Cromatografía de gases

Stichting Pensioenfonds voor Huisartsen (SPH) was set up in 1973 as a compulsory collective occupational pen- sion scheme for doctors.

4.29.1 (Socially) responsible investment policy

A social responsible investment policy has been formulated by the Board of Directors of SPH in the past that applies to equity and real estate. A description of this policy (in Dutch) can be found on the website of SPH and presents mainly the used instruments (exclusion, voting and engagement). The objectives, principles and criteria of the policy are unclear as well as the international norms and directives it is based upon.

F&C Investments has been appointed as the service provider regarding the execution of the policy of SPH from January 2009. They take care of the implementation of the policy on the areas of engagement, proxy voting (corporate governance) and social governance.

SPH acts according to the Principles for Responsible Investment (uNPRI) and the agreed policy which has been implemented by F&C. SPH will evaluate its Responsible Investment Policy on a yearly basis and adjust this if necessary.

Score: 2 points

SPH does clarify the use of instruments and covers multiple investment categories, but a policy document with principles and criteria of the policy is not available.

4.29.2 ESG-criteria for exclusion of investments (negative selection)

SPH excludes investments in companies active in the production of landmines and cluster bombs. SPH has a list of excluded companies. The list contains companies which core activities are the production of weapons and/or landmines: • Alliant Techsystems • General Dynamics • l3 Communcations • lockheed Martin • Northrop • Raytheon

• Singapore Technologies Engineering

Description Numbers (31 December 2008)

Premium income € 145 million

Number of participants 14.781

Number of employees 0

Value of investments € 6.500 million

Distribution among investment categories: equity 42.5 % corporate bonds 10.0 % government bonds 15.0 % loans - real estate 12.5 % participations - other 20.0 %

This list is available on the SPH-website.

Score: 4 points

The pension fund does use a list with excluded companies, and has a public policy document.

4.29.3 ESG-criteria for the selection of investments (positive selection)

SPH does not include ESG-criteria in their investment decisions. The investments have been outsourced to external asset managers. Their investment decisions are based upon, amongst others, the undervaluation of the stock of a company, the focus of the management and the sustainability and quality of the business model. The ESG-criteria have been included implicitly in those decisions.

Score: 1 points

No ESG-criteria included in selection of investments

4.29.4 Engagement

Since January 2009 F&C Investments executes engagement activities for SPH. Through the Responsible Engagement Overlay service (reo), F&C uses its influence as a major asset manager to encourage better mana- gement of environmental, social and governance risks by companies on behalf its clients. This is done by voting actively on all holdings and through dialogue. The purpose of this active, systematic and constructive dialogue with corporations invested in is to encourage improvement of corporate governance, social commit- ment and environment policy. Of major importance for this dialogue are corporate governance, prevention of bribery and corruption, sustainability and labour. The engagement policy of SPH has a link to the exclusion policy. If engagement shows no result, a firm can be transferred to the exclusion list.

Furthermore, SPH supports the Access to Medicine index by signing the Investor Statement. This index mea- sures and assesses the efforts of the pharmaceutical companies (on an individual level) to give people access to medicines on a global basis. For the Access to Medicine Index to work, it is paramount that large investors see value in ranking pharmaceutical companies’ efforts to improve global access to medicines.

Score: 5 points

The pension fund does systematically engage with companies in dialogue and the policy is linked to the exclusion policy. It also reports on its engagement activities.

4.29.5 Voting policy

SPH has assigned F&C as of the early part of 2009 for the implementation and execution of its voting policy. On behalf of SPH, F&C seeks to understand the circumstances of each company, encouraging companies to provide explanations if their policies deviate from good practice. F&C also engages companies both before the vote, to explain the expected standards and afterwards, to explain the reasons for any votes against management.

SPH receives quarterly and annual reports to monitor the results of F&C's voting activities. On a quarterly basis shareholder resolutions filed by F&C on behalf of SPH are published in a confidential report received by SPH. In general shareholder resolutions are reported each year in a publicly available Responsible Investment report. Shareholder resolutions filed in 2009 on behalf of SPH will therefore be made public in the beginning of 2010. The quarterly public voting reports of 2009 will become available on the SPH-website as soon as possible.

In 2008, the external asset managers voted on behalf of SPH.

Score: 4 points

The pension fund has an active voting policy that explicitly includes social and environmental issues, and is publicising presence and voting behaviour.

4.29.6 Sustainable project financing

Within its Resposible Investment policy, SPH focuses on companies that distinguish themselves positively in the field of socially responsible issues, such as companies that focus on developing clean technologies. These are the following investments:

• Robeco Clean Tech Private Equity II

• Amsterdam City Recovery Fund.

Score: 2 points

The pension fund does invest in sustainable projects, but does not provide information on investment size.

4.29.7 Transparancy on outsourcing

Both asset management and engagement activities have been outsourced by SPH. The asset management acti- vities have been completely outsourced to external asset managers. F&C implements the policy as stated by the Board of Directors of SPH on the areas of engagement, proxy voting and social governance.

SPH does not disclose the portfolio of their underlying asset managers. The selection of external asset mana- gers is not done solely on the use of ESG-criteria. Those external parties have been assessed on a number of criteria, amongst others alignment of interests, team, organization, investment process. Special attention has been paid to the use of ESG-criteria in the investment process within the requests for information which have been sent to external asset managers.

Score: 2 points

The pension fund is clear about its outsourcing, but does not provide a comprehensive overview of its xternal asset managers, nor how they are committed to is responsible investment policy.

4.29.8 Dialogue with society

There has been an active dialogue with participants on the subject, through meetings and publications. An example of such a dialogue are the meetings with the Vergadering van Afgevaardigden (Meeting of Delegates from the participants association).

There is no report available describing the activities undertaken in this field and their results.

Score: 3 points

The pension fund occasionally seeks dialogue with participants and policy holders on the subject of responsible investment.

4.29.9 Reporting on responsible investment policy

The annual report of SPH provides information on the decisions taken with regard to responsible investment. SPH also provides voting reports of the first quarters of 2009 from F&C Investments on its website.

Score: 2 points

The pension fund partially reports on applied instruments. Despite the information provided on the instruments, SPH does not provide a detailed overview of companies in its investment portfolio. Corporate pension funds