Category: Risk management
Japan’s GPIF suspends securities lending over stewardship, transparency issues Japan’s GPIF suspends securities lending over stewardship, transparency issues Japan’s GPIF suspends securities lending over stewardship, transparency issues
Dutch pension investment giant PGGM says it is planning to launch a “Principles for Sustainable Securities Lending” initiative.
It comes as Japan’s giant Government Pension Investment Fund (GPIF) dropped a bombshell today by saying it was suspending its equities securities lending programme as it doesn’t fit with its stewardship aims.
“Just like GPIF, PGGM and her clients continually evaluate whether securities lending can be reconciled with responsible asset management,” said PGGM Portfolio Manager Roelof van der Struik, a former member of the board at industry body the International Securities Lending Association (ISLA). PGGM is owned by healthcare pension fund PFZW.
Roelof van der Struik, PGGM“Our stance on lending out equities for the past 20 years has been ‘yes unless’. As a result a large part of the PGGM funds do lend out equities but not all - the manager always has the final say on whether to allow lending in her/his fund.”
Van de…