泰国政府养老基金的ESG整合

ESG Integration at theGovernment Pension Fundof ThailandPublic Disclosure Authorized September 2023 © 2023 The World Bank1818 H Street NW, Washington DC 20433Telephone: 202-473-1000Internet:www.worldbank.org Some rights reserved. This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work donot necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The WorldBank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and otherinformation shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal statusof any territory or the endorsement or acceptance of such boundaries. RIGHTS AND PERMISSIONS The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this workmay be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Attribution—Please cite the work as follows: “World Bank. 2023. ESG Integration at the Government Pension Fund ofThailand. © World Bank.” All queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World BankGroup, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Cover: Miha Creative / shutterstockPage 3: BookyBuggy / iStockPage 5: fokkebok / iStockPage 6: Pavel Muravev / iStockPage 8: GPFPage 13: justhavealook / iStockPage 14: Vajirawich Wongpuvarak / iStockPage 18: justhavealook / iStockPage 22: Nirad / iStockPage 25: Fahroni / iStockPage 26: samart Boonprasongthan / iStockPage 28: Joejoesang / iStockPage 30: justhavealook / iStock Contents Executive Summary21.Senior Leadership Statement52.About this Report73.Government Pension Fund of Thailand (GPF)9GPF’s Investment Philosophy10Governance of Responsible Investment10Overview of ESG Integration Approach124.GPF-ESG Weight and Score: Asset Valuation Methodology©155.Asset Class Application: Listed Equities196.Asset Class Application: Fixed Income237.Asset ClassApplication: External Managers278.Looking Forward31 Executive Summary With assets under management of over 1.2 trillion baht, the Government Pension Fund ofThailand (GPF) aims to be the leader in ESG investing and initiatives in the country andglobally.As a universal owner, and signatory to the UN Principles of Responsible Investment,we have a wider responsibility to support global action on sustainable development, and toensure that environmental, social, and governance (ESG) issues are properly integrated into allof our investment decisions. combination of aCore Credit Score(65%) andModifiers(35%).Our credit research analysts determine a company’s CreditScore based on several factors, including ESG performance.While GPF does not currently analyse ESG issues for itssovereign bond holdings, we do invest in Sovereign Green,Social, and Sustainability (GSS) bonds which contribute toESG outcomes. Thisreport presents our practical experiences ofintegratingESG considerations into the investmentprocess. Thecore of our approach is the GPF-ESG Weight andScore: Asset Valuation Methodology©. For passive equityinvestments,a four-step process is applied to customizeMSCI ESG data using local data sources and knowledge tobetter reflect the local context. In particular, we believe thatwe need to place greater emphasis on corporate governancefactors than in MSCI’s global approach). For actively managedequities, we apply negative screens and we use the the GPF-ESG Weight and Score: Asset Valuation Methodology© toadjust the weighted average cost of capital and thereby stocktarget prices. We are proud of what we have achieved to date but thereis more that we need to doin terms of our processes,our reporting and our performance.We recognise that thelandscape of responsible investment is changing Building onour work to date, areas for further action could include: zImproved reporting–including on climate-relatedexposures.zFull incorporation of ESG factors into across all assetclasses.zDeveloping and implementing a net zero strategy.zContinuing to work with our industry peers to drive higherstandardsof responsible investment in Thailand,andacross the Asian markets. ESG factors are also included in our decisions on initialpublic offerings (IPOs) and in our external manager selection,appointment and monitoring processes. In fixed income, in order to select high-quality companies andreduce the risk of default, GPF conducts a comprehensivecredit analysis of debt issues with ESG factors forming anintegral part of the assessment. The GPF Credit Score is a Senior Leadership Statement With assets under management of over 1.2 trillion baht(approximately USD 34 billion)invested across the globe, the Government Pension Fund of Thailand (GPF) is fully awareof its role as