SPF Beheer does not manage passive funds in-house. The asnwer to this question therefore concerns the way that SPF Beheer selects external managers. At the very minimum, the managers of our passive funds are required to comply with the exclusion list of the Spoorwegpensioenfonds. This list is updated from time to time (at least once a year but more often when the circumstances require so). Additionally, for listed equity, the manager votes on our behalf and engages with the companies in their portfolio. During due diligence, the manager's SRI, voting and engagement policies are screened and compared to the policies of the Spoorwegpensioenfonds. The manager will only be selected if SPF Beheer is satisfied with their policies.