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Pensioenfonds Metaal en Techniek

PRI reporting framework 2020

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

Appointment

SAM 04. Appointment processes (listed equity/fixed income)

04.1. Indicate if in the majority of cases and where the structure of the product allows, your organisation does any of the following as part of the manager appointment and/or commitment process

04.2. Provide an example per asset class of your benchmarks, objectives, incentives/controls and reporting requirements that would typically be included in your managers’ appointment.

Asset class

Benchmark

          Developed Markets equity benchmark is custom build on 5 criteria that are important to PMT, considering both what companies produce and how they produce it from a principles-based and a financial perspective.
        

ESG Objectives

          Developed Markets equity benchmark is custom build on 5 criteria that are important to PMT, considering both what companies produce and how they produce it from a principles-based and a financial perspective.
        
          Developed Markets equity benchmark is custom build on 5 criteria that are important to PMT, considering both what companies produce and how they produce it from a principles-based and a financial perspective.
        
          Developed Markets equity benchmark is custom build on 5 criteria that are important to PMT, considering both what companies produce and how they produce it from a principles-based and a financial perspective.
        
          Being a PRI signatory is required.
        

Incentives and controls

Reporting requirements

Benchmark

          Benchmark is customized for exclusions of companies generating a significant part of their revenue by producing products such as controversial weaponry, fur, adult entertainment and tobacco.
        

ESG Objectives

          Companies that are on our exclusion list are not eligible for investment; limit monitoring is in place to ensure these limits are not breached. An example is Hueneng International, which is excluded on basis of engagement-led divestment.
        
          Objective for the manager is to explicitly incorporate ESG risks in active investment decisions; this is monitored and discussed with manager on at least a yearly basis. In our selection and monitoring this is being reviewed in a structured way.
        
          Being a PRI signatory is required.
        

Incentives and controls

Reporting requirements

Benchmark

          Return target over an appropriate swap benchmark.
        

ESG Objectives

          Securitised investments consist of mortgages; manager is expected to research and recognize ESG-topics and integrate where possible. Manager is actively engaged on these topics.
        
          Our approach covers engagement with the manager about how he handles his investments also from an ESG perspective.
        
          NHG, national mortgage organisation standards.
        

Incentives and controls

Reporting requirements

Benchmark

          MSCI and relevant peer group benchmarks.
        

ESG Objectives

          Exclusion policy for investments that do not meet PMT's criteria of Global Compact.
        
          Objective for the manager is to explicitly incorporate ESG risks and possible improvements in investment decisions; this is monitored and discussed with manager on at least a yearly basis. In our selection and monitoring this is being reviewed in a structured way.
        
          Our approach covers engagement with the manager about how he handles his investments also from an ESG perspective.
        
          Improving reporting specifically on ESG.
        
          We ask managers to be(come) PRI signatory and promote AIC signatoryship for North American managers.
        

Incentives and controls

Reporting requirements

Benchmark

          Benchmark is an absolute % of return vis-a-vis liabilities/ INREV core funds index.
        
          GRESB benchmark
        

ESG Objectives

          Exclusion policy for investments that do not meet PMT's criteria of Global Compact. Furthermore, funds need to participate in GRESB.
        
          Objective for the manager is to explicitly incorporate ESG risks and possible improvements in investment decisions; this is monitored and discussed with manager on at least a yearly basis. In our selection and monitoring this is being reviewed in a structured way.
        
          Our approach covers engagement with the manager about how he handles his investments also from an ESG perspective. Furthermore, we specifically engage on three topics: energy transition, affordable housing and circular use of materials.
        
          We share our RI knowledge with other investors and managers.
        
          Target for energy labels of properties.
        
          We ask managers to be(come) PRI signatory and request GRESB participation.
        

Incentives and controls

Reporting requirements

Benchmark

          Long term absolute % goal
        

ESG Objectives

          In infrastructure we currently only invest in renewables for new commitments.
        
          Objective for the manager is to explicitly incorporate ESG risks and possible improvements in investment decisions; this is monitored and discussed with manager on at least a yearly basis. In our selection and monitoring this is being reviewed in a structured way.
        
          We ask managers to be(come) PRI-signatory or AIC signatory for North-American managers.
        

Incentives and controls

Reporting requirements

04.3. Indicate which of these actions your organisation might take if any of the requirements are not met

04.4. Provide additional information relevant to your organisation`s appointment processes of external managers. [OPTIONAL]

          Engagement and voting is managed by our fudiciary manager, not the external managers.
        

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