The PNO Media Pension Fund Code for Responsible Investing

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1 The PNO Media Pension Fund Code for Responsible Investing

2 Table of Contents Introduction... 1 SECTION 1. Vision and departure points Investment objective Social responsibility Fundamental departure points... 2 SECTION 2. Departure points concretised Respecting human rights Respecting employment law Protecting health and well-being Fighting corruption Protecting the environment and the climate No controversial arms and arms trade Respecting corporate governance standards Respecting animal welfare standards... 6 SECTION 3. Significance for investment categories Shares, corporate bonds, property and private equity Government bonds... 7 SECTION 4. Use of instruments Overview of instruments Integration of ESG criteria by external asset managers Exercising the voting right Engagement Exclusion SECTION 5. Cooperation General Principles for Responsible Investment International Corporate Governance Network Eumedion Research agency SECTION 6. Evaluation SECTION 7. Communication... 13

3 Introduction By carefully investing the contributions paid, the PNO Media Pension Fund secures the accrual of a healthy pension for employees in the media sector. We do this in accordance with the principles of social responsibility. Responsible investing has been an important departure point in our investment policy for many years. We aim to achieve a profitable and responsible return. Responsible investing is interpreted by PNO Media as: taking into account the environment burden, social factors and good corporate governance in all our investment activities. In this code, PNO Media explains the fundamental departure points applied by the fund therein. Based on international treaties and codes of conduct, we work out these departure points for the different investment categories. This further describes the different instruments we use to implement our policy in practice and the parties we collaborate with in the field of responsible investing. The concept of responsible investing is subject to continuous change. The PNO Media code for responsible investing changes in line with the most recent social views on responsible investing. We in particular take into account the views held by our participants on responsible investing. The previous code for responsible investing dates back to June The code was adjusted in October 2012 following an evaluation. -1-

4 SECTION 1. Vision and departure points 1.1 Investment objective PNO Media promotes the interests of participants, retirees and affiliated employers by administering pension schemes. Our investment policy is aimed at creating a situation where the return achieved on the invested capital is such that a consistent indexation policy can be pursued. We do this at an acceptable contribution rate (low and stable) and within defined risk margins, in which we particularly take into account the risk of underfunding. This code is without prejudice to our objective and endeavours to contribute to this objective, where possible. 1.2 Social responsibility PNO Media is aware of its social responsibility as an institutional investor and wishes to act accordingly. This means that our investment policy takes into account norms and values commonly accepted as such in society. Hence we incorporate social, corporate governance and environmental considerations based on international standards into our investment decisions. The significance of the investments by PNO Media in the overall financing of individual companies and tiers of government is generally limited. This can partly be explained by the spread we aim to achieve. The influence of the PNO Media socially responsible investing policy on the actions by companies or tiers of government is therefore limited. We collaborate with other investors in order to increase our influence. When defining our social responsibility in concrete terms, we take into account the extraordinary character of the media sector and the desires of our participants, retirees and affiliated employers. PNO Media renders account for the choices it makes and the instruments it applies. 1.3 Fundamental departure points The social responsibility of PNO Media requires us to also involve non-financial criteria in our considerations. In all our investment decisions we take into account the following fundamental departure points, based on commonly accepted norms and values: respecting human rights respecting employment law protecting health and well-being fighting corruption protecting the environment and the climate no controversial arms respecting corporate governance standards respecting animal welfare standards These fundamental departure points are explained further in the next chapter. This code is applicable to all investments by PNO Media. In chapter 3, we explain how PNO Media expects the companies and tiers of government it invests in to act in accordance with its fundamental departure points. -2-

5 SECTION 2. Departure points concretised 2.1 Respecting human rights PNO Media endorses the Universal Declaration of Human Rights adopted by the United Nations in The Universal Declaration describes the rights and freedoms of every human being, without any distinction of any kind, including race, skin colour, gender, language, religious beliefs, political or other affiliations, national or social origin, property, birth or other status. The human rights set forth in the Universal Declaration include: 1 right to live and freedom; freedom of expression; freedom of religion; right to a fair trial; right to food, work and education. In 1966, the Universal Declaration of Human Rights was supplemented by the United Nations Covenant on Civil and Political Rights (UNCCPR) and the United Nations Committee on Economic, Social and Cultural Rights (UNCESCR). These agreements declare that civil and political rights, as well as the right to economic, social and cultural development, also form part of the human rights. 2 PNO Media further endorses the Protect, Respect and Remedy Framework by Professor John Ruggie, Special Representative of the Secretary-General of the United Nations in the field of business and human rights. The framework has been worked out into the Guiding Principles on Business and Human Rights: Implementing the United Nations Protect, Respect and Remedy Framework, endorsed by the United Nations Human Rights Council in June PNO Media expects companies to respect human rights and that, for that purpose, they: 4 set up a policy statement in which the company commits to respecting the human rights; carry out human rights due diligence, meaning that companies identify what their (adverse) impact on human rights is, prevent or reduce that impact and render account for how they address that impact; set up procedures (grievance mechanisms) in order to counteract the adverse impact on human rights caused or contributed to by the company to. PNO Media endorses the Tirana Declaration and the Principles for Responsible Investment in Farmland. 5 These guidelines refer to land rights of indigenous people and local communities. The past years have seen a further increase in large-scale land acquisition in developing countries. The lack of consultation and transparency on the allocation of land is a common problem, particularly in those countries. Forced relocations and land disputes often involve a violation of the right to an impact assessment, compensation and rehabilitation. A change in the land use rights without (sufficiently) taking into account the interests of the local population can even result in land grabbing. The Tirana Declaration is a definition of land grabbing that can be used for identifying land investments meeting this criterion. The Farmland Principles refer to agricultural land investments in particular. 2.2 Respecting employment law The PNO Media Pension Fund endorses the four Fundamental Principles and Rights at Work of the International Labour Organisation (ILO) in relation to work and working conditions: 6 freedom of association and recognition of the right to collective bargaining; 7 ban on all forms of forced labour; 8-3-

6 ban child labour; 9 ban on discrimination (on the grounds ethnicity, gender or social origin) with regard to offering work of specific positions. 10 The Protect, Respect and Remedy Framework by Professor Ruggie emphasises that the obligation of companies to respect human rights applies to all human rights incorporated in international treaties. This includes employment law, with the Fundamental Principles and Rights at Work as a minimum. PNO Media expect other companies to include employment law in their due diligence investigation and other measures. 2.3 Protecting health and well-being PNO Media endorses the right to health. 11 This is a recognised human right, first formulated in 1946 as part of the foundation of the World Health Organisation (WHO) and defined as the right to enjoy the highest possible standard of physical and mental health. This subject covers a whole range of issues: access to healthcare, safe drinking water, clean sanity provisions, safe food, accommodation, healthy working conditions, education and information on health and gender equality. The healthcare provisions must be accessible by all, both physically and economically, without distinction. 12 PNO Media therefore supports the Access to Medicine Index. This organisation assesses the role of pharmaceutical companies in e.g. the development of vaccines or medicines against the most common (tropical) diseases. 13 PNO Media expect other companies to make an effort in improving their score on this index. PNO Media further supports the Water Disclosure Project, launched in 2011 by the Carbon Disclosure Project, which collects data from listed companies across the globe in relation to their water management policies. 14 Expectations are that clean drinking water will become scarce while at the same time people will be faced with increased flooding due to rising sea levels and climate change. PNO Media considers it of paramount importance that companies map out the (financial) risks and opportunities surrounding water and that they clearly report on this. 2.4 Fighting corruption PNO Media endorses the OESO Guidelines for Multinationals and the Business Principles for Countering Bribery by Transparency International with regard to fighting corruption. 15 Corruption is an act or omission with the objective of favouring a person, group or organisation, without these persons or parties having a legitimate ground to these favours. Corruption entails a wide range of behaviours, including bribery, extortion, fraud, whitewashing, as well as paying bribes. 2.5 Protecting the environment and the climate PNO Media endorses the guidelines of the Earth Charter, the Rio Declaration, the UN Convention on Biological Diversity and UN Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). 16 PNO Media endorses the objectives of the UN Framework Convention on Climate Change (UNFCCC) on counteracting climate change. The fund endorses the reduction objective of 50 to 85% in 2050 (compared to the 2000 figure) as formulated by the Intergovernmental Panel on Climate Change (IPCC)

7 Finally, PNO Media endorses the Natural Capital Declaration, in witch the natural capital concept is focal point: the natural resources of the Earth and the ecosystem services supplied by these resources. 18 The decisions and activities of organisation have an effect on the natural living environment of people, commonly referred to as the environment. Non-sustainable use of the natural resources of the Earth and the ecosystem services supplied by these resources (natural capital) is in fact destruction of capital. It is important that the natural resources are used carefully and the biodiversity therein protected. The identification and appreciation of natural resources and corresponding services can lead to better decision-making on the management and protection of the natural living environment. In addition, every organisation must work towards the prevention of environmental pollution and climate change. PNO Media refers to environment pollution if the (living) environment is deteriorated or degraded as a result of human activities. For example, by exposing the environment to chemical compounds, noise, heat, light and energy causing detrimental effects and which potentially compromise the health and prosperity of humans and the biodiversity of nature. Local and regional forms of environmental pollution include soil pollution, air pollution and water pollution. The main global threat to the environment can be attributed to a change in the global climate as a result of greenhouse gas emissions. In order to prevent climate change, all tiers of governments and companies involved will need to take responsibility. PNO Media expects them to design and implement reduction plans enabling them to make a proportionate contribution to the IPCC reduction target. 2.6 No controversial arms and arms trade PNO Media endorses the Treaty on the Non-Proliferation of Nuclear Weapons, the Ottawa Convention (landmines) and the Convention on Cluster-Munitions. 19 PNO Media does not want to be involved in the production of arms or arms systems, or vital elements therein, which are banned by international law or which use harm fundamental humanitarian principles. The humanitarian principles referred to include the principle of proportionality (unnecessary suffering must be prevented) and the principle of distinction (separation of military and civil targets). In concrete terms, they are chemical and biological weapons, nuclear weapons, anti-personnel mines and cluster-munitions. In anticipation of the agreement on the Arms Trade Treaty, PNO Media endorses the principles for arms trade by the Control Arms Campaign. 20 This means that PNO Media expects companies not to supply weapons or weapon systems, military transport means and other military goods to one or more countries that are subject to an arms embargo (imposed by either the European Union or the United Nations), to countries known to violate human rights on a large scale or that are the scene of a (civil) war, to highly corrupt countries, countries with failing governments or developing countries that spend a large part of their budget on the acquisition of arms. 2.7 Respecting corporate governance standards PNO Media endorses the OECD corporate governance standards (Principles of Corporate Governance) and the International Corporate Governance Network (Statement on Global Corporate Governance Principles)

8 These corporate governance standards relate to the following: the objective of the company, profit for shareholders; openness and transparency of operations: monitoring and control of operations: property, responsibilities, voting rights and corrective measures by shareholders; the management and board of the company; remuneration policy within the company; citizenship, relations with interested parties and ethical behaviour of the company. 2.8 Respecting animal welfare standards PNO Media endorses The Five Freedoms, the conventions of the Council of Europe with regard to animal welfare in factory farming and transport. PNO Media further endorses the proposal for a Universal Declaration on Animal Welfare by the World Society for the Protection of Animals (WSPA). 22 These guidelines assume animals to be conscious and that they can suffer. Hence any act that incites violence against animals is rejected. The needs of animals to safeguard their well-being must be respected. This includes: access to sufficient drinking water and food appropriate to the type of animal; a relatively healthy and stress-free environment; prevention of pain, injury and disease; possibility to demonstrate natural behaviour; creating circumstances that prevent suffering. PNO Media does not want to be associated with forms of livestock farming with the sole purpose of producing fur. In the event of forms of livestock farming for food and other consumables, PNO Media deems respecting animal welfare standards of paramount importance. -6-

9 SECTION 3. Significance for investment categories 3.1 Shares, corporate bonds, property and private equity PNO Media finances companies directly or indirectly through investments in shares, corporate bonds, property and private equity. PNO Media expects these companies to act in accordance with its fundamental departure points. This is not the case if: 1. the company is systematically and repeatedly involved in violations of one or more of the aforesaid fundamental departure points, and 2. the company has taken insufficient measures to prevent reoccurrence of similar events in the future. This is the case in one of the following events: a. the company lacks a coherent policy system which contains the following elements: policy departure points; an operational policy that provides a framework for these departure points; adequate procedures for dealing with relevant problems and issues; information systems that monitor policy implementation and procedures; sufficient training and education teaching staff to adequately implement the policy; regular feedback to management; and (public) reports. b. the company does have such a system in place, yet practice shows that its performance shows serious shortcomings. This in any case applies to companies that manufacture or process cluster munitions, landmines, nuclear weapons or fur. These operations prevent them from meeting the PNO Media fundamental departure points and the shares and bonds issued by these companies are excluded from investments. 3.2 Government bonds PNO Media finances tiers of government through investments in government bonds. PNO Media also expects these tiers of government to act in accordance with its fundamental departure points. This is not the case if: 1. a national authority systematically and repeatedly violates one or more of the aforesaid fundamental departure points; and/or 2. a national authority takes insufficient measures to counteract or prosecute structural violations of the fundamental departure points by its residents (individuals and organisations). These criteria do in any case apply to states which have had sanctions imposed on them by the Unites Nations Security Council. These sanctions are imposed when states violate human rights on a structural basis. The sanctions may be in relation to the trade in certain goods with the relevant country, yet are also often aimed against certain powerful individuals who are subjected to travel restrictions and whose assets are frozen. 23 PNO Media does not want to invest in government bonds of states who act in breach of its fundamental departure points. Hence PNO Media has decided to exclude from investments government bonds issued by states that are subject to sanctions imposed by the United Nations Security Council. -7-

10 As a pension fund for the media sector, PNO Media considers freedom of the press of paramount importance. Hence PNO Media has decided to also exclude from investments government bonds issued by states in which the freedom of the press is seriously compromised. The Press Freedom Index by the international organisation of Reporters Without Borders is decisive in determining the states involved. The organisation fights censorship and laws undermining the freedom of the press. Reporters Without Borders aims to achieve improved safety for journalists and assists journalists who are prosecuted, imprisoned or tortured. The Press Freedom Index assesses all states in the world according to the degree to which government services in the relevant country are responsible for violence against journalists and the level at which the government controls the media and applies censorship. Hence PNO Media has decided to exclude from investments government bonds issued by states in which the curtailment of the freedom of the press is expressed by Reporters Without Borders as very serious

11 SECTION 4. Use of instruments 4.1 Overview of instruments PNO Media promotes external management companies to select on the basis of social, environmental and corporate governance criteria (the so-called ESG criteria). All asset management companies are aware of the contents of our code and endorse the objectives thereof. In addition, PNO Media assesses the behaviour of companies and tiers of government in which it invests on the basis of its fundamental departure points. If companies act in breach of its departure points, we exert our influence as a shareholder in order to ensure that these companies adjust their behaviour in line with the fundamental departure points. In first instance, PNO Media will contact the company to engage in consultation and use its voting right as a shareholder. In the event of serious and structural breaching of the fundamental departure points, PNO Media will exclude the company from investments. Government bonds too can be excluded on account of serious and structural violation of the fundamental departure points. Since PNO Media wishes for the code to be applied uniformly, we have appointed a specialist external research institute to structurally screen all investments, engage with companies and tiers of government, exert voting right on shares and to render account in this respect. 4.2 Integration of ESG criteria by external asset managers PNO Media instructs national and international, external asset management companies to manage its assets. We anticipate that involving criteria in the field of the environment, human rights and corporate governance (ESG criteria) in investment decisions leads to a better insight into the risks attached to individual investments. Hence PNO Media will make every effort to promote that the external asset management companies include ESG criteria in their investment decisions. We take into account this aspect when selecting and monitoring asset managers. External asset management companies too are contractually bound to comply with the PNO Media Code for Responsible Investing and render account in this respect. 4.3 Exercising the voting right As an institutional investor, PNO Media relies on the financial markets to function. Companies complying with generally accepted corporate governance standards contribute to the transparency and proper performance of the financial markets in which we operate as investors. PNO Media looks after its interests as a shareholder and promotes both its financial interests and compliance with its fundamental departure points. We do this by exercising our voting rights attached to the shares held by PNO Media. For this, we use the services and infrastructure of a specialist voting advisory firm. Each quarter, on PNO Media reports on its voting behaviour during the shareholders' meetings of the companies it holds shares in. 4.4 Engagement The engagement approach means that PNO Media, via a specialist, external research agency and, where possible, with other institutional investors, engages in dialogue with companies that act in breach of the fundamental departure points. -9-

12 The objective of this engagement is to realise a clear and structural change in behaviour of companies in which PNO Media invests. If this approach does not produce the desired result and expectations are that the result will continue to be insufficient in the longer term, it may lead to the exclusion of the relevant institution from the investment universe. In principle, many companies qualify for an engagement on account of them violating the fundamental departure points to a more or lesser degree. Priorities must be set for practical reasons. PNO Media makes a selection of companies and tiers of government it aims to engage with. This selection is subject to regular review, based on new information and the latest developments. 4.5 Exclusion PNO Media will decide to exclude investments in certain companies or tiers of governments if: one of the core activities of the companies is not in line with the fundamental departure points; reliable sources indicate that acts by the company or the government seriously and structurally breach its fundamental departure points; and/or acts by the company or the government seriously breach the departure points and engagement fails to bring about a change in behaviour in due course. -10-

13 SECTION 5. Cooperation 5.1 General Where possible, PNO Media aims to collaborate with other institutional investors in and outside the Netherlands in order to promote compliance with its fundamental departure points, together with research in the field of socially responsible investing. 5.2 Principles for Responsible Investment PNO Media has signed the Principles for Responsible Investment. These principles read as follows: we include the ESG criteria in our investment analysis and decision-making processes; we are actively engaged as shareholders and involve ESG subjects in our corporate policy and business practice; we ask the entities we invest in to correctly report on the ESG subjects; we promote the acceptance and implementation of the PRI principles in the investment sector; we collaborate in order to increase effectiveness of the implementation of the PRI principles; we report on our activities and the progress we make in the implementation of the PRI principles. 25 PRI offers PNO Media access to an efficient international network for the exchange of information in the field of socially responsible investing and initiating informal contacts for the execution of the engagement approach as opted for by the fund. 5.3 International Corporate Governance Network PNO Media is a member of the International Corporate Governance Network, an international network of investors who aim to promote good corporate governance. Our membership offers us access to research and informal contacts with other specialists. 5.4 Eumedion PNO Media is a member of Eumedion. The objective of this organisation is to maintain and further develop good corporate governance by virtue of the responsibility of institutional investors located in the Netherlands. Eumedion further aims to promote the acceptance of and compliance with corporate governance standards by listed companies and institutional investors, particularly in the Netherlands and Europe. 5.5 Research agency PNO Media uses the services of specialist research agencies in order to implement this code. -11-

14 SECTION 6. Evaluation This code must be a reflection of the shared views of our participants, retirees and affiliated employers. Since these views may be subject to change as time lapses, PNO Media will continue to periodically test this code against the views of parties holding an interest in our fund. -12-

15 SECTION 7. Communication The media literally is about the comprehensive and timely transfer of information, education and communication. In its capacity of the pension fund for companies in the media sector, PNO Media, more so than anybody else, understands that communication on the policies pursued is paramount. Departure point for our external communication is complete transparency. PNO Media is eager to render account for its policy in the field socially responsible investing and the manner in which the fund implements that policy. The Dutch Corporate Governance Code recommends that institutional investors, such as pension funds: publish their policies on exercising their voting rights on shares they hold in listed companies, on their websites, each year; report on the implementation of their policies with regard to exercising their voting rights in the relevant year under review, on their websites and/or their annual reports, each year; report if and how they, in their capacity as shareholder, voted during general meetings of shareholders, on their websites, once every quarter. 26 PNO Media endorses these recommendations and fully complies with them. Hence we have set up a website for the sole purpose of responsible investing, We use this to inform our participants, as well as outsiders who take an interest, as transparently and completely as possible. The website offers a wealth of information on responsible investing, including various research reports, policy documents and current news reports. In addition, our responsible investment policy is explained in detail, as is the manner in which we handle it. The website is further used to render account for our voting behaviour and the engagements we undertake. A report on voting behaviour is published on a quarterly basis which shows, at an aggregated level, how and how often votes were cast during shareholders' meetings. In addition, visitors can also view whether a vote was cast in favour or against an agenda item, per company. PNO Media, in its annual report, further renders account for the manner in which it handled its social responsibility. -13-

16 Appendix 1. Source references 1 Universal Declaration of Human Rights, United Nations General Assembly resolution 217 A (III), United Nations, New York, 10 December International Covenant on Civil and Political Rights, United Nations General Assembly Resolution 2200A(XXI) UN Doc. A/6316 (1966), United Nations, New York, 16 December 1966; International Covenant on Economic, Social and Cultural Rights, United Nations General Assembly Resolution 2200A (XXI), U.N. Doc. A/6316 (1966), United Nations, New York, 16 December Ruggie, J., Promotion and Protection of all Human Rights, Civil, Political, Economic, Social and Cultural Rights, including the Right to Development - Report of the Special Representative of the Secretary-General on the issue of human rights and transnational corporations and other business enterprises, Article 107, UN Human Rights Council, 7 April 2008; Ruggie, J., Report of the Special Representative of the Secretary- General on the issue of human rights and transnational corporations and other business enterprises, John Ruggie. Guiding Principles on Business and Human Rights: Implementing the United Nations Protect, Respect and Remedy Framework, Human Rights Council, 21 March Ruggie, J., Report of the Special Representative of the Secretary-General on the issue of human rights and transnational corporations and other business enterprises, John Ruggie. Guiding Principles on Business and Human Rights: Implementing the United Nations Protect, Respect and Remedy Framework, Human Rights Council, 21 March Tirana Declaration: Securing land access for the poor in times of intensified natural resources competition, International Land Coalition (ILC), May 2011; Principles for Responsible Investment in Farmland, UNPRI, September ILO Declaration on Fundamental Principles and Rights at Work - 86th Session, Geneva, June Freedom of Association and Protection of the Right to Organize Convention, ILO Convention No. 87 (1948); Right to Organize and Collective Bargaining Convention, ILO Convention No. 98 (1949). 8 Forced Labour Convention, ILO Convention No. 29 (1930); Abolition of Forced Labour Convention, ILO Convention No. 105 (1957). 9 Minimum Age Convention, ILO Convention No. 138 (1973); Worst Forms of Child Labour Convention, ILO Convention No. 182 (1999). 10 Discrimination (Employment and Occupation) Convention, ILO Convention No. 111 (1958); Equal Remuneration Convention, ILO Convention No. 100 (1951). 11 Universal Declaration of Human Rights, United Nations General Assembly resolution 217 A (III), United Nations, New York, 10 December 1948; International Covenant on Economic, Social and Cultural Rights, United Nations General Assembly Resolution 2200A (XXI), U.N. Doc. A/6316 (1966), United Nations, New York, 16 December OHCHR and WHO, The Right to Health. Fact Sheet No. 31, Office of the United Nations High Commissioner for Human Rights / World Health Organization, June Access to Medicine Index, The Foundation, Website Access to Medicine Index ( visited in October CDP, CDP Water Disclosure, Website Carbon Disclosure Project ( visited in October Business Principles For Countering Bribery- An essential tool for business, Transparency International and Social Accountability International, Berlin/New York, 2003; The OECD Guidelines for Multinational Enterprises - revision 2000, Organisation for Economic Co-operation and Development, Paris, June Rio Declaration on Environment and Development, Report of the United Nations Conference on Environment and Development, A/Conf.151/26 (Vol.I), Annex I, 3-14 June 1992; UN Convention on Biological Diversity, Rio de Janeiro, June 1992; Convention on International Trade in Endangered Species of Wild Fauna and Flora, Washington, 3 March 1973 (amended in Bonn, on 22 June 1979). 17 Climate Change 2007: Mitigation of Climate Change - Working Group III Contribution to the Intergovernmental Panel on Climate Change Fourth Assessment Report - Summary for Policymakers, IPCC, Bangkok, 4 May

17 18 NCD, The Declaration, Website Natural Capital Declaration ( visited in October Treaty on the Non-Proliferation of Nuclear Weapons (NPT), New York, 1 July 1968; Convention on the Prohibition of the Use, Stockpiling, Production and Transfer or Anti-Personnel Mines and on their Destruction, Ottawa, December 1997; Convention on Cluster Munitions, Oslo, 3-4 December Control Arms Campaign, Global Principles for the Parameters of an ATT, Control Arms Campaign, July OESO, OECD Principles of Corporate Governance, OESO, April FAWC, Five Freedoms, Website Farm Animal Welfare Council ( visited in September 2012; FAWC, Press Statement, Farm Animal Welfare Council, 5 December 1979; Protocol of Amendment to the European Convention for the Protection of Animals kept for Farming Purposes, Council of Europe, Strasbourg, 6 February 1992; European Convention for the Protection of Animals during International Transport (Revised), Council of Europe, Chisinau, 6 November 2003; Universal Declaration on Animal Welfare - Recommendations for Ministerial Conference consideration, World Society for the Protection of Animals, United Nations Security Council, UN Security Council Sanctions Committees, Website United Nations Security Council ( visited in October Reporters without Borders, Press Freedom Index , Reporters without Borders, 25 January PRI, Principles for Responsible Investment, Website Principles for Responsible Investment ( visited in October Corporate Governance Code Monitoring Committee, Dutch corporate governance code, Website Corporate Governance Code Monitoring Committee ( visited in October

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