APG has published its Stewardship Overview 2024, highlighting the activities it carried out on behalf of its clients. Stewardship is a fundamental pillar of APG’s responsible investment strategy.
As the fiduciary asset manager for four Dutch pension funds, APG is entrusted with the long-term financial well-being of millions of participants. Stewardship at APG is grounded in our duty to act in the best interests of our clients and their beneficiaries. It is a proactive, investment-led approach that integrates environmental, social, and governance (ESG) considerations into our decision-making processes. Engagement and voting are the two core instruments through which we exercise our influence and promote responsible corporate behavior.
Engagement: Translating client priorities into action
In 2024, APG engaged with 364 listed companies across a range of ESG topics, including climate, biodiversity, human rights, and corporate governance. When engagement alone was insufficient to drive change, APG used its voting rights to reinforce our expectations and hold companies accountable.
APG’s engagement programs are designed around multi-year themes defined in close consultation with its clients. These themes target systemic risks and areas where investor influence can catalyze meaningful change. Each engagement is tailored to the materiality of the issue and the responsiveness of the company, ensuring a dynamic and adaptive approach. “Whether through constructive engagement with investees, voting at shareholder meetings, or collaborative initiatives with peers, our stewardship activities are designed to drive meaningful change and long-term value,” says Claudia Kruse, Managing Director RI Strategy & Partnership at APG.
APG’s investment professionals lead these engagements, bringing deep sector and company-specific expertise to the table. They are supported by responsible investment specialists embedded within our investment teams, ensuring that ESG considerations are consistently integrated into our stewardship activities.
We also amplify our impact through collaborative initiatives with other institutional investors and industry bodies. These partnerships enhance our ability to influence corporate behavior and contribute to the development of global best practices.
Voting: A fiduciary responsibility
Voting at shareholder meetings is a critical mechanism for expressing our clients’ views and reinforcing our engagement efforts. In 2024, APG exercised its voting rights across a broad universe of portfolio companies, guided by our clients’ responsible investment policies, global sustainability standards, market developments, and local laws.
Transparency remains a cornerstone of APG’s approach. We publish detailed voting records on our website, including company-specific information and statistics on how we voted on agenda items. This openness strengthens accountability and demonstrates APG’s commitment to responsible ownership.