Strategy & policy

Strategy & policy

Why do we invest? What are the returns like? For whom do we invest? And what have we set out to achieve several years from now? These are the questions we will answer here. 

Theme
Long-term investment
Collection Contents
13 Publications

APG long-term investment horizon “of huge importance”

Published on: 30 March 2020

APG wants to guarantee the continuity of the services we provide for the pension funds and 4.6 million participants – especially in a time where society faces a lot of uncertainty due to the developments around Covid-19. To counter the consequences of the Covid-19 spread, we have been taking various measures.

 

One aspect of this, is to ensure our clients’ pension administration remains robust and accurate; especially now, it is important participants receive the correct pension, on time.

But also investing pension money well and responsibly is something that “simply” continues during these difficult times. The worldwide insecurity of this moment is having a considerably negative impact on the financial markets. Interest rates are also still at a very low level. Both factors strongly impact the coverage ratio of the pension funds APG works for. That is why a significant part of our attention is currently focused even more on the investments we make for our pension fund clients.

 

Ronald Wuijster, APG board member responsible for Asset Management: “Recently, the first priority has been to be able to keep working: analyzing, structuring and trading on financial  markets. We are ensuring that we continue to follow well tested procedures, agreed upon with our pension fund clients: We are preserving the hedges, we continue to re-balance and we are protecting the investment portfolio. As with many companies, the majority of APG employees, including most of the investment professionals, have been working from home these past few weeks. Only when there is no other option, work is done from the office.”

 

Even during this difficult period, APG continues to focus on realizing a responsible long-term return. On this, Ronald Wuijster states: “We believe in diversification, in which time-diversification in particular suits us well. It’s times like these that underline the immense importance of holding on to a long-term investment horizon. After more than ten good investment years, the near future will be challenging in terms of returns. At the same time, opportunities arise as well. Opportunities we need to think about already, because every crisis leads to a number of things never being the same again. There will be dozens of new trends and we will be able to take advantage of that for our clients.”

 

Bleak coverage ratio outlook, but some bright spots are also visible

APG is already discussing those future scenarios with pension fund clients: “Their coverage ratio outlook is bleak right now. But at the same time, there are rays of hope. The belief in the usefulness and necessity of spreading (collective) investment risk in time is seeing a strong resurgence nationwide. Another possible scenario is – and that would be the opposite of what happened during the credit crisis – that although the interest rate has initially fallen, it will be trending upwards for years to come, thanks to the financing needs of governments, which will probably lead to higher coverage ratios.”

Volgende publicatie:
A day on the road with BNR panel member Thijs Knaap

A day on the road with BNR panel member Thijs Knaap

Published on: 13 February 2020

Thijs Knaap, senior strategist at APG AM, has been a panel member of the BNR investment panel for over a year. At BNR they know him as someone who is not tempted by easy sound bites. His style is to have an eye for the broader perspective on the economy, stock markets and his specialty Asia. How does he prepare for a radio broadcast? We tagged along with him for a day.

 

February 4, 10:45 a.m.: two hours and forty-five minutes before the broadcast

 

Thijs Knaap enters the room spokesmen Michael Vos and Dick Kors are in. He is dressed in a spotless white shirt, black dress pants and suit jacket and freshly polished shoes. “I’m slightly overdressed for a radio performance,” he later jokes, “but I have an appointment with a client later today.” He’s holding two pages of notes in his hand. Yesterday, he received the subjects that are going to be discussed by email from the editors: elections of the democratic presidential candidate, the effects of the Corona virus on Chinese stock prices, and APG’s new sustainable and responsible investment policy.  What can he tell us about that on behalf of APG? He already has an outline of it on paper. With Dick and Michael, he dots the i’s. Have all the aspects of a subject been dealt with? What should you put the emphasis on? Meanwhile, Thijs is adding changes to his own notes while writing.

 

11:30 a.m.: two hours before the broadcast

 

After the meeting with the spokespeople Thijs has a brief consultation with Erik Jan Stork, fiduciary manager responsible for investments. Erik Jan provides some further substantive input about the new ABP sustainability policy. Thijs: “For the more specific subjects, such as sustainable investments and investing in shares, I always consult a colleague who is expert in a particular subject. That is very useful and fun too, because it is rapidly expanding my APG network.”

 

12:40 p.m.: fifty minutes before the broadcast

 

After a quick lunch, it is time to travel to BNR. From the Zuidas to Amsterdam-East. A trip he usually takes on his bicycle. “Easy and quick, and a bit of extra movement won’t do me any harm.” But he does check the precipitation radar. It looks like the trip there will be dry. Apparently, some showers are expected on the way back. “Come on, let’s take a chance!” A few minutes later, on the bike: “I just counted: this will be my 21st broadcast as a panel member of BNR Zakendoen (Business Operations).” How do you become a regular panel member of a radio program? “Well, let me think. Last year, I got back to the Netherlands after a nearly two-year adventure at APG AM in Hong Kong. I already had the required media experience from previous positions. In addition to macro-economic knowledge, I now also had more of an understanding of the Asian market. You get invited for a broadcast once and before you know it your name is in the editor’s database and you get invited back repeatedly. With the full support of APG, of course. They saw it as a nice opportunity to generate some publicity.”

 

1:10 p.m.: twenty minutes before the broadcast

 

Thijs greets co-panel member Martine Hafkamp van Fintessa when he walks through the revolving door into the studio. On the couch at reception, they quickly run their topics by each other. Nervous? No, that’s not quite the right word. More like a healthy competitive tension, a moment of extra alertness and focused attention. “A performance in the media is never just a conversation. I received that wise lesson from the previous spokesman at APG. I sometimes realize that during a broadcast. A medium wants something from you, in the form of an interesting insight, or a provocative quote, and at the same time, as APG, we get the opportunity to share our vision with a wide audience.”

 

1:27 p.m.: three minutes before the broadcast

 

Clap, clap! Mary Pieterse Bloem from ABN Amro, the third panel member, has also sat down on the couch. A light-hearted conversation about the latest investment trends is abruptly interrupted by the recording manager. He indicates it’s time to go into the studio, by clapping his hands. Behind the glass, presenter Thomas van Zijl is already waiting for them. After some handshaking and a brief chat, the panel members go and stand behind their own microphones.

 

11:30 p.m.: start of the broadcast

 

The broadcast starts light-heartedly with a joke about Thijs’ pages of notes. “At BNR, they know by now that I come well-prepared.” During the program, some investors that can get a discussion going with some provocative quotes are invited. Thijs: “That’s not my style. I always try to put things in perspective and provide insight. I’m there not just as Thijs Knaap, but also as a representative of one of the biggest investment managers of the world. So, it’s my responsibility to come well-prepared. That doesn’t mean I avoid unexpected, personal questions. I trust that, even if it gets personal, I can speak largely on behalf of APG.”

 

1:45 p.m.:

 

The new sustainable and responsible investment policy comes up. Thomas van Zijl immediately fires off a critical question for Thijs. Does this policy not impose too many restrictions? Thijs: “First, we must make the CO2 emission of our portfolio measurable and then we must push it back. Some companies will fall off. We totally trust that we will be able to meet these goals while maintaining profit and risk.”

 

2:00 p.m.:

 

End of the broadcast. Thijs chats with presenter Thomas van Zijl for a few more minutes and then appears at the reception desk again. It’s raining out by now. With a cup of coffee at Dauphine, a nearby restaurant, we wait for the shower to pass. How did it go? “Pretty good. Although it’s always tricky to summarize something complex, like a sustainable investment policy, in just a few sentences.”

 

2:20 p.m.

 

By now it’s pouring outside. Cycling back in a suit is not an attractive option. We decide to take our bikes onto the metro to get back. Back to his “fan club” at Symphony. Most of his immediate co-workers have listened to the broadcast, I expect. Sometimes there is a slightly critical tone. “Why didn’t you discuss this topic?”, but secretly, they are pretty proud of their man at BNR.  

 

Listen to the broadcast of the BNR Investment panel with Thijs Knaap here.

Volgende publicatie:
Annual report APG 2018: APG on track, despite a challenging year

Annual report APG 2018: APG on track, despite a challenging year

Published on: 25 April 2019

Highlights of the annual report:

  • Market outperformed despite challenging market conditions
  • Lower costs per participant
  • Members given additional insight and action agenda
  • New accommodation for business units

In 2018 APG achieved an average additional return for its pension funds and their members of 90 basis points compared to the market. At the same time, APG succeeded in reducing its administration costs per participant by 6% to €69.40. APG also gave 850,000 ABP participants an insight into pension assets via the Personal Pension Depot, and 56,000 SPW participants were given a financial action agenda with the launch of Clear Overview and Insight. APG's turnover in 2018 was €1,036 million. The net result was €48 million.

 

Gerard van Olphen, chairman of APG's Executive Board: “What I found the most challenging were the external circumstances. We're working hard on pension value: our aim is to create as much value as possible for every euro that participants put into their pension. Over the past year, we've taken a few good steps: we're strategically on track, we've reduced the average administration costs per participant by six percent and we have offered people more insight into their pension. At the same time, the market continues to be plagued by the prospect of cuts due to low interest rates. The lack of a pension agreement also continues to decrease the confidence of participants and public support in general. That doesn't make it easier.”

APG manages the pension assets of millions of people, and they have to be able to rely on their accrued pension rights being properly invested, administered and paid out.

In 'Pension shouldn’t become a second Brexit', CEO Gerard van Olphen and Ronald Wuijster, responsible for asset management, look back and ahead and explain how APG deals with dilemmas such as no pension agreement, returns versus sustainability and bonuses for investors. Read the entire interview here

 

View the full APG Annual Report 2018 here

Volgende publicatie:
Loyalis acquired by a.s.r.

Loyalis acquired by a.s.r.

Published on: 4 December 2018

APG focusses on realization of pension value for participants

ASR Nederland N.V. (a.s.r.) and APG have reached an agreement that a.s.r. will acquire insurance subsidiary Loyalis from pension provider APG. The intended sale of Loyalis fits in APG's strategy to focus primarily on the realization of pension value for participants of pension funds operated by APG. The sale to a.s.r. offers Loyalis a new home with a reputable insurer and with it the possibility to further increase its scale and realize a broader product range. In order to guarantee the continuity of service to customers, long-term agreements have been made between APG and a.s.r. As a result, customers continue to receive the services as they are accustomed to from Loyalis. It has also been agreed that the non-life insurance company and the related staff services of Loyalis will remain in Heerlen.

A.s.r. reports: “The name and brand Loyalis will continue to exist. The Loyalis office will remain in Heerlen. From here, the disability business of Loyalis will continue to operate and continue the collaboration with APG for the benefit of knowledge sharing, product development and customer service. The life and pension activities of Loyalis are expected to be integrated into a.s.r. a.s.r. together with APG, it intends to compensate for possible loss of jobs as much as possible within the activities in Heerlen and by filling vacancies at a.sr. and APG. "

 

Gerard van Olphen, CEO of the APG Group, says he is pleased that Loyalis will be acquired by a.s.r.: "With a.s.r., Loyalis is offered the opportunity to strengthen its future in the insurance market. a.s.r. is a large Dutch party that offers continuity and security for Loyalis customers in the longer term. APG can now focus more on its primary tasks in the area of pension administration and asset management of the pension funds that are connected to us. APG remains connected to Loyalis through a cooperation agreement with a.s.r. We want to thank everyone at Loyalis for their dedication. With their expertise and commitment, they have made Loyalis what it is today: a strong and beautiful insurance company with unique products. We wish our people every success in the future, and we look forward to the continuation of our cooperation ".

 

Peter van Wageningen, CEO of Loyalis: "I am happy with the new perspective for Loyalis. I want to thank our people for their efforts in the past period. Thanks to their enthusiasm and commitment, Loyalis has grown into a strong and solid company. With our new shareholder we can continue to work on the further development of our products, services and customer service. By completing the sales process, we can fully focus on working with our customers and expanding our market position."

 

The final completion of the acquisition is subject to approval by the official authorities. Furthermore, the Works Council of APG will be given the opportunity to render advice with respect to the Transaction. Naturally, employee participation is fully informed and closely involved in the process.

Volgende publicatie:
APG sells Inovita to Keylane

APG sells Inovita to Keylane

Published on: 5 September 2018

Unfortunately, this article is not available in English.

Volgende publicatie:
Pipelines Tar Sand: biggest impact as active shareholder

Pipelines Tar Sand: biggest impact as active shareholder

Published on: 31 July 2018

Greenpeace asks pension funds and other investor to sell assets in companies that build pipelines for the transport of tar sands. They have also approached ABP and APG.

 

At ABP/APG, we prefer to engage in dialogue with these companies instead of selling our assets. Because we are shareholders, we can have a positive influence on companies when it comes to themes like human rights, climate change and industrial safety. With this and other investments, we always look at the factors return, risk, cost and sustainability. We believe that society and our participants are best served with critical shareholders such as APG/ABP. We appreciate input from organizations such as Greenpeace and we use that in our dialogue with companies we invest in.

 

Dialogue with Greenpeace

July 11th we have sent a letter to Greenpeace. On July 19th a delegation of ABP and APG has had a meeting with Greenpeace. After summer we will continue our dialogue with Greenpeace in a meeting where the CEO’s of ABP and APG will be present.

 

ABP and APG aim to contribute to a more sustainable world, investing the pension premiums of our participants through corporate responsibility and sustainable investments. As sustainability is not an optional item in both our perspective, ABP has implemented a number of specific targets for ABP’s sustainable and responsible investment policy to be realized by 2020 and executed by APG.

Volgende publicatie:
Prime Minister Rutte visits E fund and APG in China

Prime Minister Rutte visits E fund and APG in China

Published on: 11 April 2018

A broad Dutch government delegation, including Prime Minister Rutte, is visiting China this week for a trade mission. The partnership of APG and E fund is part of their program. E Fund is one of the largest investors in China. APG and E Fund exchange knowledge in the field of asset management, ICT and pension administration.

 

Prime Minister Rutte paid a one-hour visit to the E Fund office in Guangzhou, expressing his appreciation for the partnership and its benefits for both companies and countries. 

In the presence of Minister Bruins, the signing of a declaration of intent between APG, E fund, Erasmus University and the University of Peking was also started, starting with the first research project of the Financial Future Planning Academy.

Volgende publicatie:
APG welcomes EU Expert Group report on Sustainable Finance

APG welcomes EU Expert Group report on Sustainable Finance

Published on: 31 January 2018

In late 2016, the European Commission tasked a High Level Expert Group (HLEG) to work on a more sustainable financial system and develop a comprehensive blueprint for reforms along the entire investment chain, on which to build a sustainable finance strategy for the EU. This 20 member Group, including Claudia Kruse, Managing Director Responsible Investment & Governance at APG, published its final report today.

 

One of the key recommendations is to create an EU Sustainable Taxonomy, a classification system to determine which assets contribute to the Paris Climate agreement and the Sustainable Development Goals. This is in line what APG and its clients would like to achieve and the asset owner led Taxonomy on Sustainable Development Investments (SDIs), will be one of the existing frameworks to build on.

 

Other recommendations of the EU Expert Group are:

  • Clarify investor duties to better embrace long-term horizon and sustainability preferences
  • Upgrade disclosure rules to make sustainability risks fully transparent, starting with climate change
  • Key elements of a retail strategy on sustainable finance: investment advice, ecolabel and SRI minimum standards
  • Develop and implement official European sustainability standards and labels, starting with green bonds
  • Establish ‘Sustainable Infrastructure Europe
  • Governance and Leadership
  • Include sustainability in the supervisory mandate of the ESAs and extend the horizon of risk monitoring

Claudia Kruse Managing Director Responsible Investment & Governance at APG:
“We welcome the Commission’s ambition to building a more sustainable financial system and are delighted that we were able to contribute as part of the EU High Level Expert Group on Sustainable Finance. In our view these recommendations can help drive the necessary change to shift more capital towards sustainable solutions and integrate sustainability in investment decisions. APG and its clients are recognized for their leadership on responsible investing and we believe that a sustainable financial system is in the best interest of beneficiaries."

Volgende publicatie:
China’s E Fund and Dutch APG Introduce Financial Future Planning Academy

China’s E Fund and Dutch APG Introduce Financial Future Planning Academy

Published on: 21 March 2017

After signing of the Letter of Intent last June, China’s 3rd largest asset manager E Fund and one of the largest European pension fund providers APG co-launch the “Financial Future Planning Academy.

 

The Academy will be working with top universities of both markets, focusing on financial investments, technology, policies and regulations, and researching on industry concerning topics to provide better investment products and policy implementation consultation.

 

‘Think tank’ for thought leadership

Sau Kwan, President of E Fund, said, “We are really excited to establish the Academy together with APG. I believe the Academy will be the ‘think tank’ to provide thought leadership and solutions for both markets, and help us be better decision makers, continually serving for our clients and community.” The partnership between E Fund and APG started last June and covers a broad spectrum of pension administration, asset management and ICT domains. A lot of achievements have been made during the past 10 months, including a joint investment platform for the China market as well as a technology partnership. Regarding the establishment of the Academy, Gerard van Olphen, CEO of APG also stated, “We are glad to be co-founding the Academy. It’s a significant step of our partnership with E Fund. The Academy will produce professional insights and consultancy to support us in research and investment, guiding investors and individuals on better retirement plans.”

 

About E Fund

Established on April 17, 2001, E Fund has grown to be a leading asset manager that provides asset management services in China with mutual funds, pension funds and segregated account business. As of the end of 2016, the company has overseen total AUM over RMB 1 trillion, ranking the top 3 fund managers in China. The company leads the 1st place by AUM without money market funds. Headquartered in Guangzhou, China, E Fund has offices in Beijing, Shanghai, Hong Kong, New York and other major cities in China.

Volgende publicatie:
Investing in UN targets, with return on investment

Investing in UN targets, with return on investment

Published on: 6 September 2016

Last year, the UN set out the “Sustainable Development Goals” (SDGs) for 2030. A set of 17 highly ambitious goals relating to climate, health care, education and further topics. In the coming 15 years, we will need all hands on deck, and we will need a contribution from major institutional investors to achieve these goals.

 

Increasing our investments into sustainable solutions

APG and PGGM aim to take their role in this transition towards a more sustainable world. Together, we invest funds for pension funds such as ABP and PFZW, managing over 600 billion euros in assets. We cannot make concessions to the financial results to be achieved for beneficiaries.  At the same time, we are committed to using our investments to contribute to realizing the SDGs.

On behalf of ABP and PFZW, and our other clients, we are significantly increasing our investments into sustainable solutions. From now on, we will refer to such investments as Sustainable Development Investments (SDIs). These investments must fulfill the regular risk return requirements, and they must also provide a substantial and measurable contribution to one or more SDGs.

 

Explicit about social goals

A new aspect is that our clients are explicit about the specific societal goals they want to align with; where they want to invest their beneficiaries ‘money in - not just where they don’t want to invest in. For example by supporting the UN SD goals relating to education or health care, without compromising on the financial result.

 

As institutional investors are shifting part of their assets to companies and other investments with a higher contribution to the SDGs, they are issuing a key signal to the relevant companies, their sectors and the market place as a whole. With our investments, we also stress the importance of being able to measure their contribution. This offers companies the option of profiling themselves with the solutions that their products and services represent in the light of a more sustainable world. This is work in progress, both for companies and investors. Simultaneously, it is also a source of innovation and motivation. A tool for customer loyalty and retention.

 

APG and PGGM have been closely collaborating on this new approach. Asset managers MN, ACTIAM and Kempen have also worked intensively on the theme in the past year. The large Swedish pension funds are also on board. Other institutional investors are invited to join. This week, the investment industry will gather at the Principles for Responsible Investment (PRI) conference in Singapore bringing together leading global institutional investors. We will promote the importance of a shared definition of Sustainable Development Investments and encourage other major institutional investors will take similar steps. Together we can change the world to make to make it a better place to live and retire in.

Volgende publicatie:
Driving force behind GRESB

Driving force behind GRESB

Published on: 28 June 2016

Being one of the world’s largest real estate investors we will take account of environmental, social and governance (ESG) factors in this asset class.

 

APG is one of the world’s largest real estate investors and invests circa 10% of its assets under management in this asset class. We usually hold 5% to almost 40% stakes in funds and companies. We are a driving force behind an industry initiative, the Global Real Estate Sustainability Benchmark (GRESB), and are pushing for consistent sustainability reporting standards across Real Estate Associations. We actively engage with our portfolio investments and asses new investment against strict ESG criteria.

 

Outperformance of APG against GRESB benchmark

The real estate sector accounts for circa 40% of emissions in the EU alone and is a contributing factor to climate change. APG believes that real estate companies and their investors benefit from enhanced sustainability performance of portfolio companies. To be able to assess and benchmark the sustainability performance of our real estate portfolios (listed and non-listed) globally we have been a driving force behind GRESB. The real estate portfolio of APG’s clients outperforms the GRESB benchmark, not least because we pursue a strategy of active engagement and dialogue with our investee companies to improve their performance.

 

Driving consistency in Real Estate sustainability reporting

APG is very active in different Real Estate Associations such as INREV and EPRA to ensure that these develop consistent sustainability reporting standards. Moreover, we were the only investor participating in the Global Reporting Initiative’s (GRI) Construction and Real Estate Sector Supplement and have ensured that there is consistency between this , GRESB and other sustainability guidelines promoted by Real Estate Associations.

 

Active dialogue and engagement

We actively exercise our shareholders rights to address corporate governance concerns at investee companies. We have a clear vision of what is acceptable and what isn’t and communicate this during dialogue with companies. Next to a real estate specialist in ESG for Europe we have a dedicated Sustainability & Governance Specialist in Asia also conducts due diligence on the ground.

 

Only 1st or 2nd quartile investments

We ensure that environmental, social and governance risks are understood during and prior to investing. External managers have to complete the online (GRESB) survey as a mandatory part of our due diligence process. If an investment does not yet rank among the top or 2nd quartile performers in the GRESB database, it has to commit to achieving this within two years. If an investment manager fails to do so we may not make further investments with this manager.

 

In sum, at APG sustainability and governance forms an integral part of the investment process. Our reputation as a leader in the field of responsible investing in real estate differentiates APG from other asset managers.

Volgende publicatie:
Investing using Big Data

Investing using Big Data

Published on: 28 February 2016

Big investors are increasingly making use of big data, where large amounts of data to be analyzed in order to distill trends.

 

Valentijn van Nieuwenhuijzen flips open his laptop on the first trading day of this year, he sees immediately that something unusual is going on. The figures Market Psych, the system that NN Investment Partners measures the sentiment in the market come in. Articles on innovation score higher than average in the digital media, but more importantly, words that are associated with stress and (Gloom) dominate the digital domain, just as the term.

 

The main strategy of the Dutch asset manager with eruo 187 billion under management decides to step on the brake, he unscrews the equity investments back and keep more cash on. That week shoot investors indeed stressed: go global stock markets sharply down and the Amsterdam AEX index will experience the worst first week of the year yet.

 

Trends distill

Big investors are increasingly making use of big data, where large amounts of data to be analyzed in order to distill trends. "Actually, we try to predict human behavior," says Richard Mathieson, director of the Scientific Active Equity team at BlackRock. 

 

The world's largest asset manager in the world ($ 4,600 billion, converted some & euro; 4,200 billion) has been involved since 2008 engaged in the investment process and in San Francisco, the Mecca of the tech industry, a team of 25 data analysts put to work. BlackRock makes like NN using language analysis to measure sentiment. With special software are news sites, social media and other relevant sources scanned for words related to a positive or negative sentiment. That may be about a company or an industry, but also a political event that the FINANCE can put in motion le markets. For example, the debate on a brexit, a departure from the United Kingdom from the European Union. Since June 23, a referendum held on.

 

Information Value

At this time point the polls in the UK on a neck-and-neck race between supporters and opponents, "said Mathieson. "But our analysis shows messages on Twitter that a majority prevailed that the UK remains in the EU." Mathieson has not taken a position yet on this information. "Therefore, the market is too volatile and we do not rely on . N analysis

"It is an additional resource, not d & eacute; source "also emphasizes Van Nieuwenhuijzen of NN. How the data on digital media weigh in a decision, since the main strategy has no hard figures. & Lsquo; Cause you never know what you decided in the scenario if you had not had that knowledge. But it adds 10% to 20% of information value. Information that is only input for the final decision.

 

Knowledge production

NN Investment Partners uses the system about two years. For the much larger APG (& euro; 405 billion under management) began the experiment with big data in 2011. "Within five to ten years, investing using big data commonplace," says Ronald van Dijk, Managing Director at APG. "We now need to build knowledge about this way of investing."


APG has no special team for big data, but the asset that has the largest pension fund in the Netherlands (officials ABP) as its main customer, it frees up time for staff for this trend. They're especially when the team is already engaged in investing with computer models based on old-fashioned data such as macro data and analyst reports. This part of APG invests & euro; 60 billion.

 

Van Dijk says that the computer he uses to investment risk mapping 5% has become more accurate by using big data. According to him, the investment world only at the beginning of the big data revolution. "Many investors look at macro figures such as inflation and the growth of gross domestic product (GDP) in the previous quarter. But that's looking backwards. The data on, for example to analyze purchases on the internet you can find out what is happening now, what the sentiment is."

 

Read the full article at fd.nl (account required)

Volgende publicatie:
More protection for minority shareholders

More protection for minority shareholders

Published on: 24 February 2016

When an acquisition of a Dutch listed company, minority shareholders draw increasingly on the short end. Even if the acquirer does not have enough equity to launch a squeeze-out procedure, the repeaters are relatively easy to put offside.

 

Accelerating border

In an interview with FD and investors APG Kempen Orange Participations and investors dome Eumedion that there really come to an end. Minority shareholders deserve according to their better protection. They want the border to honor to be able to make a takeover bid is raised. According to the law which is at 50% plus one share. "But 80% of the share capital would be a better threshold," said Rients Abma, director of Eumedion.

 

Stick stabbing for 'wegpesten shareholders'

Eumedion, APG and want Kempen & nbsp; additional protection. Minority shareholders should be able to appoint its own commissioner following completion of a takeover bid. Which should have a right of veto to block measures which go against the interests of the minority shareholders.

 

"Such a commissioner must not only defend the minority shareholders, but the interests of all stakeholders should," says Herman Kleeven, head of European investments at retirement investor APG. But he has to stabbing a stop to the 'wegpesten shareholders.

 

More contact than on capital

Currently, a company may appoint commissioners to fulfill that role. In the name are independent of the new majority shareholder, but the practice unmanageable. The specter is taking the events surrounding TenCate, where "independent" commissioner Egbert ten Cate financial interest had on the success of the acquisition.

According Kleeven is typical of the gap that exists between directors and shareholders. "We therefore want the auditors much more self-seek dialogue with shareholders. The company must not only come to us when capital is needed. "

 

Read the entire article on fd.nl (Requires account)

 

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