Engagement policy
Philips Pensioenfonds has a specific engagement policy for companies that, for example, violate international guidelines for corporate social responsibility (according to Global Compact, OESO or UNGPs). That policy aims to remedy or reduce these violations. The pension fund applies that policy to remedy or minimise the breaches, by informing the company that it considers these breaches to be undesirable and demanding that the company make improvements to remedy them. If the engagement does not lead to the desired change, Philips Pensioenfonds can exclude that company from its investments.
How the engagement policy take shape in practice
The asset manager has hundreds of discussions every year with numerous companies in which Philips Pensioenfonds invests, representing not only Philips Pensioenfonds but also many other clients. This helps to maximise the impact of the discussions. Visit BlackRock’s website to find out more about this ‘engagement’ by the asset manager. There are, among other things, these principles that are used in engagement. In some cases, discussions are held with companies that are in breach of the international guidelines for corporate social responsibility (according to Global Compact, OESO or UNGPs). Those companies fall within the scope of Philips Pensioenfonds’s specific engagement policy.
Philips Pensioenfonds does not have endless patience: for each guideline that is severely breached, a deadline is established by which the company must make visible improvements. Annual reviews are conducted to decide whether it serves any purpose to continue the engagement. Philips Pensioenfonds uses an external data provider to identify companies that severely breach the international guidelines, and for reviewing whether the company has improved sufficiently.
Philips Pensioenfonds periodically assesses the engagement policy and its implementation. The purpose of this is, among other things, to keep the agreement with the asset manager up to date. In this assessment, the Fund also includes to assess whether the agreement complies with new laws and regulations, including SRD II. As a result, Philips Pensioenfonds assesses whether the engagement policy and the information on the website require adjustment.
Report on the engagement policy
Philips Pensioenfonds publishes information on its website every quarter about how it has given shape to its engagement policy.
2023 - Q4
In the context of the engagement policy for violations of international guidelines, discussions were held in the fourth quarter with 2 companies in which Philips Pensioenfonds invests. This company is listed on the stock exchange of China and The United States. The topics discussed were the human rights and labor rights. Currently, 7 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2023 - Q3
In the context of the engagement policy for violations of international guidelines, discussions were held in the third quarter with 1 company in which Philips Pensioenfonds invests. This company is listed on the stock exchange of Japan. The topic discussed was the environment. Currently, 7 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2023 - Q2
In the context of the engagement policy for violations of international guidelines, discussions were held in the second quarter with 5 companies in which Philips Pensioenfonds invests. These companies are listed on the stock exchange of one of the following countries: China. Germany and Brasil. The topic discussed was human rights, labor rights and the environment. Currently, 7 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2023 - Q1
In the context of the engagement policy for violations of international guidelines, discussions were held in the first quarter with 2 companies in which Philips Pensioenfonds invests. These companies are listed on the stock exchange of one of the following countries: China and the United States of America. The topic discussed was human rights. Currently, 7 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2022 - Q4
In the context of the engagement policy for violations of international guidelines, discussions were held in the fourth quarter with 8 companies in which Philips Pensioenfonds invests. These companies are listed on the stock exchange of one of the following countries: Canada, China, the United Kingdom, the United States and South Africa. The topics discussed were environment, human rights, labor rights, fraud and bribery. Currently, 6 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2022 - Q3
In the context of the engagement policy for violations of international guidelines, discussions were held in the second quarter with 2 companies in which Philips Pensioenfonds invests. These companies are listed on the stock exchange in Italy and Japan. The environment and human rights were discussed. Currently, 6 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2022 - Q2
In the context of the engagement policy for violations of international guidelines, discussions were held in the second quarter with 1 company in which Philips Pensioenfonds invests. This company is listed on the stock exchange in Brazil. The environment and human rights were discussed. Currently, 6 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2022 - Q1
In the first quarter no discussions in the context of the engagement policy for violations of international guidelines were held with companies in which Philips Pensioenfonds invests. Currently, 6 companies are excluded under this policy.
However, there have been discussions with other companies and on other topics. An overview of those conversations can be found in the file ‘engagement report’ on the right.
2021 - Q4
In the context of the engagement policy for violations of international guidelines, discussions were held in the fourth quarter with 3 companies in which Philips Pensioenfonds invests. These companies are successively listed on the stock exchange in Australia, the United Kingdom and the United States. The environment and human rights were discussed. Currently, 6 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report' on the right.
2021 - Q3
In the context of the engagement policy for violations of international guidelines, discussions were held in the third quarter with 2 companies in which Philips Pensioenfonds invests. These companies are both listed in the United States. Human rights were discussed. Currently, 6 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘engagement report' on the right.
2021 - Q2
In the context of the engagement policy for violations of international guidelines, discussions were held in the second quarter with 6 companies in which Philips Pensioenfonds invests. These companies are successively listed on the stock exchange in Italy, Australia, Brazil and the United States. Product safety and quality, the environment, human rights, labor rights and fraud and corruption were discussed. Currently, 6 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘verantwoording dialoog’ (in English) on the right.
2021 - Q1
In the context of the engagement policy for violations of international guidelines, discussions were held in the first quarter with three companies in which Philips Pensioenfonds invests. These companies are listed successively on the stock exchange in Italy, Germany and Brazil. Product safety and quality, the environment and human rights were discussed. Currently, 7 companies are excluded under this policy.
In addition to this, there have also been other discussions on other topics and with other companies. An overview of those conversations can be found in the file ‘verantwoording dialoog’ (in English) on the right.
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