Once operational, all projects include elements of maintenance.
Foresight employs carefully selected Operations and Maintenance specialist contractors, often under long-term service cover that is set against meeting specified targets. The staff employed are experienced, multi-skilled and include qualified engineers with good track records, certified in areas of Health and Safety. Furthermore, their on-site activity is governed by a robust set of enforceable Site Rules, which put in place distinct procedures around site-access and operations. These are tailored to the individual asset, which represents the first step to ensuring that it is correctly managed. The Site Rules clearly stipulate the ESG working practices and procedures that are to be adhered to at all times by employees and visitors alike.
Alongside this, Foresight appoints an experienced in-house operations manager to oversee the project in the post-investment stage, who is capable of ensuring that ESG considerations during maintenance operations are both met and recorded. Independent advisors and auditors (as described in question Inf 11.3) are similarly used to ensure that assets are compliant to the latest policy standards and operating in the most environmentally friendly way.
Finally, Foresight seeks to ensure that it has representation on the Board. Whether this is having an allocated seat on the Board itself or a carefully managed relationship with someone that is able to represent Foresight’s views in the decision making process. Representation gives Foresight a voice and is an essential part of being able to effect change within any equity vehicle. Foresight ensures that it participates in all stipulated meetings and attempts to ensure that the Board acts as a cohesive unit. A track record of active asset ownership and management gives Foresight a high degree of credibility, which affords us considerable influence. We use this influence responsibly to focus the Board on its key roles, namely: Setting the strategy for growth; creating value; managing risks; monitoring the business; safeguarding reputation. Foresight will always try and ensure that the Board has the correct composition, with a tailored mix of skills and experience to meet the needs of the company.