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ASR Vermogensbeheer N.V.

PRI reporting framework 2019

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Investment policy

SG 01. RI policy and coverage

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

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

The investment principles and investment strategy are captured in a number of documents publicly available at ASR corporate website, including our overarching  SRI policy with specific ESG factors and a detailed documernt on the detailed criteria and international guidelines used. For environamental criteria we have specific research studies publicly available. ASR SRI policy is applied to 100% of ASR Vermogensbeheer's investments

Please refer to https://www.asrnederland.nl/over-asr/duurzaam-ondernemen 

 

 

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

ASR SRI policy applies to all assets internally managed. 

01.6. Additional information [Optional].

          
        
I confirm I have read and understood the Accountability tab for SG 01 I confirm I have read and understood the Accountability tab for SG 01

SG 01 CC. Climate risk

01.6 CC. Indicate the climate-related risks and opportunities that have been identified and factored into the investment strategies and products, within the organisation's investment time horizon.

Since 2016 a.s.r. has integrated climate change and energy transition as an explicit theme/driver within its strategic asset allocation and has taken measures to implement its commitment across the investment portfolio. a.s.r. has analysed and identified risks for the investment portfolio both bottom-up: taking into account stranded assets and changing business models in the mining and energy sectors, as top-down in its strategic asset allocation.

Pilot with Ortec finance

In order to be prepared for future possible climate scenarios and related risks and to help a.s.r. work towards setting Science Based Targets in line with the Paris Agreement, AVB has in 2018 engaged with Ortec Finance, other financial institutions and academia to integrate top down climate scenario analyses in its strategic asset allocation. The integration of these scenarios will enable a.s.r. to make better investment decisions for allocations to asset classes, regions and sectors, and therefore to construct a more climate resilient investment portfolio. Current analyses focus mostly on bottom-up climaterelated risk analyses and reporting and do not consider top-down integration via macro-economic (quantitative and qualitative) modelling. Considering a top-down analyses is important, however, because empirical research has shown that portfolio returns are determined to a large extent by investment decisions made at the strategic level. Linking scientific climate data to ALM/SAA tooling is a novel approach to mapping potential climate impacts on investment performance. It will enable us to report forward-looking, scenario-based disclosure along the lines of the framework set out by the TCFD.

Carbon Bubble

Bottom-up, four main risks have been identified: physical risks, transition risks, regulatory risks and social risks. For a more comprehensive overview on our research, please find our Carbon Bubble research on https://www.asrnederland.nl/over-asr/duurzaam-ondernemen

01.7 CC. Indicate whether the organisation has assessed the likelihood and impact of these climate risks?

01.8 CC. Indicate the associated timescales linked to these risks and opportunities.

For our scenario analysis with Ortec, a timescale until 2100 was taken into account. Additional scenarios and shocks were developed for over 30 years.

For our Strategic Asset Allocation (SAA), timeframes of 5 and 10 years are used. 

01.9 CC. Indicate whether the organisation publicly supports the TCFD?

01.10 CC. Indicate whether there is an organisation-wide strategy in place to identify and manage material climate-related risks and opportunities.

01.11 CC. Describe how and over what time frame the organisation will implement an organisation-wide strategy that manages climate-related risks and opportunities.

Within the next 2 years

1.12 CC. Indicate the documents and/or communications the organisation uses to publish TCFD disclosures.

specify

          Integrated Annual Report
        

SG 02. Publicly available RI policy or guidance documents

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

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Additional information [Optional].


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

-"Insider"rules for professional and private investments

- Various "chinese walls", for example:

  •  manager selection and manager monitoring
  • operations compliance and risk
  • financial compliance and risk
  • front office, valuatiion and risk
  • ESG committee incl front office, compliance and risk
  • investment policy committee incl compliance, risk and ALM
  • risk management committee
  • compliance committee

 

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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