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 access to a variety of sub-funds. Currently, Triodos SICAV I offers 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 for Triodos SICAV I commences on January 1 of each year and ends on December 31 of the same year.

The Annual General Meeting of Shareholders is held in the City of Luxembourg, at a location specified in the notice of the meeting, on the third Wednesday of the month of April of each year. If that 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 annually publishes a detailed audited report. Triodos SICAV I further publishes a semi-annual report.

Copies of the annual reports and semi-annual reports may be obtained free of charge within four months and two months respectively after the publication date of those reports 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

Directive 2003/48/EC regulates the taxation of savings income in the form of interest payments (Savings Directive) 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. 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.

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. Luxembourg opted for a transition period during which it levied withholding tax in respect of payments of Taxable Income. As of January 1, 2015, the option to deduct withholding tax from interest payments to EU-resident individuals is no longer applied by Luxembourg. The fiscal regime for Luxembourg resident individuals will remain unchanged. Economic operators established in Luxembourg paying interest to individuals resident in other EU Member States will transmit the information that must be provided according to the terms of the Savings Directive to the Luxembourg direct tax authorities.

On November 10, 2015, the EU Council repealed Directive 2003/48/EC. For Luxembourg, the Savings Directive ceased to apply as of January 1, 2016. The repeal date is not identical for all Member States. Austria, for example, will repeal the Savings Directive as of January 1, 2017. The repeal of the Savings Directive was necessary in order to avoid an overlap with the new Common Reporting Standard (CRS), developed by the Organization for Economic Cooperation and Development (OECD) and drawing on the Foreign Account Tax Compliance Act (FATCA).

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 Law.

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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

*

58.15% 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, 2015
until April 30, 2016

Triodos Sustainable Pioneer Fund

O

O

Prospectus

Since March 12, 2007

 

 

 

 

 

Foreign Accounting Tax Compliance Act

The Foreign Accounting Tax Compliance Act (FATCA) is a law enacted by the United States of America (US). This law is aimed at ensuring 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 this via the requirement that US and foreign persons – also including entities and therefore financial institutions such as investment 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 US. Consequently and due to the specific nature of the IGA, which can be qualified as a model I, FATCA has become Luxembourg domestic legislation.

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

Common Reporting Standard

Similar to FATCA, the Organisation for Economic Cooperation and Development (OECD) has developed the Common Reporting Standard (CRS). CRS requires financial institutions, such as investment funds, in participating CRS jurisdictions to identify and report the tax residency and account details of investors and debt providers to the relevant authorities. The respective authorities automatically exchange the aforementioned information with the authorities of other participating CRS jurisdictions on an annual basis. On October 29, 2014, 51 jurisdictions, including Luxembourg, signed the first ever multilateral competent authority agreement to automatically exchange information.

As a Financial Institution (FI), Triodos SICAV I is qualified as a participating FI. As of January 1, 2016, CRS is in force and on-boarding procedures are in place to identify (new) investors and debt providers.

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 Triodos Bank’s international remuneration policy are set out in the Principles of Fund Governance, which can be accessed via www.triodos.com.

The wage system of Triodos Bank does not include bonuses or option share schemes. Triodos Bank considers financial incentives as an inappropriate way to motivate and reward employees. The Management Board of the management company annually assesses the remuneration policy. Identified staff is all staff that may influence the risk profile of the fund. Besides the members of the Management Board, these are also the fund manager and the managers of support departments.

The table below contains the total remuneration, broken down into fixed and variable remuneration, and the remuneration of the senior management and the identified staff. As this table aims to show the remuneration of employees, all other costs of the management company such as housing, workplace, travelling, outsourced activities, and external consultants are excluded. The amounts shown in the tables include income tax, social premiums, pension fees and tokens of appreciation.

In 2015, the largest part of the variable remuneration was related to severance payments. Triodos Bank may provide additional individual tokens of appreciation to co-workers to a maximum of one month salary. These tokens of appreciation are for extraordinary achievements and are at the discretion of management in consultation with Human Resources. Such a token is not based on pre-set targets and always offerend on retrospect.

An annual, collective token of appreciation may be paid for the overall achievements and contribution of all co-workers. This very modest amount is the same for all co-workers with a maximum of EUR 500 for each co-worker. This can be paid in cash or in Triodos Bank N.V. depository receipts. In 2015 a collective end-of-year token of appreciation of EUR 300 was awarded.

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(amounts in EUR)

Co-workers directly involved in Triodos SICAV I

Identified staff in senior management positions

All other identified staff

 

 

 

 

Number of staff involved (over 2015)

16

4

4

Average FTEs

9.5

0.7

1.5

 

 

 

 

Remuneration

 

 

 

Total fixed remuneration (over 2015)

895,716

144,675

171,213

Total variable remuneration (over 2015)

30,121

23,926

1,060

 

 

 

 

 

 

 

 

Total remuneration (over 2015)

925,838

168,601

172,272

 

 

 

 

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