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Pensioenfonds Vervoer

PRI reporting framework 2020

You are in Indirect - Inclusive Finance » Contractual agreements and mandate design

契約上の合意事項およびマンデートの設計

IFI 03. Including issues referred to in the PIIF

03.1. 運用会社と契約を締結したり、マンデートを設計するプロセスにおいて、PIIFにおいて言及されている以下の問題を含めることを考慮しているかどうかを明示してください。

低所得者層が利用できる金融サービスを開発のうえ対象範囲を拡大するリテールプロバイダーを積極的に支援する(原則1)

どのように考慮しているかを説明してください。

We have asked our external managers how principle 1 has been applied. 

By financing Financial Institutions with an SME portfolio, the external managers aim to increase access to finance and business growth of SMEs, thereby supporting job creation, inclusive development and economic growth. The external managers target SMEs because they are financially underserved and typically provide more jobs than corporates relative to capital invested. The external managers specifically target women-owned SMEs, rural SMEs and SMEs owned by young people. These groups are among the groups recognised by FMO’s Reducing Inequalities label and are often best reached through digital solutions.

投資ポリシーや実務に顧客保護を組み入れる(原則2)

どのように考慮しているかを説明してください。

We have asked our external managers how principle 2 has been applied. 

For all investments ithe managers' responsible finance approach defines the exclusion of certain consumer finance activities, and the adoption of the Client Protection Principles (CPPs) which provide a risk-based approach similar to the ESG processes. The CPPs aim to facilitate a risk-based assessment of financial institutions, non-banking financial institutions and corporates providing finance to natural persons. CPPs define the minimum standards that end-clients should expect to receive when doing business with an entity providing financing to natural persons. The annual Responsibility & Impact Report of the Fund includes the CPP risk category for all Fund investment companies. There is also a section presenting all new financial institutions to the Fund with a retail portfolio exceeding 50% of their total portfolio. For these cases we described hoe CPP risks are mitigated by the financial institutions and potential assistance of FMO in doing so.

需要を満たす適切な融資、明確かつバランスの取れた契約、紛争を解決する公正なプロセスにより投資先を公平に扱う(原則3)

どのように考慮しているかを説明してください。

We have asked our external managers how principle 3 has been applied. 

The external managers provide average tenors of 4 to 5 years and can provide local currency to meet investor’s needs. Furthermore, external managers strive to achieve positive sustainable development outcomes through its investments and has high standards when it comes to good and transparent provision of services. External managers also offer a platform for conflict resolution via its Independent Complaints Mechanism (Mechanism) and accompanying procedures. The Mechanism describes the structure and governance of the complaints procedure, which allows affected external parties to file a complaint concerning a project. They will not condone reprisals against individuals or organizations that raise issues with its Independent Complaints Mechanism. In this way they strive to implement a robust and independent procedure and to transparently communicate to stakeholders.

投資ポリシーおよび投資報告にESG問題を組み込む(原則4)

どのように考慮しているかを説明してください。

We have ask our external managers how principle 4 has been applied. 

Screening of financial institutions and their SME portfolios on environmental and social performance is an integral part of the investment selection process. In order to ensure that the Fund can measure and monitor the environmental and social performance the financial institutions underlying the Fund Investments should commit themselves to the following requirements:

  • Systematic management of the environmental and social performance based on a policy framework that is guided by national laws and/ or the IFC Performance Standards; and
  • Systematic environmental and social risk assessment, monitoring and reporting with respect to the SME portfolios.

In addition to the environmental and social screening the Fund will also take into account the economic and social impact a Fund's investment generates. In order to ensure that the Fund creates real and measurable impact, the Fund Manager has identified a number of key themes on which it aims to distinguish itself as a committed responsible impact investor:

あらゆる側面において透明性を積極的に推進する(原則5)

どのように考慮しているかを説明してください。

We have asked our external managers how principle 5 has been applied. 

This ranges from relations with the investees to reporting for the investors in the fund. See also the other anwers where transparency is reflected. 

顧客、リテールプロバイダーおよび投資家の利益を認識する社会的・財務リスク調整後のバランスの取れたかつ長期的なリターンの実現に努める(原則6)

どのように考慮しているかを説明してください。

We have asked our external managers how principle 6 has been applied. 

This is key to the set-up of the Fund and safeguarded by the managers' Impact Investing Investment Committee: “Providing investors with an attractive financial return while at the same time contributing to fostering a dynamic SME sector in developing and emerging economies.”

The Fund does not only concentrate on realizing an attractive financial return. It also aims to make socially and environmentally responsible investments, hereby providing investors with an attractive financial return while at the same time contributing to fostering a dynamic SME sector in developing and emerging economies. In practice, this means that investees are required to meet certain minimum ESG standards (part of the investment criteria) or agree to improve to these minimum levels. On top of that, the managers aim to support investees that are willing to improve its ESG standards beyond the minimum required levels.

包括的金融のさらなる発展を支援する投資家のための統一基準の設定に協力する(原則7)

どのように考慮しているかを説明してください。

We have ask our external managers how principle 7 has been applied. 

The managers are active players in a various range of industry initiatives over time to promote further professionalization of the financial inclusion industry. The Fund’s annual report describes relevant activities to the Fund in the specific year and the managers provide an annual Responsibility and Impact report (investor version and public version) with detailed information on the Fund’s ESG and impact performance, related to investor standards.

03.2. 補足情報 [任意]

As we invest in the Actiam-FMO SME Finance Fund, there is no contract. However, one of our selection criteria is beining PIIF signatory. Our managers of inclusive finance (Actiam and FMO) both received the highest rating (A+) for applying the PIIF principles. 


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