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Exponent LLP

PRI reporting framework 2020

You are in Direct – Private Equity » Pre-investment (selection)


PE 05. Incorporating ESG issues when selecting investments

05.1. デューデリジェンスで組織がプライベートエクイティ投資先を選定する際、通常ESG問題を組み入れているかどうかを記載してください。

05.2. ESG問題をプライベートエクイティ投資の選定に組み入れる際のアプローチを説明してください。

It is the responsibility of the deal team to identify and raise material ESG issues i.e. those that carry financial or reputational risk that could impact the company, early in the transaction process.   These need to be discussed with the Investment Committee and, where necessary, commission specialist due diligence.  All members of the deal team and attendees of the committee are encouraged to contribute to the Investment Committee (“IC”) debate and, in particular, raise and express a view on ESG-related matters.  Furthermore, a section headed "Responsible Investment" must be included in at least one Investment Paper.  This section should consider the ESG issues that are relevant to the particular business, Exponent's judgement of their significance, any due diligence that has been carried out and, where necessary, a description of how the Firm plans to address any issues post-investment.

 A note of the IC discussion is held on the deal file together with a formal minute of the decision taken.  The Managing Partner and the COO sit in on all IC meetings to ensure that ESG factors are considered as part of the decision-making process.

Investment opportunities that are declined due to ESG/RI issues tend to be rejected early in the investment process before any significant work is undertaken (e.g. due to specific exclusions).

05.3. 補足情報 [任意]

PE 06. Types of ESG information considered in investment selection

06.1. プライベートエクイティの投資選択プロセスにおいて組織が通常どのような種類のESG情報を考慮するかを記載してください。

06.2. 投資委員会または類似の委員会において、この情報がどのように報告・検討・文書にまとめられているかを記載して下さい。

It is the responsibility of the deal team to consider all of the above when the ESG risks are deemed material. We encourage the team to engage external consultants to assist with ESG due diligence to assist with this analysis. 

PE 07. Encouraging improvements in investees (Private)

PE 08. ESG issues impact in selection process (Private)