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SPF Beheer

PRI reporting framework 2018

Export Public Responses

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LEA 01. Description of approach to engagement


01.1. 貴社に正式なエンゲージメントポリシーがあるかどうか示してください

01.2. エンゲージメントポリシーのファイルの添付、もしくはURLを記載してください。

01.3. エンゲージメントポリシーがカバーしている内容を示してください。

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. エンゲージメントの方法および対話を行う理由を明示して下さい。

Individual/Internal staff engagements
Collaborative engagements
Service provider engagements


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]



LEA 03. Process for identifying and prioritising engagement activities


03.1. 貴社内のスタッフが実行するエンゲージメント活動を特定し、優先順位を決定する正式なプロセスが貴社にあるかどうか示してください。

03.2. 貴社内のスタッフが実行するエンゲージメントを特定し、優先順位を決定する際に使用する基準を説明してください。

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


04.1. 貴社内のスタッフが実行する貴社のエンゲージメント活動に具体的な目的を定義しているかどうかを記載してください。

04.2. 貴社内のスタッフが実行する貴社のエンゲージメントを受けた企業の行動をエンゲージメント中および後で監視しているかどうかを記載してください。

04.3. 貴社内のスタッフが行うエンゲージメント活動の進捗を監視のうえ評価するために以下のいずれかを実施しているかどうか示してください。

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.


LEA 05. Process for identifying and prioritising collaborative engagement


05.1. 協働的なエンゲージメントを特定し、優先順位を決定する正式なプロセスが貴社にあるかどうか示してください。

05.2. 協働的エンゲージメントを特定し、優先順位を決定する際に使用する基準を説明してください。


          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



06.1. 貴社が関与する協働的なエンゲージメントに目的が定義されているかどうか示してください。

06.2. 貴社の協働的なエンゲージメントを受けた企業の行動をエンゲージメント中および後で監視しているかどうかを記載してください。

06.3. 貴社の協働エンゲージメント活動の進捗を監視し、評価するために以下のいずれかを実施しているかどうか示してください。

06.4. Additional information. [Optional]



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

09.1. エンゲージメントから得た考察を、貴社内の運用担当者や貴社外の運用会社と共有しているかどうかを記載してください。




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. 貴社がエンゲージメントの数を追跡しているかどうかを記載してください。



10.2. Additional information. [OPTIONAL]


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)