General information

Triodos SICAV I is an investment company governed by the laws of the Grand Duchy of Luxembourg and is subject to Part I of the Law dated December 17, 2010 on undertakings for collective investment.

Triodos SICAV I is structured as an umbrella fund, which may provide investors with a variety of Sub-Funds. Currently, Triodos SICAV I has launched the following Sub-Funds:

  • Triodos Sustainable Bond Fund (launched on July 16, 2007);
  • Triodos Sustainable Equity Fund (launched on July 16, 2007);
  • Triodos Sustainable Mixed Fund (launched on June 25, 2010);
  • Triodos Sustainable Pioneer Fund (launched on March 12, 2007).

The accounting year of Triodos SICAV I commences on January 1 of each year and terminates on December 31 of the same year.

The Annual General Meeting of Shareholders takes place in the City of Luxembourg, at a place specified in the notice of meeting, each year on the third Wednesday of the month of April. If such day is not a business day, the meeting will be held on the next business day.

Notices of any general meeting of Shareholders shall be mailed to each registered Shareholder at least eight days prior to the meeting and shall be published to the extent required by Luxembourg law in the Mémorial and in any Luxembourg and other newspaper(s) that the Board of Directors may determine.

Triodos SICAV I publishes a detailed audited report annually. Triodos SICAV I further publishes semi-annual reports.

Annual reports and semi-annual reports will be sent to registered Shareholders within four months and two months respectively after the publication date of those reports and copies may be obtained free of charge by any person at the registered office of Triodos SICAV I and via Triodos Bank:

www.triodos.com, www.triodos.nl, www.triodos.be, www.triodos.de or www.triodos.co.uk.

Savings Directive

The law of June 21, 2005 (Law) has implemented the Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments (Savings Directive) into Luxembourg law.

The Savings Directive targets payments in the form of interest payments from debt claims (Taxable Income) made in a member state of the European Union (a Member State) to individuals (Beneficiaries) residing in another Member State. Under the Savings Directive, Member States are required to provide the tax authorities of the Member State where the Beneficiary resides with details on payments of Taxable Income made and the identity of the respective Beneficiaries (Exchange of Information). Austria, Belgium and Luxembourg have instead opted for a transition period during which they will levy withholding tax in respect of payments of Taxable Income. Other countries, including the Swiss Confederation, dependent or associated territories of the Member States, the Principality of Monaco, the Principality of Liechtenstein, the Principality of Andorra and the Republic of San Marino, have also introduced measures equivalent to Exchange of Information or the application of a withholding tax.

As per national law, from July 1, 2008 until June 30, 2011, the applicable rate of withholding tax in Luxembourg was set at 20% and since July 1, 2011 it has been set at 35%.

However, Article 9 of the Law provides that no withholding tax will be withheld if the Beneficiary explicitly authorizes the paying agent in writing to proceed with Exchange of Information.

Dividends distributed by Triodos SICAV I fall within the scope of the Savings Directive if more than 15% of the relevant portfolio’s assets are invested in debt claims (as defined by Law). Redemption proceeds realised by shareholders on the disposal of shares will fall within the Scope of the Savings Directive if more than 25% of the relevant Sub-Fund’s assets are invested in debt claims.

Name of the sub-funds

Tax status for
redemptions

Tax status for distributions

Method used
to determine the status

Period of validity
of the status

 

 

 

 

 

I = in scope of the law

O = out of scope of the law

*

61.01% asset ratio for EU Savings Directive

Triodos Sustainable Bond Fund

I

I

Prospectus

Since July 16, 2007

Triodos Sustainable Equity Fund

O

O

Prospectus

Since July 16, 2007

Triodos Sustainable Mixed Fund

I

I

Asset testing*

From May 1, 2014
until April 30, 2015

Triodos Sustainable Pioneer Fund

O

O

Prospectus

Since March 12, 2007

 

 

 

 

 

Triodos SICAV I is authorised to reject any application for shares if the applying investor does not provide Triodos SICAV I with complete and satisfactory information as required by the Law.

Foreign Accounting Tax Compliance Act

The Foreign Accounting Tax Compliance Act (FATCA) is a law issued by the United States of America (US). It has been enacted to ensure that income earned and assets held by US persons in offshore accounts or indirectly through ownership of foreign entities is reported to the US tax authorities (IRS). FATCA achieves aforementioned via the requirement that US and foreign persons – being also entities and thus financial institution as funds – identify and document payees and ultimately disclose information to the IRS. To mitigate foreign legal impediments due to FATCA compliance, intergovernmental agreements (IGA) with the US are being negotiated. Luxembourg has agreed an IGA with the United States. Consequently and due to the specific nature of the IGA, which can be qualified as a model I, FATCA should become Luxembourg domestic legislation.

Triodos SICAV I, as a Foreign Financial Institution (FFI), qualifies as a participating FFI (PFFI). Triodos SICAV I has been registered with the IRS as a PFFI, which resulted in the issuance of a Global Intermediary Identification Number (GIIN). As of July 1, 2014 FATCA is in force and on-boarding procedures are in place to identify (new) shareholders.

Triodos sustainability reporting

Triodos SICAV I is managed by Triodos Investment Management B.V., which is a wholly-owned subsidiary of Triodos Bank N.V. The co-workers involved in the management of the funds are employed by Triodos Bank. The annual report of Triodos Bank is an integral sustainability report, which is applicable to all entities within the Triodos group of companies.

All social policy aspects, including the remuneration policy, are described in Triodos Bank’s annual report.

Triodos Bank has been using the guidelines drawn up by the Global Reporting Initiative (GRI) since 2001. GRI was established in 1997 by the United Nations and the Coalition for Environmentally Responsible Economies. GRI aims to establish a consistent framework for sustainability reporting and thus make performances objective and easier to compare. Triodos Bank is one of GRI’s organizational stakeholders.

In 2013 GRI introduced new guidelines aimed at making reporting more relevant for the sustainability impact of the institution and more useful for its stakeholders. This is done mainly by focusing attention on the issues that Triodos Bank and our stakeholders find the most important or essential for their activities. We have since enhanced this approach, which we first used in our report for 2013. In this report the G4 guidelines have been applied comprehensively. Further information about the application of the G4 guidelines can be found on www.annual-report-triodos.com.

Our reporting is based on internal and external data. This year’s report was prepared partly on the basis of discussions, including a thinking session with a number of external parties organised specifically for this purpose.

Climate-neutral operations

Triodos Bank’s environmental policy is based on the trias energetica. This means that the bank uses as little energy as possible, uses sustainable energy or sustainable resources whenever possible and offsets the climate impact of energy that is generated. The bank thus minimises and offsets its environmental impact. Triodos Bank is a climate neutral, CO2-neutral organisation.

For further information about the social and environmental performances of Triodos Bank and its investment funds we refer to the annual report of Triodos Bank.

Remuneration policy

In certain jurisdictions where the Fund is distributed, management companies of UCITS funds are required to at least disclose information about their remuneration practices for employees whose professional activities have a material impact on its risk profile (so-called “identified staff”).

All of the staff members of Triodos Investment Management are employed by Triodos Bank. Triodos Bank believes good and appropriate remuneration for all its employees is very important. The core elements of the international remuneration policy of Triodos Bank are set out in the Principles of Fund Governance, which can be accessed via www.triodos.com.

The following table sets out the total remuneration, broken down into fixed and variable remuneration, for all the staff that works for Triodos Investment Management, categorized into senior management and other identified staff.

Download XLS

(amounts in EUR)

All staff of Triodos Investment Management

“Identified staff” in senior management positions

All other “Identified staff”

 

 

 

 

Number of staff (average over 2014)

113

6

28

 

 

 

 

Remuneration

 

 

 

Total fixed remuneration (over 2014)

8,916,911

995,936

2,581,671

Total variable remuneration (over 2014)

49,925

12,800

10,825

 

 

 

 

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