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APG Asset Management

PRI reporting framework 2020

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Selection, appointment and monitoring third-party property managers

PR 07. ESG issues in selection, appointment and monitoring of third-party property managers

07.1. Indicate if your organisation includes ESG issues in your selection, appointment and/or monitoring of third-party property managers.

07.2. Indicate how your organisation includes ESG issues in your selection, appointment and/or monitoring of third party property managers.

Types of actions

Coverage

Types of actions

Coverage

Types of actions

Coverage

07.3. Provide a brief description of your organisations selection, appointment and monitoring of third party property managers and how they contribute to the management of ESG issues for your property investments.

Third-party property managers are selected, appointed and monitored using the following tools:

  1. Mandatory Due Diligence Questionnaire ('DDQ') including ESG questions
  2. ESG Consultation: Internal meeting with PM to discuss any potential issues arising out of DDQ and how to resolve these
  3. ESG Implementation: External meeting with manager to explain the issues and propose solutions and potential implementation of ESG conditions in contracts (for example: GRESB participation is mandatory and we expect new investments to achieve an above average GRESB score within 3 year).

  4. Formal Assessment: GRIG Specialist provides written opinion for review by Investment Committee (chaired by CIO)

  5. Annual (Manager) Review: review if conditions were met

  6. Ongoing Engagement (mainly based on GRESB results)

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