Foresight has a significant number of its investors with specific ESG/sustainability-related policies. On signing an LPA, Foresight agrees the reporting format, content and frequency required for investors' management information systems and regular meetings to report on results and activities, including ESG considerations.
Where investors have had specific frameworks, such as the former Green Investment Bank and European Investment Bank, Foresight ensured that these requirements were embedded within the investment and portfolio management teams and reporting processes. In certain circumstances, Foresight has opted to include its own controls which contain more onerous tests than those required by a fund's investment mandate.
An example of this was regarding a requirement to report a range of ESG related performance measures, including renewable generation in MWh, tonnages of waste diverted from landfill, CO2 savings and the number of employees. In this instance, Foresight commissioned an assessment of the environmental impact of the proposed transaction using the Environment Agency's lifecycle assessment tool - Waste and Resources Assessment Tool for the Environment ("WRATE Report"). This enabled the Group to provide information that was as accurate as possible. To maintain a level of transparency and professionalism, this information was distributed to all investors within that fund, regardless of whether they had formal frameworks in place.
Foresight's investor relations team is committed to report to all infrastructure investors on a quarterly basis. With Health, Safety and Environment as a top consideration for the Group, all reports include a mandatory section updating investors on any significant HSE related issues.