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CapMan Plc

PRI reporting framework 2020

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Pre-Investment (Selection)

INF 05. Incorporating ESG issues when selecting investments

05.1. Indicate if your organisation typically incorporates ESG issues when selecting infrastructure investments.

05.2. Describe your organisation`s approach to incorporating ESG issues in infrastructure investment selection.

ESG aspects are part of the initial screening for investment opportunities and form part of the investment case. We also use negative screening with restrictions e.g. on coal-based capacity. ESG aspects and risks are further assessed after the investment opportunity has been identified and preliminary investment case has been formulated. In the event of ESG criteria are not met, the opportunity will be discontinued.

The scope of due diligence is determined on a case by case basis, but as part of all investment decisions, a formal ESG due diligence checklist is applied to ensure all potential aspects of ESG issues are covered.

Targets with positive ESG aspects (e.g. potential to lower GHG emissions) are prioritised in investment target selection.

INF 06. ESG advice and research when selecting investments

06.1. Indicate whether your organisation typically uses ESG advice and research sourced internally and/or externally when incorporating ESG issues into the infrastructure investment selection process.

          Investment Partner
          Investment Associate
          Compliance Officer

06.2. Additional information. [Optional]

External advisers are used to complete our standardised ESG due diligence checklists. In addition, key ESG-related factors such as environmental compliance are included in the scope of full due diligence reports by the relevant advisers (typically technical & environmental, legal).

INF 07. Examples of ESG issues in investment selection process

07.1. Indicate which E, S and/or G issues are typically considered by your organisation in the investment selection process and list up to three typical examples per issue.

ESG issues

List up to three typical examples of environmental issues

          Emissions (e.g. GHG)
          Fuel mix
          Environmental compliance and permits

List up to three typical examples of social issues

          Health and safety issues
          Policies in place (HR, code of conduct, etc.)
          Community impact

List up to three typical examples of governance issues

          Anti-bribery and corruption
          Board and management team composition & diversity

07.2. Additional information. [Optional]

INF 08. Types of ESG information considered in investment selection

08.1. Indicate what type of ESG information your organisation typically considers during your infrastructure investment selection process.

08.2. Additional information.

Relevant identified risks, opportunities and conclusions are included in the Investment Memorandum, which is used by the Investment Committee to decide on the investment. Sources of information include information from the target, statistical agencies, public authorities, sector experts, etc.

INF 09. ESG issues impact in selection process

09.1. Indicate if ESG issues impacted your infrastructure investment selection processes during the reporting year.

09.2. Indicate how ESG issues impacted your infrastructure investment deal structuring processes during the reporting year.

09.3. Additional information.

Consideration of ESG issues typically always leads to identification of opportunities and/or risks. Investments have been abandoned typically based on environmental aspects (fossil fuel related footprint). Share purchase agreements typically contain clauses based on ESG related due diligence matters such as any identified environmental or regulatory exposures.