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CDC Group plc

PRI reporting framework 2020

Export Public Responses

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PE 01. Description of approach to RI

01.1. プライベートエクイティの責任投資に対する組織のアプローチの概要を説明してください。

As a DFI, CDC has a public commitment to responsible investment as it seeks to support the sustainable, long-term growth of businesses in Africa and South Asia. CDC believes that operating to high ESG standards is a key part of long-term business success.

Central to CDC's ethos is a firm commitment to responsible investment. The businesses that receive CDC's capital must adhere to its Code of Responsible Investing, which stipulates ESG standards that are often above those required by local law. Investing in difficult geographies means that standards sometimes fall short at the due diligence phase, but in these cases an action plan must be put in place to make the necessary improvements to ensure compliance with CDC's Code. CDC recognises the challenges in meeting the standards set in its Code but expects management teams in its businesses to be committed to work towards good international practice and will work with companies to review internal systems and mentor companies to support the closure of any gaps, ranging from labour rights to health and safety to community and stakeholder engagement.

An additional part of CDC's role as a DFI is to support companies as they develop policies and systems and actively engage with them to manage the ESG risks associated with their operations. In this way CDC looks to add value to its investee companies through ESG improvements that go beyond compliance. In CDC investment papers, CDC's ESG and BI teams highlight risks but also flag opportunities to add value to company operations through quality improvements and strategic advice.

PE 02. Investment guidelines and RI

02.1. 組織の投資活動が、責任投資ポリシーを指針としているか、責任投資ガイドラインに従っているかを示してください。

02.2. 投資活動におけるESG問題に対するスタッフおよびポートフォリオ企業のアプローチへの期待について、どのように組織がその概要をまとめているか説明してください。また責任投資/ガイドラインおよび組織が組織内のスタッフとポートフォリオ企業の経営陣に責任投資への期待をどのように説明または伝達しているかについて、その範囲を説明してください。 [任意]

All businesses receiving CDC capital must sign up to and comply with CDC's Code of Responsible Investing, which stipulates CDC's ESG requirements. These are often above those required by local law. Among other things, the Code requires companies to assess, monitor and improve ESG standards.

The Code is structured to reflect CDC's ESG requirements, recommended good practices, and components of management systems that CDC legally requires. The Code sets out a hierarchy of ESG requirements, including an 'exclusion list' specifying industry sectors where CDC's capital cannot be invested, minimum ESG requirements of all businesses, and additional requirements for industries where the levels of ESG risk requires it. Based on its Code, CDC works with companies to build from compliance with IFC Performance Standards and strive towards the adoption of internationally recognised standards of good industry practice and areas of ESG 'value add' to the business.

CDC recognises that many businesses in Africa and Asia will not be in full compliance with its Code at the date of investment. In such cases, CDC will work with the business during due diligence to develop an action plan that seeks to achieve compliance within a reasonable timeframe, with clear deliverables and responsibilities.