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Foresight Group LLP

PRI reporting framework 2020

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Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Foresight completed its annual submission for PRI in the year and attended the PRI Climate Forum (London) and the PRI Forum (London) as well as watching several webinars, including one on the implementation of TCFD within the PRI reporting process.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Foresight became a member of GRESB in 2018 having attended events and conferences and engaged with the organisation in a number of face-to-face meetings, discussing progress of the initiative and potential collaboration opportunities. Foresight submitted its first asset assessment that year.

 In 2019, Foresight increased its reporting to one asset from each of the five asset classes (solar, wind, bio, battery storage and flexible generation). Throughout the period, Foresight has also sat on the GRESB EMEA Infrastructure Benchmark Committee that helps to shape the assessment for future iterations.

 As a representative for the European region, Foresight attends regular meetings and provide technical input to GRESB regarding the content of the Infrastructure Assessment and GRESB's other infrastructure products and services, that will ultimately impact the ESG credentials of infrastructure funds and assets on a global scale.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

          UKSIF
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Keeping up to date on proposed policy reforms across the industry via the organisation, including news on open consultations, submissions and progress in the UK and EU.  Membership also includes access to their member-only seminars and events.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Foresight Group as a corporate entity joined the UN Global Compact in 2019.  The FP Foresight Global Real Infrastructure Fund was launched in June 2019 and incorporates the UN Global Compact into both its investment process and its prospectus. This means that all investee companies must comply with all 10 of the UN Global Compact principles.

          Climate Bonds Initiative
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2019, Foresight launched the Foresight Renewable Energy Income Fund in Australia. The sustainability framework that was integrated into the fund’s investment process is reflective of Foresight’s approach. In order to achieve Climate Bonds Initiative Certification, the fund underwent Carbon Trust verification.  This was approved in September 2019

 

          Anaerobic Digestion and Bioresources Association (ADBA)
Cambridge Institute of Sustainability Leadership
Living Wage Employer
Heart of the City
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

          Solar Trade Organisation, UK (STA)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Foresight is a member of the Solar Trade Association and sits on several working Groups, including The Large Scale and Asset Management Working Group and the Operations and Maintenance (O&M) Working Group, attending quarterly meetings and engaging with external experts. Foresight contribute to discussions on topics including regulatory and policy reform, network charging reform and engagement with network operators. Through this level of participation, Foresight is focused on establishing and advancing O&M and asset management standards, best practices and prioritising operational health and safety and environmental stewardship.

As a working partner of the Solar Trade Association, Foresight recently helped to co-author the organisation’s report, The Natural Capital Value of Solar (June 2019) and subsequently contributed to developing the STA’s good practice guidelines on Land and Vegetation Management to Preserve and Enhance Natural Capital to promote better solar farm management throughout the industry. In the first report, Foresight highlighted the importance of wetlands, drainage and on-site water management at solar sites, how hedge planting can reduce flood risk, and the associated benefits such as the reduction of both nitrogen loads and intermittent pesticide fluxes on surrounding land.

 

 

          Women in Finance Charter
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

As a signatory of HM Treasury’s Women in Finance Charter, Foresight has publicly pledged its support for gender balance across financial services (https://www.foresightgroup.eu/responsible-investing/corporate-social-responsibility/diversity-inclusion/). Foresight’s five-year target percentage for women in senior roles at Foresight is 30%, up from 22% today.


SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Foresight periodically holds Sustainability and ESG training sessions for employees on the Group’s activities and latest developments of industry standards. Best Practice sessions are conducted relating to the implementation of procedures into investment activities and corporate behaviour. It also provides a forum to discuss and evaluate how to improve our approaches through the sharing of personal and portfolio level experiences. Foresight's staff are encouraged to engage with senior management to address ad hoc questions and queries in connection with the Group's RI procedures.   
Foresight actively requires each investee company to incorporate an ESG framework into its business. Training and support are subsequently provided to help structure and implement such a policy.
        

Frequency of contribution

Description

          Foresight Capital Management actively engages with their investee companies, which are all listed entities, to improve reporting standards with respect to ESG.
        

Frequency of contribution

Description

          Claire Alvarez, a Foresight Director, presented to members of The 6% Club, an organisation connecting high profile women in the deal making community, working towards improving representation of women in the sector.  Foresight has also hosted a number of all female panels as part of our Female Founders events.
Chris Holmes assisted with moderating a panel at Environmental Finance Magazine’s conference on green equities.
        

Frequency of contribution

Description

          Foresight commissioned research among financial advisers to understand their perceptions towards ESG and sustainable investment.
        

Frequency of contribution

Description

          Foresight’s Sustainability and ESG Committee promotes responsible investment across the business. The Committee encourages further discussion and innovative thinking as to how Sustainability and ESG principles can be adopted and incorporated by both Foresight and its portfolio companies. Foresight also revised its policy documents which stress the importance of PRI and held a number of Best Practice Sessions on PRI, how to invest responsibly and how to integrate all these elements within our day-to-day business practices.
        

Frequency of contribution

Description

          Foresight promoted responsible investment across various social media including Twitter and Linkedin. This included a filmed interview with Nick Scullion, Head of Foresight Capital Management, who talked about the research Foresight had commissioned among financial advisors to understand their perceptions towards ESG and sustainable investment. 
Foresight also published several case studies highlighting the female founders in its private equity portfolio.
Dan Wells, an Partner in the Infrastructure team, wrote an article that was published online called “Five Ways in which New Electricity will Change Long-Term Investing” (https://www.linkedin.com/pulse/five-ways-which-new-electricity-change-long-term-investing-dan-wells/?trackingId=uhkNCkU0SiayMyHcUfw%2B8g%3D%3D)
        

Frequency of contribution

Description

          International Benchmark Committee for GRESB
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]


SG 11. Dialogue with public policy makers or standard setters (Private)


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