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Stichting Pensioenfonds UWV

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

The fund has nine general investment principles . One of these principles is dedicated to ESG.

The pension fund invests in order to meet future pension payment liabilities. The investment portfolio is invested in a diversified way to mitigate risk and maximise returns. It is believed that ESG does not reduce investment returns and may reduce financial risks resulting from physical damage of transtioning to a fossil-free world.

The ESG policy of the fund has been extensively discussed with stakeholders before deciding on the final set-up of the policy; the policy has a 3 year term in which ambitions should be realized.

ESG considerations are integrally taken into account in the investment policy, both in determining the asset mix and on an individual level. ESG is implemented through a combination of exclusions (100% coverage), best-in-class (equities, credits and emerging market debt), voting (equities) and engagement activities (equities). Active (impact-like) strategies are considered in the private markets portfolio (most notably infrastructure).

The implementation of the ESG policy and its results are disclosed in the annual ESG report of the fund. A dedicated ESG report is also required from our property advisor and manager of private market investments.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

01.6. 補足情報 [任意]


SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

In its annual carbon footprint report an assessment is made of physical and transitional risks within the investment portfolio. Currently, a discussion is ongoing to act on the insights of these reports by i.e. excluding certain sectors and/or regions from investing in. The first example has already been the exclusion of coal mines, due to the expected negative transitional impact. The fund is comtemplating an assessment of its real estate portfolio and infrastructure portfolio in order to gauge potential physical risks.

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?


Quantification of climate risks has not yet been conducted, but is planned to be undertaken in the course of 2020 as part of its Own Risk Assesments as prescribed by the IORPII directive

01.8 CC. 組織はTCFDを公式に支持しますか?


The fund does not publicly endorse TCFD. However, in the fund's ESG policy a reference is made to TCFD guidelines as a tool to enhance access to climate risk related data.. Indirectly, the fund uses TFCD guidelines when applying ESG scores (in case of the Environmental score).

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?


By means of a carbon reduction target the fund attempts to mitigate this risk. Furthermore, by means of a best-in-class approach the fund wishes to exclude the 50% worst performing companies from the investment portfolio. To this end ESG ratings are applied to companies. This will mitigate potential financial risks to climate change.

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


          In its annual ESG report the fund discloses its carbon footprint, based on an underlying report which uses TFCD recommendations

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。





02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。




02.3. 補足情報 [任意]

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

All managers should have a conflicts of interest policy. Especially in case of private markets investments this is heavily scrutinized, also in the legal documentation between the pension fund and the private markets manager. In case of mortgage pooled funds, the pension fund explicity requires a vertical slice to be retained by the manager ('skin in the game').

Furthermore, the pension fund has the policy that it will not purchase any investment products (i.e funds an/or mandates) of its fiduciary manager.


03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios (Private)