Participation in External Assessments

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GRESB Real Estate Assessment

GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) integration of real estate companies and funds, as well as the name of organization which runs the assessment. It was founded in 2009 by a group of major European pension funds who played leading roles in launching Principles for Responsible Investment (PRI).
The Investment Corporation has continuously participated in the GRESB Real Estate Assessment since 2011, and in the 2021 Assessment, it obtained a “Green Star” rating recognizing outstanding achievement for the tenth consecutive year in both the Management Component, which evaluates policies, organizational systems, etc. for promoting ESG, and the Performance Component, which evaluates environmental performance, initiatives with tenants, etc., at buildings in the portfolio. Moreover, in the GRESB Rating, which assigns a rating out of five stars based on where the participant’s overall score ranks globally, the Investment Corporation earned a rating of “4 Star.”

Furthermore, in the 2021 GRESB Public Disclosure assessment, which measures the comprehensiveness of ESG information disclosure, the Investment Corporation was assessed as providing outstanding information disclosure relating to environmental and sustainability initiatives, receiving the top rating of “A” on the five-tiered evaluation scale.

Click here for more details about the GRESB Real Estate Assessment

Support for TCFD Recommendations

TCFD (Task Force on Climate-related Financial Disclosures) is an international initiative established by the Financial Stability Board (“FSB”) at the request of the G20 for the purpose of discussing the disclosures of climate-related financial information and the responses by financial institutions. TCFD Consortium is a group of companies and financial institutions that support the TCFD recommendations. The consortium was established with a view to further discussion on effective corporate disclosures of climate related information and initiatives to link disclosed information to appropriate investment decisions on the part of financial institutions and other organizations.

The Asset Manager established the "Climate Change and Resilience Policy", in order to promote clarification of the policy and system for addressing climate-related issues and expansion of disclosure of the initiatives, and announced its support for the TCFD recommendations in December 2021. In January 2022, the Asset Manager joined TCFD consortium, a group of domestic companies that support TCFD recommendations.

As the Investment Corporation and the Asset Manager recognize that climate change is an important issue that has a significant impact on their operations, both of them will gradually promote information disclosure related to climate change, while identifying and analyzing risks and opportunities of the change based on the TCFD recommendations and continuously working to reduce the environmental impact of their business.

For TCFD, please refer to the website of TCFD
For TCFD Consortium, please refer to the website of TCFD Consortium




Using an ESG evaluation framework created by MSCI ESG Research LLC, the MSCI ESG rating assigns a rating on a seven-tiered scale, ranging from “AAA” to “CCC,” based on exposure to industry-specific ESG risks and management capabilities for handling those risks in comparison with other companies in the same industry. The MSCI ESG rating is one of the parameters for listing companies on the MSCI Japan ESG Select Leaders Index, which is used by the Government Pension Investment Fund as an ESG index for passive management, as well as being used by over 1,300 institutional investors around the world and in the creation of over 1,000 investment indexes.
The Investment Corporation has obtained an MSCI ESG rating of “BB” (as of June 2021).