Responsible investment policy

Responsible Investing

At a.s.r. Vermogensbeheer, we invest in line with our responsible investment policy (also known as the “a.s.r. PRI policy” or “a.s.r. Policy Responsible Investments”). According to this policy, we aim to carefully consider the positive and negative impacts of our investments on people and the environment, without losing sight of investment returns. We exclude countries and companies that do not meet the ESG criteria as outlined in the a.s.r. PRI policy. For example, we do not invest in companies involved in tobacco, gambling, or thermal coal. For other investments, we apply so-called 'thresholds', which determine in which companies we invest. Companies that generate a significant portion of their revenue from coal, nuclear energy, or oil and gas power generation are excluded. We also avoid investing in companies and countries that do not adequately address labor conditions and/or human rights. Furthermore, we want the external asset manager managing part of our investments to invest as much as possible according to the a.s.r. PRI policy. Additionally, we strive to combat climate change as much as possible with our investments. By investing in economic activities that emit low levels of greenhouse gases, we help reduce global warming and contribute to lowering CO2 emissions. That is truly a good return.

Ethical Considerations

As early as 2007, a.s.r. decided not to invest in weapons, the tobacco industry, or child labor. This policy has been further tightened over the years and is revised as necessary. We always invest with an eye on the future and in a socially responsible manner. The dilemmas we face in making these choices are discussed with an ethicist within our company, who works with us to examine the dilemma from various perspectives. Ultimately, we make a decision that aligns with our company's values.

Weapons

It is challenging for an investor to verify whether investments in weapons are used solely for positive purposes, such as protecting freedom and democracy. It is important to note that we have bond investments, for example, with the Dutch government, which, in line with its mandate and obligations as a NATO member (read more about our view on investing in weapons), does invest in weapons for defense. Lastly, the term “weapon” can be interpreted in various ways. To avoid confusion over the interpretation of the word 'weapon', we provide full transparency about the specific companies in which we do not invest. This clarifies our exclusion criteria for the weapons industry.

Below, you can download the most recent list of excluded companies.

Change in Weapons Policy

a.s.r. can, under strict conditions, deviate from its exclusion policy and has, after careful consideration, decided to adjust its responsible investment policy (“Policy on Responsible Investments”) to respond to the call from the Dutch government to provide investment capital to strengthen the European defense industry and contribute to a safer world and democratic values.

Read the press release about the change in our weapons policy.

Engagement

We actively engage with companies that are guilty of corruption, environmental damage, or human rights violations with the goal of changing their behavior. Through our engagement, we also make recommendations on how processes can be made more sustainable. This is part of our strategy as an investor with a focus on sustainability.

Animal Welfare, Fur & Leather

We invest in companies that process animal products for a specific end product. Fur and (exotic) leather are similar animal products. We screen these companies based on a wide range of criteria, including animal welfare. When we screen companies for animal welfare, we consider the processing of fur and (exotic) leather in, for example, a clothing item, the same as the processing of meat into a hot dog. This is because the production process is the same: animals are deliberately kept for human consumption. More information on how we screen can be found in our screening protocol.

Fur and (exotic) leather are among the issues addressed within our engagement. Some companies in our investment portfolio have already removed fur and (exotic) leather from their production lines under pressure from investors and consumers. Unfortunately, this is not the case for all companies. Naturally, we are committed to persuading companies to make this change. More information about our engagement can be found in our knowledge base.