2024年荷兰养老基金负责任投资基准——迈向可持续世界的旅程

Benchmark on Responsible Investmentby Pension Funds in the Netherlands 2024The journey towards Table of contents Preface6 Introduction Key findings10 Recommendations11 1.Results per category141.1Governance141.2Strategic Asset Allocation181.3Portfolio22 Project lead Sara Heinsbroek Project Team Chris Bil | Maarten Busch | Vidya Sahay | Rutger Sibma With contributions fromJacqueline Duiker | Emiek Heemstra | Florine Kits van Heijningen More informationSara Heinsbroek, Project ManagerSustainability & Responsible Investment Appendix III. Bibliography Copyright This VBDO publication is protected by copyright laws. No part of this publication maybe reproduced, distributed, or transmitted in any form or by any means, includingcopying and/or publishing (parts of) this publication, without the prior written Utrecht, The NetherlandsNovember 2024 Special thanks to our sponsor FNV and to all participating pension funds About VBDO The Dutch Association of Investors for SustainableDevelopment (VBDO) is a not-for-profit multi-stakehold-er organisation. Our mission is to make capital marketsmore sustainable. VBDO believes a more sustainableand responsible capital market leads to a healthier andmore just world. As an independent association, we area passionate driver, motivator and knowledge leader forresponsible investment and have been helping to anchorsustainability in companies since 1995. VBDO helps BENCHMARKS Benchmarks are an effective instrument to drive sus-tainability improvements by harnessing the competitiveforces of the market. They create a race to the top byproviding comparative insight and identifying frontrun-ners, thus stimulating sector-wide learning and sharingof good practices. VBDO has extensive experience This has proven to be an effective tool in raising aware-ness of responsible investment and stimulating the sus-tainability performance of pension funds and insurancecompanies. VBDO is one of the founding partners of theCorporate Human Rights Benchmark, which ranks the ENGAGEMENT Since it's inception, the core activity of VBDO has beenengagement with 40+ Dutch companies listed on thestock market. VBDO visits the annual shareholders’meetings of these companies, asking specific questionsand voting on environmental, social and governance For more information about VBDO, please visit ourwebsite: www.vbdo.nl/en THOUGHT LEADERSHIPAt VBDO, we are committed to continuous learning and growth. We constantly work on subject and leadership VBDO connects stakeholders, such as pension funds,insurers, banks, asset managers, companies and NGOs,to develop and share knowledge about sustainableinvestment or entrepreneurship. Together, we organise Preface The efforts of pension funds tobecome more sustainable over thepast decades are admirable and the Over the past 19 years that we have been benchmarkingthe responsible investment practices of pensionfunds, the scope of responsible investing has grownmassively. The efforts of pension funds to become moresustainable over the past decades are admirable andthe increased depth and specificity of the responsibleinvestment (RI) policies of pension funds has not goneunnoticed. For example, in 2013 we asked whether theboard discussed sustainability at least once a year. Now, I’d like to personally express my gratitude to all thepension funds and asset managers who have trusted inus over the past 19 years. The development of the newmethodology would not have been possible withoutthe input from all of you at all stages of the revision andresearch cycle. I would also like to express my gratitude 2024 was a year filled with sustainability-related devel-opments, making for an interesting chapter in VBDO’s29-year-long and ongoing sustainability journey. Thesame can be said for pension funds in the Netherlands.Navigating the new Pension Act (Wet toekomst pensioe- This upward trend, combined with calls for a raisedstandard from participating pension funds and our owndesire to continuously push forward, led to our decisionto overhaul the benchmark methodology. One of ourkey priorities was to ensure that the new methodology Angélique LaskewitzExecutive Director of VBDO Introduction VBDO has researched the current status and developments relating to the responsibleinvestment practices of the 50 largest Dutch pension funds. They were assessed based on howthey formulate, implement, safeguard, and report on their responsible investment practices. Pension funds have been given an overall score between0 and 5, with 5 being the highest achievable score. Itshould be noted that a score of 5 does not mean that apension fund is the ‘most sustainable’ or that no furtherimprovements can be made. Rather, it indicates how wella pension fund has performed on the criteria that havebeen set in the current questionnaire. The overall scoregiven to a pension fund reflects how well that pensionfund has scored across the four categories. The catego-ries are weighted differe