NETHERLANDS - Eureko's Achmea has signed up for F&C's Asset Management's shareholder engagement programme for €1.5bn in assets under management.

F&C's responsible engagement overlay, or Reo, offering was launched in 1999 and is available as a freestanding service for pension funds and other institutional investors. Financial terms of the deal were not disclosed.

The two firms said F&C and Achmea would "work together in the field of shareholder engagement" from the start of next year.

"Our appointment by Achmea to provide Reo for €1.5bn of its assets under management clearly endorses our approach to corporate engagement and we are delighted to be working with them," said F&C's Netherlands head Henk Breukink.

"Boycotts or blacklists do not appeal to everyone and F&C believes that it can better serve its clients, and protect the value of their shareholdings, through sustained and constructive dialogue with companies.

"This includes judicious and transparent use of its votes, thereby ensuring that companies respond prudently to the expectations of shareholders and other stakeholders."

Otto Veldt, corporate investment director at Eureko/Achmea, said: "Achmea believes that implementing SRI and corporate governance policy does not only follow from shareholder responsibility towards society, but also enhances the durability of companies in which we invest, and thus provides the best long-term return on investments, which we owe to our policy-holders and clients."

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