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APG Asset Management

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement

Fixed income Corporate (securitised) – engagement


OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Fixed income - securitised

Property

Infrastructure

Commodities

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - securitised

Fixed income - securitised - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Commodities

Commodities - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fund of hedge funds

Fund of hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Forestry

Forestry - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Farmland

Farmland - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Inclusive finance

Inclusive finance - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.3b. If your organisation does not integrate ESG factors into investment decisions on your externally managed assets, explain why not.

The only parts of the portfolio where ESG factors are not integrated into investment decisions are heritage investments made prior to the existence of any formal Responsible Investment policies.

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

ESG factors have to be considered when due diligence is performed on a manager. An ESG signoff is required at the investment committee level. The signoff is part of an integrated process that requires investment proposals to elaborate on ESG impacts of the investment, including an assessment which can be unconditional, conditional or negative.

APG's Responsible Investment Team (GRIG) is responsible for reviewing each investment proposal based on these criteria and engaging with the relevant portfolio managers or external fund managers in order to form an opinion on the ESG quality of the proposal. This may sometimes include a request by GRIG staff for further documentation, the adoption of an ESG policy framework, an ESG reporting requirement or other relevant additions that would satisfy our Responsible Investment Policy and would facilitate efficient ESG monitoring. An ESG opinion is also necessary in the pre-investment phase and leads to a formal signoff that is required for each investment proposal to continue being accepted by the relevant investment committees. Regarding ESG monitoring during the life of an investment, Responsible Investment Team members are regularly involved by portfolio managers to engage with external fund managers on relevant ESG topics within the portfolio.

Additionally, we frequently require newly appointed fund managers to report on ESG matters (either with reference to a particular industry standard or international standard) and to perform environmental and social impact assessments upon our request. Reporting in such cases is usually on an annual basis (though more frequent reporting can be required depending on the type/geography of an investment). However, it is the frequent contact between portfolio managers and external fund managers throughout the year that facilitates proper monitoring of relevant ESG issues and timely responses to possible ESG related incidents or discrepancies of the external manager.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Listed Equity active ownership

Direct - Fixed Income

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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