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InfraRed Capital Partners Limited

PRI reporting framework 2019

Export Public Responses

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PR 08. ESG issues in post-investment activities

08.1. Indicate if your organisation, and/or property managers, considers ESG issues in post-investment activities relating to your property assets.

08.2. Indicate whether your organisation, and/or property managers, considers ESG issues in the following post-investment activities relating to your property assets.

          Requirement for third party providers to comply with InfraRed's ESG policy in the conduct of their activities.

08.3. Describe how your organisation, and/or property managers, considers ESG issues in post-investment activities related to your property assets.

Property / asset management reports typically cover ESG activities undertaken on a month by month basis.

In the case of retail properties in particular, community engagement initiatives are ever more important to create successful environments for our retailers and a visceral connection between our assets and the communities they serve. Such initiatives are monitored on a monthly basis, with twice yearly Centre Manager meetings to ensure knowledge is shared and a culture of continual improvement created around the team’s ESG thinking and execution. This has led to a wide range of initiatives being delivered in 2018 that tie into InfraRed’s sustainability themes, as well as driving the agenda through the supply chain.

With regard to new developments and major refurbishments, we typically seek recognised environmental certifications, as outlined in this submission. We also require advisers to provide environmental impact statements to accompany refurbishment proposals, so the impact on E&S can be considered in the approval process.

Moreover, InfraRed asset managers actively engage and encourage service providers to deliver initiatives around the ESG agenda.

ESG initiatives identified during the selection process are recorded in InfraRed's property management database - initiative, capital spend and timing for delivery - and reports have been developed to monitor progress against Business Plan.

In addition, Managing Agents are required to record utility consumption, waste to landfill / recycling and EPCs within InfraRed's property management database, whilst precedent leases prevent occupiers from undertaking works that will negatively impact the energy performance characteristics of their premises.

Once an investment has been made, ESG matters (including environmental compliance, health and safety matters, service provider performance and anti-bribery compliance) are continually monitored. Any issues identified are notified to the Investment Committee as soon as possible, and in any event, set out in the quarterly report produced by the relevant Asset Manager for each investment. These issues are discussed and considered at the Quarterly Portfolio Review with the relevant Investment Committee. Where shortcomings are identified, immediate actions are taken to rectify the position.

ESG is the first item on the agenda at each board meeting of the relevant General Partner. Discussions include corporate governance, compliance, adherence to anti-bribery and health and safety policies and any issues relating to ESG.