資料１－１

スチュワードシップ・コードとESG投資
高崎経済大学 経済学部教授
水口 剛

1

「ESG」の由来• 2006年、国連・責任投資原則（PRI）
ESG（環境、社会、ガバナンス）課題を投資の分析と意思決定のプロセスに組み込む。
積極的な株主となり、ESG課題を株主としての方針と活動に組み込む。

• 署名機関数1600超、署名機関の運用資産総額62兆ドル超。
（主な署名機関）
海外：ノルウェー政府年金基金、ABP、BT年金基金、ユニリーバ年金
日本：企業年金連合会、GPIF、セコム企業年金2

スチュワードシップとガバナンス
ESGの「G」の責任を取締役とシェアモニタリング
エンゲージメント

アセット・オーナー

運用機関

投資先企業
ガバナンス

Voice
Exit

＜スチュワードシップ・アプローチ＞
投資先企業のモニタリングとエンゲージメントを通じて、資本の最終的な提供者に利益をもたらすような方法で、投資先企業の長期的な成功を支援すること。
（The UK Stewardship Code）
3

コーポレートガバナンス・コード【基本原則2】会社の持続的な成長と中長期的な企業価値の創出は、従業員、顧客、取引先、債権者、地域社会をはじめとする様々なステークホルダーによるリソースの提供と貢献の結果➢ これらのステークホルダーとの適切な協働に努めるべき。
（考え方）ESG問題への積極的・能動的な対応をこれらに含めることも考えられる。適切な対応を行うことは、社会・経済全体に利益を及ぼすとともに、その結果として会社自身にも更に利益がもたらされる。
（原則2-3）上場会社は、社会・環境問題をはじめとするサステナビリティ（持続可能性）を巡る課題について適切な対応を行うべきである。
4

スチュワードシップ

ガバナンス

短期的利益

企業

環境・社会

長期的成功

5

受託者責任上のESGの解釈• 2014年、イギリス、法制委員会（Law Commission）『Fiduciary Dutiesof Investment Intermediaries』• 2015年、アメリカ、労働省、エリサ法解釈指針（Interpretive Bulletin
Relating to the Fiduciary Standard under ERISA in Considering
Economically Targeted Investments）
投資の経済価値に直接関連するESG要因（財務要因としてのESG要因）は、受託者責任上、考慮すべき。
非財務要因としてのESG要因は、他の投資と経済的に同等である限り、考慮してよい。
6

金融安定化理事会タスクフォースの提言• 金融安定化理事会（Financial Stability Board: FSB）「気候関連の財務情報開示に関するタスクフォース（Task Force on Climate Related
Financial Disclosure: TCFD）が2016年12月にレポートを公表。
• 気候変動は物理的リスク（Physical Risk）と移行リスク（TransitionRisk）をもたらす。低炭素経済への移行は、化石燃料に依存する企業にとって重大なリスクとなる一方、解決策を提供する企業に広範な機会を提供する。
• しかし多くの企業は気候変動のインプリケーションを間違って認識しており、今日の意思決定に適切に反映できていない。
• Mainstream financial filings（法定開示）での気候関連情報の開示を提言。
7

気候変動リスクとスチュワードシップ• 移行リスク・機会 投資先企業の直接的なリスク・機会 認識が不十分なケース → エンゲージメント• 物理的リスク 投資先企業の行動が経済全体に影響 → ポートフォリオ全体のリスク
 ユニバーサル・オーナーにとって考慮すべきリスク• 金融安定化に対するリスク

 潜在していたリスクの表面化 → Abrupt correction
8

サプライチェーンの人権リスク• 国連「ビジネスと人権に関する指導原則」（2011年）• イギリス現代奴隷法（2015年）• バングラデシュのラナプラザ縫製工場ビル倒壊事件（2013年）• Corporate Human Rights Benchmark
AVIVA Investors, Business & Human Rights Resource Center, VigeoEiris等、6社の共同プロジェクト。
人権を軸に企業をレーティング• 投資先企業にとってのレピュテーション・リスク、操業リスク等。

9経済的不平等（Economic Inequality）• Oxfamの2017年報告：世界の最も豊かな8人が、最も貧しい36億人と等しい富を保有している。
• 保護主義、反グローバリズムの動き。
• ILO（2012）「総需要は賃金主導か、利益主導か」 → 経済的不平等の拡大が、総需要を抑制し、経済成長を阻害していると主張。
• 英国政府（2016）「Green Paper: Corporate Governance Reform」 →FTSE100企業のCEOの平均給与は従業員の128倍• 日本の相対的貧困率は16％。母子家庭・父子家庭に限ると50％以上。
10イギリスの企業年金の事例• BBC Pension Trust環境、社会、コーポレートガバナンスに関する戦略は、基金の資産の長期的な価値を守り、増やす上で重要な役割を果たすと信じている。
議決権行使と、コーポレートガバナンス、倫理、環境に関するエンゲージメントのために、Hermes Equity Ownership Services (EOS)を指名する。
Hermes EOSによる2015年版レポートを公表。

• British Airway

Institutional Shareholder Service (ISS)のリサーチサービスを通して投資先企業をモニタリングすることによって、コーポレートガバナンスとSRI（社会的責任投資）の要請を満たす。

11

受託者責任に関する議論の進展• 受益者に対する長期的な責任を果たすための我々の能力は、安定した資本市場と経済や、健全で持続可能な社会・環境システムに依存している（Ms. Corien Wortmann-Kool, ABP、『21世紀の受託者責任』）• 財務的リターンから得られる利益は、将来の社会状況に依存する。
もし将来が極度に資源不足や不安定な社会になれば、受益者は給付額から意図した便益を得られない。（PRI『サステナブル金融システ
ム： 取り組むべき9つの優先事項』）• 受益者の関心は、単に年金資産が守られるかどうかだけでなく、健全な社会・環境や、将来世代の繁栄にも及ぶ。（同上）12

まとめ• 会社の持続的成長と中長期的な企業価値の創造は、さまざまなステークホルダーによるリソースの提供と貢献の結果であるので、スチュワードシップ活動の遂行にあたっては、社会・環境問題にも十分配慮することが必要。
• 気候変動問題やサプライチェーンの問題は企業にとって直接的なリスク・機会となっていることから、それらに対する企業の取り組みを十分理解し、支援することが重要。
• 健全で持続可能な社会・環境システムを維持することが、長期的に受託者に対する責任を果たすための前提条件となる。
• 具体的な取組みにあたっては、業界（企業年金コミュニティ？）全体として知見を蓄積していく必要がある。（専門的かつ多岐にわたるため）
13資料１－２
The Scheme’s Responsible Investment policyPrinciples
The Trustees believe that with ownership comes responsibility and they are committed toexercising their influence and control to promote the long term sustainability of the Scheme’sInvestments. The Trustees believe that its Environmental, Social and Corporate Governance strategy
has an important role to play in safeguarding and enhancing the long term value of the Scheme’sassets.
The Trustees are committed to taking appropriate advice on these matters and will seek tocollaborate with other pension funds and investors in order to achieve the greatest impact and to
make the best use of resources.

Shareholder voting and Engagement with companies
The Trustees have appointed Hermes Equity Ownership Services (EOS) to vote at company
meetings on behalf of the Trustees. EOS also engages with companies on governance, ethical andenvironmental considerations. EOS is expected to exercise votes in accordance with the EOS’s
Responsible Ownership Principles and such higher standards as agreed with the Trustees, unlessthey believe that doing so would not be in the best financial interests of the Scheme. EOS isexpected to develop policies on socially, ethically and environmentally responsible investing and toencourage these practices in the course of engagements where these will enhance or protect
companies’ long-term prospects.
In addition to engagement at the company level, EOS works on the Scheme’s behalf to engage withpublic, industry and regulatory bodies in the various markets in which the Scheme invests topromote better practices.
The Trustees have delegated responsibility to the Scheme’s investment managers to take account of
the social, environmental and ethical considerations in the selection, retention and realisation ofindividual investments so far as such considerations will affect the prospects or performance of thecompanies in which they invest for the Scheme.
The Trustees believe change is better influenced through ownership and engagement and havechosen not to impose their own ethical values on the Scheme’s investments when it comes to thepurchase and sale of individual securities. They do not oblige the Scheme’s investment managers toinvest in or exclude investments for solely ethical reasons.

Affiliations
The Trustees have signed up to the UK Stewardship code The Scheme's disclosure statement inrespect to the stewardship code can be found here.
Trustees have signed up to the UNEP Finance Initiative Principles for Responsible Investment(UNPRI). These are available by visiting their website. Each year an audit is carried out on eachmember of the UNPRI in order to provide a measure of how well each is doing in respect ofimplementing the Principles for Responsible Investment. You can see the results here.
The Scheme is also a member of the Institutional Investors Group on Climate Change (IIGCC) andhas signed up to their investor statement. You can get a copy of the statement by visiting
their website.

You can also view the Scheme's individual voting record here and the BBC voting and engagement
report 2015 here
1. The Stewardship disclosure statement.

Disclosure statement in relation to the stewardship code
The purpose of this document is to articulate the BBC Pension Scheme’s compliance with the code.
The Trustees acknowledges the role of the Scheme as an asset owner under the Stewardship Codeand therefore seeks to hold to account its fund managers and service providers in respect of theircommitments to the Code.

How we discharge our stewardship responsibilities
The Scheme has, since 2006, appointed Hermes Equity Ownership Services (EOS) to assist in
carrying out its fiduciary responsibilities as a long term shareholder. As a result it believes throughoversight of its shareholdings it carries a high standard of stewardship on behalf of the beneficiariesof the scheme.
EOS has assembled a team which is expert in corporate engagement to carry forward this work on
an international basis. Its aim is to bring about positive long-term change at companies through afocussed and value-oriented approach.
Engagements undertaken by Hermes EOS on behalf of the Scheme are guided by the Hermes
Responsible Ownership Principles(http://www.hermes.co.uk/files/pdfs/The_Hermes_Ownership_Principles.pdf)
The Scheme is not normally willing to be made an insider through its dialogue with companies.
However, EOS may be willing to become an insider, on the Scheme’s behalf, in order to foster apositive working relationship with an individual company and to build trust. In such circumstances,
the relevant information will not be passed to the Scheme until after it is no longer inside
information.
Engagements may become more or less intensive over time and will be escalated according to thenature and severity of concerns. On a quarterly basis, the internal investment team considers, onbehalf of the Trustees, a “controversial” companies report highlighting the Scheme’s largest
exposures which are considered as being in violation of UN Global Compact guidelines. Additional
insight into the nature of those violations is provided to the Trustees as well as a milestone progress
report on engagement with the company on those guideline violations.
Where appropriate the Scheme will engage in a dialogue with its investment managers oncompany-specific engagements with a view to sharing information and monitoring the Scheme’slargest positions.
Besides engagement on an individual company level, the Scheme also works to establish effective
regulatory regimes in the various markets in which it invests to encourage governance structuresthat facilitate accountability of companies to their owners, give companies the certainty they need toplan for the future and to level the playing field to ensure companies are not disadvantaged forprioritising long-term profitability.

Policy on collective engagement
The Scheme is committed to the benefits of collective shareholder engagement and by appointing
EOS, the Trustee is signalling its commitment to the potential benefits of collective shareholderengagement. EOS pools together institutional investors’ resources to create an engagement service
which increases the likelihood of protecting and enhancing shareholder value. In addition, EOS
participates in many national, regional and global organisations as a way of enhancing its
effectiveness by working collaboratively with other institutions. Among these are: the United
Nations Principles for Responsible Investment and its Clearinghouse for engagements (as well as anumber of more localised UNPRI initiatives); the International Corporate Governance Network; theAsian Corporate Governance Association; the Canadian Coalition for Good Governance; Eumedionin the Netherlands; and the NAPF Stewardship Advisory Group. EOS seeks to work with theseorganisations and also alongside other individual institutional investors to effect change mostefficiently.
The Scheme has signed up to the UNEP Finance Initiative Principles for Responsible Investment andis also a member of the Institutional Investors Group on Climate Change (IIGCC) and has signed up
to their investor statement.

VotingWorking through Hermes EOS, the Scheme is able to ensure that virtually all of its direct holdings
are voted consistently, across its portfolios.
Voting decisions are based on a thorough analysis of publicly available information and always takeaccount of a company’s individual circumstances. Hermes EOS informs companies where it hasconcerns and seeks a resolution prior to taking the decision to vote against a resolution. In this way,
it uses the Scheme’s votes as a lever for positive change at companies.
The Scheme is not actively participating in stock-lending equities that are under its direct control
although stock-lending may occur in the Scheme’s pooled find investments

Reporting
We are pleased to disclose our historic voting decisions on our website. We disclose thesequarterly in arrears so that we are transparent and accountable and dialogue between Hermes EOSand companies in our portfolios is not compromised. The voting record can be found on:
http://www.hermes.co.uk/bbc/index.htm

Assurance
EOS obtains an AAF 01/06 assurance on an annual basis and makes this available each year to theTrustees.”
The Trustee reports to the members annually on their stewardship policy and its execution in theReport and Accounts. This statement is reviewed annually and updated as appropriate.
June 2016

資料１－３