Commodity investments by done by derivatives and not physical investments.
ESG is an integral part in the selection and appointment process for managers, including intergration of ESG principles in their investment process and compensation policy. Fixed income managers and Equity managers are required to be UN PRI signatories. Infrastructure and PE managers are required to have implemented a formal ESG policy. These managers are not required to be UN PRI signatories but we expect the policy of the managers to be in line with the Principles. If a manager is not an UN PRI signatory, we discuss and encouruage further compliance with and adoption of the Principles. iIn 2017 the GRESB Infrastructure has been set as the sustainability benchmark with regard to the selection and monitoring of Infra managers.