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SPF Beheer

PRI reporting framework 2018

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

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. 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
          Manager selection
        
Conducted by
Asset class
Scope and process

A secondary PE manager was about to be selected. In secondary managers, however, there is an additional layer of costs and it is difficult to integrate ESG and exclusionary criteria. Even though SPF Beheer has the mandate to invest in secondary managers, this caused an intense discussion in the Investment Committee.

Outcomes

The Investment Committee decided to consult with our clients on the issue and to evaluate the presence of secondary managers in the private equity portfolio.

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

In one of the private equity portfolio's (secondary), the exclusion list was breached. We inmediately contacted the manager and asked for an explanation. The excluded company was part of a purchased fund.

Outcomes

The breach lead us to critically review and discuss the manager's processes. Based on the results of this review certain improvements were implemented.

Also we extended the review to processes that other managers have in place to share best practice.

Topic or issue
          Discuss manager's investment style
        
Conducted by
Asset class
Scope and process

In our listed equity portfolio one of the funds has a quantitative investment style. Questions were raised whether there is sufficient room to integrate ESG criteria within this investment style.

Outcomes

Discussion is ongoing

09.2. Additional information.


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