PGGM Investments

Appendix 2 Explanation to our materiality analysis

PGGM Investments determines annually in a structured manner what topics will, at a minimum, be covered in the annual report. We use a materiality test to do this. Assessing the material topics lays the foundation for the contents of the integrated annual report and takes place at an early stage of the reporting process. The materiality survey relies on a dual assessment: on the one hand, various stakeholder groups assess the relevance of different topics and, on the other, we assess internally what impact these topics have on the company and society.

We determined the topics on the basis of desk research in 2020. This consisted of a media analysis, research at peers and equivalent organisations, ESG ratings and sector reports. We also requested input from our key stakeholders via a survey.


The outcomes of the stakeholder consultation and the materiality were discussed with the Board of Directors of PGGM Investments. The topics that stakeholders felt were important largely correspond to the key topics that PGGM Investments works on.


The material topics are a reflection of our outputs as described in the value creation model. A material topic is not related exclusively to one of the output capitals, which means that some topics appear more than once. In the table below, we have provided insight for each output capital into the link with the material topics.  The eight most relevant topics served as a guide in the process of deciding on the contents of the annual report and are addressed at length in the chapters.

Output capital

Material topics

Stable financial performance

Stable financial results

Impact investments


ESG integration

Active equity ownership

Active ownership


Reducing the negative impact of the client’s portfolio

ESG integration

Reliable market player

Professional organisation

Risk management

Data & digitalisation

Client orientation

Fiduciary responsibility

Strategic cooperation

Compliance and integrity

Inclusive workplace

Good employment practices

Impactful investments

Strong health care and welfare sector

Impact investments

Correspondence address


P.O. Box 117
3700 AC Zeist


Visiting address

Noordweg Noord 150
3704 JG Zeist


The original PGGM Investments annual report 2020 and its financial and non-financial statements were drafted in Dutch. This website is an English translation of the original Dutch document. In case of any discrepancies between the English and the Dutch text, the latter will prevail.


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