News item | 01-07-2022 | 17:15
Corporate social responsibility (CSR) and the energy transition are important spearheads of the Participation Policy Memorandum presented today. In this memorandum, Minister Kaag of Finance sets out the course and vision with regard to state participations that are important for safeguarding the public interest. More than before, the public interest is central.
Corporate Social Responsibility
Minister Kaag: “The cabinet expects participations to play an exemplary role in their own sector in pursuing a positive impact on people, society and the climate.” This means that participations must set ambitious targets in the areas of climate and the environment, a safe working environment, human rights and financial transparency and anti-corruption. The ambition level of the participating interests in CSR is periodically tested.
In addition to increasing the ambition in the field of CSR, the Minister expects more attention to be paid to matters that directly affect the employee of the state participation, such as acceptable working conditions and a living wage. The minister expects the participations to play an exemplary role in these themes. She also draws attention to diversity.
Investments in the energy transition
In terms of investments, the minister expects the participations to play an exemplary role in the field of CSR. The investment proposals of the participating interests are tested for public interest, financial profitability and risks. Unlike in the past, it is also examined whether the investments are in line with the CSR objectives. For investments in the energy transition, a broader view is taken of the risk-return trade-off. Any social consequences of not going ahead with an investment are taken into account in the decision-making process.
The minister draws a clear line with regard to activities outside the sector and abroad. “In principle, activities that are solely for profit and do not support public interests or are associated with the Dutch core activities can count on my approval.”
diversity
The government also considers it important that the composition of an executive board and a supervisory board is diverse and balanced. As a shareholder, the state wants to make a positive contribution to this by entering into discussions with the participating interests.
State participations are companies in which the state is a shareholder. These are companies that serve a major public interest. For example, participations play an important role in safeguarding public interests such as the accessibility of the Netherlands, the security of energy supply and the competitiveness of the Dutch economy. Examples are Schiphol, NS, the Port of Rotterdam, TenneT and Gasunie. The state as a shareholder is not in charge of the day-to-day business operations of these companies, that is up to the participations themselves. But as a shareholder, the state has a significant influence.