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APG Asset Management

PRI reporting framework 2020

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投資前(投資対象の選定)

PR 04. Incorporating ESG issues when selecting investments

04.1. 組織が不動産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。

04.2. ESG問題を不動産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 performance are assessed and reviewed. All new unlisted investments are asked to fill out the annual GRESB survey and the responses are considered in detail by the Responsible Investment & Governance specialist. These results are then summarised in the mandatory and independent GRIG (Global Responsible Investment & Governance team) signoffs presented to the global Committee for Investment Proposals (CIP) prior to investment. If a manager has not participated yet, they will be required to complete a questionnaire based on GRESB as part of the Due Diligence process. In certain cases, depending on the market, nature of investment and intended level of ownership, the RI&G specialist may engage directly with management of the investment, visit sites, and incorporate views from those interaction in the signoffs. In addition to the GRESB score we have increased our focus on asset level data / performance by requiring green building certifications (e.g. BREEAM in Use) for some investments.

04.3. 貴社の不動産投資選定プロセスにおいて、どのESG問題が主に考慮されているかを記載し、問題毎に事例を3つまで挙げてください。 

説明 [任意]

          Is part of the due diligence
        

説明 [任意]

          Is part of the due diligence
        

説明 [任意]

          Is part of the due diligence and measured and monitored via GRESB
        

説明 [任意]

          Safety performance is an item for concern during construction. Also the GRESB assessment includes a separate Health and Wellbeing module. When requiring a green building certification scheme like BREEAM New Construction or BREEAM in-Use multiple issues including health & wellbeing are addressed. For residential investment we would require a responsible servicing policy to prevent forced evictions.
        

説明 [任意]

          Occupier satisfaction is an important indicator of the long term success of property manager, we expect property managers to continuously assess the occupier satisfaction and aim to improve it. Part of GRESB questionnaire.
        

説明 [任意]

          The ability of the manager to manage country specific risks in countries where ESG risks are perceived to be high or increasing. In non-OECD countries reference is made to the IFC performance standards
        

説明 [任意]

          Board independence, composition and effectiveness.
        

説明 [任意]

          Manager should demonstrate a strong commitment, processes and track record concerning the management of ESG. In addition, ensuring sufficient control for APG matching with our holding in the investment.
        

説明 [任意]

          
        

04.4. 補足情報 [任意]


PR 05. Types of ESG information considered in investment selection

05.1. 不動産の投資選定プロセスにおいて組織が主にどのような種類のESG情報を考慮しているかを明示してください。

          GRESB
        

05.2. これらのESG情報をどのように投資対象選定プロセスに組み込んでいるかについて簡潔に説明して下さい。

At the outset of any new investment, APG ensures that ESG policies and performance are assessed and reviewed. All new unlisted investments are asked to fill out the annual GRESB survey and the responses are considered in detail by the Responsible Investment & Governance specialist. These results are then summarised in the mandatory and independent GRIG (Global Responsible Investment & Governance team) signoffs presented to the global Committee for Investment Proposals (CIP) prior to investment. If a manager has not participated yet, they will be required to complete a questionnaire based on GRESB as part of the Due Diligence process. In certain cases, depending on the market, nature of investment and intended level of ownership, the RI&G specialist may engage directly with management of the investment, visit sites, and incorporate views from those interaction in the signoffs. For listed RE investment in the SRE Pool effectively a largely similar process applies, requiring GRIG DD but typically no formal signoff as mostly not subject to CIP approval (only investments in an entity above €/$1 billion equity exposure or those made resulting in exposure larger than 10% of outstanding shares are required to be presented to the CIP for approval. All other LRE investment proposals will be approved in the Global Real Estate IC by the BBM and GREIS).

TRE Pool investments (listed by definition) are subject to the APG Inclusion Policy.


PR 06. ESG issues impact in selection process

06.1. 報告年度において、ESG問題が不動産投資の選択プロセスに影響を及ぼしたかどうかを明示してください。

06.2. 報告年度に、ESG問題が不動産投資の取引構造化プロセスに影響したかどうかを記載してください。

06.3. 補足情報 [任意]

Participation of the investment in the annual GRESB-survey for the full holding period of our investment is mandatory and is included in the legal documentation. To the extent that the investment does not achieve an above average GRESB score, the manager agrees to work in good faith with APG to identify and to implement agreed upon strategies designed to improve the future performance within the GRESB benchmark and achieve an above average score and in some cases a 4 or 5 star rating within a period of [3] years.


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