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Stichting Spoorwegpensioenfonds

PRI reporting framework 2017

You are in Indirect – Manager Selection, Appointment and Monitoring » Overview


SAM 01. Role of investment consultants/fiduciary managers

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate whether your organisation uses investment consultants and/or fiduciary managers.

01.4. Indicate if your organisation considers responsible investment in the monitoring processes for fiduciary managers.

01.5. Indicate whether your organisation considers any of the following responsible investment factors in the monitoring of fiduciary managers

01.6. Describe the approach you take to monitoring your fiduciary managers and the reason(s) for this approach [Optional].

The fiduciary manager SPF Beheer is monitored by SPF on at least a quarterly basis. Every quarter a report is prepared in which the investment results of SPF Beheer are reported on. In this report a separate chapter is dedicated to ESG. In addition, every year an annual report, with separate ESG chapter, is provided.

Also the relation between SPF and SPF Beheer is very close. The two have regular meetings in which investment proposals are discussed. It is up to the board of SPF to decide whether to accept the proposals put forward by SPF Beheer. SPF Beheer can only advise the fund and execute its decisions. In these meetings on a regular basis proposals in the field of SRI are discussed.

Lastly, on a regular basis meetings are scheduled with the sole focus on ESG. During these meetings, SPF and SPF Beheer jointly discuss and think about the existing ESG policy as well as ideas for future policy changes.

Questions that arise on either the ESG policy or the way the policy is executed by SPF Beheer can be asked in any of these joint meetings. Also, it happens on a regular basis that the board directly contacts SPF Beheer, either the CFO or the portfoliomanager SRI, with questions or new ideas they have.

01.7. Additional information [Optional].

SAM 02. RI factors in selection, appointment and monitoring across asset classes

02.1. Indicate for which of the following externally managed asset classes your organisation, and/or your investment consultants, consider responsible investment factors in investment manager: (a) Selection, (b) Appointment (investment management agreements/contracts), and (c) Monitoring

Select all that apply

Asset classes

(a) Selection

(b) Appointment

(c) Monitoring

Listed equity

Fixed income - SSA
Fixed income - Corporate (financial)
Fixed income - Corporate (non-financial)
Fixed income - Securitised

Private equity



02.2. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

SPF has appointed SPF Beheer as its fiduciary manager. SPF Beheer is a full daughter of SPF and was initially founded to manage the assets of the Spoorwegpensioenfonds. Later on, SPF Beheer also accepted other clients. Due to this joint history, manager selection and appointment has never been anything of an issue. SPF is in full control of its own policy. SPF Beheer advises, but the final decision is always left to SPF. Monitoring is conducted via regular interaction and quarterly reports per asset class, including ESG. Once a year each asset class, including ESG, is fully evaluated. Any breaches of our policy must be reported immediately.

Over half of the assets are managed in-house by SPF Beheer. The remainder is outsourced to external managers, which are selected and monitored by SPF Beheer. The same ESG policy as applies to SPF Beheer also applies to these managers. When selecting a (potential) manager careful Due Diligence is conducted by SPF Beheer, also in the field of SRI. Unsatisfying answers and/or conduct in the field of SRI can be a breaking point in appointing this manager. Regular reports lay at the basis of the monitoring process.

02.3. Additional information. [Optional]