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Colonial First State Global Asset Management (including First State Investments)

PRI reporting framework 2016

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Outputs and outcomes

INF 20. ESG issues affected financial/ESG performance

20.1. インフラ投資におけるESG問題へのアプローチが業績やESG実績に与える影響を測定しているかどうかを記載してください。

以下への影響を説明してください: 
影響
ファンドの業績
以下への影響を説明してください: 
影響
ファンドのESG実績

20.2. こうした結果を決定する方法について説明してください。

Our approach to responsible investment is one where driving value for our investors is paramount. This means that, for instance, when making an investment decision that decision is optimised by careful diligence of all factors affecting value, including ESG factors. It also means that in the ongoing operation and maintenance of our infrastructure businesses, ESG initiatives are supported by robust business cases that drive investor value. Several measures are used across the range of our portfolio of infrastructure businesses to assess financial performance from ESG initiatives, including:

  • Business case assessments focused on return on capital - for example a water saving initiative which has an upfront capital cost will also provide a reduction in the amount of potable water consumed by the infrastructure business. This will have a direct financial benefit through a reduction of operational costs. This cost/benefit outcome can then be used to determine a return on investment measure for the business case.
  • Achievement of an ESG outcome for no net increase in unit cost - for example the reduction in embodied carbon in concrete used in the construction of new assets for no net increase in supply cost of that asset (benchmarked against previous provision of similar assets) reduces the carbon exposure of the business at no additional cost to the delivery of the infrastructure.
  • Reduction in pollution or other regulatory compliance breach events - each event has a cost to the business to rectify. The reduction of the occurrence of these events provides a direct and definable reduction in this response cost to the business.
  • Time delay outcomes - projects can be delivered on time through good community and workforce engagement. If a project is delivered early then this will have a direct benefit to the financial performance of the business.

ESG performance measures include:

  • Resources use (water, energy, materials)
  • Waste generation
  • Carbon generation
  • Safety performance
  • Days of operational interruption (from protests, strikes, regulatory intervention)

It can also be measured by individual asset accreditation; for example, some of our airport investments have recently achieved higher levels of Airport Carbon Accreditation.


INF 21. Examples of ESG issues that affected your infrastructure investments

21.1. 報告年度のインフラ投資に影響を与えたESG問題の例を挙げてください。

ESG問題
          Environmental - climate related (storms, floods)
        
影響を受けたインフラの種類
          All physical infrastructure potentially affected
        
投資の影響(または将来的な影響)
  • Physical inundation of assets making the infrastructure inaccessible and unusable
  • Power outages
  • Delay or cancelation of services
  • Penalty payments or loss of incentive revenues
  • Financial costs for repair or replacement of assets
投資に影響するために実施する活動およびその結果
  • Appropriate capex programs to mitigate the risk of physical impacts of climate related events (incl. impacts from climate change)
  • Establishment of incident response procedures, time effective implementation
  • Active engagement and communication with customers through media, social media and calls, 22,000 free meals served to customers, proactive calls to vulnerable customers
  • Active engagement and communication with regulators and governments with a view to receive cost compensation
ESG問題
          Environmental - Renewable energy policies
        
影響を受けたインフラの種類
          All infrastructure with an energy requirement 
Electricity grids with obligation to connect renewable generation
All infrastructure assets with direct and indirect emission
        
投資の影響(または将来的な影響)
  • Opportunity to install renewable generation capability to participate in the Renewable Energy Targets
  • Operational challenges for intermittent energy
  • Growth opportunities through regulated investment budgets
  • Additional investment requirements for emission reduction
投資に影響するために実施する活動およびその結果
  • Acquisition of portfolio of wind farms in Portugal
  • Installation of Australia's largest airport rooftop solar PV system
  • Utilisation of biogas from water treatment plants
  • Improve network resilience
  • Agree delivery of investment projects with regulators
  • Assessment of use of alternative fuel - switch diesel to electric
  • Reduction of embedded carbon in investment projects
ESG問題
          Social - Health and safety
        
影響を受けたインフラの種類
          All Infrastructure assets
        
投資の影響(または将来的な影響)

Implementation of H&S procedures to secure:

  • Safety of passengers (ferries, airports, etc), clients and the public (construction in public places) 
投資に影響するために実施する活動およびその結果

Regular review of the procedures and updates to manuals have been implemented to avoid similar incidences reoccurring. 

Safety at workplace is paramount for our assets; all portfolio assets are OHSAS 18001 or equivalent accredited.

ESG問題
          Governance – governance codesand policy changes
        
影響を受けたインフラの種類
          All companies
        
投資の影響(または将来的な影響)

Implementation of different corporate governance codes in different jurisdictions.

Changes to company structures and board voting procedures.

投資に影響するために実施する活動およびその結果

Application of most advanced corporate governance codes across all portfolio companies whilst respecting specific local circumstances.

Engagement of independent non-executive board members.

Establishment of subcommittees to the board.

ESG問題
          Social – Community impact of infrastructure
        
影響を受けたインフラの種類
          Physically imposing infrastructure in populated areas, e.g. airports
        
投資の影響(または将来的な影響)

Impact on social license to operate.

Legal permitting and licensing process. 

投資に影響するために実施する活動およびその結果

Community and political engagement.

Investment in mitigation measures.

21.2. 補足情報。


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