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APG Asset Management

PRI reporting framework 2020

Export Public Responses

You are in Direct - Infrastructure » Pre-Investment (Selection)


INF 05. Incorporating ESG issues when selecting investments

05.1. 組織がインフラ投資先を選択する際、通常、ESG問題を組み入れているかどうかを記載してください。

05.2. ESG問題をインフラ投資の選択に組み入れる際のアプローチを説明してください。

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 detailed ESG questions. These results  (in combination with a range of other inputs that include additional information requests, interviews, materiality matrices, ESG reputational risk data platforms, climate risk transition and physical, etc), are then assessed in detail by the GRIG (Global Responsible Investment & Governance) team specialist and form the basis for their mandatory and independent signoffs that are presented to the global Committee for Investment Proposals (CIP) prior to investment. Participation in the GRESB Infrastructure survey is mandatory for all new investments in this asset class.

INF 06. ESG advice and research when selecting investments

06.1. 組織がESG問題をインフラの投資選定プロセスに組み入れる際、組織内や組織外から入手した助言や調査を通常使用しているかどうかを記載してください。

          Members of GRIG team
          GRESB Infrastructure and sometimes the potential investment requires a country analysis (for non-OECD countries). For country risk we use Sustainalytics Country ESG scores.

06.2. 補足情報 [任意]

The potential investment could require 3rd party assessment on environmental (e.g. land contamination) and social issues (e.g. health and safety standards; community engagement; indigenous people; human rights).

INF 07. Examples of ESG issues in investment selection process

07.1. 組織の投資選定プロセスにおいてE / S / G問題の内どの問題が主として考慮されているかを明示するとともに、問題毎に典型的な例を3つまで挙げてください。



          Environmental permits, feedback of the regulator, soil quality / pollution, incidents.
          Existence and functioning Environmental Management Systems (e.g. ISO 14001)
          EHS Guidelines from IFC which are available for various infra sub-sectors


          Employee policies including safe working conditions and labor relations, including in supply chain management and sustainable procurement/responsible contractor policies
          EHS Guidelines from IFC which are available for various infra sub-sectors
          Community engagement program in place


          Weak disclosure obligations, audit rights and information rights
          Anti-bribery and corruption policies
          Blocking rights (in the Advisory Board) with respect to certain activities

07.2. 補足情報 [任意]

INF 08. Types of ESG information considered in investment selection

08.1. インフラの投資選定プロセスにおいて組織が主としてどのような種類のESG情報を考慮しているかを明示してください。

          IFC Environmental, Health & Safety guidelines

08.2. 補足情報 [任意]

APG is a founding member of GRESB Infrastructure, a tool for systematic assessment, objective scoring and peer benchmarking of the ESG performance of infrastructure investments. Moving forward the aim is that GRESB will become more of a “one-stop” ESG data center for private markets fund managers and assets (with 3rd party verification).

INF 09. ESG issues impact in selection process

09.1. 報告年度に、ESG問題がインフラ投資の選択プロセスに影響したかどうかを記載してください。

09.2. 報告年度に、ESG問題がインフラ投資のディールストラクチャリング・プロセスにどう影響したかを記載してください。

09.3. 補足情報 [任意]