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.