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Stichting Spoorwegpensioenfonds

PRI reporting framework 2017

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

Outputs and outcomes

SAM 11. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 12. Examples of ESG issues in selection, appointment and monitoring processes

12.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Excuse rights
        
Conducted by
Asset class
Scope and process

In selecting a infrastructure investor, the manager initially did not want to grant us excuse rights on all of our topics. SPF Beheer negotiated with the manager on a wording that was acceptable to them, but did still fulfill the conditions of our ESG policy.

Outcomes

SPF Beheer managed to find wording that suited both parties and we were able to invest in the fund.

Topic or issue
          ESG clause in side letter
        
Conducted by
Asset class
Scope and process

SPF Beheer wanted to invest in a follow-up fund of one of our existing managers. Since the previous fund was agreed upon a couple of years ago, our ESG requirements have intensified. The manager however did not want to agree with these new requirements. The proposal proceeded to the investment committee but was, among others on terms of ESG, rejected. With this information SPF Beheer returned to the manager.

Outcomes

After hearing the proposal was rejected the manager was willing to accept the updated requirements and we were able to invest in the fund.

Topic or issue
          Breach exclusion list
        
Conducted by
Asset class
Scope and process

In one of our existing FI mandates, the compliance systems at SPF Beheer notified a breach of the exclusion list. SPF Beheer inmediately contacted the manager. They cancelled the position and updated their compliance systems.

Outcomes

This was not the first breach of the manager. Therefore, it was eventually decided to replace the manager.

12.2. Additional information.

Internal staff in these situations refers to the internal staff of SPF Beheer


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