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APG Asset Management

PRI reporting framework 2020

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ガバナンスおよび人事

SG 07. RI roles and responsibilities

07.1. 組織が採用している内部または外部の役割、ならびにそれぞれの責任投資に対する監督責任および実施責任の有無について明示してください。

組織における役職

下記の内部の役割より選択;

その他の役職(具体的に記入してください) (1)

          Fiduciary Management
        

07.2. RIの監督/説明責任または実施責任を担う役職について、このような責任をどのように果たすのか記載してください。

RI is fully embedded in APG's Governance structure. In 2019 the CIO of APG Asset Management chaired the Investment Committee (IC), which also includes the MD of the Global Responsible Investment & Governance (GRIG) team, the CEO, and two other board members responsible for Fiduciary Management and Risk & Finance respectively, as well as the MD Legal, Tax and Regulatory Affairs and the MD Asset Allocation & Overlay. The IC oversees and approves various matters related to the investment framework, which includes the implementation of Responsible Investment. Certain matters can be escalated to the full APG AM Board.

Furthermore, the MD of GRIG team reports directly to the CIO. In line with the Strategic Investment Plan (STIP), all different investment teams have a plan in place on how to integrate ESG since the end of 2010. This reflects the remit of our Responsible Investment Policy which extends to all asset classes.

ESG has been formally integrated into the investment proposal approval process. The Committee on Investment Proposals (CIP, part of the IC) has full delegated authority from the Board of Directors of APG Asset Management to make required decisions to assure that all funds are solidly invested, with due observance of liquidity, return, risk diversification requirements, costs, potential reputational risks, and meet the prudent person principles, whilst ensuring that the quality and transparency of the investment process is in place.

All new alternative investments and some listed investments require a mandatory ESG sign-off. Thereby the GRIG team, which consists of eighteen people, can engage prior to making certain investments and affect change from the outset by, for example, asking companies or external managers to commit to responsible investment practices and join sector initiatives. RI policy and reporting requirements are enshrined in the contracts with our external managers and managers of direct investments.

Part of APG Asset Management is the Fiduciary Management (FM) department with the objective to provide pension fund clients with independent advice and keep oversight on the appropriate implementation of client mandates and assignments. The FM department appointed a Fiduciary Manager Responsible Investments (FMRI) who is the primary contact for clients concerning their Responsible Investment policies. This adds additional 2.5 FTE in the number of dedicated RI staff at APG.

07.3. 組織にいる専任の責任投資担当者の人数を記載してください。

18

07.4. 補足情報 [任意]

The GRIG team consists of seventeen people with dedicated responsibilities and diverse backgrounds. The GRIG team's responsibilities and expertise extend globally across all asset classes and the team members are located across multiple offices. In addition, the Fiduciary Management department has 2.5 FTE dedicated to Responsible Investment.


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. 気候関連問題について監視、説明責任および/または管理責任をもつ組織の役職を示してください。

取締役会メンバーまたは受託者

最高経営責任者(CEO)最高投資責任者(CIO)最高リスク責任者(CRO)投資委員会

ポートフォリオマネージャー

専任の責任投資担当者

組織外の運用会社またはサービスプロバイダー

その他の役職(具体的に記入してください)(1)

          Fiduciary Management
        

07.6 CC. 気候関連の問題の監督/説明責任または実施責任がある取締役会レベルの役職については、これらの責任の遂行方法を説明してください

APG has set a comprehensive 2020 strategy as a long-term, responsible investor. It includes a set of clear targets one of which relates to the integration of climate risks and opportunities in asset allocation and portfolio management. As such, the Board of APG AM receives regular updates on the progress of our Climate Change strategy and implementation thereof.

In 2019, the Investment Committee of our asset manager APG adopted a formal Climate Risk Policy. This policy describes the instruments available to monitor and manage climate related risks and opportunities and establishes a formal governance. APG has established a Climate Steering Group which contains members from Portfolio Management (including APG’s GRIG team), Risk Management and Fiduciary Management. This steering group is tasked with keeping oversight of various initiatives to monitor and manage climate related risks and opportunities within APG, including the prioritization of research.

07.7 CC. 気候関連の問題を評価し管理する管理レベルの役職については、その構造とプロセスを詳しく説明してください。

The portfolio managers and sector specialists of the various investment strategies are primarily responsible for manging of climate related risks and capturing opportunities, as there the specific knowledge is available on how climate change can impact investments.

Several resources are available for management teams for monitoring climate risk and opportunities in the portfolio (the traffic light model and the dashboard).

The investment teams are supported by the oversight of the Climate Steering Group and the Investment Committee in identifying cross-cutting themes regarding climate related risks and opportunities across investment strategies.

07.8 CC. TCFDの提言やその実施について、組織が外部運用会社またはサービスプロバイダーに何を求めるかについて説明してください。

TCFDの提言およびその実施について、外部運用会社またはサービスプロバイダーを採用していません。

          As part of the monitoring process of external managers, climate risk can be addressed for relevant external managers.
        

SG 08. RI in performance management, reward and/or personal development

08.1. 組織のパフォーマンス管理、報奨や個人の能力開発プロセスに責任投資の要素があるかどうかを記載してください。

取締役会メンバーまたはトラスティ―(受託者)

08.1b. 個人の能力開発または研修計画における責任投資

08.2. 報告年度に取締役が責任投資に関連したスキルや知識を開発し、維持するために行った活動について説明してください。

The board members of both APG Group and APG Asset Management regularly speak out on topics of sustainability themselves. For these occasions, board members receive extensive briefings about APGs general approach to RI and specific topics covered.

New executive and supervisory board members also have received an extensive briefing about APG’s approach to RI. Finally, Sustainability is part of the leadership education programme within APG Asset Management (this covers the APG AM leadership more broadly than just the board).

最高経営責任(CEO)、最高投資責任者(CIO)、最高執行責任者(COO)、投資委員会

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

ポートフォリオマネージャー

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

専任の責任投資担当者

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

その他の役職(1)[SG 07から] 具体的に記入してください

          Fiduciary Management
        

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

08.3. 組織の責任投資に関連したパフォーマンス管理、報奨や個人の能力開発プロセスについて詳細を説明してください。

Responsible Investment is part of our mission, vision and investment principles. It is part of APG's culture and embedded within human capital processes, including performance management and reward policies.

Please note that APG only offers variable remuneration for staff directly involved in investment decisions. The APG Group and APG Asset Management board members do not receive variable remuneration.

For staff directly involved in investment decisions, the variable remuneration is based on qualitative and quantitative criteria that measure performance over several years. Part of these criteria include achieved returns, sustainability and SDI targets such as CO2 reduction and inclusion.

Due to the fact that many of APG’s RI policies are executed in practice by investment staff (also outside of the GRIG team), detailed resources and training opportunities are available for portfolio managers to educate them on concrete sustainability topics. Internal issue briefings about sustainability themes (detailed and broader) are available, as well as concrete and actionable engagement training resources. The GRIG team sends out a newsletter periodically to all investment staff updating them on notable events, progress or concrete developments in the world or in APG’s RI approach. Due to the fact that APG’s GRIG team sits close to the portfolio management teams, there is close collaboration and frequent interaction between those teams.


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