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Stichting Pensioenfonds UWV

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement


OO 11. ESG incorporation practices for all assets

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Commodities

Commodities - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Money market instruments

Money market instruments - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

One of the search criteria for external managers is to be a UN PRI signatory. Furthermore, the factor 'ESG' is an explicit selection criterium during each search process.

Every quarter a manager monitoring takes place, during which the factor 'ESG' is explicitly taken into account. The fund publishes an annual ESG report. In both reports it is evaluated by our fiduciary manager whether the external managers have succesfully implemented the ESG policy of the fund, which is summarized directly below.

The fund applies an exlusion list of companies (no controversial weapons, no tobacco, no coal mines, no human rights violations including violation of good labour conditions), participates in the (collective) engagement of our fiduciary manager and applies voting to its entire equity portfolio (implemented by equity managers both based on voting policy of the equity manager itself). The fund invests in green bonds. The funds invests in a commodities ex agricultural products commodity index, in order to avoid price speculation of food stuffs. 

The fund has adopted a best-in-class approach in its equity, EMD and credit portfolios by means of ESG ratings which are translated to ESG benchmarks. These ESG benchmarks have been implemented in the EMD portfolio and will be implemented in the equity and credit portfolios in 2020 Q2.  The fund has set out concrete ESG targets with respect to all property investments; all property funds should have at least 4 GRESB stars and a green star awards. Furthermore, the funds invests in renewable energy via its infrastructure investments. A discussion is underway to exclude all fossil investments in this specific investment category. A carbon reduction target is also discussed, but not yet decided upon. The carbon footprint is measured on an annual basis. As a consequence of the adoption of the ESG benchmarks the carbon footprint will decrease by 15% in the developed equity portfolio, the credit portfolio and EMD portfolio and by 40% in the emerging market equity portfolio. During all current search processes aforementioned aspects are already taken into account.

 

 

11.5. For your externally managed pooled funds, describe any mechanisms in place to set expectations as part of the appointment or commitment process.

The fund only invested in money market pooled funds, mortgage pooled funds, non-listed property funds, non-listed private equity funds and non-listed infrastructure funds. Only in case of money market funds and mortgage funds no attention is given to ESG aspects during the selection and appointment of  managers. This may change for mortgage fund providers if ESG-mortgage funds become available.

In case of non-listed property funds ESG aspects are explicitly taken into account by assessing the number of GRESB stars and whether or not the fund has a Green Star. In case of private equity funds and infrastructure funds, ESG aspects are discussed between our fiduciary manager and our Private Markets manager. The latter also provides an annual ESG report.  In case of doubt, the Private Markets will reach out to the fund directly to check whether it can proceed with a certain investment proposal.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity active ownership

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]

For private markets the fund uses the same exclusion criteria as for public markets


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