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Antin Infrastructure Partners

PRI reporting framework 2020

You are in Direct - Infrastructure » Post-investment (monitoring and active ownership)

Post-investment (monitoring and active ownership)

Overview

INF 11. ESG issues in post-investment activities

11.1. Indicate whether your organisation and/or operators consider ESG issues in post-investment activities relating to your infrastructure assets.

11.2. Indicate how your organisation, and/or operators, considers ESG issues in the following post-investment activities relating to your infrastructure assets.

11.3. Describe how your organisation, and/or operators, considers ESG issues in post-investment activities related to your infrastructure investments. [Optional]

ESG management 

Antin takes an active role in the companies in which it invests. We aim to acquire majority stakes and when minority stakes are acquired, we seek to acquire the same rights as larger investors by way of Board representation and a list of reserved matters to ensure we retain joint control over the company. Involvement at the highest level allows us to address ESG risks and opportunities directly with our portfolio companies and initiate change where required.

Post-closing, an in-depth ESG review is conducted by Antin’s ESG team, in close collaboration with the Investment team and the portfolio company’s Management team. During this review, a thorough assessment of the portfolio company’s performance in managing key ESG issues identified during the acquisition phase is performed.

The results of that ESG review are used to highlight areas of progress and establish an ESG performance improvement action plan for the portfolio company. Progress towards implementing this plan is monitored by the Investment team throughout the holding period during regular Board meetings and on-site ESG reviews.

Nearing the exit phase, ESG progress achieved by the portfolio company during the holding period is assessed by Antin’s ESG team based on the initial ESG review performed at acquisition.

Where possible, the impacts of various ESG factors on the portfolio company’s financials are also measured. When relevant, this information is then incorporated into exit operations to demonstrate business value created through ESG to prospective buyers.

ESG monitoring 

During the asset management phase, we constantly monitor the ESG performance of our portfolio companies as part of the risk management process. ESG issues are specifically itemised for discussion at our quarterly Portfolio Review Committee (PRC) meetings and addressed directly with our portfolio companies during each Board meeting.

Moreover, in 2011, we implemented a comprehensive annual ESG survey which has to be completed by all of our portfolio companies. That survey, which is regularly updated, includes a set of general and company-specific questions in a wide range of ESG areas, such as climate change, resource efficiency, environmental pollution, health and safety, human capital management, stakeholder engagement, corporate governance, business ethics, data security and responsible sourcing.

Furthermore, in 2018, to improve the effectiveness of our ESG data collection and monitoring process, we implemented an online ESG reporting platform. On this platform, our portfolio companies can access our annual ESG survey, report their company’s data, upload required attachments, as well as track and monitor progress.

Fostering the sharing of ESG expertise and best practices in our portfolio 

In January 2019, we formed an ESG Club at Antin-level composed of representatives of our portfolio companies responsible for the management of ESG-related matters. The objective of this Club is to foster the sharing of ESG best practices and expertise in our portfolio. To do so, Club members meet once or twice a year to discuss common ESG issues. Occasionally, external experts are also invited to provide insights and views on complex ESG-related matters and trends.

To date, all of our 14 portfolio companies are represented within the Antin ESG Club.

11 portfolio companies have so far confirmed that they will attend the next Club meeting, which will take place in London on 16-17 June and include workshops on the UN Sustainable Development Goals, workplace diversity and anti-bribery and corruption.


Infrastructure Monitoring and Operations

INF 12. Proportion of assets with ESG performance targets

12.1. Indicate the proportion of infrastructure assets for which your organisation and/or operators included ESG performance in investment monitoring during the reporting year.

 (in terms of number of infrastructure assets)

12.2. Indicate ESG issues for which your organisation, and/or operators, typically sets and monitors targets (KPIs or similar) and provide examples per issue.

List up to three example targets per issue

          Energy intensity per unit of revenue (total energy consumption / total unit revenue)
        
          Waste intensity per unit of revenue (total waste produced / total unit revenue)
        
          Water intensity per unit of revenue (water consumption / total unit revenue)
        

List up to three example targets per issue

          Absenteeism rate (number of absence hours per 100 hours worked)
        
          Employee turnover rate (permanent employee departures divided by the average number of permanent employees over the reporting year multiplied by 100)
        
          Lost-time employee injury frequency rate (number of lost-time injuries per 1,000,000 hours worked)
        

List up to three example targets per issue

          Proportion of independent board members
        
          Number of bribery and corruption cases reported
        
          Proportion of supplier contracts including ESG clauses
        

12.3. Additional information. [Optional]

For each of our portfolio companies, we created a dedicated ESG reporting dashboard which is presented every three months to the entire Investment team during our Portfolio Review Committee meetings. That dashboard includes, for each of our companies:

  • A set of generic "ESG risk management KPIs", which are the same for all portfolio companies and aimed at monitoring their level of compliance with ESG-related laws and regulations;
  • A set of specific "ESG performance KPIs", which differ from one company to the other and are aimed at monitoring their performance in addressing ESG issues that are material to their business.

Each year we update and reconsider our ESG indicators on a quarterly and annual basis. As business evolves and issues change over time, we adapt our quarterly ESG indicators to make sure they are truly reflective of and relevant to the ESG issues our portfolio companies are currently facing. In 2019 we revised our ESG reporting scheme based on feedback from our portfolio companies and the evolution of their issues.


INF 13. Proportion of portfolio companies with ESG/sustainability policy

13.1. Indicate whether you track the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

13.2. Indicate the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

(in terms of number of infrastructure investees)

13.3. Describe how your organisation, and/or your operators, contribute to the infrastructure investees’ management of ESG issues. [Optional]

We have formed a dedicated ESG team, composed of our Performance Improvement Principal, Alex Kesseler, and internal ESG Expert, Felix Heon. Since January 2020, our ESG team is also supported by an ESG Analyst Intern.

Our ESG team works in close collaboration with all of our portfolio companies throughout the investment cycle, helping them identify, assess and manage ESG risks and opportunities. 

For each of our portfolio companies, post-closing, our ESG team performs an in-depth ESG materiality assessment to identify the ESG issues that matter the most to their business and stakeholders (e.g. employees, clients, investors, regulators, local communities, etc.). 
Sample ESG issues that are covered by this assessment include, but are not limited to, climate change impact and vulnerability; energy, fuel and water management; air pollution; ecological impacts; waste management; occupational health and safety; labour relations; employee wellbeing, training and development; community engagement; corporate governance; business ethics; personal data protection; cybersecurity; and responsible sourcing. To assess the materiality of an ESG issue, we consider the various risks that it might pose to the company’s business and the value creation opportunities that it could potentially offer.  

Following this assessment, our ESG team, or external ESG consultants when deemed necessary, conducts an in-depth ESG review to assess the policies and procedures that have been implemented by the portfolio company to address material ESG issues identified, including site visits as well as several meetings with Management and Operational teams. The results of that review are then used to highlight areas of progress and establish an ESG performance improvement action plan for the portfolio company. Progress towards implementing this plan is monitored by the Investment team throughout the holding period during regular Board meetings and on-site ESG reviews.


INF 14. Type and frequency of reports received from investees (Private)


Infrastructure Maintenance

INF 15. Proportion of maintenance projects where ESG issues were considered

15.1. Indicate the proportion of active infrastructure maintenance projects where ESG issues have been considered.

(in terms of number of active maintenance projects)

15.2. Describe your approach to ESG considerations for infrastructure maintenance projects. [Optional]

Antin takes an active role in the companies in which it invests. We aim to acquire majority stakes and when minority stakes are acquired, we seek to acquire the same rights as larger investors by way of Board representation and a list of reserved matters to ensure we retain joint control over the company. Involvement at the highest level allows us to address ESG risks and opportunities directly with our portfolio companies and initiate change where required.

Post-closing, an in-depth ESG review is conducted by Antin’s ESG team, in close collaboration with the Investment team and the portfolio company’s Management team. During this review, a thorough assessment of the portfolio company’s performance in managing key ESG issues identified during the acquisition phase is performed.

The results of that ESG review are used to highlight areas of progress and establish an ESG performance improvement action plan for the portfolio company. Progress towards implementing this plan is monitored by the Investment team throughout the holding period during regular Board meetings and on-site ESG reviews.

During the asset management phase, we constantly monitor the ESG performance of our portfolio companies as part of the risk management process. ESG issues are specifically itemised for discussion at our quarterly Portfolio Review Committee (PRC) meetings and addressed directly with our portfolio companies during each Board meeting.

Moreover, in 2011, we implemented a comprehensive annual ESG survey which has to be completed by all of our portfolio companies. That survey, which is regularly updated, includes a set of general and company-specific questions in a wide range of ESG areas, such as climate change, resource efficiency, environmental pollution, health and safety, human capital management, stakeholder engagement, corporate governance, business ethics, data security and responsible sourcing.

Furthermore, in 2018, to improve the effectiveness of our ESG data collection and monitoring process, we implemented an online ESG reporting platform. On this platform, our portfolio companies can access our annual ESG survey, report their company’s data, upload required attachments, as well as track and monitor progress.


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