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APG Asset Management

PRI reporting framework 2018

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Overview

INF 01. Description of approach to RI

01.1. Provide a brief overview of your organisation’s approach to responsible investment in infrastructure where you have equity stakes.

APG conducts due diligence on new investments. At the outset of any new investment, APG ensures that ESG policies and behaviours are assessed and reviewed. The managers of all new investments under consideration are asked to fill out the APG Due Diligence Questionnaire, which includes a detailed section on ESG.

These results, in combination with additional information requests and interviews, are then assessed in detail by the GRIG team specialist and form the basis for their mandatory and independent ESG signoffs that are presented to the global Committee for Investment Proposals (CIP) prior to investment.

In 2015, APG initiated the launch of GRESB Infrastructure to enable the assessment of infrastructure asset across our portfolio in a consistent and validated manner. This tool supports an informed dialogue with our infrastructure investments during the investment phase and we use it to track ESG performance. By teaming up with other investors we envisage that GRESB Infrastructure will have a market wide impact. 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. APG is an active member in GRESB Infrastructure and participated GRESB's Infrastructure Advisory Board (IAB) in 2017.

Participation in the GRESB Infrastructure survey is mandatory for all new investments in this asset class. In 2017, 19 managers responded to the survey.


INF 02. Responsible investment policy for infrastructure

02.1. Indicate if your organisation has a responsible investment policy for infrastructure.

02.3. Additional information. [Optional]

The Infrastructure asset class is covered by APG's overall responsible investment policy. There is no separate/specific Responsible Infrastructure Investment Policy, however the approach to implementation in infra is tailor-made. APG's Responsible Investment Policy is available at: https://www.apg.nl/en/asset-management/responsible-investing. In 2018 we will develop sector specific responsible investment guidelines.


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