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APG Asset Management

PRI reporting framework 2018

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG issues [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 14]
Direct - Listed Equity Active Ownership
Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14] (Proxy) voting and shareholder resolutions [LEA 15 - 24] Overview [LEA 15] Process [LEA 16 - 20] Outputs and outcomes [LEA 21 - 24]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 13] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 07] (B) Implementation: Thematic [FI 08 - 10] (C) Implementation: Integration [FI 11 - 13] Fixed income - Engagement [FI 15 - 17] Outputs and outcomes [FI 18 - 19]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Fundraising of infrastructure funds [INF 03 - 04] Pre-investment (selection) [INF 05 - 09] Selection, appointment and monitoring of third-party operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure monitoring and operations [INF 12 - 14] Infrastructure maintenance [INF 15] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18] Communication [INF 19]
Indirect - Inclusive Finance
Context [IFI 01] Selection [IFI 02] Contractual agreements and mandate design [IFI 03] Investment manager monitoring and reporting [IFI 04 - 05] Disclosure [IFI 06 - 07]
Assurance
Assurance [CM1 01.1 - 01.7]
Export Public Responses
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You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the roles present in your organisation and for each, indicate whether they have oversight and/or implementation responsibilities for responsible investment.

Roles present in your organisation 

          CFRO and Chief Fiduciary Management

Other description (1) 

          Fiduciary Management

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

RI is fully embedded in APG's Governance structure. In 2017 the CIO of APG Asset Management chaired the Investment Committee (IC), which also includes the MD of the Global Responsible Investment & Governance (GRIG) team, the CEO, and two other board members responsible for Fiduciary Management and Risk & Finance respectively, as well as the MD Legal, Tax and Regulatory Affairs and the MD Asset Allocation & Overlay. The IC oversees and approves various matters related to the investment framework, which includes the implementation of Responsible Investment. Certain matters can be escalated to the full APG AM Board.

Furthermore, the MD of GRIG team reports directly to the CIO. In line with the Strategic Investment Plan (STIP), all so-called building blocks (investments in all different asset classes) have a plan in place on how to integrate ESG since the end of 2010. This reflects the remit of our Responsible Investment Policy which extends to all asset classes.

ESG has been formally integrated into the investment proposal approval process. The Committee on Investment Proposals (CIP, part of the IC) has full delegated authority from the Board of Directors of APG Asset Management to make required decisions to assure that all funds are solidly invested, with due observance of liquidity, return, risk diversification requirements, costs, potential reputational risks, and meet the prudent person principles, whilst ensuring that the quality and transparency of the investment process is in place.

All new alternative investments and some listed investments require a mandatory ESG sign-off. Thereby the GRIG team, which consists of fifteen people, can engage prior to making certain investments and affect change from the outset by, for example, asking companies or external managers to commit to responsible investment practices and join sector initiatives. RI policy and reporting requirements are enshrined in the contracts with our external managers and managers of direct investments.

In 2017 APG Asset Management created a Fiduciary Management (FM) department with the objective to provide pension fund clients with independent advice and keep oversight on the appropriate implementation of client mandates and assignments. The FM department appointed a Fiduciary Manager Responsible Investments (FMRI) who is the primary contact for clients concerning their Responsible Investment policies. This adds an additional FTE in the number of dedicated RI staff at APG.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

16 Number

07.4. Additional information. [Optional]

The GRIG team consists of fifteen people with dedicated responsibilities and diverse backgrounds. The GRIG team's responsibilities and expertise extend globally across all asset classes and the team members are located across multiple offices. In addition, the Fiduciary Management department has one additional FTE dedicated to Responsible Investment.

SG 07 CC. Climate-issues roles and responsibilities

07.1 CC. Indicate the roles in your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for climate-related issues.

Roles present in your organisation 

          CFRO and Chief Fiduciary Management
        
          Fiduciary Management department

Other description (1)

07.1a CC. For the board level roles or for which you have climate-related issues oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

APG has set a comprehensive 2020 strategy as a long-term, responsible investor. It includes a set of clear targets one of which relates to the integration of  climate risks and opportunities in asset allocation and portfolio management. As such, the Board of APG AM receives regular updates on the progress of our Climate Change strategy and implementation thereof.

07.1b CC. For the management-level roles which assess and manage climate-related issues, provide further information on the structure and process involved.

SG 08. RI in performance management, reward and/or personal development (Private)

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