This report shows public data only. Is this your organisation? If so, login here to view your full report.

Chequers Capital

PRI reporting framework 2018

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, and how they consider ESG factors and real economy impact.

Chequers will focus primarily on acquiring well-established mid-market businesses, principally in France, Germany and Italy.

It will also consider investing in neighbouring countries when attractive opportunities offering special edge arise in a due-diligence friendly environment. Chequers looks for companies with identified value creation levers. It favours companies with a strong market position which can be extended domestically or internationally. The ability of the management in place to implement strategic plans is carefully checked in order to assess the level of risk in pursuing organisational changes, geographical expansion or add-on acquisitions.

This combination has allowed Chequers to protect its investment value with a low risk profile while delivering consistent top decile returns.

Chequers aims to create long-term relationships with management teams based on reliability and business ethics.

Chequers refrains from investing in certain sectors e.g. alcohol, weapons, etc.

Systematic due diligence on ESG issues and exclusion of deals where a significant ESG issue may arise.

Targeted holding period: 5 to 10 years.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

Chequers Capital is an investment company that has adopted an ongoing commitment to fulfilling the social responsibility principles it has adopted.

Chequers Capital was founded to provide services for its customers and investors designed to provide security and performance for the funds it is entrusted with on the basis on best market practices. It is determined to respect not only corporate financial responsibility principles but also extra-financial responsibilities; indeed they lie at the very heart of its investment and decision-making processes. Acting for the benefit of its investors, the firm is constantly available to provide explanations to ensure complete transparency vis-a-vis its customers. This is the natural counterpart of the confidence they have placed in the firm.

The first principle is that of honesty. Chequers Capital managers comply fully with the principle of strict legality, respect of the law and fairness in business affairs, whether it concerns relations with external players, their investments, or the operations of the company.

The second principle is that of good governance, focused on investment orientation and asset control to ensure objectives are met. Management is conscious of their investment responsibilities and ensures that equitable investment decisions and methods are pursued.

The third principle is the use of the best skills to ensure that the most effective decisions are taken. This involves seeking external business expertise or knowledge of specific situations that can be used in conjunction with in-house expertise.

The fourth principle involves consciousness of the impact of policy decisions to avoid taking investment decisions in areas that might be harmful to the interests of investors or which might have harmful consequences which Chequers Capital may not be able to justify.

The fifth principle is an ongoing preoccupation with fairness and equity. This guides our internal economic and social decisions both with regard to staff and management. The principle of equity applies to all decisions which have a human impact. The concern for efficiency which is its driving force never takes priority over legitimate or contractual rights granted by Chequers Capital.

Chequers Capital has provided its staff with the content of the five corporate governance principles. Its directors ensure that they are applied in all circumstances.

Because Chequers Capital is an investment company inspired by solid ethical principles that guide the professional and personal behaviour of its staff, it is able to ensure a high level of investment performance without undermining economic or human value-added. Directors of Chequers Capital anticipate, integrate and manage the full range of risks inherent in its business activities whether they be economic, social or environmental, weighing them in the light of their own ethical and good governance principles. These principles are never relegated to a subsidiary level of risk by Chequers Capital or its staff.

SG 02. Publicly available RI policy or guidance documents

New selection options have been added to this indicator. Please review your prefilled responses carefully.

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Indicate if your organisation’s investment principles, and overall investment strategy is publicly available

02.4. Additional information [Optional].

SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Given the independent structure of Chequers Capital, the firm is able to avoid conflicts of interest. Moreover, the team is fully dedicated to the Fund and has no other outside activities.

In the event that there is a conflict of interest with a portfolio company, the matter will be immediately reported to the Compliance Officer and will be discussed with the Advisory Committee.

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Private)