IPF årsrapport 2018 (eng) - Flipbook - Side 14
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The replies to the questionnaire are included in
the ongoing dialogue with external managers on
relevant ESG topics. The confidential ESG
assessment is included as a part of the overall
evaluation of managers, and it supplements the
assessment of managers’ financial performance,
strategy, resources, etc.
Coal mining is often linked to breaches of human
rights and employee rights, for example in the form
of health problems for the employees and the local
population. Secondly, coal is not currently a futureproof energy source in relation to reducing carbon
emissions, as there are other efficient energy
sources that emit less CO2.
Action through partnerships
In 2015, the UN adopted 17 Sustainable
Development Goals (SDGs) for efforts up to 2030.
Industriens Pension has also taken the SDGs to
heart, including Goal 17 “partnerships for the
goals”.
More openness and transparency
Our ambition is to be open about our work on
responsible investment, including active ownership
through dialogue with companies. In 2018, we
published a list of names of selected companies
with which we are in dialogue. The list includes
information about the overall themes dialogue
concerns for each company. The list also includes
links to descriptions of the dialogues, and these are
available to the general public via Industriens
Pension’s cooperation partner, Hermes EOS. The
list of dialogues will be updated annually.
We believe in the value of cooperation and
knowledge-sharing with other investors, and
therefore we are involved in a number of relevant
networks, initiatives and organisations focusing on
CSR, including DanSIF, IIGCC and Climate Action
100+.
ACTIVE OWNERSHIP
In 2018, Industriens Pension signed the global
non-profit organisation CDP (formerly Carbon
Disclosure Project), which encourages
companies, cities, states and investors to
measure and understand their climate footprint
and use this to contribute to sustainable societies
and economies. More than 7,000 companies,
together representing more than 50% of the global
market value, reported climate and environmental
data through the CDP in 2018. In addition, more
than 750 cities, states and regions did the same.
This makes the CDP's platform one of the most
comprehensive, global sources of information
about businesses’ and governments’ climate and
environmental footprint, and the platform is an
important tool for investors. CDP represents more
than 650 global investors, with assets totalling
DKK 572 trillion.
Coal-mine exit
The Board of Directors decided in November 2018
to exclude from the Industriens Pension
investment universe investments in companies
which earn much of their revenues from coal
mining. This amounts to 114 mining companies.
Industriens Pension is of the opinion that coal
mining is an activity with a very high risk of
negative impacts on human rights, employee
rights and the climate.
Industriens Pension exercises active ownership in
the form of ongoing monitoring and dialogue with
portfolio companies, and by voting at general
meetings in the companies in which we hold voting
rights. We follow the recommendations for active
ownership published by the Committee on
Corporate Governance. We report specifically on
how we exercised active ownership in 2018 in a
separate statement on the website (in Danish).
Monitoring and dialogue
Industriens Pension’s internal and external portfolio
managers have engaged in frequent dialogue with
the companies in which Industriens Pension has
invested as part of the active investment analysis.
In 2018, via our cooperation partner, Hermes EOS,
we engaged in targeted dialogue with 325
companies. This focussed dialogue was organised
on the basis of a risk assessment of the company
and it has varied in nature and in the severity of
issues. Dialogue has also covered several different
sectors and subjects.