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SPF Beheer

PRI reporting framework 2018

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




Controversial weapons are part of the standard exclusion lists of our clients. This list applies to all asset classes. In addition to this exclusion list, we do think that certain sectors are irresponsible in general. For this reason, tobacco producing companies have not been invested in the internally managed equity portfolio since 2012. For other sectors we are extremely hesitant to invest in them. We have, for example, no investment in the defense sector in our internally managed listed equity portfolio.

Furthermore, the conduct of a company is reviewed. When we investigate a company and it turns out that it is involved in, for example, the most polluting activities of the fossil fuel sector, we can make the decision not to invest (irrespective of whether the company is on our exclusion list). Companies that breach human rights or pollute the environment can be excluded based on their specific conduct after a process of engagement.

Lastly, we exclude countries that are on the UN sanction list. Also businesses that are more than 20% state owned in these countries are excluded.



The above-mentioned conventions are at the basis of our RI policy. They are used as reason to engage with companies, as a factor of ESG-integration and as input for our exclusion list.

We do not specifically endorse the Convention against Corruption. However, the topic is included in other conventions (such as the Global Compact principles) and we do not support corruption. Therefore, a breach of these principles can still result in SPF Beheer not investing in a company.

04.2. スクリーニング基準の設定方法、基準の見直し頻度、基準の変更を顧客や受益者に通知する方法について説明してください。

Screening criteria are established by the Board of the pension funds in collaboration with SPF Beheer. Certain key criteria were established at the start of the ESG policy. Over time these criteria were expanded with other issues that deserve our attention. Criteria, for example, depend upon what is deemed important in our sector, the public transport sector. A clear example is union/collective bargaining rights (exclusion of Walmart).

The screening criteria are reviewed at least once a year, at the time that also the entire ESG policy is reviewed. The results of this review are reported to our clients in a Board meeting. From time to time an extra thorough review is planned together with the pension funds. Whenever other (innovative) issues reach us or the pension funds throughout the year, the issue is discussed in a meeting with the boards of the funds.

LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]

Besides the annual update of third party ESG ratings, controversies are monitored continuously.

LEI 06. Processes to ensure fund criteria are not breached (Private)