Rapport om samfundsansvar 2022 godkendt 7. marts 2023 (eng) ny - Flipbook - Side 5
INDUSTRIENS PENSIONSFORSIKRING A/S
INVESTMENT IN A SUSTAINABLE FUTURE
Investment in a
sustainable future
Returns and responsibility go hand in
hand at Industriens Pension
At Industriens Pension, we invest with a view to
creating the highest possible investment returns
for our members, taking into account the risk. At
the same time, we want our investments to
support
responsible
and
sustainable
development. Across asset classes, we
therefore focus on whether the investments we
enter into have a significant negative impact on
society, and if so, we take steps to reduce these.
2022, we were in dialogue with 498 companies
on responsible investment, see Table 1, and we
voted on 4,067 proposals at general meetings.
There are companies and countries that do not
live up to our policy and that we therefore do not
want to invest in. Moreover, we have not been
able to nudge some companies in a more
sustainable direction through active ownership.
These are all investments that we do not want in
our portfolio and consequently we have
excluded them from our investment universe.
Industriens Pension's approach to responsibility
in the investment area is rooted in our policy on
responsible investment and active ownership.
The policy is based on a number of international
standards and principles, including the UN
Global Compact concerning responsible
behaviour of businesses within human rights,
labour rights, the environment and anticorruption.
ESG – an area developing rapidly
We aim to influence investments in our portfolio
through active ownership. We believe that we
can make the biggest difference by engaging in
dialogue with, and placing demands on, the
companies in which we invest. We engage in
dialogue directly with Danish companies and
vote at their general meetings. Dialogue with
international companies is through our external
cooperation partner Federated Hermes EOS. In
The area for responsible investment or the ESG
area (Environmental, Social and Governance) is
developing rapidly, and Industriens Pension has
an ambition to strive to be better at managing
ESG issues across our investments. This is not a
black/white area, but an area where dilemmas
and
balancing
different
considerations
regarding responsibility constantly appear.
Therefore, it is important for us to be transparent
about the choices we make regarding
Industriens Pension reports regularly on its
website on implementation of our policy for
active ownership and exclusion. The website
includes a database of all voting activity by
Industriens Pension, a list of our dialogue
themes, and our exclusion lists.
responsibility and the background for such
choices.
An essential precondition for becoming even
better at addressing ESG issues in our work on
investments is the basis of our information. It is
therefore positive that data on ESG issues is
developing significantly and is becoming more
available. The aim is that, over time, we will have
just as high an information level on ESG
parameters as we already have on financial key
ratios.
The increased focus on data and increased
information on ESG issues have been greatly
assisted by new EU regulation in the form of
Taxonomy and Disclosure Regulations that
require both non-financial and financial
undertakings to provide information regarding
ESG issues, including information regarding
sustainability
characteristics.
Extensive
initiatives to develop methods and data to
measure ESG issues have therefore been
launched in the financial sector and in the
companies we have invested in. Industriens
Pension is also busy implementing this
regulation, including developing the underlying
information base.
Responsibility throughout
Industriens Pension has strict requirements for
compliance with human rights and labour rights
in our investments, and these rights are
therefore included as a specific consideration in
the investment process. In 2022, we engaged in
dialogue with 42 companies about employment
conditions. Decent employment is not only a
labour right, it also helps ensure long-term
sustainable returns on investments.
On this basis, in 2022 we decided to exclude
Tesla, the US manufacturer of electric cars. We
had kept the company out of our portfolio for a
number of years, while following some pending
cases involving breaches of labour rights, e.g. in
relation to employees' right to organise in a
union. In 2022, we concluded that there had not
been sufficient progress in the company's
management of labour rights, and Tesla was
Table 11 Active ownership
Number
Dialogue related to active ownership
- climate-related dialogue
709
251
- dialogue related to human rights
62
- dialogue related to labour rights and working conditions
42
Number of companies with which we have had a dialogue
Proposals at general meetings voted on, total
- of which voting against the board of directors
498
4,067
494
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