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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

          Total waste volume generated and recycled (in tonnages)

Example 2 (optional)

          Amount of electricity and natural gas consumed

Example 3 (optional)

          Amount of carbon emissions generated from electricity and natural gas consumption

List up to three example targets of social issues

Example 1

          Health and safety accidents / incidents

Example 2 (optional)

          Proportion of female employees as a percentage of total workforce

Example 3 (optional)

          Number of women on the Board

List up to three example targets of governance issues

Example 1

          Number of company breaches / incidents

Example 2 (optional)

          Implementation of an ESG policy

Example 3 (optional)

          Implementation of an anti-bribery and corruption policy

09.4. Additional information. [Optional]

Bridgepoint to date has adopted a flexible and practical approach to ESG integration at the portfolio company level, recognising that ESG issues vary considerably across the portfolio, based on companies individual circumstances (i.e. nature of operations), geography and sector they operate in. We have therefore not mandated specific KPIs on companies, rather choosing to work with management to agree KPIs that are materially relevant to each company. As a result, ESG KPIs vary across the portfolio.

However, we acknowledge that there are some common ESG themes that are relevant to the majority of our portfolio, and during 2018, we have continued to encourage our portfolio companies to report on a core set of KPIs, as part of our annual ESG portfolio-wide review.

ESG issues are monitored at the company-level by the Board and regularly by the Bridgepoint Portfolio Management Committee which is responsible for reviewing performance of the companies. In most cases a section on ESG will be included in these papers. As briefly mentioned above, we also monitor ESG performance across the portfolio as part of our annual ESG review which is coordinated by the ESG team.

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]

As noted above, we require all portfolio companies to implement appropriate ESG policies and processes to address material risks and opportunities. Currently 88% of our portfolio has implemented an ESG (or equivalent) policy and we are supporting those who have yet to do so (which are often the newer companies the fund has invested in) to address this.

In some cases, Bridgepoint portfolio companies may not have a standalone ESG policy as such, choosing instead to cover company-relevant ESG matters in other existing policies / procedures / guidelines such as an environmental policy or health and safety policy, or in the case of corporate governance, integrated into a Code of Conduct or similar.

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)