How to drive change? Together.
We drive change through our capital, engagement and transparency. We actively support our investees in raising their sustainability ambitions and navigating complex transitions with integrity and a long-term mindset. Beyond our portfolio, we share our experiences, insights and dilemmas to help strengthen the broader investment ecosystem – encouraging peers to learn, step up and be part of the solution.
Transparency and the CSRD
Our impact journey spans many years, and transparency remains central to it. We view openness as a prerequisite for meaningful progress. As Marije Rhebergen, Director Impact & Communication, explains: ‘Each year, we publish our impact report outlining our ambitions, results and challenges. We actively engage with our investees to better understand their impact performance and the complexities they face. Their feedback helps us continuously refine our approach. In addition, we regularly exchange insights with peer investors, and we share our experiences through articles, presentations and public discussions to contribute to a broader learning community.’
This commitment to transparency also shapes our approach to the Corporate Sustainability Reporting Directive (CSRD). In anticipation of the directive, VP Capital prepared for the CSRD by conducting a comprehensive Double Materiality Analysis (DMA) across the family office and our three consolidated companies. This process assessed both impact and financial materiality across environmental, social and governance topics, informed by strategic stakeholders.
Although VP Capital no longer falls within the formal CSRD scope following the final European Omnibus I decision of December 2025 to raise the thresholds, we will deliberately continue to apply selected core principles. They help validate the key sustainability topics that require our attention as an investor – highlighting where we need to focus, improve, and communicate transparently about both progress and limitations. As Michel Meerkerk, Director Finance & Legal, reflects: ‘From the outset, our guiding principle has been to communicate honestly about both progress and setbacks, grounded in robust and widely recognised frameworks. Although we are no longer legally required to report under the CSRD, we believe its principles remain valuable, particularly for companies and investors navigating complex sustainability challenges.’
Our governance structure to stimulate impact
Our impact-first strategy is firmly embedded in our governance. This starts at the top of our structure, VP Beheer Foundation (StAK), which holds all voting rights of the shares. The StAK has a family-led board consisting of three family members, who ensure that our mission remains central at all times. The StAK also takes into account the interests of certificate holders and actively consults them, including through a formal General Meeting of Certificate Holders held twice a year. Additionally, our independent Supervisory Board, comprising three external members and one family member, ensures professional and balanced oversight.
Clear agreements between family and business are captured in a formalised document, the Family Compass, which defines the guiding principles, roles, and long-term vision of the family. Together with the Family Council - addressing family matters separately from business governance - and our broader set of governance bodies and agreements, this framework ensures that VP Capital consistently upholds both the family’s mission and its impact-first strategy.
Impact is also integrated into our organisation. It is anchored in our bylaws, externally verified through B Corp certification and other pledges, and overseen at both Managing Board and Supervisory Board level. Dedicated leadership, our Investment Committee, staff capacity, and incentive schemes help ensure that impact is integrated throughout the investment cycle.
Alongside other investments, we hold direct stakes in Batenburg Techniek, Mediahuis, Q-lite, VP Energie, VP Landbouw, VP Textile and our venture portfolio. In our majority holdings, we directly shape strategy and impact; in minority positions, we contribute through supervisory board roles, ensuring impact and long-term value creation remain firmly on the agenda.
‘Impact is not a separate pillar – it is integral to how we govern and create long-term value’ - Marije Rhebergen, Director Impact & Communications.
Our impact-first strategy is firmly embedded in our governance. This starts at the top of our structure, VP Beheer Foundation (StAK), which holds all voting rights of the shares. The StAK has a family-led board consisting of three family members, who ensure that our mission remains central at all times. The StAK also takes into account the interests of certificate holders and actively consults them, including through a formal General Meeting of Certificate Holders held twice a year. Additionally, our independent Supervisory Board, comprising three external members and one family member, ensures professional and balanced oversight.
Clear agreements between family and business are captured in a formalised document, the Family Compass, which defines the guiding principles, roles, and long-term vision of the family. Together with the Family Council - addressing family matters separately from business governance - and our broader set of governance bodies and agreements, this framework ensures that VP Capital consistently upholds both the family’s mission and its impact-first strategy.
Impact is also integrated into our organisation. It is anchored in our bylaws, externally verified through B Corp certification and other pledges, and overseen at both Managing Board and Supervisory Board level. Dedicated leadership, our Investment Committee, staff capacity, and incentive schemes help ensure that impact is integrated throughout the investment cycle.
Alongside other investments, we hold direct stakes in Batenburg Techniek, Mediahuis, Q-lite, VP Energie, VP Landbouw, VP Textile and our venture portfolio. In our majority holdings, we directly shape strategy and impact; in minority positions, we contribute through supervisory board roles, ensuring impact and long-term value creation remain firmly on the agenda.
‘Impact is not a separate pillar – it is integral to how we govern and create long-term value’ - Marije Rhebergen, Director Impact & Communications.
Defining what matters: our double materiality analysis
As part of our CSRD preparation, we carried out an extensive Double Materiality Analysis (DMA) in line with the European Sustainability Reporting Standards (ESRS).
The scope included our family office activities and the three consolidated entities: VP Textile, VP Landbouw and VP Vastgoed. Given the diversity of their activities, the analysis was conducted separately for each entity, resulting in four distinct materiality matrices.
We identified 214 potentially material impacts, risks and opportunities (IROs), clustered into 16 sustainability topics. Through quantitative scoring in 2024 – applying ESRS criteria such as scale, scope, remediability, likelihood and financial effect – and using clear thresholds, this was narrowed down to 11 material topics and 48 material IROs at entity level.
We engaged with 78 stakeholders, including employees, family members, our supervisory board, representatives of direct investments, peers, NGOs and external experts. The process combined desk research, internal interviews, strategic workshops, surveys and in-depth discussions, ensuring both internal and external perspectives were incorporated.
Many of the material topics were already embedded in our strategy. For example, we have defined a climate roadmap with science-based targets towards 2030, and we have developed policies and action plans to support employee well-being, partly in the context of our B Corp certification. At the same time, the DMA highlighted areas requiring further development, particularly in relation to value chains in certain sectors in which we invest.
As Michel Meerkerk, Director Finance & Legal reflects: ‘While there is still work to be done, the CSRD exercise has helped us to sharpen our focus and improve the coherence of our ESG management and reporting. Even outside the formal scope of the directive, we see CSRD as a compass that strengthens our accountability and supports continuous learning – both within VP Capital and beyond.’
As part of our CSRD preparation, we carried out an extensive Double Materiality Analysis (DMA) in line with the European Sustainability Reporting Standards (ESRS).
The scope included our family office activities and the three consolidated entities: VP Textile, VP Landbouw and VP Vastgoed. Given the diversity of their activities, the analysis was conducted separately for each entity, resulting in four distinct materiality matrices.
We identified 214 potentially material impacts, risks and opportunities (IROs), clustered into 16 sustainability topics. Through quantitative scoring in 2024 – applying ESRS criteria such as scale, scope, remediability, likelihood and financial effect – and using clear thresholds, this was narrowed down to 11 material topics and 48 material IROs at entity level.
We engaged with 78 stakeholders, including employees, family members, our supervisory board, representatives of direct investments, peers, NGOs and external experts. The process combined desk research, internal interviews, strategic workshops, surveys and in-depth discussions, ensuring both internal and external perspectives were incorporated.
Many of the material topics were already embedded in our strategy. For example, we have defined a climate roadmap with science-based targets towards 2030, and we have developed policies and action plans to support employee well-being, partly in the context of our B Corp certification. At the same time, the DMA highlighted areas requiring further development, particularly in relation to value chains in certain sectors in which we invest.
As Michel Meerkerk, Director Finance & Legal reflects: ‘While there is still work to be done, the CSRD exercise has helped us to sharpen our focus and improve the coherence of our ESG management and reporting. Even outside the formal scope of the directive, we see CSRD as a compass that strengthens our accountability and supports continuous learning – both within VP Capital and beyond.’
The impacts, risks and opportunities of our consolidated entities
The Double Materiality Assessment (DMA) identified material impacts, risks and opportunities (IROs) across VP Capital, VP Textile, VP Landbouw and VP Vastgoed, clustered around the key themes of climate, working conditions, business conduct and responsible investing. Together, these IROs reflect both the sustainability impact of our operational activities and the role we take up as a responsible long-term investor.
The IROs identified at family office level guide us in acting as a responsible and impact-driven investor. They reflect our commitment to conducting thorough impact assessments, practicing active ownership, building long-term partnerships, and creating sustainable long-term value. They also underline our role in supporting the climate transition within our portfolio, investing in scalable impact solutions, and embedding ESG and impact implementation across our portfolio companies. More information on our specific ESG policy can be found in the chapter ‘How our organisation generates impact’.
Within VP Textile, the DMA highlighted material climate impacts related to greenhouse gas emissions throughout the textile value chain, alongside social IROs concerning working conditions in own operations and across the value chain, employee engagement and responsible purchasing practices. In 2025, VP Textile further strengthened these climate and social IROs by investing in circular and lower-impact textile solutions, alternative fibres and material efficiency, while continuing to improve safe working conditions, employee wellbeing and responsible supply chain practices across its international operations.
For VP Landbouw, the DMA highlighted material environmental and social IROs related to climate, biodiversity-driven agriculture, pollution and employee wellbeing. In 2025, VP Landbouw further strengthened its focus on biodiversity-driven and lower-impact agriculture through the exploration of regenerative farming practices, while also taking the strategic decision to phase out its livestock activities.
Within VP Vastgoed, material IROs focused on climate impacts associated with real estate development, and responsible fund management practices. In 2025, VP Vastgoed continued to reduce the environmental impact of its portfolio by focusing on energy-efficient buildings, sustainable real estate development and the further integration of sustainability considerations into real estate investment decisions.
At the same time, we openly acknowledge the potential negative environmental and climate-related impacts linked to our investments (all asset classes), including greenhouse gas emissions and broader environmental pressures from production activities. By explicitly addressing both our positive contributions and material risks, and by recognising future-proof impact investments as a strategic opportunity, we aim to bring responsibility and long-term value creation together within our impact-first strategy.
The Double Materiality Assessment (DMA) identified material impacts, risks and opportunities (IROs) across VP Capital, VP Textile, VP Landbouw and VP Vastgoed, clustered around the key themes of climate, working conditions, business conduct and responsible investing. Together, these IROs reflect both the sustainability impact of our operational activities and the role we take up as a responsible long-term investor.
The IROs identified at family office level guide us in acting as a responsible and impact-driven investor. They reflect our commitment to conducting thorough impact assessments, practicing active ownership, building long-term partnerships, and creating sustainable long-term value. They also underline our role in supporting the climate transition within our portfolio, investing in scalable impact solutions, and embedding ESG and impact implementation across our portfolio companies. More information on our specific ESG policy can be found in the chapter ‘How our organisation generates impact’.
Within VP Textile, the DMA highlighted material climate impacts related to greenhouse gas emissions throughout the textile value chain, alongside social IROs concerning working conditions in own operations and across the value chain, employee engagement and responsible purchasing practices. In 2025, VP Textile further strengthened these climate and social IROs by investing in circular and lower-impact textile solutions, alternative fibres and material efficiency, while continuing to improve safe working conditions, employee wellbeing and responsible supply chain practices across its international operations.
For VP Landbouw, the DMA highlighted material environmental and social IROs related to climate, biodiversity-driven agriculture, pollution and employee wellbeing. In 2025, VP Landbouw further strengthened its focus on biodiversity-driven and lower-impact agriculture through the exploration of regenerative farming practices, while also taking the strategic decision to phase out its livestock activities.
Within VP Vastgoed, material IROs focused on climate impacts associated with real estate development, and responsible fund management practices. In 2025, VP Vastgoed continued to reduce the environmental impact of its portfolio by focusing on energy-efficient buildings, sustainable real estate development and the further integration of sustainability considerations into real estate investment decisions.
At the same time, we openly acknowledge the potential negative environmental and climate-related impacts linked to our investments (all asset classes), including greenhouse gas emissions and broader environmental pressures from production activities. By explicitly addressing both our positive contributions and material risks, and by recognising future-proof impact investments as a strategic opportunity, we aim to bring responsibility and long-term value creation together within our impact-first strategy.
“While there is still work to be done, the CSRD exercise has helped us to sharpen our focus and improve the coherence of our ESG management and reporting.”
- Michel Meerkerk, Director Finance & Legal
