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Foresight Group LLP

PRI reporting framework 2019

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Post-investment (monitoring)

PE 09. Proportion of companies monitored on their ESG performance

09.1. Indicate whether your organisation incorporates ESG issues in investment monitoring of portfolio companies.

09.2. Indicate the proportion of portfolio companies where your organisation included ESG performance in investment monitoring during the reporting year.

 (in terms of total number of portfolio companies)

09.3. Indicate ESG issues for which your organisation typically sets and monitors targets (KPIs or similar) and provide examples per issue.

ESG issues

List up to three example targets of environmental issues

Example 1

          Waste recycling
        

Example 2 (optional)

          Fuel consumption
        

Example 3 (optional)

          Environmentally beneficial products and services
        

List up to three example targets of social issues

Example 1

          Number of zero hour contracts
        

Example 2 (optional)

          Annual training budget/staff development spend
        

Example 3 (optional)

          Provision of socially beneficial products and services
        

List up to three example targets of governance issues

Example 1

          Board established with regular (monthly) board meetings
        

Example 2 (optional)

          Whistle blowing policy
        

Example 3 (optional)

          Adherence to Bribery Act
        

09.4. Additional information. [Optional]

Adoption and implementation of processes and policies that support corporate responsibility or positive ESG characteristics are important indicators of a management team’s strategic vision, capabilities and approach. In many cases, prior to investment the investee company may not adopt or have only limited policies and processes, providing Foresight with the opportunity to help the management team implement them as part of the 100 day planning exercise immediately post-investment. Pre-investment due diligence will focus on management structures and procedures and the level of attention accorded to ESG issues at Board and executive level, taking into account the relative scale of operations of the investee company.


PE 10. Proportion of portfolio companies with sustainability policy

10.1. Indicate if your organisation tracks the proportion of your portfolio companies that have an ESG/sustainability-related policy (or similar guidelines).

10.2. Indicate what percentage of your portfolio companies has an ESG/sustainability policy (or similar guidelines).

(in terms of total number of portfolio companies)

10.3. Additional information. [Optional]

From May 2018, each new portfolio company across the institutional funds and VCTs is subject to an ESG assessment at investment with progress reported on an annual basis. This includes an awareness assessment of ESG where such issues are regularly discussed and minuted at board meetings.

For companies within the Foresight Williams Technology EIS fund, Foresight is currently in the process of rolling out the ESG programme with the expectation that each new investment in that Fund will be undertaking assessments by the end of 2019.

Companies within the regional impact fund, MEIF ESEM Equity LP, are smaller and early stage with less ability to develop sophisticated corporate responsibility programmes. However, ESG issues relating to these companies are addressed in the Investment Submission documents providing Foresight with the opportunity to help the management team implement them as part of the 100 day planning exercise immediately post-investment The team also reports under the guidance provided by the British Business Bank, the single investor in the fund against a number of non-financial targets including job creation, non-financial advice and the introduction of new goods to the market, particularly those that contribute to a low carbon economy.


PE 11. Actions taken by portfolio companies to incorporate ESG issues into operations (Private)


PE 12. Type and frequency of reports received from portfolio companies (Private)


PE 13. Disclosure of ESG issues in pre-exit (Private)


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