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6. |
Responsibility 2018 ment opportunities can also be identified on the basis of this work. |
2. Effective integration of ESG is achieved through strong processes tailored to concrete investment processes. |
The ingredients in strong ESG processes are – just like strong investment processes – professional substance, knowledge sharing, documentation, thorough implementation along with ongoing evaluation and control. ESG processes must be specifically designed to suit the investment process in question. |
3. True ESG integration requires building and developing the investment organisation’s ESG competencies. |
Analyses of themes and companies, among other things, due diligence of potential investments and dialogue with companies in the portfolio and external managers are handled by ATP’s own employees, which helps to increase the professional substance and knowledge sharing internally in ATP, ensures thorough implementation ... |
4. Preference for active capital ownership. |
Active capital ownership is both a tool for increasing ATP’s knowledge of companies and for influencing companies in the desired direction. In ATP’s experience, active capital ownership is usually the most effective instrument for achieving the desired results and we are therefore working to expand the application of a... |
ATP’s Policy of Responsibility in Investments as well as an updated list of excluded companies are available at atp.dk. |
ATP’s Policy of Active Ownership ATP’s Policy of Active Ownership describes the principles and processes that guide ATP’s active ownership activities. As a responsible long-term investor, ATP has an interest in investors as owners of listed companies being able to understand and control the companies’ overall actions, ... |
ATP’s Tax Policy on Unlisted Investments ATP’s Tax Policy on Unlisted Investments describes ATP’s approach to tax in relation to ATP’s illiquid investments. In late 2018, ATP’s Supervisory Board decided to undertake a minor revision of ATP’s tax policy in order to further clarify and specify ATP’s tax requirements in c... |
Aggressive tax planning represents an investment risk for ATP, including a reputational risk. In the policy, ATP’s Supervisory Board points out that ATP opposes and must take measures to avoid contributing to aggressive tax planning. See page 35 for more information about ATP’s tax policy and its efforts to implement t... |
Memberships of international organisations and partnerships. |
ATP is a member of a number of international organisations and partnerships in the ESG area. An overview of memberships can be found on page 7. |
ATP has a special focus on keeping abreast of international standards in the area, for example the guidance for institutional investors concerning the OECD Guidelines for Multinational Enterprises and the TCFD recommendations on climate-related financial disclosures. Read more about the OECD guidelines on page 65 and T... |
ATP’s views and practices are challenged through its dialogue with stakeholders, experts and peers, which helps to ensure that the organisation continues to develop its processes to meet the highest standards. |
Increased transparency In 2018, ATP implemented a range of transparency initiatives, which included the publication of its portfolio of corporate bonds for the first time ever. In this connection, ATP also calculated the carbon footprint of the corporate bond portfolio on page 24. |
In appendix 5, ATP has, for the first time, published the names of the companies contacted by ATP in connection with the ‘thematic engagements’ dialogues. ATP has also published the names of the companies that have received |
7. |
Responsibility 2018. |
UN Global Compact ATP supports the UN Global Compact, a UN initiative establishing ten general principles for companies’ responsibility efforts. These principles are based on international conventions on human rights, labour, environment and climate and anti-corruption. Global Compact also facilitates companies’ contri... |
International Corporate Governance Network ATP is a member of the International Corporate Governance Network, an investor-led organisation, the mission of which is to promote effective standards in corporate governance and active ownership activities. ICGN provides recommended policies, coordinates working groups and p... |
Dansif ATP is a member of Dansif, an impartial Danish network forum for professional investors, consultancy companies and other parties engaged in responsible investment in Denmark. Its objective is to exchange and disseminate experience among the members of the Society as well as facilitating a diversified debate on r... |
CDP (formerly the Carbon Disclosure Project) ATP is a signatory of CDP, a global climate organisation. Through CDP’s Climate Change Program, members motivate companies and cities to measure, manage and disclose their greenhouse gas emissions. |
GRESB Real Estate ATP is a member of GRESB Real Estate, which provides the basis for benchmarking the ESG performance of specific real estate assets or real estate funds on behalf of institutional investors. By aligning reporting, a benchmark is provided that may strengthen internal policies and processes in this area. |
GRESB Infrastructure ATP is a founding member of GRESB Infrastructure and a member of its advisory board. The purpose is to assess and benchmark the ESG performance of companies and funds engaged in infrastructure. Companies and funds reported to GRESB Infrastructure for the first time in 2016. |
Principles for Responsible Investment (PRI) ATP is a signatory of the PRI organisation which is a proponent of the six UN-supported Principles for Responsible Investment. The aim of the principles is for investors to incorporate ESG issues into their investments. In the PRI, ATP works with other investors on collective... |
The Institutional Investors Group on Climate Change ATP is a member of IIGCC which is a forum for international investors, providing a collaborative platform to encourage political decision-makers to implement policies that address long-term risks associated with climate change. |
Task Force on Climate-related Financial Disclosures (TCFD) ATP supports the TCFD and the recommendations on disclosure of climate-related financial risks. TCFD is an expert task force set up by the FSB on behalf of the G20 countries. The idea behind the recommendations is that company disclosures should include the com... |
8. |
Responsibility 2018 voting intentions. When ATP issues a voting intention, it basically means that ATP wants to explain to the companies how our vote should be interpreted. If, on one or more voting items, ATP intends to vote against the Supervisory Board and the company’s own recommendations, ATP will seek to inform t... |
Finally, in Appendix 4, ATP also publishes the names of the concrete projects which are funded by money from ATP’s green bonds from the issuer reporting at project level. |
Structure of the report The report is structured such that the first part deals with ATP’s ESG efforts seen through two thematic lenses, the sustainable development goals and climate. ATP then describes its efforts to integrate responsibility in its many investments and in different investment processes. |
Bo Foged Acting CEO. |
Torben Andersen. |
Chairman of the Supervisory Board |
9. |
Responsibility 2018. |
ATP’s business model. |
PENSIONS & INVESTMENTS: Management of ATP Livslang Pension Pension & Investments is responsible for ATP’s pension product. The goal of the management of ATP Livslang Pension is to deliver good, stable pensions in the form of a lifelong guarantee of which we strive to preserve the real value. ATP Livslang Pension is a s... |
ATP Livslang Pension and the state-funded old-age pension constitute the basic financial support provided in the Danish pension system (pillar 1). In addition, the pension system is based on labour market pensions regulated by collective agreements (pillar 2) and voluntary private pensions (pillar 3). ATP’s special rol... |
PROCESSING BUSINESS: Processing of welfare benefits ATP’s Processing Business helps to ensure efficient welfare for the Danish population. Specifically, our task is to provide technical and administrative assistance to a large number of independent institutions with independent Supervisory Boards as well as to schemes ... |
The market in which the Processing Business operates can best be described as the market for regulated benefits. And benefits with a high degree of objectivity in the regulatory framework, and where the case handling can be based on registry data without the need for face-to-face contact with the citizen who has applie... |
Themes |
12. |
Responsibility 2018. |
In 2015, heads of government from the UN’s 192 member states agreed on 17 ambitious sustainable development goals – and 169 targets – for sustainable global development. The sustainable development goals (SDGs) provide the framework and direction for how to tackle the biggest problems facing the planet by 2030. Among o... |
ATP fully supports the UN’s 17 Sustainable Development Goals. As a long-term investor whose purpose it is to provide good pensions to its members, ATP has a strong interest in the sustainable social and environmental development of the planet and the economy. |
If the global economy does not develop sustainably, and if the world does not achieve the goals set, there may be a risk of growing unrest, conflicts, increased global warming and thus increasingly uncertain conditions for growth and future returns. As a result, ATP also has an inherent interest in and a responsibility... |
ATP pursues active ownership and ESG integration in order to promote an increased focus on long-term value creation in the companies in its portfolio and influence them to minimise any negative impact they may have on society and the planet, as well as working towards a more sustainable business development. |
The 17 SDGs set a very ambitious agenda for the global development towards 2030. Achieving the goals requires the commitment of a wide range of stakeholders in society, including the corporate sector and investors. |
ATP finds that companies and investors are increasingly highlighting their respective contributions to the SDGs. Some select specific goals and indicators in their strategy and reporting which are directly supported by the compa- ny’s business model. Others measure more broadly their specific contribution to the SDGs. |
For some years, ATP has been considering how it can best support the SDGs. As a global investor with a diversified portfolio, ATP is broadly exposed to the 17 SDGs. If you look at, for example, ATP’s portfolio of Danish equities, these companies are exposed to a number of SDGs and indicators in different ways. |
A DIVERSIFIED PORTFOLIO REQUIRES BROAD COVERAGE OF ESG ISSUES. |
For companies it may be relevant to focus on those SDGs to which they are particularly exposed due to their business model. It would make sense to identify the SDGs which are affected by a given business activity, or for whose fulfilment solutions are provided by the business. But as a global and diversified investor w... |
As a result, ATP does not focus on a specific set of goals while ignoring others. ATP is using the SDGs as a reporting tool and a reference framework for evaluating its efforts to integrate responsibility in its investment processes. The fact that the SDGs highlight the biggest global challenges enables ATP to continuo... |
Focus on business opportunities and risks The SDGs present numerous challenges and dilemmas to companies and investors. For ATP, this means that ATP’s many portfolio companies are exposed to a very wide variety of risks and opportunities in relation to the SDGs. |
ATP and the UN’s Sustainable Development Goals |
13. |
Responsibility 2018. |
At the same time, the portfolio companies sometimes want to contribute positively to one goal and negatively to another. As a responsible investor in the companies, ATP actively addresses these dilemmas. |
ATP welcomes focus on business opportunities and new business cases The SDGs address the biggest challenges facing the world. In order to achieve the goals, companies, governments, civil societies and investors must work together to come. |
CASE: Focus on Danish companies’ reporting on contributions to the SDGs. |
In 2018, ATP analysed 41 Danish companies’ efforts to incorporate the SDGs in their reporting. The aim was to increase ATP’s understanding of the companies’ work on and contribution to the SDGs, among other things. Going forward, ATP can also use the analysis as a baseline to ensure that Danish companies maintain good ... |
Overall, ATP’s analysis showed that many companies have embraced the SDGs. Of the 41 companies analysed, just over half report on their positive or negative contribution to the SDGs. The companies vary greatly in size, and differences in the companies’ level of ambition with regard to reporting are therefore to be expe... |
The analysis was based on the companies’ websites, annual reports and CSR reports. Focus was also on examining how the companies address the SDGs, and which of the 17 goals the companies are focusing their energy and reporting on. Furthermore, ATP considered whether the companies also report on specific targets, and on... |
Most companies focus on positive impacts Danish companies continue to report primarily on their positive impacts on the SDGs, for example how their products can tackle certain challenges facing society. However, some companies also describe how some parts of the business may risk contributing negatively to certain SDGs... |
Some SDGs are more popular than others. The analysis shows that most companies report on their contribution to goal 8 (decent work and economic growth), goal 12 (responsible production and consumption), goal 3 (good health and well-being), goal 13 (climate action) and goal 17 (partnerships for the goals). |
Conversely, fewest companies report on their positive or negative contribution to goal 1 (no poverty), goal 14 (life below water), goal 15 (life on land), goal 10 (reduced inequalities), goal 6 (clean water and sanitation) and goal 11 (sustainable cities and communities). |
14. |
Responsibility 2018. |
No poverty Living wage, target 1.1 1 fact-finding regarding target 1.2. |
Zero hunger Rights of indigenous peoples, target 2.3. |
Good health and well-being 3 fact-findings regarding target 3.9. |
Quality education Rights of indigenous peoples target 4.5. |
Gender equality. |
Diversity on boards and in management, target 5.5. |
Clean water and sanitation Circular economy, target 2.3 1 fact-finding regarding target 6.3. |
Sustainable energy TCFD, targets 7.1, 7.2. |
Decent work and economic growth Living wage, targets 8.5 and 8.8 4 fact-findings regarding target 8.8 2 fact-findings regarding target 8.7 2 fact-findings regarding target 8.5. |
Industry, innovation and infrastructure Circular economy, target 9.4. |
Reduced inequalities Living wage, target 10.2 1 fact-finding regarding target 10.3. |
Sustainable cities and communities Circular economy, target 11.6. |
Responsible production and consumption. |
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