The basic manager selection, appointment and/or monitoring process is the same for all of the above asset classes and is described in the overview section at the beginning of this module.
We also have separate responsible investment implementation guidelines for hedge funds, private equity and commodities (this includes forestry and farmland). In addition, we have developed guidance on Unconventional Gas Operations for external managers. We expect High Sustainability Investments to be reported to us from all asset classes. With the newly developed Sustainable Development Investments (SDIs) we continue to build on this expectation.
Our real estate managers have to agree to the following conditions, which are included in the legal documentation:
- Participation of the investment in the annual GRESB-survey for the full holding period of our investment; and
- To the extent that the investment has not yet achieved above average sustainability performance (i.e. becoming 4 or 5 star rating in the GRESB benchmark), the manager agrees to work in good faith with APG to identify and to implement agreed upon strategies designed to achieve the required outperformance within three years' time.
Since early 2016 infrastructure managers also have to agree to participate in the GRESB Infrastructure survey.