PFZW

Naam van het bedrijf
File:Bijdrijfs Logo.svg
Quick Facts
Type	Public
sector	Finance (Pension)
Headquarters (Benelux Organization)	Zeist (Utrecht), Netherlands
Year of Origin	1969
Emissions (All Scopes)	3.4 Megatons of CO2 (2020)
Net Income	USD$XXXX billion (2020)
Key People	John Landman (CEO) and Joanne Kellerman (Chairman)
Subsidiaries	dochterbedrijf 1 dochterbedrijf 2

Pensioenfonds Zorg & Welzijn, stylized as PFZW, is a pension fund for the healthcare & welfare sector. In that context, the foundation collects the pension contributions paid by employers and employees. These contributions are invested on behalf of the participants. After retirement, the foundation pays out te retirement pension. The foundation is also responsible for the payment of survivor’s and orphan’s pensions. It had almost 3 million (former) participants in 2020

Company Structure

Board of Directors

The CEO of PFZW is John Landman

The Management Board consists of representatives of the employer organisations from the sector, representatives from employee organisations, a representative of pensioners and an independent chair. The chairman is Joanne Kellerman. The respresentatives employee organisations are Jorick de Bruin (labor union CNV Connectief), Cees Dert (NU’91), Mariëtte Simons (chosen boardmember pensioners), Ilse van der Weiden (labor union FNV) and Leonne Jansen (labor union FNV). The representatives from the employer organisations are Age Bakker (VGN), Petra de Bruijn (Social Work Netherlands), Jacqueline Joppe (Actiz), Pascal Wolters GGZ Netherlands) and André ten Damme (ActiZ).

The Supervisory Board is appointed by the Management Board. The members of the Supervisory Board are Jack Buckens (chair), Jo van Engelen, Kees Goudswaard and Henny Kapteijn.

Accountant

The external independent accountant of PFZW is PWC (2020).

Operations

PFZW is the pension fund for the healthcare & welfare sector. It is a not for profit foundation. The Management Board is responsible for the policy and implementation of the collective pension scheme. An important body within the organisation is the Pension Council, the statutory accountability body at PFZW. The Pension Council advises the board in advance about the pension policy. It also assessess anually (in retrospect) whether the board has acted correctly. The Pension Council consits of participants, employers and pensioners.

The organisation states that it invests the pension contributions of participants and employers in a sustainable manner, as much as possible, while maintaining the desired financial return.

Paris Agreement to Today

beschrijving van wat het bedrijf heet gedaan en misdaan sinds het akkoord van Parijs

Current Policies and Emissions

Current Policies

Current sustainability policies of PfZW are focused on four pillars.

1. PfZW wanted to quadruple the investments in sustainable solutions, which meant an increase from €5 billion in 2015 to €20 billion in 2020. In recent years PfZW invested €19.8 billion in solutions for climate change, water scarcity, health care and food security; 2.8 €billion of these investments were new in 2020.
2. PfZW aimed to lower the CO2 footprint of its investment by 50% from 2015 to 2020. According to the annual report of 2020, PfZW is selling al its shares in the most CO2 intensive companies in the most polluting sectors: utilities, energy and materials.
3. PfZW intends to fully integrate ESG-factors into all its investments
4. PfZW wants to contribute to the sustainability goals by positioning itself as an active shareholder. Through their voting and engagement activities, PfZW claims to adress policies and activities of the companies and markets they invest in, if in PfZWs view they take insufficient account of the environment and society in their operations.

Besides these four pillars, PfZW also reports that it also actively contributes to the development of international and European standards, such as the European taxonomy for sustainable finance. Moreover, it claims that it also puts pressure on companies to reduces their CO2 by forming coalitions

Emissions

In 2020 PfZW reported that it’s CO2-footprint of the investement portfolio in 2020 was 152 ton CO2 per million dollar company turnover. Which is, according to it’s own reporting, a reduction of 53% in it’s CO2 footprint compared to the 2014 baseline of 339 ton CO2 per million dollar company turnover

PfZW does not report any absolute numbers of CO2 footprint. However, a quick calculation shows that the absolute CO2 footprint was around 3,4 Mton in 2020 (balance of income and expenses in 2020 were €18.425 million and using the dollar exchange rate of 31 December 2021). The absolute CO2 footprint was around 3.2 Mton in 2014 (balance of income and expenses in 2014 were €7.805 million and using the dollar exchange rate of 31 December 2014). This shows that the CO2 emissions caused by the investment portfolio of PfZW actually increased since 2014.

An important point of interest is that the above stated CO2 footprint only includes emissions caused by investments from the investment portfolio of PfZW. Data from the other portfolio’s, such as Private Equity, Credit Risk Sharing and listed Real Estate is not available at PfZW. The actual CO2-footprint of PfZW is therefore higher than stated above.

PfZW does not report on its scope 1 and 2 emissions in its annual report or sustainability report.

Climate Plans

PfZW has set its climate goals in a policy paper called Climate Strategy 2020 – 2025. In this policy paper PfZW states that its ambition is to have a climate neutral investment portfolio in 2050 in line with the ambitions of the European Union. A climate neutral portfolio is a portfolio with net-zero CO2-emissions, according to PfZW. It aims to achieve this goal by a combination of reduction of CO2-emissions at companies they invest in and by investing less in CO2-intensive companies. The remaining CO2-emissions will be offset against investments with negative emissions, such as initiatives that remove and store CO2 from the air. Moreover, PfZW also claims that it will contribute by investing in climate solutions, such as wind farms and solar energy.

PfZW keeps investing in CO2-intensive sectors, but only those who are according to PfZW cleaner businesses in this sector. It aims to use its influence as shareholder to urge these companies to become more sustainable. They do this through engagement with companies and by voting at shareholder meetings for initiatives that accelerae energy transition.

Concerning measurable goals, PfZW aims to reduce its CO2-footprint in the Equities portfolio by another 30%. Other portfolio’s, such as Credit, Private Real Estate and Infrastructure lack a proper methodology to measure the climate impact. Therefore, PfZW first aims to resolve issues regarding the availability of data, missing data and options for portofolio management. Coming years, PfZW will work on the specification of the reduction objective for these investment categories. Meanwhile, there will not be a clear target on CO2-reductions for these portfolio’s, while at this moment they account for a large share of all investments of PfZW.

PfZW aims to bring its investements in line with the EU taxonomy for climate mitigation and climate adoptation. PfZW’s investements in line with the taxonomie will be set for growth up to 2025. ( However, the list of sustainable investments that the taxonomie provides is highly disputed, as it also considers gas and nuclear power plants as sustainable. Gas plants still cause a lot of CO2 emissions and nuclear power plants produce nuclear waste that remains radioactive for thousands of years.

Moreover, PfZW states that it will end their investments in companies that generate more than 30% of their incom ein coal mining or coal-fired power plants. For tar sands, this limit is 10%.

Lastly, PfZW also claims that it will not invest or exert influence in cases of serious violations of the OECD Guidelines for International Businesses or the UN Global Compact principles.

Conclusion

Beschrijving of de plannen in lijn zijn met 'Parijs'