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APG Asset Management

PRI reporting framework 2017

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Objectives and strategies

SG 05. RI goals and objectives

05.1. Indicate if and how frequently your organisation sets and reviews objectives for its responsible investment activities.

05.2. Additional information. [Optional]

Internal reviews

The GRIG team has monthly and quarterly meetings, which are partly used to review YTD performance against objectives.

Furthermore, there are regular Responsible Investment Committee meetings, comprising of four board members, the general counsel, and the MD of GRIG, to review aspects of the implementation of the RI policy.

External reviews

The GRIG Team reports on a monthly basis to its clients about performance (e.g. engagements, integration, voting and signoffs).

Furthermore, there are regular ESG presentations to clients and even participants of APG’s clients.

SG 06. Main goals/objectives this year

06.1. List the main responsible investment objectives that your organisation set for the reporting year.

Responsible investment processes

Key performance indicator 

          Successful engagements with companies and investors to directly improve and raise awareness of supply chain and labour standards issues, especially in the garment sector.

Progress achieved

Engagement with a number of listed companies operating in the garment sectors using APG developed guidance on labour standards in the garment sector supply chain, and engagement with the private equity industry, increased awareness of these important issues and led some companies to commit to improve their oversight in this area.

Key performance indicator 

          We have worked on the implementation of our largest’ client’s new Responsible Investment Policy.

Progress achieved

Our largest client has received reports regarding the implementation of their new RI Policy on a monthly and quarterly basis. We have prepared an annual review of the implementation for the board of trustees of ABP.

Financial performance of investments

ESG characteristics of investments

Key performance indicator 

          Working in collaboration with our clients to establish a carbon target for our listed equity portfolio.

Progress achieved

In 2015 ABP established a carbon target for our listed equity portfolio to reduce the emissions per invested euro by 25% in the period from 2015 to 2020, which we are implementing on its behalf and has been translated. This target has been made public and was included as a KPI in the Service Level Agreement (SLA) between ABP and APG with annual reduction targets. We decided to implement the target via carbon budgets for all listed equity mandates. In 2016 the focus was on implementation. It was our objective to complete implementation of the systems before the end of the year in order to achieve the first intermediate reduction target for 2016 as defined in the SLA.

Other activities

Key performance indicator 

          Enhancing GRESB adoption and participation by our investments in Real Estate and Infrastructure

Progress achieved

As a founding member of both GRESB and GRESB Infrastructure we require new investments in these asset classes to participate in GRESB and we continue to encourage older investments to participate in GRESB benchmarking.

06.2. Additional information.

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