Responsible Investment

To implement our vision we engage with our investees on strategic, financial and environmental, social, governance (ESG) topics.  Our long-term investment worldview combined with a thorough analysis and experienced ESG team allow us to leverage our fully integrated active ownership approach as a means to consistently encourage positive change. Through this process of integrating material governance and sustainability factors in our investment decisions and constructive engagement we're able to contribute to the development of principles and standards of corporate responsibility at the companies that we invest in. 

Our responsible investment activities fall under the following four categories:

  • ESG Integration
  • Exclusion
  • Active Ownership
  • Positive impact 


In spite of the profound challenges of the past year, or partly perhaps because of them,2020 was a momentous year for sustainable investment...sectors from transport to technology may never be the same again.

Read our Annual Stewardship and Sustainable Investment Report 2020



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ESG integration 

At Kempen, ESG criteria are an integral part of the investment process. This means that portfolio managers perform an in-depth analysis of ESG data and material ESG risks and opportunities weigh into how they select and monitor their companies. When selecting external managers we assess their responsible investment policy and implementation capabilities.

Kempen bases its criteria for responsible investment on the international conventions such as the United Nations Global Compact (UNGC) and the Principles for Responsible Investment (PRI). In combination with the Guiding Principles on Business and Human Rights, these two frameworks build the foundation of Kempen’sConvention Library’.

The investment portfolios that we manage or invest in are analysed taking into account ESG factors, both using our internal know-how as well as our ESG data provider, MSCI ESG Research. This screening applies to in-house funds and funds managed by external fund managers.

The screening and internal analysis of companies identifies ESG laggards and specific incidents at play. Based on this framework, companies’ valuations can be altered if the issues are deemed material. In addition, the engagement cases are selected. Should a company be involved in an issue fundamentally contrary to KCM ESG criteria, a company will be excluded from the investable universe. 



Exclusion & Avoidance

 Active ownership


Kempen deliberately opts for dialogue with the companies we invest in and with external fund managers. This dialogue or ‘engagement’, allows us to encourage companies to improve policies and practices in which specific ESG issues have been identified.

Systematic and well-rounded approach

Kempen deliberately opts for engagement process, improving ESG standards at companies and fund managers we invest in, preferably through a thematic approach. The investment teams work in tight collaboration with the responsible investment department. The engagement is focused on laggards in the portfolio aiming to raise the level of ESG policies and practices within companies and fund managers. 


In addition, we apply an engagement approach for core fixed income. Via discussion groups, Kempen enters into dialogue with credit rating agencies, benchmark providers and other fund managers to encourage the integration of ESG indicators in country ratings and country valuations.

Working in collaboration

We believe we increase our impact and stewardship when we directly engage with the companies and fund managers we invest in. Furthermore, Kempen believes in the strength of collaborative engagement. Through cooperation with other investors and fund managers, we can increase the leverage of our engagement activities.  

Read more about engagement in our cases:

Climate change policy

Climate change is a material risk making an increasing impact on global markets, with far-reaching consequences for the planet and human wellbeing. Investors are exposed to climate change risks and opportunities too and have an important role to play in both facilitating the transition to a low-carbon economy and managing the climate risks of their investee companies.

read more

Governance & Voting

Exercising voting rights is an essential part of responsible investment and active ownership. In line with our fiduciary duty we vote in the best interest of our clients. We believe that voting is essential to a democratic and functioning governance system. Our voting activities comprise voting at shareholder meetings in person, as well as by proxy.

Read more about Voting policy and process.

Voting records are retained for all votes cast with accompanying explanations as appropriate.

We annually report on voting in our Responsible Investment Report, while also publishing Voting records.


Positive Impact

In 2015 the countries through United Nations have adopted the 17 Sustainable Development Goals (SDGs). The goals which consist of 169 sub targets aim to end poverty, protect the environment and create prosperity for all by 2030. Global partnerships between the governments, private sector and the civil society are important part of this new development agenda and are needed to increase financing for SDGs. Through its investment activities Kempen would like to contribute to the global development agenda. 

In the Netherlands together with 18 Dutch banks, pension funds and insurance companies have been part of the Sustainable Development Goals Investment (SDGI) Initiative. Through this group a common SDGI agenda was created. See the ‘Building Highways to SDG Investing’ for more information. Van Lanschot Kempen is also taking part in the SDI Impact Measurement Group via the Platform for Sustainable Finance of the Dutch Central Bank.

“Using our influence to encourage positive change”

Narina Mnatsakanian

Annual Report

2022, 04 March

Annual Stewardship and Responsible Investment Report 2021

2021, 28 April

Annual Stewardship and Responsible Investment Report 2020

2020, 21 April

Annual Stewardship and Responsible Investment Report 2019

2019, 21 May

Annual Responsible Investment Report 2018



2021, 23 April

Business Conduct Policy

2021, 24 December

Voting Policy

2022, 17 August

Stewardship & Engagement Policy

2023, 23 January

Climate Change Policy

2021, 16 February

KCM Investment and Risk Beliefs

2022, 14 March

Exclusion & Avoidance policy

2021, 26 November

Biodiversity Policy

2022, 28 June

Sustainable Investment Charter

2022, 12 December

Human Rights and Labour Rights policy


Our Commitments & Regulation

2019, 12 November

Convention Library

2021, 10 March

SFDR Disclosure

2022, 03 February

Dutch Stewardship Statement

2021, 05 October

UK Stewardship Code



2022, 27 September

PRI Assessment Report 2021

2020, 13 August

PRI Assessment Report 2020

2019, 08 August

PRI Assessment Report 2019


RI Certification

2021, 05 January

Forum Ethibel



Sustainable investing and active management


Impact investing


Our team

Danny Dekker
Eszter Vitorino-Füleky