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APG Asset Management

PRI reporting framework 2018

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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)