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Activa Capital

PRI reporting framework 2019

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PE 01. Description of approach to RI

01.1. Provide a brief overview of your organisation’s approach to responsible investment in private equity.

Activa Capital considers responsible investment a key axis of its investment strategy. Supporting charities since its inception, we have an ambitious view of capital investing as a direct value creation act both financially and extra-financially in terms of Environmental, Social and Governance stakes. Since signing the PRI in 2010, we are dedicating more and more time to responsible investment, as illustrated by the below milestones:

  • 2010 : Signing of the UN PRI. Activa Capital, as a member of the France Invest Sustainable Development Working Group, is the co-author of the France Invest Sustainable Development White Book for French Private Equity which was published in December 2010.
  • 2011: First ESG due diligence of Activa Capital portfolio with the help of PwC ESG teams. Communication of Activa Capital ESG policy to its portfolio companies, as well as ESG objectives to each one.
  • 2012: First PRI reporting of Activa Capital. ESG criteria are being integrated within all steps of Activa investment decision process and ESG due diligence are run on new investments. Activa Capital initiates a dialog with some of its Limited Partners as well as its AFIC peers to build a ESG reporting tool.
  • 2013/2014: Publishing of Activa Capital ESG Charter. First year of data collection with Activa Capital ESG reporting tool. Activa Capital dialog on ESG issues with its portfolio companies is now established and the firm participates actively to the promotion of responsible investment principles through the UNPRI organisation (as new member of the Private Equity Steering Committee) and France Invest association where it leads a "think-tank" on "ESG reporting and due diligence" topics. This think-tank aims at creating a simple and plug& play ESG reporting tool which could be used by all GPs, whatever their size, and fit the requirements of most of French LPs (Caisse des Dépôts, SWEN, etc.), which have directly participated to the building of this reporting tool.
  • 2015 : Involvement in the France Invest ESG commission with the lead of the working group in charge of the France Invest ESG annual report. Internally, Activa Capital reinforces its environmental engagement, with the launch of a sustainable recycling system for office waste and materials. Activa Capital continues to accompany its portfolio companies in their ESG issues with, for example, the coordination of an ESG audit with the PwC dedicated team followed by discussions with the portfolio management teams or the discussions on new implemented actions (supplier scoring system...).
  • 2016 : Activa Capital becomes signatory of the ic20 agreement and thus commits to report on the carbon impact of portfolio companies. We are still involved in working groups at the ESG Commission of the France Invest (i.e. The ESG White Paper redation and the GP/LP communication on ESG reportings).
  • 2017 : Recruiting of a dedicated ESG Analyst, in charge of supporting the portfolio companies in terms of ESG, helping them to implement their ESG annual roadmap and integrating ESG within the pre-investment phase, via ESG Due Diligences.
  • 2019 : since the 1st of January, Activa Capital is a signatory of Global Compact

PE 02. Investment guidelines and RI

02.1. Indicate whether your organisation’s investment activities are guided by a responsible investment policy / follow responsible investment guidelines.

02.2. Describe how your organisation outlines expectations on staff and portfolio companies’ approach towards ESG issues in investment activities.

When Activa Capital becomes a shareholder of a company, we have different manners to implement ESG:

- in the shareholder agreement, a section is dedicated to ESG to ensure management will work to make progress on this topic

- an ESG due diligence is always conducted at the beginning

- at each supervisory board, ESG topics are approached and progress monitored