Erklæring om investeringsbeslutningers vigtigste negative indvirkninger på bæredygtighedsfaktorer (PAI) juni 2024 - Flipbook - Side 4
Sustainability data for investments are generally still being developed, and the quality of existing data can vary. Efforts to integrate consideration of adverse
sustainability impacts from investments will therefore continuously be developed and improved as more and better data for the various asset classes becomes
available. Currently, data for unlisted investments is particularly poor.
Industriens Pension is continuously working to improve data collection, and there is a focus on enhancing the quality of existing data. We are doing this by
evaluating data suppliers and engaging in dialogue with the investee companies and managers regarding the reporting.
The 2024 reporting of the sustainability factors includes data for listed investments as well as unlisted direct investments and fund investments. Listed investments cover listed equities and corporate bonds. Direct unlisted investments include investments in infrastructure and real estate while unlisted fund investments cover investments in private equity, infrastructure, real estate and other credit through funds. Industriens Pension’s total portfolio amounts to DKK 234
bn. excluding derivatives and liquidity. The 2024 reporting covers the total portfolio in comparison to 2023. In comparison to 2023 real estate funds and
mortgage bonds have been included in the reporting. Listed investments account for almost DKK 147 bn., direct unlisted investments for almost DKK 14 bn.
and unlisted fund investments for DKK 73 bn.
The indicators for the listed investments are based on data from MSCI with the exception of indicator 10, Violations of UN Global Compact principles and
Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises and 14, Exposure to controversial weapons (antipersonal mines, cluster munitions, chemical weapons and biological weapons. For these two indicators data from Sustainalytics is applied, as the continuous
monitoring of the portfolio in relation to the two indicators is also based on data from this data provider.
For the listed investments, the majority of data is based on reported data, i.e. data reported by the companies themselves. In cases where data is not reported
by the companies themselves, MSCI provides estimated data.
The coverage ratio reveals the share of Industriens Pension's portfolio for which reported and estimated data from MSCI is available. An increasing number
of indicators are now based on reported data in comparison to previous years. Coverage ratios depend on the individual indicator and vary across indicators.
For the majority of indicators, the coverage ratio has increased compared to last year. For 15 of the 16 mandatory indicators the coverage ratio is more than
85%.
Industriens Pension collects its own data for direct investments in infrastructure and real estate, and the coverage ratio is generally high for both asset classes.
For unlisted fund investments, the coverage ratio and quality are still low and therefore the indicators are estimated for these assets. The estimation is based
on the indicators from the listed investments according to industry on an industry level. Therefore, the estimation requires that unlisted fund investments are
classified with an industry. This applies to the vast majority of unlisted fund investments, resulting in a coverage ratio of 79 %.
In addition to continuously increasing the coverage of data, there is also a focus on improving the quality of the current data.
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