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Swen Capital Partners

PRI reporting framework 2019

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

Appointment

SAM 04. Appointment processes (listed equity/fixed income)

04.1. Indicate if in the majority of cases and where the structure of the product allows, your organisation does any of the following as part of the manager appointment and/or commitment process

04.2. Provide an example per asset class of your benchmarks, objectives, incentives/controls and reporting requirements that would typically be included in your managers’ appointment.

Asset class

Benchmark

ESG Objectives

          ESG requirements are specified in side letter agreements signed between SWEN CP and its fund managers. Among these requirements : "The fund must seek to avoid investing in a portfolio company which manufactures weapons and ammunitions, and more particularly in companies involved in the production of anti-personnel landmines or cluster munitions".
Moreover, since the implementation of SWEN CP's Climate Strategy, GPs must comply with its exclusion policy on coal and coal-related activities.
        
          ESG requirements are specified in side letter agreements signed between SWEN CP and its fund managers. Among these requirements : "The investment manager should take reasonable steps to encourage the management of portfolio companies to integrate ESG issues".
        
          ESG requirements are specified in side letter agreements signed between SWEN CP and its fund managers. Among these requirements : 
- Investment managers could be invited, to attend an annual meeting in order to discuss about their progress and results relating to the six principles of the PRI. 
- The investment manager acknowledges that SWEN CP has committed to the application of the PRI. 
- SWEN CP wishes to apply, promote and report on the best practices regarding the corporate governance and the long term sustainable development issues. 
- The investment manager commits to complete the annual ESG questionnaires, on its own behalf and for the underlying portfolio companies invested by the fund. 
- Finally, it is also mentioned that the investment manager must immediately report to SWEN CP any ESG-related incident (in relation with the ten principles of the United Nations' Global Compact and the fundamental Conventions of the International Labour Organisation.
        

Incentives and controls

Reporting requirements

Benchmark

ESG Objectives

          ESG requirements are specified in side letter agreements signed between SWEN CP and its fund managers. Among these requirements : "The fund must seek to avoid investing in a portfolio company which manufactures weapons and ammunitions, and more particularly in companies involved in the production of anti-personnel landmines or cluster munitions".
Moreover, since the implementation of SWEN CP's Climate Strategy, GPs must comply with our exclusion policy on coal and coal-related activities.
        
          ESG requirements are specified in side letter agreements signed between SWEN CP and its fund managers. Among these requirements : "The investment manager should take reasonable steps to encourage the management of portfolio companies to integrate ESG issues".
        
          ESG requirements are specified in side letter agreements signed between SWEN CP and its fund managers. Among these requirements : 
- Investment managers could be invited, each year, to attend a meeting in order to discuss about their progress and results relating to the six principles of the PRI. 
- The investment manager acknowledges that SWEN CP has committed to the application of the PRI. 
- SWEN CP wishes to apply, promote and report on the best practices regarding the corporate governance and the long term sustainable development issues. 
- The investment manager commits to complete the annual ESG questionnaires, on its own behalf and for the underlying portfolio companies invested by the fund. 
- Finally, it is also mentioned that the investment manager must immediately report to SWEN CP any ESG-related incident (in relation with the ten principles of the United Nations' Global Compact and the fundamental Conventions of the International Labour Organisation.
        

Incentives and controls

Reporting requirements

04.3. Indicate which of these actions your organisation might take if any of the requirements are not met

          Require action plan from the managers
        

04.4. Provide additional information relevant to your organisation's appointment processes of external managers. [OPTIONAL]

          In the due diligence phase, the teams of SWEN Capital Partners systematically perform an ESG analysis of the considered investment, regardless of the type of operation which is integrated in the investment report and presented during investment committees. 
For its investment activities in funds, whether primary or secondary, the ESG analysis is applied to all the management companies studied, regardless of their investment strategy or size. The cornerstone of this analysis is based on the study of the management companies' public or private documentation (in data rooms) as well as its response to the ESG due diligence questionnaire (or its response to the annual monitoring questionnaire) and available documentation. An ESG profile of the management company is thus drawn up according to two axes evaluated by a scoring grid: 
i) the CSR performances of the management company studied; and,
ii) the analysis of its responsible investor policy and approach during each stage of the investment cycle, as well as in reporting or communication. 
This analysis may result in several exchanges with the management company designed to better understand the reality of their processes. SWEN Capital Partners' requirements and expectations for ESG integration and regular reporting are specified in the side letters signed with the fund managers. However, the non-integration of ESG criteria by management companies is also acceptable. Indeed, SWEN Capital Partners adheres to an awareness and progress programme and is available to support management companies that are only in their infancy in terms of responsible investment.
        

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