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SPOV (Delisted)

PRI reporting framework 2019

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Organisational Overview
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] Contractual agreements and mandate design [IFI 03] Investment manager monitoring and reporting [IFI 04 - 05] Disclosure [IFI 06 - 07]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Direct - Listed Equity Active Ownership » Engagement

Engagement

LEA 02. Reasoning for interaction on ESG issues

Indicate the method of engagement, giving reasons for the interaction.

Type of engagement

Reason for interaction
Individual / Internal staff engagements
Collaborative engagements
Service provider engagements

02.4. Additional information. [Optional]

LEA 03. Process for identifying and prioritising engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

03.1. Indicate whether your organisation has a formal process for identifying and prioritising engagements.

Indicate the criteria used to identify and prioritise engagements for each type of engagement.
Type of engagement
Criteria used to identify/prioritise engagements
Individual / Internal engagements

Internal / Individual engagements

Collaborative engagements

Collaborative engagements

03.3. Additional information. [Optional]

SPOV applies one general principle -  we will always engage with a company in response to (potential) breaches of the minimum ESG standards we believe a company should adhere to.

Portfolio managed by SPF Beheer:

Given the nature of the portfolio (concentrated portfolio with 60-80 names) with high standards on quality of the companies including ESG aspects, a formal process for identifying and prioritizing engagement on the internally managed portfolio is not necessary. Overall, SPF Beheer always engages with a company in response to (potential) breaches of the minimum ESG standards we believe a company should adhere to. Besides this formal process, we are in a regular dialogue with all companies in the portfolio, Due to the limited number of companies invested in this is doable. The conversations include both financial as well as ESG topics relevant for the company.

Portfolio managed by other managers:

For companies that are included in the portfolios of the external managers, SPF Beheer engages by means of collaborative engagements. The selection of which collaborative engagements to participate in is made based on three factors: (1) the materiality of the ESG topic at stake, (2) the extent to which the topic aligns with the ESG policy of our clients, and (3) the exposure that we have to companies that will be engaged upon.

LEA 04. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.
Indicate whether you define specific objectives for your organisation’s engagement activities.
Individual / Internal engagements
Collaborative engagements

04.2. Additional information. [Optional]

In terms of engagement (excluding dialogue), an engagement process is started when a company breaches the minimal ESG guidelines. In this process clear goals and timelines for the company are defined. If a company does not show progress on these goals  within the time line se, the company will be excluded frm the investment universe. This has been the case for Freeport-McMoran Copper and Gold, Leonardo-Finmeccanica, PetroChina, Wal-Mart Stores Inc and Walmart de México. 

In addition to the formal engagement trajectory, SPF Beheer has dialogue with companies in the SAP portfolio. The aim  of such dialogue is to stimulate a company to further improve its SRI/ ESG/ CSR/ sustainability policies, strategis and management systems. In case of dialogues we usually do not define strict objectives or set a timeline. We do, however, come back on the topic in a later conversation with the company to see whether our questions and/or doubts have been addressed.

LEA 05. Process for identifying and prioritising collaborative engagement

Indicate if you monitor and/or review engagement outcomes.
Individual / Internal engagements
Collaborative engagements
Indicate if you do any of the following to monitor and review the progress of engagement activities.
Individual / Internal staff engagements
Collaborative engagements

05.3. Additional information [Optional]

The selection of which collaborative engagements to participate in is made based on three factors: (1) the materiality of the ESG topic at stake, (2) the extent to which the topic aligns with our ESG policy, and (3) the exposure that we have to companies that will be engaged upon.

LEA 06. Role in engagement process

06.1. Indicate whether your organisation has an escalation strategy when engagements are unsuccessful.

06.2. Indicate the escalation strategies used at your organisation following unsuccessful engagements.

06.3. Additional information. [Optional]

In terms of engagement (excluding dialogue), an engagement process is started when a company breaches the minimal ESG guidelines. In this process clear goals and timelines for the company are defined. If a company does not show progress on these goals  within the time line se, the company will be excluded frm the investment universe. This has been the case for Freeport-McMoran Copper and Gold, Leonardo-Finmeccanica, PetroChina, Wal-Mart Stores Inc and Walmart de México. 

LEA 07. Share insights from engagements with internal/external managers

07.1. Indicate whether insights gained from your organisation's engagements are shared with investment decision-makers.

Type of engagement

Insights shared
Individual / Internal staff engagements

Collaborative engagements

07.2. Indicate the practices used to ensure information and insights collected through engagements are shared with investment decision-makers. 

          Portfolio managers are updated on the ongoing engagements.

07.3. Indicate whether insights gained from your organisation’s engagements are shared with your clients/beneficiaries.

Type of engagement

Insights shared

Individual/Internal staff engagements

Collaborative engagements

07.4. Additional information. [Optional]

Portfolio managed by SPF Beheer:

Given the nature of the portfolio (concentrated portfolio with 60-80 names) with high standards on quality of the companies including ESG aspects, portfoliomanagers are in close contact with the companies they invest in. In addition, portfolio managers ESG are part of the portfolio management team, the investment team is regularly updated on the ongoing engagement trajectories.

SPF Beheer clients receive quarterly reports which include high-level overview of voting and engagement records.

Portfolios managed by other managers:

External managers report on a quarterly or annual basis on their engagement activities. 

LEA 08. Tracking number of engagements

08.1. Indicate if you track the number of your engagement activities.

Type of engagement
Tracking engagements

Individual / Internal staff engagements

Collaborative engagements

08.2. Additional information. [OPTIONAL]

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