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APG Asset Management

PRI reporting framework 2020

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Overview

INF 01. Description of approach to RI

01.1. Provide a brief overview of your organisation’s approach to responsible investment in infrastructure where you have equity stakes.

APG conducts due diligence on new investments. At the outset of any new investment, APG ensures that ESG policies and behaviours are assessed and reviewed. The managers of all new investments under consideration are asked to fill out the APG Due Diligence Questionnaire, which includes a detailed section on ESG.

These results, in combination with additional information requests and interviews, are then assessed in detail by the Global Responsible Investment & Governance specialist and form the basis for their mandatory and independent ESG signoffs that are presented to the global Committee for Investment Proposals (CIP) prior to investment.

In 2015, APG initiated the launch of GRESB Infrastructure to enable the assessment of infrastructure asset across our portfolio in a consistent and validated manner. This tool supports an informed dialogue with our infrastructure investments during the investment phase and we use it to monitor ESG performance. By teaming up with other investors we envisage that GRESB Infrastructure will have a market wide impact. The tool is also continually evolving.  Of particular importance is that the inputs and scoring will shift heavily to performance based in the coming 3-4 years which will significantly increase the usefulness. APG was a founding member of GRESB Infrastructure and is has continued in its advisory role through the GRESB Infrastructure Advisory Board (IAB).

Across the last few years the number of APG assets participating in GRESB has continued to increase. Most investee companies fill in the Fund level assessment, but in 2019 there was a particular focus on Asset participation. To substantiate this - in 2017 there was 40% AUM participation, this increased to 52% in 2018 and to 79% in 2019. This is also particularly important given a shift in our investment strategy away from fund managers and to direct investments where we can have a more active role in shaping the future of the asset; particularly in ESG. Participation in the GRESB Infrastructure survey is mandatory for all new investments in this asset class.


INF 02. Responsible investment policy for infrastructure

02.1. Indicate if your organisation has a responsible investment policy for infrastructure.

02.3. Additional information. [Optional]

The Infrastructure asset class is covered by APG's overall Responsible Investment & Stewardship Policy. This document is available via https://www.apg.nl/en/asset-management/responsible-investing. There are specific detailed and tailor-made Responsible Investment Guidelines available for the Infrastructure asset class, but these are not publicly available.


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