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InfraRed Capital Partners Limited

PRI reporting framework 2019

Export Public Responses

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INF 11. ESG issues in post-investment activities

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

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

          Monitoring and managing ESG issues on a cross-portfolio basis; applying lessons learnt to all relevant infrastructure assets

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

As described in INF 10.3 and 10.4, typically a specialist Managed Service Provider is appointed to provide the day to day management oversight of the SPC's activities and contractual obligations and to implement the SPC Board's policies and aspirations. Where there is no separate appointment a team employed directly by the SPC is in place. The Managed Service Provider or team provides a link between all the project's stakeholders seeking to align all parties' ESG aspirations as part of their duties. Stakeholders include the SPC's Clients, Users, Funders/Lenders, Service Providers, Insurers and the local community in which the project is located.

At least one InfraRed Asset Manager is appointed director for each project investment. The InfraRed Asset Manager attends regular Board meetings (typically monthly during construction and the early operational stage thereafter reducing to quarterly) where a full operational and financial report, including ESG and Health & Safety matters, is considered. The Management Service Provider is provided with direction and guidance on such matter by the Board, if appropriate. Periodic site visits are made, often in conjunction with the Board meeting, which are often conducted at the project for that purpose.

InfraRed has developed an online platform through which all Managed Service Providers of infrastructure investment SPCs complete an annual questionnaire in respect of ESG policies, performance and specific initiatives, seeking a broader oversight of the project's ESG profile over and above the regular Board reports from the management team. This portal allows the capture of additional documentary evidence of each SPC's performance against the 27 KPIs that have been established. The responses are then benchmarked by InfraRed and result in effective, actionable feedback from InfraRed to the Management team. This comprehensive review and analysis is undertaken by InfraRed's part-time consultant so as to provide an independent review of performance.

InfraRed also provides support through a "best practice guidance" reference document, developed in consultation with its asset management team members and Managed Service Providers, as well as a template ESG policy statement for adoption by individual projects, subject to the approval of all co-shareholders.

InfraRed's primary access point to ensure that its Responsible Investment aspirations are met and that it is able to influence ESG matters is via the SPC Board meeting in the majority of its investments. The management team will be encouraged to identify community activity, or project based activity that benefits the wider community, that the SPC and its third party operators can support with either direct funding or pro bono support. Many of the third party operators are large corporations in their own right with active community initiatives at an individual project as well as wider regional/national initiatives which often benefit from the additional support of the SPC.