In its role as manager of the ASR Property Fund FGR (‘ASR Property Fund’), ASR Real Estate B.V. (a.s.r. real estate) is licensed as an AIF manager. As a holder of an AIF manager licence, a.s.r. real estate pursues a socially responsible investment policy and operates as an engaged shareholder, in compliance with the requirements of the revised Shareholder Rights Directive (2017/828 EU).
ASR Property Fund’s legislative and policy framework
The shareholder engagement policy of a.s.r. real estate is based on:
• the Financial Supervision Act (Wet op het financieel toezicht, Wft)
• SRD II (Shareholder Rights Directive).
Other policy frameworks which relate to or overlap with the present policy are:
• the conflict of interest policy of ASR Nederland N.V. and a.s.r. real estate
• the CSR policy of ASR Nederland N.V.
• the CSR policy of a.s.r. real estate
• the CSR policy of ASR Property Fund
The portfolio management of ASR Property Fund’s European listed real estate portfolio has been outsourced to external asset managers. This means that a.s.r. real estate follows the shareholder engagement policy of the asset managers. Full details of the shareholder engagement policies can be found here and here. The voting behaviour during the past quarter can be found in the following report [in English].
The activities of outsourcing parties are assessed by a.s.r. real estate at least once a year in accordance with DNB requirements. Through random checks, a.s.r. real estate also periodically verifies whether the policy pursued by the asset managers continue to comply with the investment policy adopted by the manager. Further information about ASR Property Fund’s investment policy can be found in the Key Investor Information [Dutch].