Engaging the Pharmaceutical Industry to Leverage SROI

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Femke Markus, Managing Director - Access to Medicine Index - The Netherlands

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Engaging the Pharmaceutical Industry to Leverage SROI

  1. 1. Meeting Clients’ ESG Expectations Claudia Kruse Senior Governance & Sustainability Specialist, APG All Pensions Group TBLI Conference, Amsterdam, 12 November 2009
  2. 2. Introduction to APG • Investment manager for pension funds, focus on the Netherlands • Manage assets for pension funds with >4 million members • Approx. EUR 205 billion assets under management (June 2009) • Strong commitment to integrate ESG as widely as possible across the portfolio • Equities, fixed income, real estate, infrastructure, private equity, hedge funds, forestry, agricultural land, (music rights) …. • We take a long term investment view 2
  3. 3. Expectations • Contribute to risk-adjusted financial return • Demonstrate social responsibility • Contribute to the integrity of financial markets 3
  4. 4. Responsible Investment Policy Pillars: • Integrate sustainability and governance as widely as possible across our investment portfolio • UN Global Compact - engagement with companies • Active use of shareholder rights • Invest in high-sustainable solutions • Engage with policy-makers • Exclude certain weapons • Join forces and active communication 4
  5. 5. Engagement – Freeport-McMoRan Compliance with UN Global Compact? • Freeport-McMoRan appears not to comply • 25 April 2008 – engagement started • 11 June 2009: shareholder resolution (32.5% in favour) • Appoint a board member with environmental expertise • 14 October 2009: meeting with CEO • Planned visit to Grasberg mine 5
  6. 6. Active use of shareholder rights • Voting: we vote all our holdings – Remuneration policy Philips (supported by 57,5%) • Publication voting behavior • Nomination of independent board members • Legal action – Class action in the US – Example: APG is lead plaintiff in case against Merck 6
  7. 7. Investing in sustainable solutions Renewable Energy example €185m in infrastructure funds and more than €150m via listed equities in 40 companies EEPIC - energy efficiency Clean technologies Microcredits in China approx. example €250m via private approx. €150m $50m equity Y In total around 2 billion H IGHL VE! I VAT I NN O 7
  8. 8. Exclusion policy • Weapons prohibited by law – landmines, cluster bombs • Companies that do not comply with the Global Compact – if engagement does not lead to improvement: e.g. child labour, environmental pollution • 17 companies currently excluded 8
  9. 9. Influence policy - IIGCC Investor Statement on a Global Agreement on Climate Change (Poznan) • Institutional Investors Group on Climate Change (IIGCC) and other climate networks • 150 financial institutions, $9000 billion assets under management • Asking for strong international climate policy • Presentations to authorities – EU parliament – UK – US – The Netherlands 9
  10. 10. Thanks you for your attention…. …..your contribution to Responsible Investing is highly appreciated! APG Asset Management 10

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