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APG Asset Management

PRI reporting framework 2020

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Post-investment (monitoring and active ownership)

Overview

INF 11. ESG issues in post-investment activities

11.1. Indicate whether your organisation and/or operators consider ESG issues in post-investment activities relating to your infrastructure assets.

11.2. Indicate how your organisation, and/or operators, considers ESG issues in the following post-investment activities relating to your infrastructure assets.

          ESG is integrated into our post-investment activities via the Annual (Manager) Review (review if ESG conditions were met) and ongoing engagement on ESG issues.
        

11.3. Describe how your organisation, and/or operators, considers ESG issues in post-investment activities related to your infrastructure investments. [Optional]

ESG performance is fully integrated into the reporting cycle of our managers and incidents are reported to APG on an ongoing basis.

Monitoring will become more structured and consistent across the entire portfolio with the launch of GRESB Infrastructure, which is a tool for systematic assessment, objective scoring and peer benchmarking of the environmental, social and governance (ESG) performance of infrastructure investments.

GRESB Infrastructure was launched in 2016 and the tool acts as an ESG “one-stop” database that supports an informed dialogue with our infrastructure investments during ongoing monitoring and engagements.  As stated previously, in 2019 approximately 79% of the infrastructure assets under management participated in the GRESB Infrastructure assessment.  Most investee companies filled-in the Fund level assessment. However, we have decided to primarily focus on GRESB Infra Asset level assessments, as is evident by high percentage participation, as our investment approach is shifting towards direct investment.


Infrastructure Monitoring and Operations

INF 12. Proportion of assets with ESG performance targets

12.1. Indicate the proportion of infrastructure assets for which your organisation and/or operators included ESG performance in investment monitoring during the reporting year.

 (in terms of number of infrastructure assets)

12.2. Indicate ESG issues for which your organisation, and/or operators, typically sets and monitors targets (KPIs or similar) and provide examples per issue.

List up to three example targets per issue

          Relevant changes in environmental permits, feedback of the regulator
        
          Changes to Environmental Management Systems
        
          Environmental performance (for example incidents, energy use, emissions to air and/or water) / GRESB Infra Environment score
        

List up to three example targets per issue

          Safety performance and incidents including follow-up
        
          Changes to employee policies and labour relations
        
          Results of relevant community engagement programs / GRESB Infra Social score
        

List up to three example targets per issue

          Formal policy on sustainability in place
        
          GRESB Infra Governance score
        
          Implementation of whistleblower policy and risk reporting lines
        

12.3. Additional information. [Optional]

The above percentages are based on the NAV weighted portfolio that participates in the GRESB benchmark.


INF 13. Proportion of portfolio companies with ESG/sustainability policy

13.1. Indicate whether you track the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

13.2. Indicate the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

(in terms of number of infrastructure investees)

13.3. Describe how your organisation, and/or your operators, contribute to the infrastructure investees’ management of ESG issues. [Optional]

We provide them with best practice guidelines (strong ESG policies) and engage with the management on an ongoing basis.


INF 14. Type and frequency of reports received from investees

14.1. Indicate the type and frequency of reports you request and/or receive from infrastructure investees covering ESG issues.

Type of Reporting

Typical reporting frequency

Typical reporting frequency

          Through being on Boards of investment entities and/or in contact with dedicated managers, APG is updated on a regular basis about ESG issues.
        

Typical reporting frequency

14.2. Additional information.


Infrastructure Maintenance

INF 15. Proportion of maintenance projects where ESG issues were considered

15.1. Indicate the proportion of active infrastructure maintenance projects where ESG issues have been considered.

(in terms of number of active maintenance projects)

15.2. Describe your approach to ESG considerations for infrastructure maintenance projects. [Optional]

The approach is not different for new or existing projects. APG is normally not managing the assets and would commission a manager or operator.


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