7 According to Annual Report Fiscal Year 2021, GPIF Investing assets reative to total )noillirTYPJ nPropotion of Sustanabe managed assets 01lli I( ecnaoaB 6 According to Global Sustainable Investment Review 2020, GSIA (Source: The chart reprinted from Annual Report Fiscal Year 2021, GPIF) to identify index for GPIF - Asset Manager Registration System GPIF has further introduced Asset Manager Registration System to have more flexibility on manager selection and have access to new investment ideas and expertise. This system encourages asset managers with strong investment capabilities to compete fairly. Trend for ESG investment ESG investment is expanding rapidly. Many asset managers, pension funds including GPIF and service providers in Japan have already signed the United Nations Principles for Responsible Investment (PRI). 322 institutional investors (as of December 31, 2022) have adopted the Financial Services Agency (FSA)’s Stewardship Code, which sets ESG factors as one of the guidelines for engagement. According to Global Sustainable Investment Alliance (GSIA), Japan's ESG investment has increased from 57.0 trillion yen in 2016 to 310 trillion yen in 2020, showing remarkable growth compared to other countries6. Also, the proportion of sustainable investment assets relative to total managed assets is 24.3% in 2020. In March 2015, GPIF formulated the Investment Principles, which lay down its guiding principle that GPIF is committed to increasing investment returns over the long term for pension beneficiaries by conducting various activities to fulfill its stewardship responsibilities in equity investment. In October 2017 and in April 2020, GPIF revised the Investment Principles to promote ESG investments in order to reduce negative externalities and improve the sustainable return across all assets.7 In fiscal 2021, as a new initiative based on the revised Corporate Governance Code, GPIF asked the asset managers to which they outsource their domestic stock investment companies with “excellent Task force on Climate-related Financial Disclosures (TCFD) disclosures” and publicly announced the companies that received high evaluations. In addition, GPIF selected ESG domestic equities and began passive management based on this index. 350Sustainable Investments Balance in Japan30%300250200150100502014(Source: Global Sustainable Investment Review 2020, Global Sustainable Investment Alliance (GSIA)) 7 2016201823218.3%573.4%31024.3%25%20%15%10%5%0%2020
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