Schindler Pension Fund 
 
 
 
 
 
 
 
 
 
Sustainability Report 2022 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Zugerstrasse 13 
6030 Ebikon 
Switzerland 
 
Tel. +41 41 445 30 12 
pk.ch@schindler.com 
www.schindler-pk.ch

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Contents 
1. Introduction .......................................................................................................................................................... 3 
1.1 
Foreword .......................................................................................................................................................... 3 
1.2 
Purpose of this Report ..................................................................................................................................... 3 
2. Total Assets ......................................................................................................................................................... 4 
2.1 
Sustainability Overview by MSCI rating ........................................................................................................... 4 
3. Securities .............................................................................................................................................................. 6 
3.1 
Investments by MSCI ESG Rating and Best in Class ...................................................................................... 7 
3.2 
Exclusions and Controversies .......................................................................................................................... 7 
3.4 
Carbon Intensity ............................................................................................................................................... 8 
4. Real Estate ........................................................................................................................................................... 8 
4.1 
Climate Impact of the Pension Fund's Own Properties ................................................................................... 8 
4.2 
Indirect Real Estate ........................................................................................................................................ 10 
5. Alternative Investments .................................................................................................................................... 10 
6. Engagement ....................................................................................................................................................... 10 
6.1 
Exercise of Shareholder Rights ...................................................................................................................... 10 
7. Conclusions and Further Action ...................................................................................................................... 11 
8. Partners .............................................................................................................................................................. 11 
SSF Swiss Sustainable Finance .............................................................................................................................. 11 
 
 
 
 
List of Figures 
Figure 1: The 17 UN Sustainable Development Goals  ............................................................................... 3 
Figure 2: Scope of ESG assessment ........................................................................................................... 4 
Figure 3: Breakdown by asset class and ESG rating ................................................................................... 5 
Figure 4: Breakdown by MSCI ESG rating ................................................................................................... 6 
Figure 5: Breakdown by bond and equity type and MSCI ESG ratings ....................................................... 7 
Figure 6: Breakdown by carbon intensity ..................................................................................................... 8 
Figure 7: CO2 emissions of the Pension Fund's own properties .................................................................. 9

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1. Introduction 
 
1.1 
Foreword 
 
The Schindler Pension Fund takes its responsibility for asset management seriously. In recent years it has 
been looking in depth at developments surrounding sustainability targets. The Board of Trustees has 
adopted principles for how it integrates ESG (Environment, Social and Governance) factors into its 
investment decisions. It based these on the 17 United Nations Sustainable Development Goals (SDGs) 
shown below. 
 
The Schindler Pension Fund Investment Regulations now state that ESG criteria must be considered 
alongside financial aspects when selecting investments. Furthermore, the Schindler Pension Fund ESG 
Regulation that has been in force since January 1, 2022, sets out important environmental, social and 
governance rules to secure not only the Fund's assets, but also returns on the capital we invest for others, 
in the long term. Where the environment is concerned, additional attention is paid to the carbon intensity of 
investments, and the associated risks to the climate. 
 
Figure 1:  The 17 UN Sustainable Development Goals 
 
 
 
 
1.2 
Purpose of this Report 
 
This first Sustainability Report documents the main ways in which the Schindler Pension Fund puts its 
principles into practice and acknowledges the growing importance of and interest in ESG as an issue.

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2. Total Assets 
 
2.1 
Sustainability Overview by MSCI rating 
 
The Schindler Pension Fund had sustainability specialists at Credit Suisse (Switzerland) assess the 
overall portfolio according to ESG criteria as at September 30, 2022. The scope of this ESG assessment 
is shown below, weighted by volume. 
 
Figure 2: Scope of ESG assessment 
 
  
Scope as % and in CHF m of total assets 
  
  
  
  
Total assets  
100% 
2,186 
  
  
Of which assessed 
  
  
  
  
        - CS ESG securities solution 
37.88% 
828 
  
  
        - ESG integration, alternative investments  
18.34% 
401 
  
          - CO2 reduction pathway, own properties  
21.36% 
467 
  
  
Total subject to ESG assessments 
77.58% 
1,696 
  
  
Of which not assessed 
  
  
  
  
        - CH real estate (indirect holdings) 
10.50% 
230 
  
  
        - Traditional investments  
9.20% 
201 
  
  
        - Liquidity 
1.29% 
28 
  
  
        - Other alternative investments  
1.42% 
31 
  
  
Total not subject to ESG assessments 
22.41% 
490 
  
  
TOTAL  
100.0% 
2,186 
  
 
 
In total, 77.58% or CHF 1.696 billion of the overall portfolio was subject to an ESG assessment. The 
remaining assets, accounting for 22.41% of the portfolio, or some CHF 490 million, consist mainly of 
indirect real estate holdings and traditional investments that are not valued. 
 
Of the securities that were assessed, 98.69% satisfy the sustainability standard (2021: 96.1%), and 
1.31% (2021: 3.9%) are classified as not sustainable. ESG issues have become a fixed part of the 
investment decision-making process for certain alternative asset classes (see Section 5), and the 
Pension Fund has defined the carbon reduction pathway for its own real estate holdings (see Section 4). 
The total proportion of Pension Fund assets that are not ESG-rated currently stands at 22.41%, or 
CHF 490 million. 
 
The following figure offers a summary of the overall portfolio breakdown by asset class and ESG rating.

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Figure 3: Breakdown by asset class and ESG rating 
 
(in % and CHF m) 
 
 
Liquidity 
 
 
CHF-denominated bonds 
 
 
 
 
 
Foreign currency bonds  
(hedged) 
 
Swiss equities 
 
 
Foreign equities 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The analysis also shows that the assessed part of the portfolio already has a good ESG rating,1 scoring AA 
in comparison with A in 2021. The upgraded ESG rating was earned by asset managers being instructed 
to make greater use of ESG-compliant investment funds. 
 
 
 
1 The MSCI ESG rating measures a portfolio's resilience to long-term environmental, social and governance risks to the sector in 
question. It is calculated on the basis of a score of one to ten, which is then converted into a rating on a scale of AAA to CCC. Leaders 
are rated AAA or AA, average investments between A and BB, and laggards from B to CCC. 
AAA 
AA 
A 
PSS 
BB 
B 
CCC 
Not 
rated 
Total
0.01% 
0.22% 
0.12% 
0.02% 
0.00% 
0.00% 
0.00% 
1.29% 
1.66%
0.25 
4.74 
2.69 
0.47 
0.00 
0.00 
0.00 
28.15 
36.31
0.79% 
17.33 
2.82% 
61.72 
4.05% 
88.62 
0.67% 
14.74 
0.20% 
4.47 
0.16% 
3.42 
0.00% 
0.04 
4.66% 
101.86 
13.37%
292.20
0.20% 
Foreign currency bonds 
4.40 
0.29% 
6.31 
0.49%
10.71
0.22% 
0.65% 
0.78% 
0.37% 
0.18% 
0.06% 
0.01% 
1.41% 
3.69%
4.90 
14.21 
17.02 
7.99 
4.04 
1.36 
0.27 
30.86 
80.65
1.12% 
24.41 
5.28% 
115.43 
2.83% 
61.82 
0.39% 
8.47 
0.28% 
6.13 
0.01% 
0.28 
0.00% 
0.00 
0.26% 
5.69 
10.17%
222.23
2.38% 
51.94 
4.33% 
94.59 
4.22% 
92.18 
2.48% 
54.25 
0.49% 
10.69 
0.20% 
4.47 
0.04% 
0.77 
2.21% 
48.35 
16.34%
357.23
0.32% 
Swiss real estate 
7.04 
0.22% 
4.71 
0.25% 
5.53 
32.05% 
700.74 
32.85%
718.02
Alternative international 
2.77% 
2.77%
real estate 
60.49 
60.49
Private equity 
8.30% 
8.30%
181.43 
181.43
Hedge funds 
1.52% 
1.52%
33.21 
33.21
Insurance-linked securities 
1.54% 
1.54%
33.56 
33.56
Infrastructure 
0.01% 
0.00% 
0.16% 
0.00% 
3.21% 
3.39%
0.28 
0.1 
3.51 
0.02 
70.14 
74.05
Alternative bonds 
2.38% 
2.38%
52.03 
52.03
Remainder / AXA fund 
0.13% 
0.43% 
0.36% 
0.08% 
0.03% 
0.00% 
0.00% 
0.65% 
1.68%
2.81 
9.5 
7.83 
1.75 
0.55 
0.07 
0.01 
14.3 
36.83
Currency overlay 
-0.13% 
-0.13%
-2.86 
-2.86
Total 
5.17% 
13.96% 
12.90% 
4.17% 
1.18% 
0.44% 
0.05% 
62.12% 
100.00%
113.08 
305.17 
282.1 
91.19 
25.89 
9.6 
1.1 
1357.94 
2186.07

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Figure 4: Breakdown by MSCI ESG rating 
 
Securities portfolio 
  
  
  
 30.09.2022 
30.09.2021 
  
  
  
  
  
ESG rating 
AA 
A 
  
ESG score 
8.18 
7.06 
  
  
  
  
  
 
 
As part of this process, the equity and bond asset classes were reviewed through the lens of environmental 
conservation, social responsibility, and responsible corporate governance. Together, these asset classes 
account for 44%, or around CHF 900 million, of the Schindler Pension Fund's total assets. The decision to 
align our equity and bond portfolios with ESG criteria is reflected in a good combined ESG score of 8.18, 
compared with 7.06 in 2021. The portfolio fares well because of its higher proportion of investments rated 
at least A (12.90%), and AA (13.96%). 
 
(in % and CHF m) 
in % 
millions
AAA 
5.17% 
113.08
AA 
13.96% 
305.17
A 
12.90% 
282.10
BBB 
4.17% 
91.19
BB 
1.18% 
25.89
B 
0.44% 
9.60
CCC 
0.05% 
1.10
Not rated 
62.12% 
1,357.93
Total 
100.00% 
2,186.07
 
 
 
 
 
3. Securities 
 
The Schindler Pension Fund uses a mix of best in class, controversy screening and exclusion approaches 
when analysing and selecting direct and collective investments. Based on this analysis, the key outcomes 
of this study are disclosed below.

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3.1 
Investments by MSCI ESG Rating and Best in Class 
 
The best-in-class rating ranks companies on their ESG performance in several categories against 
competitors in the same industry. These ratings are comparable to bond creditworthiness ratings, i.e. AAA 
is the best sustainability rating, and CCC the poorest. The Schindler Pension Fund portfolio is concentrated 
primarily on companies rated A and above, see Figure 4. 
 
As at September 30, 2022, the proportion of equities and bonds that did not fulfil the Fund's sustainability 
criteria per this analysis stood at 0.63% (2021: 1.9%). This marks a further year-on-year reduction. 
 
Some of the investment funds used cannot be classified in ESG terms because no official ESG ratings are 
yet available for them. 
 
Figure 5: Breakdown by bond and equity type and MSCI ESG ratings 
 
(as % and in CHF m) 
 
AAA 
AA 
A 
BBB 
BB 
B 
CCC 
Not 
assesse
d 
Total
1.80% 
6.42% 
9.22% 
1.53% 
0.46% 
0.36% 
0.00
% 
10.59% 
30.39%
CHF bonds 
17.33 
61.72 
88.62 
14.74 
4.47 
3.42 
0.04 
101.86 
292.20
0.46% 
0.66% 
1.11%
Foreign currency bonds 
4.40 
6.31 
10.71
0.51% 
1.48% 
1.77% 
0.83% 
0.42% 
0.14% 
0.03
% 
3.21% 
8.39%
Foreign currency bonds (hedged) 
4.90 
14.21 
17.02 
7.99 
4.04 
1.36 
0.27 
30.86 
80.65
2.54% 
12.00% 
6.43% 
0.88% 
0.64% 
0.03% 
0.00
% 
0.59% 
23.11%
Swiss equities 
24.41 
115.43 
61.82 
8.47 
6.13 
0.28 
0.00 
5.69 
222.23
4.82% 
8.86% 
8.51% 
4.89% 
0.98% 
0.36% 
0.08
% 
3.95% 
32.44%
Foreign equities 
46.35 
85.15 
81.78 
47.02 
9.44 
3.44 
0.77 
37.94 
311.90
 
Specifically, from the sustainability perspective a total of 13.11% of the share portfolio is invested in ESG 
leaders (AAA–AA), and only 0.25% in laggards (B–CCC). Meanwhile, 4.68% overall of the bond portfolio 
consists of sustainability leaders, and 0.23% of laggards. 
 
 
3.2 
Exclusions and Controversies 
 
The Schindler Pension Fund excludes from its investment universe companies which report sales from 
controversial weapons (including cluster bombs, land mines and weapons of mass destruction) or violate 
human rights. Also excluded are companies that generate more than 30% of their revenues from thermal 
coal (power generation and extraction, cumulated), or more than 5% from conventional weapons, nuclear 
energy, tobacco, pornography or gambling. These exclusions apply at individual security level and are 
applied as far as possible to collective investments. Further exclusions may apply to businesses involved 
in serious controversies. Over and above its own provisions, the Schindler Pension Fund applies the 
exclusion list published by the SVVK-ASIR Swiss Association for Responsible Investments.

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3.4 
Carbon Intensity 
 
The parties at the United Nations Climate Change Conference in Paris in 2015 adopted the goal of limiting 
global warming to 1.5 degrees Celsius compared to pre-industrial levels. This also applies to Switzerland, 
where the Energy Strategy 2050 sets the target of net-zero emissions for sustainable energy supplies. 
 
In line with these climate initiatives, the Schindler Pension Fund also pays close attention to climate risks, 
because these can affect the value of investments. Prompted by the ESG assessment, the carbon intensity 
of the equity and bond portfolios was also calculated. 
 
The weighted carbon intensity of securities investments, in other words the portfolio's exposure to carbon-
intensive businesses (tonnes of CO2e per CHF million in turnover), has contracted with a year from 135.8 
to 112.41 tonnes. This difference has been achieved by an active carbon exclusion policy. 
 
Figure 6: Breakdown by carbon intensity2 
(in % and CHF m) 
in % 
millions
Very low 
 
7.28% 
159.09
Low 
 
17.03% 
372.39
Moderate 
 
14.98% 
327.42
High 
 
0.99% 
21.73
Very high 
 
0.76% 
16.71
Not rated 
58.95% 
1,288.73
Total 
100.00% 
2,186.07
Average carbon intensity  
Moderate 
 
112.41
(In tonnes) 
 
 
 
4. Real Estate 
 
4.1 
Climate Impact of the Pension Fund's Own Properties 
 
The Schindler Pension Fund has recognized the need to cut carbon emissions from the properties that it 
holds directly. The real estate portfolio will have emitted significant volumes of carbon dioxide from their 
heating and hot water systems in 2022. Looking at shares of useful energy, around 94% of heat is generated 
using fossil fuels. Relative carbon emissions, i.e. emissions per square metre of energy reference area, 
come to 18.9 kg CO2e/m2, which is around 20% higher than the average figures for institutional investors 
in Switzerland (15.2 kg/m2). 
 
2 In tonnes of CO2-equivalent per million US dollars of revenue: 0 to <15 very low, 15 to <70 low, 70 to <250 moderate, 250 to <525 high, 
>=525 very high

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Climate indicators, own properties 
  
  
Fossil fuels as % of heating systems / Ø CH  
94% / 60% 
  
Rel. CO2e emissions from heating & hot water (kg CO2e/m2)/Ø CH   
18.9 / 15.2 
  
 
Energy-saving renovations have been made to the Schindler Pension Fund portfolio, so that the 26 
properties held directly will now be managed with the aim of achieving net zero emissions by 2040 at the 
latest. Initial analyses have already been conducted, and the reduction pathway shown below adopted on 
the basis of the resulting data. Planned investments will reduce the proportion of oil and gas heating 
systems over time, as heat pumps and district heating become correspondingly more important. 
 
 
Figure 7: CO2 emissions of the Pension Fund's properties 
 
 
 
The Schindler Pension Fund has been cutting carbon emissions in various ways since 2009 as part of 
renovation work and new construction projects.  Additional action is already planned in this regard. 
Completed and ongoing projects 
Property 
Year 
Projects 
Am Suteracher, Zurich 
2009 
Solar system for hot water 
Ave. Du Galicien, Prilly 
2012 
Solar system for hot water 
Fratello und Sorella, Emmen 
2016 
2022 
Minergie standard 
Heating with groundwater heat pump 
Solar system in operation from autumn 
2022 
Moosaic, Emmen 
2020 
Minergie standard, incl. solar system 
Heating with groundwater heat pump 
Various properties 
2022 
Start of planning for 3 solar systems in Aigle, Zurich and 
Lucerne 
Schindler Areal complex, Schlieren 
2024 – 
2027 
Minergie P standard 
Geothermal heating 
Solar systems

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4.2 
Indirect Real Estate 
 
Real estate investment funds and investment foundations worth CHF 230 million, or around 10.5% of the 
total portfolio, were assessed in accordance with GRESB3 or similar, via the global custodian. This ESG 
rating is not currently available owing to a lack of ESG data. 
 
 
5. Alternative Investments 
 
The standards that we set for external portfolio managers are aligned with the United Nations Principles for 
Responsible Investment. In essence, the Schindler Pension Fund requires that: 
 
– 
the fund manager has signed the UN Principles for Responsible Investment (UN PRI), and 
– 
ESG criteria form an integral part of the investment process. 
 
In new calls for tenders, preference is given to managers or products that best fulfil these criteria. Existing 
external portfolio managers are audited to ensure that they comply with the stated requirements. 
 
Portfolio manager selection – alternative investments 
  
  
Total alternative investments in m / % of total volume  
435 m 
20% 
      No. of UN PRI signatories / total no. of portfolio managers  
 
  17 / 22   
      No. of UN PRI signatories / % of total volume 
401 m 
18% 
 
Of the assets managed by the Schindler Pension Fund, 20% are allocated to alternative asset classes. 
These alternative investments are spread across a total of 22 portfolio managers. Of these, 17 are 
signatories to the UN PRI. Below the line, these 17 external asset managers achieve the top mark of A+ in 
the PRI assessment. The five who are not signatories to the UN PRI are mainly older funds that are in the 
redemption phase. 
 
 
6. Engagement 
 
6.1 
Exercise of Shareholder Rights 
 
The Schindler Pension Fund exercises its voting rights in Switzerland systematically and on a fiduciary 
basis in the interests of the insureds. In doing so it is led by the guidelines, analyses and voting 
recommendations of Inrate AG as proxy advisor. 
 
 
 
 
3 Global ESG benchmark for real estate

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7. Conclusions and Further Action 
 
As this Sustainability Report shows, the Schindler Pension Fund comprehensively factors climate and 
sustainability considerations into its investment policy. Sustainability criteria are an integral part of the 
investment process and of risk management. ESG ratings for traditional investments improved markedly 
within the space of a year. 
 
The Schindler Pension Fund will continuously track developments in sustainability issues and take further 
action as appropriate. We are planning to pursue the following steps further in 2023: 
 
- 
Analyse the results and ESG integration of the new Finreon equity fund. The fund's CO2 exposure 
is negative, so the investment will further reduce the Pension Fund's overall carbon exposure. 
- 
Integrate ESG assessments into indirect real estate 
- 
Expand the scope of ESG ratings for traditional investments  
- 
Vigorously pursue the Pension Fund's carbon reduction pathway. 
 
 
8. Partners 
 
To enable it to fulfil its responsibility efficiently and successfully, the Schindler Pension Fund works with 
Swiss Sustainable Finance. 
 
SSF Swiss Sustainable Finance 
The Schindler Pension Fund has been a member of SSF Swiss Sustainable Finance since autumn 2022. 
Founded in 2014, SSF's aim is to promote sustainability in the Swiss financial marketplace and to position 
Switzerland as a leading global centre of sustainable finance. It brings together round 170 members and 
network partners, including financial services providers, investors, universities and other higher education 
institutions, and public institutions. 
 
 
 
 
This report was approved by the Board of Trustees at its meeting on November 24, 2022.