Retailer C&A’s Dutch pension fund, Provisum, has revealed it has recently awarded a €250m passive equity mandate to State Street Global Advisers (SSGA).

In an update for members, Provisum investment committee chairman, Jan Bezemer, said that the fund plans to “exert more influence” over the companies that it invests in.

“For example, we can vote at their shareholder meetings. Or we will talk to the top companies. This allows us to influence, among other things, the working conditions of a company or the way in which a company deals with the climate. That does not mean that as a board we travel all over the world. We hire specialized parties for this,” he said.

He also acknowledged that members are finding it more important that it considers climate risks and socially responsible investment, whilst at the same time achieving a good return on its investments.

The shares that it invests in through SSGA allow the fund to reclaim dividend tax, which “ensures a higher return”, Bezemer noted.

The fund has approximately €1.5bn of assets under management, of which €500m is invested in equities. The remaining €250m is invested is actively invested in investment funds by its asset manager Anthos Fund & Asset Management (AFAM).

“For the other half of the shares that Provisum actively invests, AFAM will therefore continue to manage the portfolio. This asset manager selects mutual funds and is tasked with outperforming the global index to which their investment performance is compared.”

Bezemer said the new investment does not change the fund’s aim to achieve a good return for its members.

"We have now filled our socially responsible investment ‘toolbox’ better. Now we can better shape the wishes of participants, retirees and affiliated employers for this part of the equity portfolio. The investment committee continues to play an important advisory role for the fund board,” he said.

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