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SPOV (Delisted)

PRI reporting framework 2019

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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Emerging markets manager section
        
Conducted by
Asset class
Scope and process

During this selection process no issues were identified.

Outcomes

During this selection process no issues were identified.

Topic or issue
          Manager selection
        
Conducted by
Asset class
Scope and process

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. 

Outcomes

SPF Beheer consulted its clients on this matter and proposed to have a session with the Board of Directors to discuss this topic. 

Topic or issue
          Human rights violations by portfolio company
        
Conducted by
Asset class
Scope and process

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.

Outcomes

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.

Topic or issue
          Selection of manager
        
Conducted by
Asset class
Scope and process

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.

Outcomes

As there have been issues in multiple areas including ESG, the investment opportunity has not been pursued. 

09.2. Additional information.

Please note that manager selection did not take place in FY 2018 in other asset classes besides the ones indicated above.


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