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CDC Group plc

PRI reporting framework 2020

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You are in Direct – Private Equity » Post-investment (monitoring)

投資後(モニタリング)

PE 09. Proportion of companies monitored on their ESG performance

09.1. 組織がポートフォリオ構成企業の投資モニタリングにESG問題を組み入れているかどうかを明示してください。

09.2. 報告年度のポートフォリオ構成企業の中で、投資のモニタリングにESGパフォーマンスを組み入れた割合を記載してください。

(ポートフォリオ構成企業の合計数に占める割合)

09.3. 組織が通常目標(KPIなど)を設定し、モニタリングしているESG問題を記載し、問題別に例を挙げてください。

ESG問題

問題別に例を3つまで挙げてください

例1

          Total water consumption, reuse, treatment and savings
        

例2 (optional)

          Total energy consumption by type, generation from renewable sources, and energy savings
        

例3 (optional)

          Waste generated and recycled by type
        

問題別に例を3つまで挙げてください

例1

          Serious health and safety incidents, lost time injury frequency rate
        

例2 (optional)

          Number of employee and community grievances and average time to resolution
        

例3 (optional)

          Number of safeguarding incidents
        

問題別に例を3つまで挙げてください

例1

          Existence of a fit-for-purpose anti-bribery and corruption policy
        

例2 (optional)

          Dedicated senior staff member to oversee, monitor and report on anti-bribery and corruption policy
        

例3 (optional)

          Existence of fit-for-purpose whistle-blower policy
        

09.4. 補足情報 [任意]

KPIs such as the above are generally agreed in an action plan at the time of investment, which is formally documented in the legal agreements through which CDC's capital is committed. CDC monitors progress towards achieving these ESG targets on an ongoing basis through the following channels:

  • Formal channels such as observer rights on an ESG sub-committee to the Board to ensure senior support for ESG strategy and to monitor KPIs and issues on ongoing basis
  • Site visits
  • Follow up to serious incidents and fatalities (follow up via a concrete action plan and root-cause analysis)
  • Commissioning consultant reports and audits (e.g. supply chain reviews)

PE 10. Proportion of portfolio companies with sustainability policy

10.1. 組織がESG/サステナビリティに関連するポリシー(または同様のガイドライン)を有するポートフォリオ構成企業の割合を追跡しているかどうかを記載してください。

10.2. ESG/サステナビリティポリシー(または同様のガイドライン)を有するポートフォリオ構成企業の割合を記載してください。

(ポートフォリオ構成企業の合計数に占める割合)

10.3. 補足情報 [任意]

As part of the IFC Performance Standards, which is the primary ESG reference framework, an overarching policy defining ESG objectives and principles is a requirement. This policy provides a framework for a system to manage ESG risks, which is a requirement under CDC's Schedule 3 of its Code of Responsible Investing. In addition, companies are required to have a governance and business integrity management system (BIMS) commensurate with the level of BI risk. As part of this, anti-corruption policies, whistle-blower policies, and other compliance policies and practices are required as a framework for the whole management system.

Sometimes, pre-existing systems may fall short of CDC's expectations as compared with the ESG risks and impacts faced by the business. In these instances, a legally binding action plan would specify the improvements required, and CDC ESG staff would proactively monitor progress towards action plan requirements.


PE 11. Actions taken by portfolio companies to incorporate ESG issues into operations

11.1. ポートフォリオ構成企業がESG問題を業務に組み入れるため実施している対策の種類およびこれらの活動を実施しているポートフォリオ企業の割合を記載してください。

ポートフォリオ企業が実施している活動の種類

実施しているポートフォリオ企業の割合​
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
実施しているポートフォリオ企業の割合

11.2. ポートフォリオ構成企業のリソーシングとESG問題の管理に組織がどのように貢献しているかを説明してください。

The above categories differ from the headings under which CDC monitors in the post-investment phase but constitute a similar approach. In line with IFC Performance Standard 1, CDC monitors its investments based on the following parameters: Environmental and Social Assessment and Management system, E&S Policy, identification of risks and impacts, management programmes, organisational capacity and competency, emergency preparedness and response, monitoring and review, stakeholder engagement, external communications and grievance mechanisms, and ongoing reporting to affected communities.

With its private equity deals, CDC ensures responsibility for ESG performance is assigned to a member of staff at a level of seniority commensurate with the inherent E&S risks associated with the company's operations. The institutional capacity to manage ESG risks is assessed in CDC's due diligence and CDC provides training to companies in need of support in this area. Performance targets for applicable ESG issues in operations are defined via the action plan agreed between the company and CDC, with clear timescales, and responsibilities for completion. As appropriate (and as possible) CDC supports the establishing of ESG sub-committees to the Board (or similar vehicles) which increase the visibility of ESG practices and enhance impact through commitment and participation at the top.


PE 12. Type and frequency of reports received from portfolio companies

12.1. ポートフォリオ企業に請求するESG問題に関する報告書の種類および頻度、報告書を受領する頻度を記載してください。

報告書の種類 

標準的な報告頻度 ​
標準的な報告頻度 ​
          Each quarter CDC ESG professionals report on company performance to investment teams, DevCo, and our shareholder. This may require obtaining updated ESG reporting from companies.
        
標準的な報告頻度 

12.2. ポートフォリオ企業に対し、どの程度の報告を要求しているか説明してください。また、ESG報告が対象としている資産の割合を示してください。 [任意]

ESG reporting applies to 100% of our direct assets. Formal written feedback is provided annually. However, the ESG-I and BI teams’ engagement with portfolio companies is typically more frequent during the initial post-investment period (and also during high-risk activities such as construction-) and in many cases remains frequent throughout the lifetime of our investment. Annual ESG reports formally provide updates on progress against ESG KPIs agreed in the action plan. In cases where we have requested the creation of an ESG sub-committee to the Board, ESG issues will be reported on and KPIs tracked on a quarterly basis. Informal interaction between CDC and investee companies is frequent and CDC presents itself as a partner and resource to help support investee companies on ESG matters. CDC also requires investees to report on serious incidents within an agreed timeframe.​


PE 13. Disclosure of ESG issues in pre-exit

13.1. 報告年度に、プライベートエクイティ投資をエグジットする前に、組織がESG問題に関する情報を潜在的な買い手に開示したかどうかを記載してください。

13.2. 開示以外に、エグジット時に組織がESG問題をどのように考慮しているかを説明してください。

It is important to consider the likely holding period and type of exit from the earliest stages of an investment. Strong ESG practices should be implemented and maintained throughout the life of an investment to ensure the best return on investment. Furthermore, CDC is a signatory of the Operating Principles for Impact Management, which describe essential features of managing investments with the intent to contribute to measurable positive social or environmental impact, alongside financial returns. As a signatory, CDC publicly discloses alignment with these principles, conducting exits considering the effect on sustained impact, and review, document and improve decisions and processes based on the achievement of impact and lessons learned. Hereby, CDC aims to clearly demonstrate to potential buyers the ESG value that has been added to a business during the holding period. For example, effective and regular reporting on key performance indicators related to ESG should provide valuable data for exit documents and investment memorandums. CDC's exit materials might aim to show that lost time incidents or employee churn rates have fallen year-on-year, while resource efficiency efforts have cut costs. We also aim, where relevant and based on risk and sector, de-risk company operations from a climate change perspective in reducing emissions (absolute or intensity) and planning for adaptation, as relevant. It can also be valuable to outline the ESG challenges associated with a company and how they have been dealt with to highlight the sustainability of the business and the depth of engagement. CDC might also help portfolio companies to prepare specific ESG materials or answer questions from prospective responsible investors. CDC aims for robust ESG management systems and internal company capacity to be self-sustaining post-investment to continue managing ESG risks and identifying opportunities after exit.

13.3. 補足情報 [任意]


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