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SPOV (Delisted)

PRI reporting framework 2019

Export Public Responses

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by


The entire portfolio is subject to an exclusion and applies to all asset classes. In addition, within the internally managed listed equity and fixed income portfolio, certain sectors are viewed as irresponsible in general or pose/ represent high ESG risk. Furthermore, each company is extensively reviewed with focus on ESG-risks. In case the research concludes that a company is, for example, the most polluting activities of the fossil fuel sector, we can make the decision not to invest (irrespective of whether the company is on our exclusion list). Companies that breach human rights or pollute the environment can be excluded based on their specific conduct after a process of engagement. Lastly, we exclude countries that are on the UN sanction list. Also businesses that are more than 20% state owned in these countries are excluded.

Screened by


The above mentioned conventions represent the basis of SPF Beheer and its clients RI policy. They are used as reason to engage with companies, as a factor of ESG-integration and as input for our exclusion list.

We do not specifically endorse the Convention against Corruption. We believe that the topic is included in other conventions (such as the Global Compact principles and OECD Guidelines) by which we demonstrate that we do not support corruption. Therefore, a breach of these principles can still result in SPF Beheer not investing in a company.

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

Screening criteria are established by SPOV in collaboration with SPF Beheer. Certain key criteria were established at the start of the ESG policy. Over time these criteria were expanded with other issues that deserve our attention. Criteria, for example, depend upon what is deemed important in our sector, the public transport sector. A clear example is union/collective bargaining rights (exclusion of Walmart).

The screening criteria are reviewed by SPF Beheer at least once a year, at the time that also the entire ESG policy is reviewed. The results of this review are reported to us in a Board meeting. From time to time an extra thorough review is planned together with us. Whenever other (innovative) issues reach us or SPF Beheer throughout the year, the issue is discussed in a meeting with the boards of the funds.


LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

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

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.5. Additional information. [Optional]

Besides the annual update of third party ESG ratings, controversies are monitored continuously.

LEI 06. Processes to ensure fund criteria are not breached (Private)