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

PRI reporting framework 2017

Export Public Responses

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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]

Due to the nature of our investments, our public disclosure is via both the investee companies and via our investment management business. 

Our portfolio companies interact directly with the public.  Firstly by way of annual reporting.  This may include ESG sections of regular annual reports and/or specific ESG reports.  Secondly, these businesses also interact with the pubic via specific community forums (usually focused on particularly issues or new projects).

For our investor clients, there is usually full disclosure of a range of ESG performance issues as outlined in other parts of this report. We have regular quarterly reporting, which captures all relevant investment metrics and considerations, including ESG; there is also ad hoc reporting, for example, if there were an ESG issue that warranted disclosure to investors, this would be done as and when required (see Question 23); and lastly, our funds produce an annual ESG Report, which highlights the ESG approach of the Manager, as well asset-specific examples and case studies across the entire portfolio of the relevant fund.

The Manager also produces public disclosure.  The highlight of this is the Responsible Investment and Stewardship Report, which covers team profiles, case studies, and ESG metrics.  It can be found online: 

22.8. Additional information. [Optional]

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 otherwise, they are reported 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 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 occasionally 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.