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Investisseurs & Partenaires

PRI reporting framework 2017

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PIIF Principle 4: Responsible investment

IFD 18. Tools for social performance reporting

Possible action:

Negotiate terms and conditions that are transparent, fair and reasonable, including fair break-up clauses.

18.1. Indicate if you use the following tools for social performance reporting:

Externally developed tools

During due diligence.

For monitoring and reporting purposes.

Describe the approaches used and frequency of use.

 
 

In-house tools based on externally developed tools

During due diligence.

For monitoring and reporting purposes.

Describe the approaches used and frequency of use.

Tools developed solely in-house

During due diligence.

For monitoring and reporting purposes.

Describe the approaches used and frequency of use.

We developed an in-house impact measurement tool specifically tailored to our impact objectives. We collect a set of data on a yearly basis from our portfolio MFIs. Our tool includes quantitative indicators such as the number of borrowers and savers, the demography (very poor, poor etc.), their localization, etc. We also collect qualitative data about the financial products offered, the actions taken against over-indebtedness, price transparency, ethical behavior of employees, recovery practices etc.

18.2. Additional information. [Optional]


IFD 19. Retail institutions have independent financial/social rating and/or social audit

19.1. Indicate if you require the retail institutions in which you invest to have an independent financial rating.

19.2. Indicate if you require the retail institutions in which you invest to have an independent social rating.

19.3. Indicate if you require the retail institutions in which you invest to have an independent social audit.

19.4. Additional information. [Optional]

We often invest in greenfield MFIs and ratings only make sense after a while. But it becomes relevant, we encourage our investee MFIs to go through financial and social ratings. 


IFD 20. Due diligence on and monitoring and reporting of corporate governance among investees

Possible action:

Assist in developing appropriate references for corporate governance issues.

20.1. In relation to your due diligence on and monitoring and reporting of corporate governance among investees, indicate if you assess:

Compensation of the Board of Directors and Executive Directors (i.e. its transparency, the use of benchmarking)

Pre-investment

Post-investment

Describe what you look at and, if post-investment, the frequency of assessment. [Optional]

During the due diligence, we look at the compensation of the board of Directors and as far as we are concerned, we prefer a non-remuneration policy limited to costs' reimbursments. The compensation policy of the Executive Directors is always reviewed during the due diligence process. 

As a member of the Board (with at least bi-annual meetings), we take part to any decision related to the compensation policy for the Board and/or Excutive Directors. 

    

Composition of the Board (i.e. breadth and depth of experience, effective client representation, diversity)

Pre-investment

Post-investment

Describe what you look at and, if post-investment, the frequency of assessment. [Optional]

During the due diligence, we analyse the composition of the board and usually encourage the membership of independent experts. 

    

Whether the Board receives social performance management-related information from the management team that is analysed and contributes to Board decision making.

Pre-investment

Post-investment

Describe what you look at and, if post-investment, the frequency of assessment. [Optional]

20.2. Additional information. [Optional]

The Board receives social performance indicators from the management, like rural clients, gender ratio etc., and it clearly influences its decisions. However it is usually included in in general reporting. Some MFIs have implemented specific SPM committees and send us social reports. 


IFD 21. Training or assistance for investees on corporate governance (Private)


IFD 22. Percentage of investees where board seats are held (Private)


IFD 23. Procedure to integrate environmental issues in investment decision processes

Possible action:

Assist in developing appropriate references for environmental issues.

23.1. Indicate if you have a procedure to integrate the consideration of environmental issues in your investment decision processes.

23.2. Describe how your procedure to integrate the consideration of environmental issues in your investment decisions processes affect decisions pre-investment. [Optional]

Our ESG-related due diligence includes a questionnaire about environmental issues, as a support to a discussion with the MFI. It leads to a thorough review of environmental challenges and opportunities, which shall be presented in the investment committee memorandum.  

23.3. Describe how your procedure to integrate the consideration of environmental issues in your investment decisions processes affect decisions post- investment. [Optional]

23.4. Indicate if you request your investees to comply with an environmental exclusion list.

23.5. Additional information. [Optional]

IPAE's exclusion list includes forbidden sectors for environmental issues. 


IFD 24. Anti-corruption and whistle-blowing policies (Private)


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