Each portfolio company generally has dedicated resources that engage with stakeholders on ESG issues and it is in almost all instances incorporated into line management key performance indicators. For example, CEO's of investment companies often present to community groups and engage directly with regulators and politicians on ESG issues. There are also dedicated staff for engagement with relevant regulators.
In many instances our portfolio companies have formal community engagement forums set up that provide communities with an opportunity to communicate directly with the upper management of the company about concerns they may have on the operation of our assets. These engagement forums are either set up through open invitation or via formal regulator appointment mechanisms.
In the case of our UK water utility the complete business planning process has been developed on an outcomes focused approach considering the expected service level provided to customers. To develop such an approach, the company has engaged with all its stakeholders and identified the key criteria it will consider in the long term business planning. These criteria include for example satisfied customers, fair profits, fair charges, safe and clean water, caring for communities etc.
In case of our ferry business we conduct monthly surveys on customer satisfaction. The pricing of some of the tickets are directly impacted by the scores achieved.
We are also a member of, or engaged in, a number of forums that bring us in contact with various stakeholders in our investment space. This includes the Investor Group on Climate Change, the Roundtable Discussion with the Clean Energy Regulator and the Australian Sustainable Built Environment Council. We are also participating in the infrastructure working group of the Green Construction Board in the UK which is currently drafting guidelines to reduce embedded carbon in construction throughout the whole supply chain.