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

PRI reporting framework 2016

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Communication

INF 22. Disclosure of ESG information to public and clients/beneficiaries

22.1. Indicate if your organisation proactively discloses ESG information on your infrastructure investments.

22.2. Indicate if the level of ESG information you provide to the public is the same as the level you provide to your clients/beneficiaries.

22.3. Indicate the type of ESG information that your organisation proactively discloses to the public.

22.4. Indicate your organisation’s typical frequency of disclosing ESG information to the public.

22.5. Indicate the type of ESG information that your organisation proactively discloses to your clients/beneficiaries.

22.6. Indicate your organisation’s typical frequency of disclosing ESG information to your clients/beneficiaries.

22.7. Describe the ESG information and how your organisation proactively discloses it to the public and/or clients/beneficiaries. [Optional]

As we invest in unlisted infrastructure, our portfolio companies interact with the public in two ways - via annual reporting and via specific community forums (usually focused on particularly issues or new projects). The links provided are to the sustainability reports of the  companies.

There are no specific issues that clients have mandated us not to report on.

For clients, there is usually full disclosure of a range of ESG performance issues as outlined in other parts of this report. This information is provided in accordance with the board reporting cycle the frequency of which depends on the portfolio business.

22.8. Additional information. [Optional]

We note that we pro-actively promote the links in the section 22.1 section. On annual basis we publish our "Responsible Investor Report" and around the publication date release we invite people from the sector to discuss it.

In addition, we produce our own annual "ESG Report" which came from our own fund initiative and includes very detailed information on ESG performance of our portfolio companies. This report contains some critical commercial data and is available to our investors only.

Portfolio companies also report as per the following:

http://www.anglianwater.co.uk/corporate-responsibility/

http://www.reganosa.com/en/sustainability-report

http://www.enwl.co.uk/sustainability

http://www.terminalspl.com.au/reports/

http://www.bne.com.au/corporate/about-us/environment-sustainability

http://www.adelaideairport.com.au/corporate/environment/

Our Australian airport investments also participate in a Master Plan process. Periodical Master Plans, which include detailed discussion of ESG issues, are required to be approved by the relevant government Minister after a period of public exposure and consultation.


INF 23. Approach to disclosing ESG incidents

23.1. Describe your organisation’s approach to disclosing ESG incidents in infrastructure investments to your investor clients.

Any ESG issues that have a material impact on the investment performance of a particular company are reported to the client immediately if they are significantly material or in the course of the normal quarterly reporting cycle.

If the particular issue has the potential to involve media attention or significant community or regulatory attention (even if it has low financial impact) then the shareholders and investors will also be notified.

The shareholders will be provided with a brief overview of the issue as it arises and this is then followed up with a more detailed analysis (including any impact on the financial performance of the asset) when that detail is made available from the management team of the company. Full coverage of the issue is then provided in the next quarterly report to ensure the client is fully aware of the issue, the reasons it arose and the impact it has had on the business (financially and otherwise) and measures undertaken to mitigate or prevent reoccurrences of the incident

Investors also request briefings on issues that arise (for example a change in government policy response to carbon pricing) on a case by case basis and we also prepare specific topical briefing papers on issues, even if they won't have a material impact on the business.


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