The Heineken Pensioenfonds (hereafter: HPF) invests assets of approximately EUR 4.5 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.
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.
HPF’s RI Objective is to invest responsibly in a controlled and transparent manner. The RI investment belief that RI can go hand in hand with the investment objective of aligning the return-risk ratio of the investments with the ambition to preserve the purchasing power of pensions as much as possible, will be monitored and adjusted if this ambition is jeopardized (i.e. ‘controlled’). In addition, periodic reporting, both internally and externally, on the IR policy and its implementation, execution and results, will enable stakeholders to be informed (i.e. ‘transparent’).
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.
The very first Sustainability Report below provides an integral report on the RI policy and its implementation, execution and results. Part 1 describes the RI policy for 2020-2021. Part 2 describes the implementation, execution and results for 2021. The 2021 Annual Report also briefly reports on this. For the disclosures of the SRDII and SFDR legislation, reference is made to elsewhere on the HPF website.
Read the Sustainability Report 2021 (only available in Dutch).