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PRI reporting framework 2020

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Internal

A Managing Partner is responsible to the Board for ESG Matters (Hemen Shah) and fulfills the role of Chairman of the Board Special ESG Sub-Committee. A full-time dedicated internal ESG Director, with 20 years of experience in emerging markets and a chartered environmentalist (C.Env), is appointed to execute and deliver responsible investment activities across all phases of investment and decision making. The ESG Director reports to the Board, manages the ESG Committee and participates in investment decision making. The ESG Director works closely with Limited Partner ESG Staff to ensure transparency and accountability in meeting the funds committments on ESG matters.

The Board receives an ESG report at each meeting, unless a closed session is operating, and the ESG Director attends the Fund Board, Investor Advisory Board, Investment Committee and Portfolio Committee meetings. The ESG Director has full autonomy to direct portfolio company staff and management in the implementation of ESG requirements.

There is a Fund level ESG Committee where it holds a minority position with 2 out of 5 seats, and Portfolio Company ESG Committees (or equivalents) across each investment.  The ESG Director plays a key role in each of these Committees. 

External

Limited Partners have the majority of seats on the Fund ESG Committee with the Chair (above) and ESG Director (above) comprising the 5 members of the committee. The committee is directed to approve investments on the basis of ESG Due Diligence, changes in the Fund’s ESG policy and amendments to individual portfolio company ESG Action Plans. The committee meets quarterly and provides oversight and accountability for the ESG Director and all implementation of responsible investment decision making.

 

 

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

1 Number

07.4. Additional information. [Optional]

All staff participate in annual ESG training, via DFI specific ESG courses, or through public training opportunities. Portfolio management includes ESG responsibilities for each and every member of the team and for each Portfolio Company.

The ESG Director provides the lead on the strategic, tactical and operational ESG Activities at the Fund and Portfolio Companies, The ESG Director operates alongside the Finance and Compliance Director across the entire fund and supports the alignment with the FCA and Senior Manager regime requirements.

As an active fund manager, the ESG Director is typically visiting Portfolio Companies 1-2 weeks per month building capacity or providing advisory services to resolve critical ESG issues. Where third party allegations are made, grievance committee's identify high level incidents or where governance investigations are required the ESG Director leads these at Portfolio Companies. With direct access to Chief Executive Officers, Executive Teams and Boards at each Portfolio Company the ESG Director is enabled to improved ESG Performance and broader alignment before entry, during ownership and as part of exit processes.

The ESG Director supports external capital raising for each Portfolio Company where responsible lenders are involved and to ensure data on ESG and development impact is accurate, credible and provides a runway for implementation. 


SG 07 CC. Climate-issues roles and responsibilities (Private)


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

All staff are required to be compliant with annual governance and ESG training - as a mandatory element of their performance appraisal and bonus scheme. In 2017 staff attended DFI ESG training over 4 days in London and Nairobi. 2018 training on governance accompanied training across each Portfolio Company Board and executive team.  In 2019 the ESG Director and Compliance Director selected the following training for staff to complement new legal obligations:

- Anti Bribery and Corruption.

- Modern Slavery.

- Anti Facilitation of Tax Evasion.

- CDC Group and Norfund ESG Training in London and Lagos

 

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.


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