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PRI reporting framework 2017

You are in Direct – Private Equity » Pre-investment (selection)

Pre-investment (selection)

PE 07. Incorporating ESG issues when selecting investments

07.1. デューデリジェンスで組織がプライベートエクイティ投資先を選定する際、通常ESG問題を組み入れているかどうかを記載してください。

07.2. ESG問題をプライベートエクイティ投資の選択に組み入れる際のアプローチを説明してください。

Ardian is committed to integrating ESG in all of its investments activities, while taking into account their specificities in order to ensure an appropriate and effective approach.

With the support of the CSR team, each investment team is ultimately responsible for implementing this policy during the different phases of the investment process.

Pre-due diligence phase:

Preliminary screening ensures that the investment team avoids investing in sectors which are explicitly listed as being banned by Ardian's CSR Charter.  


Due diligence:

The investment team systematically carries out an ESG analysis while taking into account the fund's (or mandate's) strategy as well as the specificities of each opportunity, with the support of the CSR team and ESG consultants when necessary.

 For direct investments in Private Equity (majority shareholder or significant minority): due diligence is based on the establishment of a dialogue with the management team and onsite visits of the company, in order to identify and assess key ESG issues and understand how they are taken into account by the management team. Depending on the industry sector and initial discussions with management, the investment team may decide to hire an external consultant to carry out environmental, social or ESG audits.

 When Ardian is a minority shareholder: The investment team carries out the ESG analysis in two phases. First of all, the investment team evaluates the lead sponsor according to ESG criteria. Secondly, the investment team assesses the business itself based on: 1) the buyers and vendors due diligence packages, 2) dialogue with the management of the company and / or the lead sponsor, depending on the configuration of the transaction

Investment decision:

A summary of the ESG analysis is then included in every investment memorandum submitted to the Investment Committee who is ultimately responsible for the investment recommendation. Depending on whether material ESG risks are identified in the due diligence phase, a corrective action plan can be included in a post-acquisition plan.

07.3. 補足情報。 [任意]

PE 08. Types of ESG information considered in investment selection

8.1. プライベートエクイティの投資選択プロセスにおいて組織が通常どのような種類のESG情報を考慮するかを記載してください。

8.2. 投資委員会または類似の委員会において、この情報がどのように報告・検討・文書にまとめられているかを記載して下さい。

See answer in PE 07.2

PE 09. Encouraging improvements in investees

9.1. ディール・ストラクチャリングを行う際、あなたの組織では投資先候補のESG問題の管理の継続的な改善を通常は促しているかどうかを記載してください。

9.2. これらの改善の性質およびESGの扱う内容について説明してください。

During deal structuring, Ardian seeks to establish conditions that will improve management of ESG-related issues. Some of the most relevant ESG-related recommendations stressed during due diligence are put into practice through shareholders' agreements, control schemes and asset management packages. They may address governance structure's adjustments to secure avoidance of potential conflict of interests, or any other material ESG risk or opportunity identified during due diligence. Ardian always favours the establishment of a dual governance model with a Board of Directors and a Supervisory Board in which qualified external members seat, as well as the creation of Remuneration and Audit Committees in a bid to boost transparency policies. ESG-related considerations may also refer to compensation policy, to the quality of health and security management systems, or to the strengthening of security processes to circumvent pollution risks.

9.3. 補足情報。

PE 10. ESG issues impact in selection process

10.1. 報告年度において、ESG問題がプライベートエクイティ投資の選択プロセスにどのような影響を及ぼしたかを明示してください。

10.2. 報告年度において、ESG問題がプライベートエクイティ投資に係るディール・ストラクチャリング・プロセスにどのような影響を及ぼしたかを明示してください。

10.3. 補足情報。