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APG Asset Management

PRI reporting framework 2018

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Post-investment (monitoring and active ownership)

Overview

INF 11. ESG issues in post-investment activities

11.1. Indicate whether your organisation and/or operators consider ESG issues in post-investment activities relating to your infrastructure assets.

11.2. Indicate how your organisation, and/or operators, considers ESG issues in the following post-investment activities relating to your infrastructure assets.

          ESG is integrated into our post-investment activities via the Annual (Manager) Review (review if ESG conditions were met) and ongoing engagement on ESG issues.
        

11.3. Describe how your organisation, and/or operators, considers ESG issues in post-investment activities related to your infrastructure investments. [Optional]

ESG performance is fully integrated into the reporting cycle of our managers and incidents are reported to APG on an ongoing basis.

Monitoring will become more structured and consistent across the entire portfolio with the launch of GRESB Infrastructure, which is a tool for systematic assessment, objective scoring and peer benchmarking of the environmental, social and governance (ESG) performance of infrastructure investments. In 2017 it was the second year that the assessment was conducted. This tool supports an informed dialogue with our infrastructure investments during the investment phase. In 2017 approximately 70% of the asset under management in infrastructure has participated in the initial GRESB Infrastructure Assessment. Most investee companies filled-in the Fund level assessment, a point of attention for next year is that our investments also fill-in in the asset level assessment.


Infrastructure monitoring and operations

INF 12. Proportion of assets with ESG performance targets

12.1. Indicate the proportion of infrastructure assets for which your organisation and/or operators included ESG performance in investment monitoring during the reporting year.

 (in terms of number of infrastructure assets)

12.2. Indicate ESG issues for which your organisation, and/or operators, typically sets and monitors targets (KPIs or similar) and provide examples per issue.

List up to three example targets per issue

          Relevant changes in environmental permits, feedback of the regulator
        
          Changes to Environmental Management Systems
        
          Environmental performance (for example incidents, energy use, emissions to air and/or water)
        

List up to three example targets per issue

          Safety performance and incidents including follow-up
        
          Changes to employee policies and labor relations
        
          Results of relevant community engagement programs
        

List up to three example targets per issue

          Formal policy on sustainability in place
        
          Oversight of sustainability issues at the organization and provision of formal updates
        
          Disclosure of sustainability performance, including a formal reporting and communication
        

12.3. Additional information. [Optional]

The above percentages are based on the NAV weighted portfolio that participates in the GRESB benchmark.


INF 13. Proportion of portfolio companies with ESG/sustainability policy

13.1. Indicate whether you track the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

13.2. Indicate the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

(in terms of number of infrastructure investees)

13.3. Describe how your organisation, and/or your operators, contribute to the infrastructure investees’ management of ESG issues. [Optional]

We provide them with best practice guidelines (strong ESG policies) and engage with the management on an ongoing basis.


INF 14. Type and frequency of reports received from investees

14.1. Indicate the type and frequency of reports you request and/or receive from infrastructure investees covering ESG issues.

Type of Reporting

Typical reporting frequency

Typical reporting frequency

          Through being on Boards of investment entities and/or in contact with dedicated managers, APG is updated on a regular basis about ESG issues.
        

Typical reporting frequency

14.2. Additional information.


Infrastructure maintenance

INF 15. Proportion of maintenance projects where ESG issues were considered

15.1. Indicate the proportion of active infrastructure maintenance projects where ESG issues have been considered.

(in terms of number of active maintenance projects)

15.2. Describe your approach to ESG considerations for infrastructure maintenance projects. [Optional]

The approach is not different for new or existing projects. APG is normally not managing the assets and would commission a manager or operator.


Stakeholder engagement

INF 16. Proportion of stakeholders that were engaged with on ESG issues

16.1. Indicate which stakeholders your organisation, and/or operators, engaged with on ESG issues in relation to your infrastructure assets during the reporting year and what proportion of your investments they apply to.

Stakeholders engaged

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

          NGOs
        

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

          Other (co-)investors
        

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

16.2. Describe your approach to stakeholder engagements in relation to your infrastructure assets.

We require from our managers and operators to include the following stakeholder categories in their stakeholder engagement strategy:

  • Local community stakeholder groups
  • Contractors
  • Employees
  • Supply chain workers
  • Industry stakeholder groups
  • Peer stakeholder groups
  • Customer stakeholders
  • Policy makers

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