{"id":2083,"date":"2019-02-20T10:22:46","date_gmt":"2019-02-20T09:22:46","guid":{"rendered":"https:\/\/vbdo.nl\/?p=2083"},"modified":"2019-02-20T10:22:46","modified_gmt":"2019-02-20T09:22:46","slug":"geen-verband-beleggingskosten-en-esg-score","status":"publish","type":"post","link":"https:\/\/vbdo.nl\/en\/2019\/02\/geen-verband-beleggingskosten-en-esg-score\/","title":{"rendered":"ESG investing does not cost more, research shows"},"content":{"rendered":"<article class=\"head full social-quotable\"><strong>Pension funds performing well on environmental, social and corporate governance (ESG) factors don\u2019t incur higher asset management costs, according to research.\u00a0Research by Dutch consultant Gaston Siegelaer indicated that improvements to investors\u2019 ESG policies did not increase costs either.<br \/>\n<em><br \/>\nSource: Frank van Alphen in <a href=\"https:\/\/www.ipe.com\/countries\/netherlands\/esg-investing-does-not-cost-more-research-shows\/10029567.article\">IPE<\/a><\/em><\/strong><\/p>\n<p>Siegelaer analysed cost data from 2016 and 2017 at the 50 largest Dutch schemes monitored by the Association of Investors for Sustainable Development (VBDO), and found no correlation between the level of asset management costs \u2013 including transaction costs \u2013 and their VBDO ranking.<\/p>\n<p>\u201cSchemes with a high ESG score didn\u2019t incur higher costs than pension funds at the bottom of the list,\u201d he said, adding that spikes in costs couldn\u2019t be explained by ESG efforts.<\/p>\n<p>The consultant said the results didn\u2019t need to be adjusted for a pension fund\u2019s scale \u201cas the largest schemes were always high on the VBDO list\u201d.<\/p>\n<p>\u201cEarlier research has shown that there is no link between scale and costs,\u201d Siegelaer said. \u201cLarge schemes do have benefits of scale, but usually have larger investments in expensive asset classes, such as private equity and infrastructure.\u201d<\/p>\n<p>An improved ESG score based on governance, policy, implementation and accountability didn\u2019t lead to higher costs, he argued.<\/p>\n<\/article>\n<picture><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/pensioenpro-external-prod.imgix.net\/-ZZI32JLzOfkTTymINpDGNEwceY.jpg?auto=format&amp;q=45&amp;cs=tinysrgb&amp;w=564\" alt=\"Gaston Siegelaer\" width=\"274\" height=\"274\" \/><\/picture>\n<span class=\"caption\">\u00a0Gaston Siegelaer<\/span><\/p>\n<article class=\"head full social-quotable\">Siegelaer found that, for example, the pension funds Detailhandel (\u20ac21bn), Hoogovens (\u20ac8.7bn) and ABN Amro (\u20ac26.5bn) had all improved their ESG scores in recent years, while only Hoogovens experienced higher costs \u2013 up by just one basis point. Costs at Detailhandel and ABN Amro fell by the same amount.<\/p>\n<p>According to Siegelaer, the cost level at all three schemes was below average.<\/p>\n<p>He said that smaller schemes in particular were concerned about increasing costs when adopting an ESG approach: \u201cThey don\u2019t know where to start and aren\u2019t keen to spend days formulating ESG policy.\u201d<\/p>\n<p>He added that\u00a0pension funds could start ESG investing without overhauling their investment policy in three ways.<\/p>\n<p>\u201cPension funds with an active investment policy could, for example, switch from a traditional approach to active investing tasking the asset manager with specifically factoring in ESG considerations,\u201d Siegelaer said. \u201cThey could also use indices that take ESG criteria into account.\u201d<\/p>\n<p>A third way of improving ESG performance without additional costs was to combine engagement with a passive investment strategy, according to the consultant.<\/p>\n<p>\u201cA pension fund can compensate the additional costs of engagement through increasing its passively managed mandates based on ESG indices,\u201d\u00a0Siegelaer said.<\/p>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Pension funds performing well on environmental, social and corporate governance (ESG) factors don\u2019t incur higher asset management costs, according to research.\u00a0Research by Dutch consultant Gaston Siegelaer indicated that improvements to investors\u2019 ESG policies did not increase costs either. Source: Frank [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,12],"tags":[],"esg-filter":[],"pub-type":[],"class_list":["post-2083","post","type-post","status-publish","format-standard","hentry","category-homepage","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ESG investing does not cost more, research shows - Dutch Association of Investors for Sustainable Development<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vbdo.nl\/en\/2019\/02\/geen-verband-beleggingskosten-en-esg-score\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ESG investing does not cost more, research shows - Dutch Association of Investors for Sustainable Development\" \/>\n<meta property=\"og:description\" content=\"Pension funds performing well on environmental, social and corporate governance (ESG) factors don\u2019t incur higher asset management costs, according to research.\u00a0Research by Dutch consultant Gaston Siegelaer indicated that improvements to investors\u2019 ESG policies did not increase costs either. 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