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SPOV (Delisted)

PRI reporting framework 2019

Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Strategy and Governance

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Indirect – Manager Selection, Appointment and Monitoring

Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]

Direct - Listed Equity Active Ownership

Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]

Direct - Property

Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Outputs and outcomes [PR 15 - 16]

Indirect - Inclusive Finance

Context [IFI 01] Selection [IFI 02] Investment manager monitoring and reporting [IFI 04 - 05] Disclosure [IFI 06 - 07]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

You are in Indirect - Inclusive Finance » Contractual agreements and mandate design

Contractual agreements and mandate design

IFI 03. Including issues referred to in the PIIF

03.1. When agreeing contracts and designing mandates with investment managers, in the process, indicate if you consider including the following issues referred to in the PIIF:

Actively supporting retail providers to innovate and expand the range of financial services to low-income people (Principle 1)

Yes

Describe and indicate how.

Most funds we invest in provide technical assistance to their investees. During DD SPF Beheer talks about how this facility is set up.

Integration of client protection in investment policies and practices (Principle 2)

Yes

Describe and indicate how.

All the funds have to comply with the PIIF principles. The CPP is part of this framework. With the managers SPF Beheer discusses how they stimulate and monitor their investees in implementing the framework. How they adopt this in their contractual framework with investees is also considered.

Treating investees fairly with appropriate financing needs that meets demand, clear and balanced contracts and fair processes for resolving disputes (Principle 3)

Yes

The inclusion of ESG issues in investment policies and reporting (Principle 4)

Yes

Describe and indicate how.

All the funds we invest in, directly or indirectly, impact investing or not, are subject to our policy on ESG and our exclusion list. These are minimum requirements. Often impact investments and the lists that external impact investing managers use in this respect go much further. We will always make use of the most complete and most invasive policy, also if that means it is not our own list. An external manager that does not consider the inclusion of any ESG issues will not be selected.

Active promotion of transparency in all aspects (Principle 5)

Yes

Striving for a balanced long-term social and financial risk-adjusted return that recognises the interests of clients, retail providers and investors (Principle 6)

Yes

Describe and indicate how.

The investment strategy is agreed upon in the contract. In this strategy the aim of the fund and the methods to achieve this aim are set out. Both the financial as well as the non-financial returns are elaborated upon.

Collaborating to set harmonised investor standards that support the further development of inclusive finance (Principle 7)

Yes

03.2. Additional information. [Optional]

Most of the money that we have invested in impact investing is invested through external managers who are PIIF signatories themselves. This gives us additional confirmation that the managers will comply with the principles. In the contract with the external managers we refer to the PIIF principles in general and demand the manager to be compliant.

Not all of the PIIF principles are explicitly mentioned in the contract. All of the points are integrated in the selection process however. When a manager is not compliant, it will not be selected to execute our impact investments. In case a manager would become incompliant after the contract is signed, we will start dialogue. Such a situation has never occurred since only trusted parties with a good track record are selected as our external manager.

The PIIF principles are also included in the loan contracts that our external managers conclude with the financial institutions. This is taken up during the DD.

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