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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes
Emerging markets manager section
During this selection process no issues were identified.
During the selection process of a secondary managers a discussion started in the Investment Committee relating to compatibility of the nature of secondary funds with the ESG policy of our clients. The focus here was especiallu on compliance with the exclusion policy as in secondary funds full compliance cannot be guaranteed.
SPF Beheer consulted its clients on this matter and proposed to have a session with the Board of Directors to discuss this topic.
Human rights violations by portfolio company
During a selection process of a private equity (PE) manager a controversy related to portfolio company of previous funds has emerged. A garment sportswear company located in the U.S. has been sourcing from a factory located in China. Media reported that this factoy is located in 'readucation camps for ethnic minorities' in China. SPF Beheer immediately reached out to the PE manager to get more information on the issue itself and to hear more measures both the PE manager and portfolio company took.
Both the PE manager and portfolio company took measures to reasure SPF Beheer that monitoring systems work well. The portfolio company has strenghtened its approach on required certifications of factories on human rights issue. It has also stoppped sourcing from the company which has factory located in the reeducation center.
Selection of manager
During a selection process of potential PE equity manager number of problem occured. These ranged from the option to update the ESG policy and exlusion list of SPF Beheer and its clients to intrasparant tax structure which could have represented potential reputation risk.
As there have been issues in multiple areas including ESG, the investment opportunity has not been pursued.
Please note that manager selection did not take place in FY 2018 in other asset classes besides the ones indicated above.