Responsible Investment
The Heineken Pensioenfonds (hereafter: HPF) invests assets of approximately EUR 4.3 billion with the intent to preserve the purchasing power of pensions as much as possible by aiming for the best possible returns at a responsible level of risk. HPF believes that a good pension is enjoyed in a world worth living in. Yet, it is becoming less and less obvious that this perspective will be realized without focused effort. That is why in its investment policy HPF takes environmental, social and governance aspects into account. How HPF does this is laid down in the Responsible Investment (RI) policy. In addition to RI, the abbreviation ESG for Environmental, Social and Governance aspects is also widely used. We also use both abbreviations as synonyms.
HPF considers the development of the RI policy as an evolutionary process. HPF seeks to have a complete, relevant and feasible RI policy at all times, which adapts and expands depending on experiences gained and developments in vision and expertise realized. This evolutionary growth is part of the policy. At the same time, sociopolitical insights and service providers are also developing, and more and better investment products (from asset managers) and analysis instruments (from data providers) are being developed by which the RI policy of HPF can be further refined andimplemented. HPF thus recognizes that as a field RI continues to develop externally and seeks to stay on top of these developments.
HPF has signed the Covenant on International Responsible Investment (IMVB Covenant). HPF thereby endorses the ‘OECD Guidelines for Multinational Enterprises’ and the ‘UN Guiding Principles on Business and Human Rights’ (UNGPs), and adopts the ‘OECD Guidance for Institutional Investors‘ as a guideline.
In 2020, HPF has developed an enhanced RI policy that is in line with the standards within the IMVB Covenant. The RI Vision, the RI Investment Belief and the RI Objective have been reformulated and Guiding Principles have been established as part of the overarching Vision, Investment Beliefs and Investment Objectives of HPF as a whole. In 2021-2022, the detailed implementation of this RI policy has been formalized and the results for 2021 have been established. In the process, HPF aims to contribute to long-term social value creation.
In 2022, HPF further developed the RI policy. For example, as a further interpretation of ESG Integration, a climate objective derived from the Paris Climate Agreement has been introduced, the scope of our Engagement effort has been significantly expanded, criteria for moving to Exclusions have been broadened, a start has been made with Impact Investing within both equity and government bond portfolio, and a board member has been appointed with RI as a special focus area. The report on the implementation and results of the policy shall be available no later than six months after the end of the year.
RI Vision
HPF believes that, as a long-term investor and jointly with other institutional investors, it has an influence on the corporate social responsibility of companies and governments, eventhough this influence is limited, not always measurable, and typically only noticeable in the longer term. HPF recognizes that this influence entails a social responsibility and seeks to follow up on this by integrating responsible investment into its investment policy. In doing so, the HPF aims to contribute to social long-term value creation.
An essential principle for all this is that social partners and participants of HPF consider it important for HPF to invest in a responsible manner. HPF seeks to pursue an RI policy that is in line with HEINEKEN’s RI ambitions and which stakeholders recognize themselves in. HPF aims to be transparent about the RI policy executed, and about the results of this policy, insofar measurable and identifiable.
The most important element of HPF’s overarching Vision is the ambition to preserve the purchasing power of pensions as much as possible within its risk appetite, financial resources and legal frameworks. To this end, HPF seeks to invest the assets entrusted in a responsible and prudent manner, whilst adhering to the investment objective that the return-risk ratio of the investments is geared towards this ambition.
RI Investment belief
As mentioned, the most important element of HPF’s overachring Vision is the ambition to preserve the purchasing power of pensions as much as possible within its risk appetite, financial resources and legal frameworks. It is HPF’s RI Investment Belief that responsible investment can go hand in hand with the investment objective of aligning the return-risk ratio of the investments to this ambition.
RI Objective
The RI Objective of HPF is to invest in a controlled and visible manner and in a responsible manner.
[controlled] The above-mentioned RI Investment Belief will be monitored and adjusted if the ambition to preserve the purchasing power of pensions is jeopardized as a result.
[visible] There will also be periodic reports, both internally and externally, on the policy pursued, the implementation and the results, so that stakeholders can take note of this.
Guiding Principles
In order to give direction to the implementation of the RI policy, HPF has formulated five guiding principle. To be complete, the previously formulated RI Objective has been included as the first Guiding Principle.
Sustainability Report
The Sustainability Report 2023 reports on the RI policy (part 1), and implementation and results (part 2) for 2023.
Read the Policy part of the Sustainability Report 2023 here (only available in Dutch)
Read the Results section of the Sustainability Report 2023 here (only available in Dutch)
Read here the publications of the SRDII legislation and the SFDR legislation.
Exclusion lists
As part of our sustainability policy, we use an exclusion list. A company on the exclusion list for an investment mandate means that HPF does not invest in that company. For an investment fund HPF accepts an allocation of up to 0,5%, unless the board decides otherwise for good reason. Saudi Aramco is a company on the exclusion list and the allocation to Saudi Aramco in the emerging markets investment fund was 1% (year-end 2023) and exceeded the maximum of 0,5%. The board has decided to grant the Emerging Market investment fund a temporary exception, as in the context of the approaching transition to the new pension system, a comprehensive reconsideration of emerging markets as an investment class by the HPF will take place within one to two years.
Previous Sustainability Reports
Policy part of the Sustainability Report 2022(only available in Dutch)
Results section of the Sustainability Report 2022 (only available in Dutch)
Sustainability Report 2021 (only available in Dutch)