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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes
Decline of GP/manager commitment due to ESG performance
During due diligence on a prospective new investment we identified several high ESG risk investments in their realised and current portfolios. Although these investments were technically within their mandate and our investment restrictions from the side letter, we decided not to commit to this GP due to lack of ESG performance and understanding/recognition.
Although these investments were technically within their mandate and our investment restrictions from the side letter, we decided not to commit to this GP due to lack of ESG performance and understanding/recognition.
UN PRI signatory
We signalled to the prospective manager that we expect them to sign up to UN PRI during this investment period.
Subsequently the manager signed up to UN PRI and adopted an ESG policy
High ESG exposure at existing manager
Screening of ESG exposure of existing managers
Significant ESG risk exposure at an existing manager lead us to engage with the manager and have them report back to us how they manage the ESG risk. The manager subsequently addressed several of these issues with their portfolio companies
Share best practices
Engagement with new external manager on ESG implementation
Our inhouse ESG team engaged with the new external manager to assist them in implementing ESG best practices. We had a few calls with the new manager and share best practices and documents from our own ESG programme in order to kickstart their ESG programme. This engagement was part of the understading with the manager to commit to their fund