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APG Asset Management

PRI reporting framework 2018

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Selection, appointment and monitoring of third-party operators

INF 10. ESG issues in selection, appointment and monitoring of third-party operators

10.1. Indicate if your organisation includes ESG issues in your selection, appointment and/or monitoring of third-party operators.

10.2. Indicate your organisation includes ESG issues in your selection, appointment and/or monitoring of third-party operators.

10.3. Provide a brief description of your organisation’s selection, appointment and monitoring of third-party operators. [Optional]

All third-party operators are selected, appointed and monitored using the following process:

  1. Mandatory Due Diligence Questionnaire (‘DDQ’) including ESG questions
  2. ESG Consultation: Internal meeting with PM to discuss any potential issues arising out of DDQ and how to resolve these
  3. ESG Implementation: External meeting with manager to explain the issues and propose solutions and potential implementation of ESG conditions in contracts (as of 2015, we ask new infrastructure investments to participate in GRESB Infrastructure) 
  4. Formal Assessment: ESG Specialist provides written opinion for review by global Committee for Investment Proposals (chaired by CIO)
  5. Annual (Manager) Review: review if conditions were met
  6. Ongoing Engagement (based on GRESB Infrastructure results)

The launch of GRESB infrastructure together with 9 other founding members is a way to set market wide standards on ESG. In addition to that, APG is a founding member and Board member of the Global Infrastructure Investor Association (GIIA). The GIIA, which was founded in 2015, will work in partnership with governments and regulators to achieve the shared ambition of increasing infrastructure investment.

10.4. Describe how your third-party operators contribute to the management of ESG issues for your infrastructure investments. [Optional]

Even for direct investments, we always appoint a manager for the daily operation of the assets. These can be fully internalized (part of the operational company) or also hold a significant economic ownership in the assets (as a JV partner). It is the primary task of the manager to ensure the ESG standards are put into practice. In order to get a more consistent overview of the ESG approach in our infrastructure assets, we launched GRESB Infrastructure in 2015. This tool supports an informed dialogue with our infrastructure investments during the investment phase. Approximately 70% of the asset under management in infrastructure has participated in the initial GRESB Infrastructure Assessment. 


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