Most of the money that we have invested in impact investing is invested through external managers who are PIIF signatories themselves. This gives us additional comfort that the managers will comply with the principles. In the contract with the external managers we refer to the PIIF principles in general and demand the manager to be compliant.
Not all of the PIIF principles are explicitly mentioned in the contract. All of the points are integrated in the selection process however. When a manager is not compliant, it will not be selected to execute our impact investments. In case a manager would become incompliant after the contract is signed, we will start dialogue. Such a situation has never occurred since we only select trusted parties with a good track record as our external manager.
The PIIF principles are also included in the loan contracts that our external managers conclude with the financial institutions. This is taken up by us during the DD.