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Rabobank Pensioenfonds

PRI reporting framework 2020

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
          Impact investing within asset class Infrastructure
        
Conducted by
Asset class
Scope and process


In 2019 Rabobank Pensioenfonds has requested the fiduciairy advisor to investigate whether it is possible to further increase the exposure to impact investments via the Infrastructure portfolio, particularly in Environmental. Renewable energy has become an important instrument for institutional investors to address the themes of ESG (especially the E) and impact investing. This makes it possible to make a measurable positive impact. At the end of Q4 2018, RPF's infrastructure portfolio comprised 18% of investments in renewable energy, particularly in traditional solar and wind farms worldwide in Europe and North America. In 2018, Rabobank Pensioenfonds made another commitment to a specific sustainable energy fund, KGAL ESPF IV. In addition, the investment in the American open end fund Axium AINA IV is largely based on renewable energy, with a lot of exposure to North American hydro energy (hydropower). Rabobank Pensioenfonds has also been invested in sustainable waste-to-energy investments through the MIP IV fund in the United States and the DIF IV fund in Australia. Other impact investments, for example water and social infrastructure, are also present in the portfolios, but in the view of AIM are small-scale and offer only limited investment opportunities.
 

Outcomes

In order to invest more in impact investments within Infrastructure we changed the target guidelines of the portfolio plan in two places. Firstly, we established a sectoral standard allocation for sustainable energy at 35% and to increase the bandwidth to 20% to a maximum of 50%. Secondly, to reappoint the standard allocation for Asia / Emerging Markets to Other at regional level. This is to have the opportunity to select an impact manager in Emerging Markets, for example, but also because many of the Global managers use the space in their regional policy to invest in sustainable energy in Australia.
 

 

Topic or issue
          Monitoring
        
Conducted by
Asset class
Scope and process

Rabobank Pensioenfonds attaches great importance to sustainability in real estate/property investments. Sustainable real estate has the lowest possible environmental impact and remains attractive for both the owner and the user in the long term. This means that it is energy-efficient, uses renewable energy, has low CO2 emissions, has a pleasant indoor climate and is in a safe and livable environment. Sustainable real estate is easily tradeble and will eventually be more rentable and better value than real estate that is not sustainable. For example, the pension fund has set itself the target of making 15% of the residential portfolio energy-neutral by the end of 2030. Purchases must contribute to the desired sustainability profile, this is steered by requesting recognized sustainability certificates for new buildings. In addition, all new homes are being constructed without gas. With acquisitions of existing real estate, the requirement is that these purchases must have at least an A-label.

Outcomes

The sustainability policy for the real estate portfolio is measured annually by participation in the international sustainability benchmark GRESB (Global Real Estate Sustainability Benchmark). In 2019 the score was the same as in 2018, 82. In 2018 the score of the real estate portfolio improved strongly compared to the previous year, an overall score of 82 points was achieved (2017: 72 points). As a result, the portfolio gained 7th place in a peer group of 101 comparable unlisted European real estate funds and portfolios. Rabobank Pensioenfonds is among the leaders in the benchmark and the GRESB Green Star status was granted. In addition, 100% of the residential portfolio has a green energy label (total property portfolio: 97.0%).

09.2. Additional information.


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