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Antin Infrastructure Partners

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

Antin’s culture is underpinned by four key principles guiding the way we conduct business: partnership, accountability, discipline and entrepreneurship. 

Antin's strategy is to invest in infrastructure companies with potential for operational improvements and active capital management. With each investment, we expect our ownership to produce tangible and measurable improvements for all stakeholders, including employees, customers, suppliers, shareholders, lenders, local communities, governments and the environment.

Antin is a long-term investor carrying the firm belief that assessing and managing ESG risks and opportunities, both during the investment process and subsequently as a shareholder, is vital to the performance of a company. For that reason, in considering an investment, we explore ESG risks and opportunities in depth, often engaging the work of industry experts. When proved to be relevant, we also integrate capex and opex relating to ESG items into the business plans of target companies, and ensure that contingency planning is performed and documented for potential future ESG risks. Furthermore, during the asset management phase, we address ESG risks and opportunities directly with portfolio companies at each board meeting, and initiate change when required. ESG issues are moreover specifically itemised for discussion at our quarterly Performance Review Committee meetings. 

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

Antin has formalised a Responsible Investment (RI) Policy approved by the board of directors outlining our approach to the integration of ESG issues in our business model and investment management processes. Our RI Policy, which was first implemented in 2011, is reviewed and updated at least once a year, and after any significant change in the insights on which it is based. This Policy applies to all funds without exceptions.

RESPONSIBLE INVESTMENT APPROACH 

Asset selection and origination 

Antin’s strategy is to invest in brownfield infrastructure assets with potential for operational improvements and active capital management. This strategy leads us to invest in companies with existing operations, in industries where ESG issues are usually thoroughly addressed and already actively monitored and reported on (energy and environment, transport, telecommunications, social infrastructure). 

ESG due diligence and deal execution 

During the due diligence process, an analysis is carried out by Antin’s ESG team to identify the ESG issues which are likely to have a material impact on the financial and operational performance of the target company. This analysis is based on our internal ESG materiality assessment framework, as well as various international standards such as the Sustainability Accounting Standards Board (SASB)’s Materiality Map – an interactive tool that identifies and compares ESG issues across different industries and sectors.

Due diligence is then performed by our ESG team, along with external consultants and lawyers where required, to identify specific business risks and opportunities, outstanding liabilities and compliance obligations associated with those issues. Results of that review are documented, shared with the Deal team and presented at Investment Committee meetings.

When relevant, operating and capital expenditures relating to ESG issues are included in the target company’s business plan (e.g. asset maintenance or upgrade to improve a company’s environmental or safety performance). Contingency planning is also performed and documented for potential future ESG risks.

Business transformation and value creation 

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.

Exit preparation

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.

RESPONSIBLE INVESTMENT GOVERNANCE

All Antin employees are engaged in day-to-day responsible investment efforts.

To oversee the implementation of our Responsible Investment (RI) Policy, we have formed a dedicated ESG team, composed of our Performance Improvement Principal, Alex Kesseler, and internal ESG Expert, Felix Heon. Our ESG team works in close collaboration with all of our staff members and portfolio companies throughout the investment cycle, identifying, assessing and managing ESG risks and opportunities. Our ESG team reports directly to Antin’s Executive Committee, which has overall responsibility for all ESG-related matters.

Antin’s Compliance Officer, Wendy Ng, is responsible for overseeing the implementation of our compliance programme, which covers business ethics-related issues, such as bribery and corruption, conflicts of interest as well as corporate gifts and hospitality.

Our Investor Relations team is responsible for communicating to relevant stakeholders (investors, fellow shareholders and other third parties) our approach to responsible investment, as well as ESG progress achieved by our portfolio companies, through periodic reports, conferences and roadshows.
 

 

01.6. Additional information [Optional].

          
        

SG 01 CC. Climate risk (Private)


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Additional information [Optional].


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Antin has formalised a Conflict of Interest Policy setting out the firm’s procedures in relation to the identification, management, reporting and ongoing monitoring of conflicts of interest. In addition to covering conflicts arising at the level of its activities, Antin has also considered conflicts arising from the activities of affiliated companies as well as any delegates, sub-delegates, external valuers and counterparties as applicable.

Where Antin or an affiliated company has an interest, arrangement or relationship which may be considered likely to influence any exercise of discretion by Antin in the course of dealings or other services for or on behalf of a client in a manner which is material to the client, Antin is required to disregard that interest, arrangement or relationship when exercising that discretion.

Should any conflict of interest arise, the conflict is first disclosed to Antin's Chief Compliance Officer and the Managing Partners. If the conflict is not subsequently resolved, it is submitted for the Investors’ Committee’s consideration. As of today, Antin is not aware of any conflicts of interest among the firm, any affiliates and external service providers.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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