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SPF Beheer

PRI reporting framework 2018

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Engagement

Overview

LEA 01. Description of approach to engagement

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate whether your organisation has a formal engagement policy.

01.2. Attach or provide a URL to your engagement policy.

01.3. Indicate what your engagement policy covers:

01.4. Provide a brief overview of your organization’s approach to engagement

SPF Beheer, together with the board of the pension funds, can decide to engage in active engagement with the management of a company in our portfolio in order to persuade it to improve its performance in the areas of human rights and the environment. We adopt as a guideline a realistic period within which the first results must become visible. If a business does not make sufficient improvements and/or is not willing to act, we will divest from the company and it will be placed on our exclusion list. The exclusion list is applicable to all asset classes. If the company does generate some improvements and shows its commitment, we will continue investing and monitor change going forward.

We also take part in collaborative engagement processes via Eumedion and the UN PRI.

In practice, due to our intensive SRI screening before investment, engagement targeted at SRI abuses has proofed to be redundant for the internal portfolio. There have been no companies with abuses of our policies in our portfolio during the recent years. We do, however, conduct regular dialogue with all companies to stimulate them on their way forward.

01.6. Additional information [optional]

In addition to this code, a Stewardship Code is in development and will be published soon. In this code, multiple of the abovementioned items are covered.


LEA 02. Reasoning for interaction on ESG issues

02.1. Indicate the method of engagement, giving reasons for the interaction.

Type of engagement

Reason for interaction

Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

Please specify why your organisation does not engage via service providers.

Due to our concentrated equity portfolio we believe we can sufficiently cover all the companies in this portfolio ourselves. We believe we can have a strong influence on these companies due to our long-lasting nature with them (we invest for the long term), the fact that we regularly speak to board members in those companies and the fact that we have a relatively large position in many of those companies.

02.2. Additional information. [Optional]


Process

Process for engagements run internally

LEA 03. Process for identifying and prioritising engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

03.1. Indicate whether your organisation has a formal process for identifying and prioritising engagement activities carried out by internal staff.

03.2. Describe the criteria used to identify and prioritise engagement activities carried out by internal staff.

03.3. Additional information. [Optional]

Due to our limited portfolio a formal process for identifying and prioritising engagement on the internally managed portfolio is not necessary. Our goal is to engage in regular dialogue with all companies in our portfolio. Due to the limited number of companies invested in this is doable. The conversations include both financial as well as SRI topics. When there are clear concerns in the field of SRI a separate conversation will be scheduled with the company purely targeting SRI.

One principle that we do adhere to is that we will always engage with a company in response to (potential) breaches of the minimum ESG standards we believe a company should adhere to.


LEA 04. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

04.1. Indicate if you define specific objectives for your engagement activities.

04.2. Indicate if you monitor the actions that companies take during and following your engagements activities carried out by internal staff.

04.3. Indicate if you do any of the following to monitor and evaluate the progress of your engagement activities carried out by internal staff.

04.4. Additional information. [Optional]

For individual engagements the answer to this question depends on the goal of the engagements. We make a distinction between engagement and dialogue. An engagement process is started when a company's breaches our minimal ESG guidelines. We define goals and timelines for the company. If they do not comply with these goals within the time line set (and there are no signs of further improvement) we will exclude the company. 

Regularly, however, we have a what we call dialogue with companies. With a dialogue we aim to stimulate a company to further improve its SRI policies even though these policies are already well-developed. In this case we usually do not define strict objectives nor set a timeline. We do, however, come back on the topic in a later conversation with the company to see whether our questions and/or doubts have been addressed.


Process for engagements conducted via collaborations

LEA 05. Process for identifying and prioritising collaborative engagement

New selection options have been added to this indicator. Please review your prefilled responses carefully.

05.1. Indicate whether your organisation has a formal process for identifying and prioritising collaborative engagements

05.2. Describe the criteria used to identify and prioritise collaborative engagements.

other description

          Alignment of engagement topics with our client's policy
        

05.3. Additional information [Optional]

The selection of which collaborative engagements to participate in is made based on three factors: (1) the materiality of the ESG topic at stake, (2) the extent to which the topic aligns with the ESG policy of our clients, and (3) the exposure that we have to companies that will be engaged upon. Of course, our clients can give input into this process whenever they want.


LEA 06. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Indicate if you define specific objectives for your engagement activities carried out collaboratively.

06.2. Indicate if you monitor the actions companies take during and following your collaborative engagements.

06.3. Indicate if you do any of the following to monitor and evaluate the progress of your collaborative engagement activities.

06.4. Additional information. [Optional]


General processes for all three groups of engagers

LEA 09. Share insights from engagements with internal/external managers

09.1. Indicate if insights gained from your engagements are shared with your internal or external investment managers.

Type of engagement

Insights shared

Individual/Internal staff engagements

Collaborative engagements

09.2. Additional information. [Optional]

Because of the nature of the internally managed equity portfolio (with only 60 to 70 companies), the portfoliomanagers are in close contact with the companies they invest in. Because our internal investment managers and analysts form one team with the portfoliomanager SRI, they join conversations together with the portfoliomanager SRI and the company. Additionally, summaries are written after every conversation with the company and shared with the entire team.


LEA 10. Tracking number of engagements

10.1. Indicate if you track the number of your engagement activities.

Type of engagement
Tracking engagements

Individual / Internal staff engagements

Collaborative engagements

10.2. Additional information. [OPTIONAL]


Outputs and outcomes

LEA 11. Number of companies engaged with, intensity of engagement and effort (Private)


LEA 12. Engagement methods (Private)


LEA 13. Companies changing practices / behaviour following engagement (Not Completed)


LEA 14. Examples of ESG engagements (Private)


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