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Pantheon Ventures

PRI reporting framework 2019

You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Morandi Bridge collapse incident in Genoa
        
Conducted by
Asset class
Scope and process

Pantheon has exposure to the Autostrade per L’Italia (ASPI) toll road network in Genoa (on which the Morandi Bridge is located) through our investment in DIF IV and DIF V. Following the bridge collapse incident in August 2018, DIF immediately sent an email to investors detailing what had happened and informing that they will be in touch as soon as they receive further updates.

Outcomes

Pantheon were proactive in contacting DIF’s Head of IR on the day of the incident, requesting a call as soon as further information was available, to which DIF responded positively. DIF provided details of the investigation that was taking place, their involvement in the process and later held a call, whereby Pantheon’s questions were addressed. Following queries received, Pantheon were mindful of keeping clients (with exposure to the asset) informed of all developments and were diligent in answering questions, also offering calls to address further concerns. All internal Investment Committee members and the Partnership Board were updated on the incident, as we regularly circulated information memos with updates. We will continue to do this when we receive further information on the outcomes of the investigation.

Topic or issue
          Allegations regarding certain ‘illicit’ practices surrounding one of our portfolio company in Italy
        
Conducted by
Asset class
Scope and process

We have a very robust ESG monitoring tool (Reprisk) which regularly scans the media and flags any issues relating to our underlying portfolio companies. Earlier this year, Reprisk flagged an article relating to one of our portfolio company in Italy. The article alleged that certain ‘illicit’ practises were employed by the ex-CEO and consultant of the company to obtain certain governmental authorisations. As soon as we became aware of this issue, we immediately approach the General Partner (GP) managing this asset to get further background on the situation, steps taken to remedy the situation and prevent similar incidents from happening in future.

Outcomes

The GP informed us that the allegation relates to the time prior to when it acquired the asset, the company entered into plea bargain with public prosecutor in which it agreed to pay some fine and dissociate itself from the proceedings against ex-CEO and the consultant, and the ex-CEO and consultant no longer work with the company. The GP also informed us that they sought an independent legal opinion as part of their due diligence and got comfort that there is no concrete legal issue against the company following the plea bargain. 

Topic or issue
          UK Heatwave during the Summer of 2018
        
Conducted by
Asset class
Scope and process

During the Summer of 2018, the UK experienced abnormal temperatures affecting water reserves and the supply of water across the country. Although there was no specific incident reported, Pantheon requested feedback on how our managers were dealing with this.

Outcomes

Out of the three GP’s that have exposure to UK water companies, two of them were experiencing increased level of usage and one was experiencing a normal level of usage. In all three cases, task forces had either been increased or set up to manage the precautionary process. Further, two of the companies were communicating to and educating their customers via local media or social media.

09.2. Additional information.


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