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Pensioenfonds Vervoer

PRI reporting framework 2019

You are in Indirect – Manager Selection, Appointment and Monitoring » Appointment

Appointment

SAM 04. Appointment processes (listed equity/fixed income)

04.1. Indicate if in the majority of cases and where the structure of the product allows, your organisation does any of the following as part of the manager appointment and/or commitment process

04.2. Provide an example per asset class of your benchmarks, objectives, incentives/controls and reporting requirements that would typically be included in your managers’ appointment.

Asset class

Benchmark

          We have 4 investment strategies with 2 asset managers that track custom multifactor benchmarks with ESG overlay.
        

ESG Objectives

          ESG overlay sets specific targets for lower carbon emissions and higher labor rights scores than market cap weighted benchmark. ESG overlay also includes a target for overall ESG score.
        
          ESG overlay sets specific targets for lower carbon emissions and higher labor rights scores than market cap weighted benchmark. ESG overlay also includes a target for overall ESG score.
Additionally, our fund's exclusion list needs to be fully respected.
        
          ESG overlay sets specific targets for lower carbon emissions and higher labor rights scores than market cap weighted benchmark. ESG overlay also includes a target for overall ESG score.
        

Incentives and controls

Reporting requirements

Benchmark

          Barclays
        

ESG Objectives

          All managers need to fully respect our fun's exclusion list, which is updated quarterly.
        

Incentives and controls

Reporting requirements

Benchmark

          Barclays
        

ESG Objectives

          All managers need to fully respect our fun's exclusion list, which is updated quarterly.
        

Incentives and controls

Reporting requirements

04.3. Indicate which of these actions your organisation might take if any of the requirements are not met

04.4. Provide additional information relevant to your organisation's appointment processes of external managers. [OPTIONAL]

          While we ideally see a systematic incorporation of ESG insights in the investment process, we recognize that ESG information is not as systematically available as other information on investments. In order to fill that gap, we judge positively when managers have access to ESG data on which they can base informed decisions. We see our role as one of leading the horse to water but it is up to the manager to drink. We find that when ESG information is available ESG naturally becomes part of the investment thesis. We engage with managers to get them to systematically evaluate ESG factors.

Please note that we have dedicated providers for engagement and proxy voting, i.e. that is not left to our external managers.
        

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