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ISATIS Capital

PRI reporting framework 2020

You are in Direct – Private Equity » Pre-investment (selection)

投資前(投資対象の選定)

PE 05. Incorporating ESG issues when selecting investments

05.1. デューデリジェンスで組織がプライベートエクイティ投資先を選定する際、通常ESG問題を組み入れているかどうかを記載してください。

05.2. ESG問題をプライベートエクイティ投資の選定に組み入れる際のアプローチを説明してください。

The role of the taking into account of ESG factors is important from the very beginning of the investment decision- process. Indeed, before making a long-term commitment with a company, it is important that we are comfortable with ESG risks. This begins with the choice of sectors with relatively low environmental externalities (NICTs (New Information and Communication Technologies), Business Services, Health, Advanced Industry).

The fact that the company that we are analysing has no CSR policy concerning the ESG issues is not a factor in the abandonment of our investment. Nevertheless, before the final investment decision is made, we validate two essential points:

- The business model of the analysed company must not be based on social or environmental risk taking

- The managers are open to improve their ESG practices and discuss with Isatis-Capital on the actions plan for the future development.

A specific Due diligence questionnaire is submitted to the new company covering the 3 pillars ESG mostly focused on qualitative approach. The objective of this questionnaire is to measure the knowledge of the managers on their ESG issues/challenges and how ISATIS Capital will help and support the company to improve their practices in terms of ESG in the future. 

 

05.3. 補足情報 [任意]


PE 06. Types of ESG information considered in investment selection

06.1. プライベートエクイティの投資選択プロセスにおいて組織が通常どのような種類のESG情報を考慮するかを記載してください。

          The most important thing is to ensure that the managers are open to improving their practices in the future with the help of  ISATIS Capital.
        

06.2. 投資委員会または類似の委員会において、この情報がどのように報告・検討・文書にまとめられているかを記載して下さい。

In 2019, the ESG Incorporation policy have been done for all new investments as follow: the information is reported in the investment note on a specific page dedicated on ESG issues described with  ESG SWOT and comments about the degree of risks and the knowledge and the openness of the managers on these topics.

The managers have to accept in the shareholder agreement to provide each year the KPIs on E & S to allow the measurement of the trends. Isatis-Capital expects the "best effort", aware that its universe of investments is composed of very small companies. Those Kpis should help Isatis-Capital to identify the points where some actions have to be taken to remediate to the issue.


PE 07. Encouraging improvements in investees (Private)


PE 08. ESG issues impact in selection process (Private)


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