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

PRI reporting framework 2017

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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.

          We consider ESG issues in our buy/sell/hold decision-making
        

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

The boards of our infrastructure investments govern and require management to set meaningful and appropriate ESG targets for their annual performance scorecards. These targets are monitored on an ongoing basis and form part of board reporting. Management compensation may be impacted by the achievement of the ESG targets.

Some recent examples of our approach to ESG issues in operations, maintenance and stakeholder engagement include:

Operations

  • Implementation of energy efficiency programs to reduce annual energy usage by 1.79GWh at one of our airport businesses
  • Reduce embedded carbon in construction
  • Issuing improved health and safety guidelines at one of energy distribution businesses
  • Implementing more specific ESG reporting standards from the management teams of our investee companies
  • Maintaining requisite health and safety standards accreditation
  • Reduce lost time frequency ratios and number of accidents / incidents
  • Improve near miss reporting

Maintenance

  • Upgrading lighting to energy efficient LED lighting
  • Reduce venting or flaring of pipeline gas during pipeline relocation   

Stakeholder engagement

  • Investment in stakeholder engagement for the development of one of our airport businesses  
  • Improvement of customer and employee satisfaction, measured on a regular basis, weekly, monthly or other relevant frequencies
  • Establishment of intern programs at our investee companies, some specifically centred on ESG issues

Buy / sell / hold decision-making

  • Consideration of ESG issues also features in our decisions around the buy / sell / hold investment strategy for our assets. By way of example, we were previously invested in a brown coal fired electricity generator.  The limited prospects for this asset in the future generation mix was one of the key reasons that we took the decision to divest and sell the asset. In the years after our exit, the current owners have announced the plant’s early closure.  

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