Active ownership
Active ownership is an important part of our sustainable investment policy. As we invest our participants’ pension money in companies, we are shareholders. As shareholders, we use our influence to encourage companies to operate in a more sustainable and responsible way.
Climate change is our key focus
We expect companies to reduce their CO₂ emissions, set ambitious climate targets and comply with The Paris Agreement. In addition, we consider topics related to environmental, social and governance (ESG) factors, such as:
- Human rights and working conditions: respecting human rights and ensuring fair labour practices.
We believe it is important that companies adhere to international treaties and guidelines, such as the OECD Guidelines for Multinational Enterprises and the ICGN Global Governance Principles. We also take into account local codes of conduct in the countries where companies operate. - Health and wellbeing: contributing to a healthy and safe living environment.
- Natural resources: responsible use of natural resources.
- Sustainable energy and economic growth: investing in sustainable solutions that support healthy growth.
How do we drive change?
As shareholders, we take an active role in the companies we invest in. We expect them to improve their policies and activities in the area of sustainability. In doing so, we contribute to positive change in corporate behaviour while safeguarding the interests of our participants. We achieve this by:
Below you can read how we approach this and which activities we use to achieve change. We keep you informed and regularly publish reports.
1. Engaging with companies
Our asset managers and the research firm Sustainalytics engage in dialogue with companies. Sustainalytics does this on behalf of BeFrank. It is a global research and analytics firm specialising in environmental, social and governance (ESG) issues.
These discussions focus on the topics that matter most to us, such as CO₂ emissions, working conditions and equal rights. The United Nations Sustainable Development Goals (SDGs) may also be addressed. If a company is not doing enough, we urge improvement—for example, by requesting a more proactive approach to climate and safety.
Engagement reports
From 2025 onwards, we publish quarterly and annual reports on these engagements. These reports show which companies were engaged, the topics discussed and the outcomes.
Reports by Sustainalytics
Quarterly reports by Triodos
2. Exercising voting rights
Our asset managers exercise voting rights on our behalf at the companies we invest in. By voting at shareholder meetings, we promote good governance, sustainable business practices and long-term value creation. We place additional emphasis on climate-related issues.
If companies perform poorly, we may vote against the management or certain proposals. If a proposal contributes to positive change, we vote in favour.
From 1 January 2026, we follow the climate guideline of proxy advisory firm ISS (Institutional Shareholder Services). This guideline encourages companies to be more transparent about their climate policies, reduce climate risks and work towards net-zero CO₂ targets. ISS is a global proxy advisory firm that supports investors such as BeFrank with analysis and voting recommendations for each agenda item at shareholder meetings.
Reports on our voting behaviour
Our voting policy helps companies become more responsible, sustainable and transparent.
Curious how BeFrank exercised its voting rights last year? Our 2025 voting report will be available here soon. Below you can see exactly how votes are cast per fund and per topic.
Dashboard Goldman Sachs Asset Management
Access to this dashboard will be available soon.
This dashboard shows the voting behavior of funds managed by Goldman Sachs Asset Management:
- Passive investing (First Class return Index Fund)
- Not applicable
- Active investing (First Class return Fund I)
- QIS Sleeve FCRF I (NL)
- Enhanced Index Emerging Markets Equity Fund I (NL)
- Enhanced Index Global Small Cap Equity Fund (NL)
- Global Real Estate Equity Fund (NL)
View dashboard Northern Trust dashboard
This dashboard shows the voting behavior of funds managed by managed by Northern Trust:
- Passive investing (First Class return Index Fund)
- NT CM World Journey Equity Index Fund
- NT CM Emerging Markets Journey Equity Index Fund
- NT World Small Cap Low Carbon Equity Index
- Northern Trust Developed Real Estate ESG Index FGR Fund
- Actief beleggen (First Class return Fund I)
- NT World Screened Equity Index
Curious about what else we do?
Besides active ownership, we use other ways to encourage change. For instance, we exclude certain investments. You can find out how and which instruments we use for each investment style in our sustainable investment policy.