Efecto matriz

Pensioenfonds uWV is a corporate pension fund. It provides pension fund services for uWV’s employees.

4.46.1 (Socially) responsible investment policy

uWV does have a responsible investment policy. This policy states that it is uWV pension fund’s belief that sustainability can deliver a positive contribution to the funds’ investment performance over the long run and covers the equity and bond asset classes. It is, however, not publicly available.

The 2008 annual report mentions that the fund held a number of sessions with external experts on the topic of sustainability criteria and its investment policy. Because uWV has a lot of pooled investments, this issues is quite complex. It was decided that sustainability and responsible investment will play a role in the new strategic allocation of the investments.

Score: 1 point

uWV does not have a publicly available responsible investment policy.

4.46.2 Exclusions

uWV currently does not have ESG-criteria for exclusions, but an ESG policy will be further developed and implemented in 2010.

Score: 1 point

uWV currently does not have an exclusion policy.

4.46.3 ESG-criteria for portfolio selection

uWV Pensioenfonds will further develop and implement its ESG policy in 2010 and considers positive selecti- on as a part of its new thematic sustainable asset class. These themes can be issues like climate change (eg. Clean energy) and the aging population (eg. Zorgboulevards).

Score: 1 point

uWV currently does not apply ESG criteria to its investments.

Description Numbers (in millions €)

Premium income € 135

Number of participants 18 753 active participants 19 563 non-contributing participants

8 132 pensioners Number of employees

Value of investments € 3 140

Distribution among investment categories:

Equity 18,5 % Fixed interest 64,2 % Real estate 13 % Convertibles 2,1 % Commodities 0,7 % Cash 1,5 %

4.46.4 Engagement

uWV Pensioenfonds indicates that it currently does not have an engagement policy. One of its asset managers is, however, active in engagement.

Score: 1 point

uWV does not have an engagement policy.

4.46.5 Voting policy

uWV Pensioenfonds votes, along with other pension funds, via Eumedion. For the rest, it indicates that its ESG policy will be further developed and expanded in 2010.

Score: 2 points

Through Eumedion, uWV has a voting policy with respect to corporate governance.

4.46.6 Sustainable project financing

At this point in time, uWV does not have a sustainable project financing policy, but this will likely be a part of its new thematic sustainable asset class from 2010 on. There are a number of thematic investment ideas like microfinance.

Score: 1 point

uWV currently does not have a responsible investment policy.

4.46.7 Transparency in outsourcing

uWV Pensioenfonds indicates in its annual report that it makes use of a number of asset managers while BNy Mellon acts as its custodian. In 2010 it will begin outsourcing via a fiduciary manager. This will enhance trans- parency and will enable uWV to better incorporate sustainability into its integral strategic ambitions.

Score: 1 point

uWV provides limited transparency into its outsourcing.

4.46.8 Dialogue with society

uWV Pensioenfonds has an active dialogue with its members via its members’ council (deelnemersraad). It also maintains contact with its pensioners’ society and acts as a speaker at its annual meeting. uWV is also a member of the OPF (the association for corporate pension funds), and participates actively in several of its activities.

Score: 2 points

uWV maintains a dialogue with its members.

4.46.9 Reporting on responsible investment policy

uWV Pensioenfonds currently does not report on its responsible investment policy. But this will be further developed with its new ESG policy.

Score: 2 points

4.47 Pensioenfonds VolkerWessels

The Stichting Pensioenfonds VolkerWessels is a corporate pension fund that provides pension fund services for more than 70 Dutch businesses that belong to VolkerWessels.

4.47.1 (Socially) responsible investment policy

Pensioenfonds VolkerWessels provides information on its responsible investment policy on the website. This documents provides a general direction or vision and is a start for an official investment policy. Currently the fund is discussing the activities to implement the responsible investment policy with the parties that take care of the asset management.

Score: 1 point

Pensioenfonds VolkerWessels currently has no publicly available responsible investment policy document.

4.47.2 Exclusions

All investments of Pensioenfonds VolkerWessels are externally managed. The new mandates for asset mana- gers include responsible investment. In the current mandates there are no guidelines concerning exclusions.

Score: 1 point

Pensioenfonds VolkerWessels currently has no publicly available policy concerning exclusions.

4.47.3 ESG-criteria for portfolio selection

The responsible investment vision of Pensioenfonds VolkerWessels is based on the Global Compact and uN PRI, although these principles are not clearly translated into investment criteria for asset managers. In this vision it is mentioned what methods asset managers can use, the fund does not prioritize one method over the other.

Score: 2 points

The responsible investment policy, based on Global Compact and uN PRI is currently being translated into concrete investment criteria with asset managers.

Description Numbers (in millions €)

Premium income € 915

Number of participants 4 493 active participants

3 521 non-contributing participants 2 423 pensionner

Number of employees 40

Value of investments € 895

Distribution among investment categories:

Equity € 18 2 %

Fixed interest € 687 77 %

Derivatives € 0 0 %

Real estate € 61 7 %

4.47.4 Engagement

The set-up of the engagement policy of Pensioenfonds VolkerWessels is currently being discussed with the asset managers.

Score: 1 point

Pensioenfonds VolkerWessels does not have engagement policy

4.47.5 Voting policy

Pensioenfonds VolkerWessels only invest in equity through funds and is unable to actively vote. From the cor- porate governance policy it appears that the fund agreed with asset managers that they keep to the OECD guidelines and the NCGC. Pensioenfonds VolkerWessels is also a member of Eumedion. The voting policy is also currently being discussed with asset managers.

Score: 2 points

Currently only voting on corporate governance.

4.47.6 Sustainable project financing

There is no specific focus on sustainable project financing. Projects that live up to the risk-return criteria can be included in the investment portfolio.

Score: 1 point

No sustainable project financing

4.47.7 Transparency in outsourcing

The tactical and operational asset management is outsourced to FlM N.V. and EIM S.A. The strategic asset management is in the funds own hands.

Score: 2 points

It is clear whom Pensioenfonds VolkerWessels outsources its asset management to. The assets under management per asset manager are known. It is unclear how these asset managers are held to responsible investment policy or vision.

4.47.8 Dialogue with society

VolkerWessels Pensioenfonds indicates that it sometimes engages in dialogue with participants, also on the topic of responsible investment. However, these are not structural meetings and there are no reports avai- lable.

Score: 2 points

There is a dialogue, but not specifically on ESG issues.

4.47.9 Reporting on responsible investment policy

Because the discussion with external asset managers on the responsible investment policy was not finished in 2008, the first information on this topic will be published in the annual report for 2009.

Score: 1 point