Our PE ESG Asset Management tool extends beyond the pre-deal phase to our stewardship phase, with a particular focus on manageable material ESG issues that could not be resolved within the pre-deal or 100 day plan phase. We monitor ESG issues on an ongoing basis and expect our approach to remain consistent regardless of the timing within the investment cycle when the risk / opportunity has been highlighted.
Historically we have set relevant KPIs where we can and monitor progress through our engagement with companies on a routine basis, including during board meetings, where we are in attendance as NEDs. The frequency of these ESG related meetings will vary on a case by case basis and is dependent on the materiality of the issues / opportunities raised.
Until early 2020, ESG reporting was against specific items, either in the 100 day plan or raised as a result of specific requirements for corrective action. More recently, we have identified a universal set of portfolio-wide ESG KPIs which we will be asking all our businesses to report against. These are based on likely material considerations across the spectrum of investments we make, and we will continue reporting on exceptional items as required.