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British Columbia Investment Management Corporation

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

09.4. Additional information. [Optional]


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).

10.3. Additional information. [Optional]

This is identified and addressed during the due diligence phase. The majority of portfolio companies will have such policies, but no central tracking is done to determine the proportion of portfolio companies.


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

11.1. Indicate the types of actions taken by your portfolio companies to incorporate ESG issues into operations and what proportion of your portfolio companies have implemented these actions.

Types of actions taken by portfolio companies

Implemented by percentage of portfolio companies

(in terms of total number of portfolio companies)

Implemented by percentage of portfolio companies

(in terms of total number of portfolio companies)

Implemented by percentage of portfolio companies

(in terms of total number of portfolio companies)

Implemented by percentage of portfolio companies

Implemented by percentage of portfolio companies

          Consider ESG factors in their internal policies and procedures
        

(in terms of total number of portfolio companies)

11.2. Describe how your organisation contributes to the portfolio companies’ resourcing and management of ESG issues.

When BCI holds a board seat, it can address ESG issues, when required. On Co-investments with observer rights BCI reviews board and management informtion for ESG issues. Otherwise, BCI ensures that appropriate checks and balances are put in place at the onset of the investment. BCI does this by co-investing with pre-established in-direct Investment Managers the organisaction has already dilligenced and therefore reviewed that Managers ESG policies and procedures.


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

12.1. Indicate the type and frequency of reports you request and/or receive from portfolio companies covering ESG issues.

Type of reporting 

Typical reporting frequency 

          Company specific. Combination of standalone reports and overarching reports
        

Typical reporting frequency 

          Depends on the nature of the issue/factor we are following up on
        

12.2. Describe what level of reporting you require from portfolio companies, and indicate what percentage of your assets are covered by ESG reporting.[OPTIONAL]

When BCI holds a board seat, it can address ESG issues, when required. Board Reports include sections on ESG where the risk is deemed relevant.

Otherwise, BCI ensures that appropriate checks and balances are put in place at the onset of the investment. BCI does this by co-investing with pre-established in-direct Investment Managers the organisaction has already dilligenced and therefore reviewed that Managers ESG policies and procedures.


PE 13. Disclosure of ESG issues in pre-exit

13.1. Indicate whether during the reporting year your organisation disclosed information on ESG issues to potential buyers prior to exit for private equity investments.

13.2. Apart from disclosure, describe how your organisation considers ESG issues at exit.

The only direct exit in 2018 was in a passive co-investment. Third-party diligence and listing authorities perform their own independent ESG considerations when listing the Company. ESG considerations formed part of our internal investment memos.

13.3. Additional information.


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