(1) Indicate whether this metric or variable was used and disclosed, including the methodology○ (1) Metric or variable used
○ (2) Metric or variable used and disclosed◉ (3) Metric or variable used and disclosed, including methodology

48

(2) Provide link to the disclosed metric or variable, including the methodology followed, as applicable
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/environment/tcfd.html☑ (E) Weighted average carbon intensity(1) Indicate whether this metric or variable was used and disclosed, including the methodology○ (1) Metric or variable used
○ (2) Metric or variable used and disclosed◉ (3) Metric or variable used and disclosed, including methodology(2) Provide link to the disclosed metric or variable, including the methodology followed, as applicable
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/environment/tcfd.html☐ (F) Avoided emissions☐ (G) Implied Temperature Rise (ITR)☐ (H) Non-ITR measure of portfolio alignment with UNFCCC Paris Agreement goals☐ (I) Proportion of assets or other business activities aligned with climate-related opportunities☐ (J) Other metrics or variables○ (K) Our organisation did not use or disclose any climate risk metrics or variables affecting our investments during the reportingyear
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 46

CORE

N/A

N/A

PUBLICClimate change

GeneralDuring the reporting year, did your organisation disclose its Scope 1, Scope 2, and/or Scope 3 greenhouse gas
emissions?
☑ (A) Scope 1 emissions(1) Indicate whether this metric was disclosed, including the methodology○ (1) Metric disclosed◉ (2) Metric and methodology disclosed(2) Provide links to the disclosed metric and methodology, as applicable
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/environment/tcfd.html☑ (B) Scope 2 emissions(1) Indicate whether this metric was disclosed, including the methodology○ (1) Metric disclosed◉ (2) Metric and methodology disclosed(2) Provide links to the disclosed metric and methodology, as applicable
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/environment/tcfd.html☑ (C) Scope 3 emissions (including financed emissions)(1) Indicate whether this metric was disclosed, including the methodology○ (1) Metric disclosed◉ (2) Metric and methodology disclosed(2) Provide links to the disclosed metric and methodology, as applicable
https://www.jp-life.japanpost.jp/english/aboutus/sustainability/environment/tcfd.html

49

○ (D) Our organisation did not disclose its Scope 1, Scope 2, or Scope 3 greenhouse gas emissions during the reporting year

SUSTAINABILITY OUTCOMES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 47CORE

N/A

Multiple
indicators

PUBLIC

Sustainability
outcomes1, 2

Has your organisation identified the intended and unintended sustainability outcomes connected to its investment
activities?
◉ (A) Yes, we have identified one or more specific sustainability outcomes connected to our investment activities○ (B) No, we have not yet identified the sustainability outcomes connected to any of our investment activities
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 47.1

CORE

PGS 47

N/A

PUBLIC

Sustainability
outcomes

1, 2Which widely recognised frameworks has your organisation used to identify the intended and unintended sustainability
outcomes connected to its investment activities?
☑ (A) The UN Sustainable Development Goals (SDGs) and targets☑ (B) The UNFCCC Paris Agreement☐ (C) The UN Guiding Principles on Business and Human Rights (UNGPs)☐ (D) OECD frameworks: OECD Guidelines for Multinational Enterprises and Guidance on Responsible Business Conduct for
Institutional Investors☐ (E) The EU Taxonomy☐ (F) Other relevant taxonomies☐ (G) The International Bill of Human Rights☐ (H) The International Labour Organization’s Declaration on Fundamental Principles and Rights at Work and the eight core
conventions☐ (I) The Convention on Biological Diversity☐ (J) Other international framework(s)☐ (K) Other regional framework(s)☐ (L) Other sectoral/issue-specific framework(s)○ (M) Our organisation did not use any widely recognised frameworks to identify the intended and unintended sustainability
outcomes connected to its investment activities

50

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 47.2

CORE

PGS 47

PGS 48

PUBLIC

Sustainability
outcomes

1, 2What are the primary methods that your organisation has used to determine the most important intended and unintended
sustainability outcomes connected to its investment activities?
☑ (A) Identify sustainability outcomes that are closely linked to our core investment activities☐ (B) Consult with key clients and/or beneficiaries to align with their priorities☑ (C) Assess which actual or potential negative outcomes for people are most severe based on their scale, scope, andirremediable character☑ (D) Identify sustainability outcomes that are closely linked to systematic sustainability issues☑ (E) Analyse the input from different stakeholders (e.g. affected communities, civil society, trade unions or similar)☐ (F) Understand the geographical relevance of specific sustainability outcome objectives☐ (G) Other method○ (H) We have not yet determined the most important sustainability outcomes connected to our investment activities
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

PGS 48

CORE

PGS 47.2

PGS 48.1,
SO 1

PUBLIC

Sustainability
outcomes1, 2

Has your organisation taken action on any specific sustainability outcomes connected to its investment activities,
including to prevent and mitigate actual and potential negative outcomes?
◉ (A) Yes, we have taken action on some of the specific sustainability outcomes connected to our investment activities○ (B) No, we have not yet taken action on any specific sustainability outcomes connected to our investment activities

51

MANAGER SELECTION, APPOINTMENT AND
MONITORING (SAM)
OVERALL APPROACH
EXTERNAL INVESTMENT MANAGERS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 1

CORE

OO 21

N/A

PUBLIC

External investment
managers

4

For the majority of your externally managed AUM in each asset class, which responsible investment aspects does yourorganisation consider important in the assessment of external investment managers?
(1) Listed
equity(active)(2) Listed
equity(passive)(3) Fixed
income(active)(5) Private
equity(6) Real
estate(A) Commitment to and experience
in responsible investment

☑

☑

☑

☑

☑

☑

(B) Responsible investment
policy(ies)

☑

☑

☑

☑

☑

☑

(C) Governance structure andsenior-level oversight andaccountability

☑

☑

☑

☑

☑

☑

(D) Adequate resourcing andincentives

☑

☑

☑

☑

☑

☑

(E) Staff competencies andexperience in responsible
investment

☑

☑

☑

☑

☑

☑

(7)
Infrastructure

Organisation

People and Culture

52

Investment Process(F) Incorporation of material ESG
factors in the investment process

☑

☑

☑

☑

☑

☑

(G) Incorporation of risks connected
to systematic sustainability issues in
the investment process

☑

☑

☑

☑

☑

☑

(H) Incorporation of material ESG
factors and ESG risks connected tosystematic sustainability issues in
portfolio risk assessment

☑

☑

☑

☑

☑

☑

(I) Policy(ies) or guidelines on
stewardship

☑

☑

☑

☑

☑

☑

(J) Policy(ies) or guidelines on(proxy) voting

☑

☑

☑

☑

☑

☑

(K) Use of stewardship tools andactivities

☑

☑

☑

☑

☑

☑

(L) Incorporation of risks connected
to systematic sustainability issues in
stewardship practices

☑

☑

☑

☑

☑

☑

(M) Involvement in collaborative
engagement and stewardshipinitiatives

☑

☑

☑

☑

☑

☑

(N) Engagement with policy makers
and other non-investee stakeholders

☑

☑

☑

☑

☑

☑

(O) Results of stewardship activities

☑

☑

☑

☑

☑

☑

Stewardship

Performance and Reporting53

(P) ESG disclosure in regular client
reporting

☑

☑

☑

☑

☑

☑

(Q) Inclusion of ESG factors incontractual agreements

☑

☑

☑

☑

☑

☑

(R) We do not consider any of theabove responsible investment
aspects important in the assessmentof external investment managers

○

○

○

○

○

○

SERVICE PROVIDERS
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 2

CORE

OO 21

N/A

PUBLIC

Service providers

4

Which responsible investment aspects does your organisation consider important when assessing all service providers
that advise you in the selection, appointment and/or monitoring of external investment managers?
☐ (A) Incorporation of their responsible investment policy into advisory services☐ (B) Ability to accommodate our responsible investment policy☐ (C) Level of staff’s responsible investment expertise☐ (D) Use of data and analytical tools to assess the external investment manager’s responsible investment performance☐ (E) Other○ (F) We do not consider any of the above responsible investment aspects important when assessing service providers thatadvise us in the selection, appointment and/or monitoring of external investment managers◉ (G) Not applicable; we do not engage service providers in the selection, appointment or monitoring of external
investment managers

SELECTIONRESPONSIBLE INVESTMENT PRACTICES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 4

CORE

OO 12, OO 21

SAM 5, SAM
6, SAM 7

PUBLIC

Responsible
investment
practices

GeneralDuring the reporting year, did your organisation select new external investment managers or allocate new mandates toexisting investment managers?
◉ (A) Yes, we selected external investment managers or allocated new mandates to existing investment managers
during the reporting year54

○ (B) No, we did not select new external investment managers or allocate new mandates to existing investment managers during
the reporting year
○ (C) Not applicable; our organisation is in a captive relationship with external investment managers, which applies to 90% ormore of our AUM
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 5

CORE

SAM 4

N/A

PUBLIC

Responsible
investment practices

4

During the reporting year, what responsible investment aspects did your organisation, or the service provider acting on
your behalf, review and evaluate when selecting new external investment managers or allocating new mandates toexisting investment managers?
Organisation☑ (A) Commitment to and experience in responsible investment (e.g. commitment to responsible investment principles
and standards)
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (B) Responsible investment policy(ies) (e.g. the alignment of their responsible investment policy with the investment
mandate)Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (C) Governance structure and senior-level oversight and accountability (e.g. the adequacy of their governancestructure and reported conflicts of interest)
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates
People and Culture☑ (D) Adequate resourcing and incentives (e.g. their team structures, operating model and remuneration structure,including alignment of interests)
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (E) Staff competencies and experience in responsible investment (e.g. level of responsible investment responsibilities
in their investment team, their responsible investment training and capacity building)Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates

55

Investment Process☑ (F) Incorporation of material ESG factors in the investment process (e.g. detail and evidence of how such factors areincorporated into the selection of individual assets and in portfolio construction)
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (G) Incorporation of risks connected to systematic sustainability issues in the investment process (e.g. detail andevidence of how such risks are incorporated into the selection of individual assets and in portfolio construction)
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (H) Incorporation of material ESG factors and ESG risks connected to systematic sustainability issues in portfolio risk
assessment (e.g. their process to measure and report such risks)
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates
Performance and Reporting☑ (I) ESG disclosure in regular client reporting
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (J) Inclusion of ESG factors in contractual agreements
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates○ (K) We did not review and evaluate any of the above responsible investment aspects when selecting new external investment
managers or allocating new mandates to existing investment managers during the reporting year

STEWARDSHIP
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 6

CORE

OO 8, SAM 4

N/A

PUBLIC

Stewardship

4

During the reporting year, which aspects of the stewardship approach did your organisation, or the service provider
acting on your behalf, review and evaluate when selecting new external investment managers or allocating new mandates
to existing investment managers?
☑ (A) The alignment of their policy(ies) or guidelines on stewardship with the investment mandate
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (B) Evidence of how they implemented their stewardship objectives, including the effectiveness of their activities

56

Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (C) Their participation in collaborative engagements and stewardship initiatives
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (D) Details of their engagements with companies or issuers on risks connected to systematic sustainability issues
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (E) Details of their engagement activities with policy makers
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (F) Their escalation process and the escalation tools included in their policy on stewardship
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates○ (G) We did not review and evaluate any of the above aspects of the stewardship approach when selecting new external
investment managers or allocating new mandates to existing investment managers during the reporting year
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 7

CORE

OO 9, SAM 4

N/A

PUBLIC

Stewardship

4

During the reporting year, which aspects of (proxy) voting did your organisation, or the service provider acting on yourbehalf, review and evaluate when selecting new external investment managers or allocating new mandates to existing
investment managers?
☑ (A) The alignment of their policy(ies) or guidelines on (proxy) voting with the investment mandate
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (B) Historical information on the number or percentage of general meetings at which they voted
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (C) Analysis of votes cast for and against57

Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (D) Analysis of votes cast for and against resolutions related to risks connected to systematic sustainability issues
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (E) Details of their position on any controversial and high-profile votes
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (F) Historical information of any resolutions on which they voted contrary to their own voting policy and the reasons
why
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates☑ (G) Details of all votes involving companies where the external investment manager or an affiliate has a contractual
relationship or another potential conflict of interest
Select from dropdown list
◉ (1) for all of our mandates○ (2) for a majority of our mandates○ (3) for a minority of our mandates○ (H) We did not review and evaluate any of the above aspects of (proxy) voting when selecting new external investment
managers or allocating new mandates to existing investment managers during the reporting year
○ (I) Not applicable; our organisation did not select new external investment managers or allocated new mandates to existing
investment managers for listed equity and/or hedge funds that hold equity.

APPOINTMENTSEGREGATED MANDATES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 8

CORE

OO 5.2, OO
13N/A

PUBLIC

Segregatedmandates

4

Which responsible investment aspects do your organisation, or the service provider acting on your behalf, explicitly
include in clauses within your contractual agreements with your external investment managers for segregated mandates?
☐ (A) Their commitment to following our responsible investment strategy in the management of our assets☑ (B) Their commitment to incorporating material ESG factors into their investment activities
Select from dropdown list
○ (1) for all of our segregated mandates○ (2) for a majority of our segregated mandates◉ (3) for a minority of our segregated mandates☑ (C) Their commitment to incorporating material ESG factors into their stewardship activities

58

Select from dropdown list
○ (1) for all of our segregated mandates○ (2) for a majority of our segregated mandates◉ (3) for a minority of our segregated mandates☐ (D) Their commitment to incorporating risks connected to systematic sustainability issues into their investment activities☐ (E) Their commitment to incorporating risks connected to systematic sustainability issues into their stewardship activities☑ (F) Exclusion list(s) or criteria
Select from dropdown list
○ (1) for all of our segregated mandates◉ (2) for a majority of our segregated mandates○ (3) for a minority of our segregated mandates☑ (G) Responsible investment communications and reporting obligations, including stewardship activities and results
Select from dropdown list
○ (1) for all of our segregated mandates○ (2) for a majority of our segregated mandates◉ (3) for a minority of our segregated mandates☑ (H) Incentives and controls to ensure alignment of interests
Select from dropdown list
◉ (1) for all of our segregated mandates○ (2) for a majority of our segregated mandates○ (3) for a minority of our segregated mandates☐ (I) Commitments on climate-related disclosure in line with internationally-recognised frameworks such as the TCFD
☐ (J) Commitment to respect human rights as defined in the OECD Guidelines for Multinational Enterprises and the UN Guiding
Principles on Business and Human Rights☑ (K) Their acknowledgement that their appointment is conditional on the fulfilment of their agreed responsible
investment commitments
Select from dropdown list
○ (1) for all of our segregated mandates○ (2) for a majority of our segregated mandates◉ (3) for a minority of our segregated mandates☐ (L) Other○ (M) We do not include responsible investment aspects in clauses within our contractual agreements with external investment
managers for segregated mandates

59

MONITORINGRESPONSIBLE INVESTMENT PRACTICES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 9

CORE

OO 14, OO 21

N/A

PUBLIC

Responsible
investment practices

4

For the majority of your externally managed AUM in each asset class, which aspects of your external investment
managers’ responsible investment practices did your organisation, or the service provider acting on your behalf, monitor
during the reporting year?
(1) Listed
equity(active)(2) Listed
equity(passive)(3) Fixed
income(active)(5) Private
equity(6) Real
estate(A) Commitment to and experience
in responsible investment (e.g.
commitment to responsible
investment principles and standards)

☑

☑

☑

☑

☑

☑

(B) Responsible investment
policy(ies) (e.g. the continuedalignment of their responsible
investment policy with theinvestment mandate)

☑

☑

☑

☑

☑

☑

(C) Governance structure and seniorlevel oversight and accountability(e.g. the adequacy of theirgovernance structure and reported
conflicts of interest)

☑

☑

☑

☑

☑

☑

(7)
Infrastructure

Organisation

People and Culture60

(D) Adequate resourcing andincentives (e.g. their teamstructures, operating model andremuneration structure, includingalignment of interests)

☑

☑

☑

☑

☑

☑

(E) Staff competencies andexperience in responsible
investment (e.g. level of responsible
investment responsibilities in theirinvestment team, their responsible
investment training and capacity
building)

☑

☑

☑

☑

☑

☑

(F) Incorporation of material ESG
factors in the investment process(e.g. detail and evidence of how
such factors are incorporated into
the selection of individual assets andin portfolio construction)

☑

☑

☑

☑

☑

☑

(G) Incorporation of risks connected
to systematic sustainability issues in
the investment process (e.g. detailand evidence of how such risks areincorporated into the selection ofindividual assets and in portfolio
construction)

☑

☑

☑

☑

☑

☑

(H) Incorporation of material ESG
factors and ESG risks connected tosystematic sustainability issues in
portfolio risk assessment (e.g. theirprocess to measure and report suchrisks, their response to ESG
incidents)

☑

☑

☑

☑

☑

☑

Investment Process

Performance and Reporting61

(I) ESG disclosure in regular client
reporting (e.g. any changes in theirregular client reporting)

☑

☑

☑

☑

☑

☑

(J) Inclusion of ESG factors incontractual agreements

☑

☑

☑

☑

☑

☑

(K) We did not monitor any of theabove aspects of our external
investment managers’ responsible
investment practices during thereporting year

○

○

○

○

○

○

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 12CORE

OO 14, OO 21

N/A

PUBLIC

Responsible
investment practices

1

For the majority of your externally managed AUM in each asset class, how often does your organisation, or the service
provider acting on your behalf, monitor your external investment managers’ responsible investment practices?
(1) Listed
equity(active)(2) Listed
equity(passive)(3) Fixed
income(active)(5) Private
equity(6) Real
estate(7)
Infrastructure(A) At least annually

☑

☑

☑

☑

☑

☑

(B) Less than once a year

☐

☐

☐

☐

☐

☐

(C) On an ad hoc basis

☑

☑

☑

☑

☑

☑

62

STEWARDSHIP
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 13CORE

OO 8, OO 21

N/A

PUBLIC

Stewardship1, 2

For the majority of your externally managed AUM in each asset class, which aspects of your external investment
managers’ stewardship practices did your organisation, or the service provider acting on your behalf, monitor during thereporting year?
(1) Listed
equity(active)(2) Listed
equity(passive)(3) Fixed
income(active)(5) Private
equity(6) Real
estate(A) Any changes in their policy(ies)or guidelines on stewardship

☑

☑

☑

☑

☑

☑

(B) The degree of implementation of
their policy(ies) or guidelines on
stewardship

☑

☑

☑

☑

☑

☑

(C) How they prioritise material ESG
factors

☑

☑

☑

☑

☑

☑

(D) How they prioritise risks
connected to systematicsustainability issues

☑

☑

☑

☑

☑

☑

(E) Their investment team's level ofinvolvement in stewardship activities

☑

☑

☑

☑

☑

☑

(F) Whether the results ofstewardship actions were fed backinto the investment process anddecisions

☑

☑

☑

☑

☑

☑

(G) Whether they used a variety of
stewardship tools and activities toadvance their stewardship priorities

☑

☑

☑

☑

☑

☑

(7)
Infrastructure63

(H) The deployment of theirescalation process in cases where
initial stewardship efforts were
unsuccessful

☑

☑

☑

☑

☑

☑

(I) Whether they participated incollaborative engagements andstewardship initiatives

☑

☑

☑

☑

☑

☑

(J) Whether they had an active rolein collaborative engagements andstewardship initiatives

☑

☑

☑

☑

☑

☑

(K) Other

☐

☐

☐

☐

☐

☐

(L) We did not monitor our external
investment managers’ stewardshippractices during the reporting year

○

○

○

○

○

○

Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 14CORE

OO 9, OO 21

N/A

PUBLIC

Stewardship1, 2

For the majority of your AUM in each asset class where (proxy) voting is delegated to external investment managers,which aspects of your external investment managers’ (proxy) voting practices did your organisation, or the service
provider acting on your behalf, monitor during the reporting year?
(1) Listed equity (active)(2) Listed equity (passive)(A) Any changes in their policy(ies)or guidelines on (proxy) voting☑

☑

(B) Whether their (proxy) voting
decisions were consistent with
their stewardship priorities asstated in their policy and with theirvoting policy, principles and/or
guidelines

☑

☑

64

(C) Whether their (proxy) voting
decisions were consistent with
their stated approach on theprioritisation of risks connected tosystematic sustainability issues☑

☑

(D) Whether their (proxy) voting
track record was aligned with ourstewardship approach andexpectations☑

☑

(E) The application of their policy
on securities lending and any
implications for implementing theirpolicy(ies) or guidelines on (proxy)
voting (where applicable)☐☐(F) Other☐☐(G) We did not monitor our
external investment managers’(proxy) voting practices during thereporting year○○

ENGAGEMENT AND ESCALATION
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 16CORE

OO 14, OO 21

N/A

PUBLICEngagement andescalation

4

What actions does your organisation, or the service provider acting on your behalf, include in its formal escalation
process to address concerns raised during monitoring of your external investment managers’ responsible investment
practices?

65

(1) Listed
equity(active)(2) Listed
equity(passive)(3) Fixed
income(active)(5) Private
equity(6) Real
estate(A) Engagement with theirinvestment professionals,
investment committee or otherrepresentatives

☑

☑

☑

☑

☑

☑

(B) Notification about theirplacement on a watch list or
relationship coming under review

☑

☑

☑

☑

☑

☑

(C) Reduction of capital allocation to
the external investment managers
until any concerns have been
rectified

☐

☐

☐

☐

☐

☐

(D) Termination of the contract if
failings persist over a (notified)period, including an explanation of
the reasons for termination

☐

☐

☐

☐

☐

☐

(E) Holding off selecting the external
investment managers for new
mandates or allocating additional
capital until any concerns have been
rectified

☐

☐

☐

☐

☐

☐

(F) Other

☐

☐

☐

☐

☐

☐

(G) Our organisation does not havea formal escalation process toaddress concerns raised during
monitoring

○

○

○

○

○

○

(7)
Infrastructure66

VERIFICATION
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SAM 17CORE

OO 14, OO 21

N/A

PUBLIC

Verification

1

For the majority of your externally managed AUM in each asset class, how did your organisation, or the service provider
acting on your behalf, verify that the information reported by external investment managers on their responsible
investment practices was correct during the reporting year?
(1) Listed
equity(active)(2) Listed
equity(passive)(3) Fixed
income(active)(5) Private
equity(6) Real
estate(A) We checked that the information
reported was verified through athird-party assurance process

☐

☐

☐

☐

☐

☐

(B) We checked that the information
reported was verified by anindependent third party

☐

☐

☐

☐

☐

☐

(C) We checked for evidence ofinternal monitoring or compliance

☑

☑

☐

☐

☐

☐

(D) Other

☐

☐

☐

☐

☐

☐

(E) We did not verify the information
reported by external investment
managers on their responsible
investment practices during thereporting year

○

○

◉

◉

◉

◉

(7)
Infrastructure67

SUSTAINABILITY OUTCOMES (SO)SETTING TARGETS AND TRACKING PROGRESSSETTING TARGETS ON SUSTAINABILITY OUTCOMES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SO 1

PLUS

PGS 48

SO 2, SO
2.1, SO 3

PUBLIC

Setting targets onsustainability
outcomes

1, 2What specific sustainability outcomes connected to its investment activities has your organisation taken action on?
☑ (A) Sustainability outcome #1(1) Widely recognised frameworks used to guide action on this sustainability outcome☑ (1) The UN Sustainable Development Goals (SDGs) and targets☑ (2) The UNFCCC Paris Agreement☐ (3) The UN Guiding Principles on Business and Human Rights (UNGPs)☐ (4) OECD frameworks: OECD Guidelines for Multinational Enterprises and Guidance on Responsible Business Conduct
for Institutional Investors☐ (5) The EU Taxonomy☐ (6) Other relevant taxonomies☐ (7) The International Bill of Human Rights☐ (8) The International Labour Organization’s Declaration on Fundamental Principles and Rights at Work and the eightcore conventions☐ (9) The Convention on Biological Diversity☑ (10) Other international, regional, sector-based or issue-specific framework(s)(2) Classification of sustainability outcome☑ (1) Environmental☐ (2) Social☐ (3) Governance-related☐ (4) Other(3) Sustainability outcome nameGHG emissions from investment portfolio(4) Number of targets set for this outcome○ (1) No target◉ (2) One target○ (3) Two or more targets☐ (B) Sustainability outcome #2☐ (C) Sustainability outcome #3☐ (D) Sustainability outcome #4☐ (E) Sustainability outcome #5☐ (F) Sustainability outcome #6☐ (G) Sustainability outcome #7☐ (H) Sustainability outcome #8☐ (I) Sustainability outcome #9☐ (J) Sustainability outcome #10

68

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SO 2

PLUS

SO 1

SO 2.1, SO
4, SO 5

PUBLIC

Setting targets onsustainability
outcomes1

For each sustainability outcome, provide details of up to two of your nearest-term targets.
(A1) Sustainability Outcome #1: Target details(A1) Sustainability Outcome #1:

GHG emissions from investment portfolio(1) Target nameGHG emissions reduction targets(2) Baseline year

2021

(3) Target to be met by

2030(4) Methodology

We measure the GHG emissions of our investment portfolio annually. Based on the
results of this analysis, we manage our investment portfolio to achieve our GHG
emissions reduction targets.

(5) Metric used (if relevant)Total emissions of Scope 1 and Scope 2 from investee companies (domestic andforeign listed equities and credits including corporate loans) after calculating by theratio of our holdings.

(6) Absolute or intensity-based (ifrelevant)(1) Absolute(7) Baseline level or amount (ifrelevant):(8) Target level or amount (ifrelevant)

50% (as an interim target)(9) Percentage of total AUM
covered in your baseline year fortarget setting(10) Do you also have a longerterm target for this?

(1) Yes69

IndicatorType of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

SO 2.1

PLUS

SO 1, SO 2

N/A

PUBLIC

Setting targets onsustainability
outcomes1

For each sustainability outcome, provide details of up to two of your long-term targets.

(A1) Sustainability Outcome #1:
GHG emissions from investment
portfolio(1) Target name(2) Long-term target tobe met by(3) Long-term target
level or amount (ifrelevant)

GHG emissions reduction
targets2050

0 (Net Zero)

CONFIDENCE-BUILDING MEASURES (CBM)
CONFIDENCE-BUILDING MEASURESAPPROACH TO CONFIDENCE-BUILDING MEASURES
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

CBM 1

CORE

N/A

Multiple
indicators

PUBLICApproach toconfidence-building
measures6

How did your organisation verify the information submitted in your PRI report this reporting year?
☐ (A) We conducted independent third-party assurance of selected processes and/or data related to the responsible investment
processes reported in our PRI report, which resulted in a formal assurance conclusion☐ (B) We conducted a third-party readiness review and are making changes to our internal controls or governance processes tobe able to conduct independent third-party assurance next year
☐ (C) We conducted an internal audit of selected processes and/or data related to the responsible investment processes
reported in our PRI report☑ (D) Our board, trustees (or equivalent), senior executive-level staff (or equivalent), and/or investment committee (orequivalent) signed off on our PRI report☐ (E) We conducted an external ESG audit of our holdings to verify that our funds comply with our responsible investment policy☐ (F) We conducted an external ESG audit of our holdings as part of risk management, engagement identification or investment
decision-making☑ (G) Our responses in selected sections and/or the entirety of our PRI report were internally reviewed before
submission to the PRI○ (H) We did not verify the information submitted in our PRI report this reporting year70

INTERNAL REVIEW
Indicator

Type of indicator

Dependent on

Gateway toDisclosure

Subsection

PRI Principle

CBM 6

CORE

CBM 1

N/A

PUBLICInternal review

6

Who in your organisation reviewed the responses submitted in your PRI report this year?
☐ (A) Board, trustees, or equivalent☑ (B) Senior executive-level staff, investment committee, head of department, or equivalent
Sections of PRI report reviewed◉ (1) the entire report○ (2) selected sections of the report○ (C) None of the above internal roles reviewed selected sections or the entirety of the responses submitted in our PRI report
this year71