Investment policy

The SNPS (Shell Nederland Pensioenfonds Stichting) investment policy is recorded in outline in the Statement of investment principles (pdf). This policy is determined by the SNPS board. The investment policy is elaborated in detail in the Investment Memorandum including Investment Guidelines.

Investment objectives
The objective of the investment policy is to aim for the best possible investment results for the individual member - given its obligation structure (‘replacement ratio’) and risk appetite (within the limits set by the board). This is checked via an ALM study. This ALM study is conducted at least once every 3 years.

Investment Beliefs
SNPS has the following investment beliefs:

  • Performance is the reward for taking risks; risks within the investment policy are thus unavoidable but are taken carefully.
  • Diversification improves the relationship between risk and performance.
  • Active management can add value. Expenses are certain, returns are not.
  • Engaged shareholdership stimulates good governance and corporate social responsibility.

At least once every 3 years, as first process step in an ALM study, the investment beliefs will be reassessed and amended where necessary.