7 In 2010, a total of 365 (188)
dialogues were conducted. Robeco has
increased the number of dialogues over
recent years, classifying them into 21
themes.
8 In 2010, Robeco voted at 2,188
shareholders' meetings.
9 Assets managed to which the
exclusion policy can be applied
amounted to about 60% of total assets
managed by Robeco Group (not
including Roparco and third-party
funds).
Responsible Investing implemented at Rabobank Private Bank and Schretlen Co
In the year under review, Rabobank Private Banking and Schretlen Co paid a great deal of
attention to sustainable and socially responsible investing. Investor clients must be certain
that their investments satisfy generally accepted criteria for man, the environment and good
governance. Equities of enterprises involved in controversial arms are no longer advised to
clients. In addition, suppliers of investment products (investment funds, structured products,
etc.) have been asked in writing how their investment process has been set up and how that
process takes account of man, the environment and good governance. Alternatively, a tailored,
responsible portfolio can be composed on the basis of a client's personal criteria.
Robeco responsible investments
Robeco stands for responsible investing. In 1999, Robeco was the first large Dutch asset
manager to introduce a sustainable equity fund. To Robeco, embedding environmental,
social and good governance factors in the investment analysis and investment decision
process is a key element in responsible investing. Since 2010, Robeco has focused even
more on strengthening its leadership in this area. This is achieved mainly by (i) including
environmental, social and governance factors in the investment processes, (ii) increasingly
entering into active dialogues and casting its vote at shareholders' meetings, and (iii)
classifying Robeco's funds and a number of third-party funds by their degree of responsible
investment. In addition, Robeco has pursued an exclusion policy since 1 February 2010 aimed
at enterprises involved in the production of, or the trade in, such controversial weapons as
cluster ammunition and anti-personnel mines.
Assets managed, by instruments for responsible investing (in billions of euros)
2010
Assets managed by Robeco Group
150
Assets invested in sustainable theme funds
4
Assets to which ESG factor integration is applied
60
Assets managed on which dialogues with enterprises are ongoing7
44
Assets managed for which votes are cast8
26
Assets managed to which the exclusion policy can be applied9
90
Enhanced engagement for active ownership
At the end of 2009, Robeco announced its desire to add 'enhanced engagement' to its active
ownership strategies. Enhanced engagement means that Robeco enters into an active dialogue
with enterprises acting in violation of the principles of the UN Global Compact, and that
Robeco has the option to exclude such enterprises from its investment portfolios should the
dialogue not yield the desired outcome. Enhanced engagement is a formal part of Robeco's
exclusion policy. Dialogues were started with 21 enterprises, with more to follow in 2011
With the inclusion, in 2010, of emerging markets in Robeco's umbrella engagement
programme, the engagement themes cover enterprises in both mature and emerging markets.
In addition, Robeco focuses on specific themes for emerging markets, such as sustainability
reports from enterprises in South Korea, South Africa and Brazil.
Robeco started engagement activities for investments in fixed-income securities in 2010.
By the end of 2010, approximately 30% of all engagement activities concerned the credit
portfolios of both Robeco and its clients.
Robeco has developed a classification system for investment funds in collaboration with
Sustainalytics, an independent research company. This classification shows the extent to
which an investment fund makes responsible investments. For the outcome of the
classification, please log on to www.robeco.com.
44
Annual Report 2010 Rabobank Group