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Pensioenfonds Detailhandel

PRI reporting framework 2019

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We focus on the companies within our listed equity portfolio's. At the moment we do not engage with SSA, but some countries are on our exclusion list.
        

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We focus on the companies within our listed equity portfolio's. Because there is an overlap of the companies in our listed equity portfolio's and our fixed income corporate portfolio's, Fixed Income corporates are also engaged by us.
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We focus on the companies within our listed equity portfolio's. Because there is an overlap of the companies in our listed equity portfolio's and our fixed income corporate portfolio's, Fixed Income corporates are also engaged by us.
        

OO 11. ESG incorporation practices for all assets

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Cash

Cash - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (2)

Other (2) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

Pensioenfonds Detailhandel has laid down in its Investment Beliefs it takes social responsibility seriously and therefore it integrates elements of socially responsible investment into its investment policy. To meet this Belief, the pension fund determined an independent ESG policy. Pensioenfonds Detailhandel expects its asset managers and other service providers are able to effectively implement this policy. As a result the management selection and appointment process is an essential part of the (ESG) investment policy of Pensioenfonds Detailhandel. One of the standard criteria the pension fund has set out in a selection process is the asset manager or service provider is signatory of the UN PRI or otherwise is able to execute the ESG policy in an authentic manner.

In order to be able to implement its independent ESG policy, Pensioenfonds Detailhandel decided a large part of its investments should be held in segregated accounts. The pension fund furthermore thinks countervailing power is essential in its governance structure. It therefore assigned multiple parties to, among other things, control its external managers and its investment portfolio. As a result, the pension fund hired for example a specialized party, next to the external asset manager, to implement its responsible investment policy.  

Recently Pensioenfonds Detailhandel finalized a project with its largest external asset manager to integrate the ESG policy of the pension fund even further in its investment portfolio. Ultimate goal of the joined effort is to optimize the investment portfolio both for the independent ESG policy of the pension fund as for the overall investment guidelines of the pension fund (tracking error vs. benchmark, etc.).

With respect to the appointment of external managers, next to the qualities of the external managers,  the pension fund thinks in general the ‘personal fit’ between Pensioenfonds Detailhandel and the external manager should be there. This means the standards and values, for example in relation to the remuneration, should be equal.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity active ownership

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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