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Responsibility 2018.
The question database also contains an ESG questionnaire which ATP sends to private equity funds in connection with its fund investments. The figure above shows some of the topics addressed in the questionnaire.
GRESB ATP is also working with other investors to secure better ESG data in alternative investments. The organisations GRESB Real Estate and GRESB Infrastructure are working systematically with ESG reporting in order to increase the level of ESG information in alternative investments.
GRESB Real Estate GRESB Real Estate was founded almost a decade ago, and is today one of the most ambitious reporting standards for ESG in real estate investments. The standard has been adopted by the largest global real estate investors, and a growing number of investors are reporting on their ESG work to GRESB Real E...
The fact that so many large global players in the market for real estate investments have adopted the standard makes GRESB data a strong and ambitious tool for investors for assessing their own performance. ATP uses the assessments as an internal work tool to systematically understand, assess and benchmark its real est...
The following page shows two figures that benchmark ATP’s performance in GRESB Real Estate against that of a defined peer group of northern European investors in 2017 and 2018, respectively. GRESB is based on dynamic assessments with a growing number of requirements and benchmarking against a peer group. It should be n...
GRESB Infrastructure ATP is a founding member of GRESB Infrastructure and a member of its advisory board. Infrastructure investments are typically made directly in an asset or through a fund. As a result, GRESB Infrastructure is divided into two types of reporting: one for funds and one for assets. This ensures that in...
Policy and processes • Are relevant.
ESG policies in place? • Who is responsible for ESG? • Which ESG initiatives are ongoing?
ESG integration • How is ESG assessed, and what expertise is used? • What is the role of ESG in the assessment of investments? • In which forums are ESG issues discussed?
Management • Is ESG integrated into the post-investment action plan? • How is ESG managed in portfolio companies? • Is ESG part of the exit preparations?
Monitoring and reporting • How is ESG reporting conducted? • How are investors informed of unexpected incidents? • Are there key performance indicators (KPIs) for ESG in reporting?
Examples of questions for prospective private equity funds
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Responsibility 2018.
One of ATP’s goals of serving on GRESB Infrastructure’s advisory board is to increase awareness of the initiative, recruit more members and encourage more asset managers to report, so that GRESB Infrastructure can create value for both companies and investors. Increased reporting from different types of assets and fund...
ATP is encouraging the infrastructure investments in which ATP exercises capital ownership to report to the initiative. ATP is also trying to influence companies and fund managers to report in cases where ATP does not have a controlling interest, for example through presentations at board meetings or in the dialogue wi...
In 2018, GRESB Infrastructure saw impressive growth, with a 75 per cent increase in the number of assets reporting to.
GRESB. Overall, 355 funds and assets reported on ESG issues through GRESB Infrastructure in 2018, improving the benchmark year after year.
Concrete examples of GRESB assessments of assets and funds When funds and assets report to GRESB Infrastructure, their ESG performance is assessed on a number of relevant aspects. ATP uses this information in its assessment and ESG dialogue with its business partners. Funds as well as assets are able to benchmark their...
Concrete examples of assessments of an asset and a fund are shown below.
In the examples, both the asset’s and the fund’s performance exceeds that of their respective peer groups. However, this is not always the case. Some of ATP’s investments have lower scores than those of their peer group. ATP uses the score and peer score as part of its ongoing dialogue with companies and funds.
Management.
Policy & Disclosure.
Risks & Opportunities.
Monitoring & EMS.
Performance Indicators.
This Entity Peer Group Average.
Building Certifications.
Stakeholder Engagement 25 50 75 100 75 60 84 71 60 57 62.
Management.
Policy & Disclosure.
Risks & Opportunities.
Monitoring & EMS.
Performance Indicators.
Building Certifications.
Stakeholder Engagement 25 50 75 100 73 73 63 88 75 56 57.
This Entity Peer Group Average 2017 2018.
ATP’s GRESB Real Estate scores in 2017 and 2018
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Responsibility 2018.
Sometimes the score is not indicative of the fund’s or the asset’s performance. This may be because the company structures its ESG efforts in a different way. This is a genuine challenge, which is why ATP and GRESB maintain a consistent focus on developing the reporting tool to ensure that the scores are always indicat...
Overall, all ATP’s investments increased their performance in 2018. However, there is still room for improvement, and in 2019 ATP will continue to use GRESB Infrastructure as a tool for expanding its ESG asset management in relation to alternative investments.
Management.
Policy & Disclosure.
Risks & Opportunities.
Monitoring & EMS.
Stakeholder Engagement.
Performance Indicators.
Certifikations & Awards 25 50 75 100.
This Entity Peer Group Average 25 67 91 99 99 99 79.
Example of a score for a concrete infrastructure asset 0% 100%
Peer Average.
GRESB Average 1 Sustainable investment objectives 2 Policies on ESG issues 3 Commitment to ESG standards or principles 4 Individual(s) responsible for ESG issues 5 Senior decision-maker accountable for ESG issues 6 ESG risks and/or opportunities in investment processes 7 ESG risks and/or opportunities in investment mon...
Example of a score for a concrete fund
Active ownership and fact-finding
45.
Responsibility 2018.
Active ownership is given high priority at ATP, and ATP devotes considerable resources to its implementation across its listed equities.
As a player in the market for listed companies, ATP has a responsibility for and interest in the efficient functioning of the markets to the highest standards. ATP believes that we create long-term value for our members by exercising active ownership and contributing to the optimum functioning of the markets. This is t...
ATP exercises active ownership in all the listed companies we invest in. On the one hand, as an active owner, ATP may, through dialogue with the company, gain an understanding of the challenges facing the companies and the company-specific risks. ATP can then use this understanding to make better and more informed inve...
ATP believes that handling investments and active ownership under one roof can ultimately lead to better investment decisions. At ATP, investments in listed equities are handled by internal portfolio managers, and all dialogue with the companies is handled internally by ATP. This ensures a consistent and high-quality i...
Dialogue is the most important tool in ATP’s active ownership activities. ATP’s dialogue with listed companies may concern any topic that may be important to the investment, for example strategy, performance, risk, capital structure, corporate governance, corporate culture, management remuneration and general responsib...
Active ownership – Continuous dialogue and voting.
CASE: Active ownership in Danish companies.
In Danish companies, ATP mostly exercises active ownership through continuous dialogue, where the annual general meeting is merely one among many venues for interaction throughout the year.
ATP is therefore often able to to express its concerns and opinions at face-to-face meetings with companies, which may impact the company’s final proposal to the general meeting. Hence, ATP rarely votes against the companies’ recommendations.
However, this year ATP voted against Ambu A/S’s new remuneration policy. ATP found it inappropriate that the scheme comprised two parallel option schemes.
ATP also voted against the election of the outgoing CEO to the Board as he was intended for the post of Chairman of the Board of Coloplast a/s. It is ATP’s view, as stated in the Recommendations on Corporate Governance, that there should be a cooling-off period to ensure a clear separation of duties between the CEO and...
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Responsibility 2018 with a specific company generally reflects the value of the investment and the size of ATP’s ownership interest. This strategy is linked to ATP’s possibility of effectively engaging in dialogue, which increases with the ownership interest. Because ATP often has substantial holdings in Danish listed ...
CONTINUOUS DIALOGUE.
ATP is experienced in the practice of continuous dialogue facilitation with companies in which ATP is a major investor. In fact, active ownership through continuous dialogue is an integral part of the entire investment process in this type of investments.
When ATP is a major shareholder of a company, ATP conduct an in-depth, long-term analysis of the company, covering issues such as corporate strategy, performance, governance power, governance, market position and responsibility. The analysis is based on meetings with the company, among other things, to establish a dial...
Active ownership activities are initiated even before the investment is made and is followed up by regular meetings with the management for the duration of ATP’s investment.
In ATP’s experience, companies can often be influenced through continuous dialogue, and, conversely, ATP is influenced by sound arguments. Furthermore, it is ATP’s view that this form of active ownership activities has generated added value in the companies ATP invests in, ultimately contributing to high returns on the...
ATP’s degree of involvement in individual companies depends on several factors, including ATP’s ownership interest, the size of the investment and required changes. Another factor could be, in ATP’s assessment, an unfavourable turn of events for the company.
In its continuous dialogue with companies, ATP seeks to build a relationship based on trust – for discussion of problems as well as challenges. In order to have the.
CASE: Implementing ATP’s policy.
The Policy of Active Ownership sets out 16 principles for the management of ATP’s active ownership. In order to translate the principles into practice, ATP’s Committee for Responsibility has been tasked with drawing up guidelines for ATP’s general practice in the area.
A subcommittee of the Committee for Responsibility has been established, which will be responsible for the day-to-day operation of the policy, ensuring that the votes cast in the different companies are implemented in accordance with the intentions of the Committee and the Supervisory Board. The process of translating ...
During a voting season, issues will always come to light which were either not foreseen in the policy or which involve special circumstances which may affect ATP’s vote. ATP is continuously working to improve and hone the practical implementation of the guidelines.
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Responsibility 2018 most constructive dialogue with companies, ATP always pledges confidentiality.
DIALOGUE THROUGH GENERAL MEETINGS.
Voting at the general meetings of its portfolio companies is a key part of ATP’s active ownership. Through active ownership and voting, investors are able to contribute to the optimum functioning of the markets for listed equities, while also promoting the companies’ long-term value creation.