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PI: Have you ever sold a bond because of a governance issue? Gull: We sold out of BAE over issues with Saudi Arabia. It was a concern about governance and it not being managed properly. That was five to seven years before there was such a big focus on ESG. O’Neill: Good bond managers have been looking at this for an awfully long time. It has more attention now, but it has been a part of credit analysis for some time. Gull: Our stakeholders are now asking us to demonstrate this. That is what’s changed. Nummela: Should we suspect that there is something that analysts did not look at 10 years ago? Gull: There is something because the world is always changing. You are always making a risk assessment at a point in time. You buy something that you expect will pay you back in 30 years’ time, but you are always updating your view because the environment changes. The biggest factor that has changed over the past few years, is the realisation that climate change is happening and is happening fast. Pickering: I am not as close to the individual holdings as other peo- ple around the table since I am buying, more often than not, a


There will continue to be a variety of different types of ESG-linked bonds for the market to get its head around. Scott Freedman, Newton Investment Management


14


February 2020 portfolio institutional roundtable: ESG and fixed income


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