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Ardian

PRI reporting framework 2017

You are in Direct - Infrastructure » Post-investment (monitoring and active ownership)

Post-investment (monitoring and active ownership)

Overview

INF 14. ESG issues in post-investment activities

14.1. Indicate if your organisation, and/or operators, consider ESG issues in post-investment activities relating to your infrastructure assets.

14.2. Indicate how your organisation, and/or operators, considers ESG issues in the following post-investment activities relating to your infrastructure assets.

14.3. Describe how your organisation, and/or operators, considers ESG issues in post-investment activities related to your infrastructure investments. [Optional]

Ardian's Responsible Investment policy during theownership phase For Ardian, monitoring the ESG practices of portfolio companies and funds is key to the successful integration of extra-financial factors in the investment process and is also instrumental for supporting the progress of companies CSR performance.

For direct investments in Infrastructure (majority shareholder or significant minority) throughout the holding period, the investment team maintains a constant dialogue with the portfolio company's management teams and actively monitors the evolution of their ESG practices, directly and with the support of external consultants who regularly carry out ESG reviews. The results of these ESG reviews serve as a basis for the establishment of recommendations and goals with concrete action plans to help portfolio companies to improve their ESG performance. Since 2009, Ardian has carried out more than 89 ESG reviews and continues to expand its monitoring scope each year. Furthermore, the investment team often has a seat on the Supervisory Board of portfolio companies which is powerful lever to promote the integration of extra-financial issues and to disseminate best practices. Moreover, to structure the collection and analysis of extra-financial indicators during the holding period, Ardian has developed an ESG Framework, based on industry recommendations and active dialogue with investors.

 

When Ardian is a minority shareholder: ESG monitoring takes place via Supervisory Boards when Ardian has a seat, or via interactions with the lead sponsor and/or portfolio companies when possible. An ESG Framework with indicators was established in order to help Ardian investment teams with the monitoring process during the holding period.


Infrastructure monitoring and operations

INF 15. Proportion of assets with ESG performance targets

15.1. Indicate the proportion of infrastructure assets where your organisation, and/or operators, included ESG performance in investment monitoring during the reporting year.

 (in terms of number of infrastructure assets)

15.2. Indicate ESG issues for which your organisation, and/or operators, typically sets and monitors targets (KPIs or similar) and provide examples per issue.

List up to three example targets per issue

          Water and Energy consumption practices/policy
        
          Waste management practices/policies
        
          Pollution risks
        

List up to three example targets per issue

          Health and Security (absenteeism, accident rate, ratio of women in staff and at executive positions, disabled people, etc.).
        
          Training and career development
        
          Alignment of interests and compensation practices/policy (incentives, profit sharing schemes, etc.).
        

List up to three example targets per issue

          Anti-bribery practices and policy
        
          Presence of Compensation and Audit Committees; and of transparent management compensation policies
        
          Community and stakeholder engagement
        

15.3. Additional information. [Optional]


INF 16. Proportion of portfolio companies with ESG/sustainability policy

16.1. Indicate if you track the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

16.2. Indicate the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

(in terms of number of infrastructure investees)

16.3. Describe how your organisation, and/or your operators, contribute to the infrastructure investees’ management of ESG issues. [Optional]

Ardian's teams contribute to the portfolio's management of ESG issues through ongoing dialogue with portfolio managers and regular reports. Ardian also mandates external consultants to perform ESG reviews on portfolio companies.

Moreover, Ardian's teams contribute to the portfolio's management of ESG issues through ongoing dialogue and regular reports. Ardian also mandates external consultants to regularly perform reviews on portfolio companies. Analyses and recommendations are discussed by Ardian teams with portfolio companies' management teams.

When an ESG review is performed, an action plan for improving key performance indicators can be determined with the management team based on recommendations from the external consultants.


INF 17. Type and frequency of reports received from investees

17.1. Indicate the type and frequency of reports you request and/or receive from infrastructure investees covering ESG issues.

Type of Reporting

Typical reporting frequency

Typical reporting frequency

17.2. Additional information.

The company's management teams prepare regular reports (usually quarterly) that serves as a base for the Supervisory Board's meetings. Next to the traditional financial update, this document also includes business-related information as well as ESG-related information when appropriate. Investment teams may also refer to Corporate Responsibility Reports (or similar documents) whenever companies publish them.


Infrastructure maintenance

INF 18. Proportion of maintenance projects where ESG issues were considered

18.1. Indicate the proportion of active infrastructure maintenance projects where ESG issues have been considered.

(in terms of number of active maintenance projects)

18.2. Describe your approach to ESG considerations for infrastructure maintenance projects. [Optional]


Stakeholder engagement

INF 19. Proportion of stakeholders that were engaged with on ESG issues

19.1. Indicate which stakeholders your organisation, and/or operators, engaged with on ESG issues in relation to your infrastructure assets during the reporting year and what proportion of your investments they apply to.

Stakeholders engaged

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

          Portfolio companies'employees
        

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

          Portfolio companies employees
        

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

19.2. Describe your approach to stakeholder engagements in relation to your infrastructure assets.

In line with their role as financial investors in infrastructure assets, Ardian's teams do not engage directly with stakeholders, and their engagement is mediated by portfolio's management.

With portfolio management, Ardian’s teams engage on ESG issues through ongoing dialogue with and regular reports. Ardian also mandates external consultants to perform ESG reviews on portfolio companies.

With portfolio management, Ardian’s teams engage on ESG issues through the mediation of portfolio companies’ Directors (i.e. Board of Directors, Executive Committee, etc).

Moreover, Ardian's teams contribute to the portfolio's management of ESG issues through ongoing dialogue and regular reports. Ardian also mandates external consultants to regularly perform reviews on portfolio companies. Analyses and recommendations are discussed by Ardian teams with portfolio companies' management teams.

When an ESG review is performed, an action plan for improving key performance indicators can be determined with the management team based on recommendations from the external consultants.


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