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APG Asset Management

PRI reporting framework 2018

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG issues

(C) Implementation: Integration of ESG issues

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate which ESG factors you systematically research as part of your investment analysis and the proportion of actively managed listed equity portfolios that is impacted by this analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

The percentage for social factors will increase in the run up to 2020 as the Inclusion Policy, which also includes social factors is fully implemented.


LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on a robust analysis.

09.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your integration strategy.

09.3. Indicate how frequently third party ESG ratings that inform your ESG integration strategy are updated.

09.4. Indicate how frequently you review internal research that builds your ESG integration strategy.

09.5. Describe how ESG information is held and used by your portfolio managers.

09.6. Additional information.[Optional]

Company inclusion classifications and the carbon reduction targets are formally updated on an annual basis. However, portfolio managers/analysts and members of the responsible investment team will have access to so-called pro-forma classifications, which are based on latest input data and thereby can monitor developments between formal update moments.


LEI 10. Aspects of analysis ESG information is integrated into

New selection options have been added to this indicator. Please review your prefilled responses carefully.

10.1. Indicate which aspects of investment analysis you integrate material ESG information into.

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

Proportion of actively managed listed equity exposed to investment analysis

10.2a. Indicate which methods are part of your process to integrate ESG information into fair value/fundamental analysis and/or portfolio construction.

10.3. Describe how you integrate ESG information into portfolio weighting.

ESG considerations are included into our systematic investment strategies across all portfolio’s, both managed internally and externally . Due to our carbon reduction target, ESG information is integrated in portfolio weighting.  

10.4a. Describe the methods you have used to adjust the income forecast / valuation tool

Proportion of actively managed listed equity exposed to investment analysis

10.2b. Indicate which methods are part of your process to integrate ESG information into fair value/fundamental analysis and/or portfolio construction.

10.4b. Describe the methods you have used to adjust the income forecast / valuation tool

On a case-by-case basis, where material, the following approaches are used: Fundamental research, broker research, independent consultants for cash flow forecasts, adjustments to discount rate for ESG risk.

10.5. Additional information.

Many of the above type of indicators are only applicable to active fundamental strategies. APG’s Listed Equity portfolio is managed for more than 50% via active systematic strategies.


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