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Vinci Partners Investimentos Ltda.

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct – Private Equity
Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務（または同等のもの）の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

The ESG-related policies are integrated throughout the investment cycle as summarized:

Pre-Investment Phase: Upon the initial screening and approval of the investment committee, the investment is subject to two due diligence steps, which take into account the ESG factors in order to evaluate the potential ESG material topics. The potential material ESG topic are included in discussion with the Investment Committee to defined how they will be assessed during the following phased – i.e., it can be either conducted internally or by external advisors, as appropriate. When issues or gaps are identified during the ESG due diligence, related actions and deadlines are included in the Environmental and Social Action Plan (ESAP) section for evaluation. For each action, the following will be defined: the responsible party, priority, complexity and the deliverable or indicator of completion.

Monitoring Phase: In addition to the due diligence and ESAP, some material ESG topics require frequent review during the project life cycle, such as compliance with related permits. Those questions will be monitored based on the period to be defined during the ESG due diligence

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

VINCI has a formal ESG Policy which is applicable to its business, portfolio companies, their suppliers and business partners with the goal of improving performance and minimizing adverse impacts in these areas. The policy is based on the following principles:

  •         Environment Aspect:
  1. Conduct business and establish partnership with high levels of environmental performance;
  2. Comply with environmental laws and regulations;
  3. Reduce environmental impact; and
  4. Preserve natural resources.
  •         Social Aspect:
  1. Treat people with dignity and respect in a safe workplace;
  2. Respect the rights of workers, complying with relevant laws and regulations relating to compensation, working hours, rest periods, equal opportunity, diversity, anti-discrimination and other benefits and welfare;
  3. Respect the human rights preventing child and forced labor;
  4. Provide a safe and health workplace in conformance with national and local law;
  5. Improve employees’ knowledge and skills which may include internal and external training and courses offered by the firm;
  6. Manage social risks of the supply chain of portfolio companies; and
  7. Be accessible to, and engage with, relevant stakeholders either directly or through representatives of portfolio companies, as appropriate.
  •        Governance Aspect
  1. Conduct business and establish partnership in an ethical manner at all times;
  2. Establish independent annual audits and transparent disclosure of portfolio companies’ financial statements;
  3. Create effective board structures;
  4. Comply with relevant anti-corruption laws and regulations relating to bribery, extortion, fraud and money laundry; and
  5. Provide timely information to VINCI limited partners on the matters addressed herein, and work to foster transparency about VINCI activities

01.6. 補足情報 [任意] 

          In terms of Exclusion Policy, the Vinci Group complies with IFC´s Policy Requirements that excludes future investments described as "Category A". In addition, our Anti-Money Laundering and Counter-Terrorism Financing Policy (AML/CTF) states the following: 4.2. To the best of its knowledge, the Vinci Group will not establish or continue relationship with other individuals and legal entities engaged in or connected to the following: ✓ shell banks (financial institution not physically present in the relevant jurisdiction); ✓ organized crime groups and extorsion; ✓ terrorism, including terrorist financing; ✓ human beings and immigrant trafficking; ✓ child labour and slavery; ✓ sexual exploitation, including sexual exploitation of children; ✓ drugs and psychotropic substances traffic; ✓ gun traffic; ✓ trafficking of stolen property and others; ✓ currency counterfeiting; ✓ piracy; and ✓ smuggling; 4.3. To the best of its knowledge, the Vinci Group will not establish or continue a relationship with any individual or legal entity listed in the consolidated lists of targets by OFAC, UN, and the European Union or the Slavery list maintained by the Ministry of Labour.

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。（500 語以内で自由に記載）

Yes, we do consider climate related risks and opportunities in our investment process.

In the case of the hydroelectric power plants, the most relevant ends up being the operational level of the national system as a whole (GSF - Generation Scaling Factor) than the specific flow of the river in which they are located, as these plants compulsorily adhere to the MRE (Energy Reallocation Mechanism). To mitigate this impact of a generation below the physical guarantee (GSF <100%), entrepreneurs usually leave a portion uncontracted and / or contract insurance for the renegotiation of hydrological risk (SP) in the ACR (Regulated Contracting Environment). In addition, projects also generally have bank or corporate guarantees that somewhat mitigate the project's performance risk. In the credit, we consider these and other aspects (Money Laundry Prevention scenarios, support and financial capacity of the sponsor) to support the climatic / hydrological risk and other risks related to the project

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか？

これらのリスクおよび機会に関連する時間の尺度について説明してください。（500語以内）

In our investments in hydro power, typically, the auction notice for the auctioned plants is formulated based on a long term hydrographic study and the basic project of the plant and the regulator itself determines the so-called physical guarantee (expected amount of generation and maximum volume of energy sales)

01.8 CC. 組織はTCFDを公式に支持しますか？

理由を説明してください。

Our organization has been evolving in ESG themes since we became a PRI signatory in 2012. In the begining our focus was on Governance aspects, than we incorporated the ESG factors into our investment process focused on Private Equity and than we expanded to other asset classes. We have been dealing with climate related issues through our ESG Policy and Management System and through our network of PRI signatories. In the future, we may support the TCFD, but to do that, we want to make sure we will be able to implement their recomendations both at the fund level and at the portfolio companies level - we believe we still need time to be prepared for that.

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか？

組織が気候関連のリスクおよび機会を管理する組織全体の戦略をどのように、またどのような時間スケールで実施するか記述してください。

We do assess climate related risks and opportunities on a case by case, mostly on our Infrastructure and Credit investment strategies that deal with long term utilities projects that can be highly affected by those factrs (e.g. wind power negeration, solar power generation and hydro power)

1.10 CC. TCFD開示を発表するために組織が使用する文書／通信を示してください。

SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

添付ファイル

0411141 VINCI ESG 05DEC17 RLF 01.pdf

URL/添付ファイル

添付ファイル

0411141 VINCI ESG 05DEC17 RLF 01.pdf

URL/添付ファイル

添付ファイル

0411141 VINCI ESG 05DEC17 RLF 01.pdf

URL/添付ファイル

添付ファイル

0411141 VINCI ESG 05DEC17 RLF 01.pdf

URL/添付ファイル

添付ファイル

VCPIII_IFC_ExclusionList.pdf

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

添付ファイル

URL/添付ファイル

添付ファイル

URL/添付ファイル

添付ファイル

02.3. 補足情報 [任意]

Our ESG Policy document (question SG 02.1) includes our investment policy components - that´s why the documnt attached is the same.

The Formalised guidelines on ESG are also included in our Investment Policy document that has been uploaded on SG 02.1

 

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

On any other matter involving a conflict of interest, the General Partner and the Manager will be guided by its good faith judgment as to the best interests of the Fund and shall take the necessary or appropriate actions as determined by the GP or the Manager to mitigate such conflicts of interest.

In addition, Vinci Partners´ Compliance Manual has a specific clause on "Conflicts of Interest between Managed Funds" that aims to mitigate potential conflicts of interest in transactions involving two or more investment funds managed by the Vinci Group

Moreover, Vinci’s Private Equity Limited Partner Agreement (LPA) treats the following conflicts of interest:

(a) Transactions with Affiliates

(b) Devotion of Time

(c) Other Potential Conflicts of Interest

03.3. 補足情報 [任意]

If the GP or the manager notifies the limited partners with respect to a matter giving rise to a conflict of interest, and if a majority in interest waives such conflict of interest or the GP or the manager acts in a manner, or pursuant to standards or procedures, approved by a majority in interest with respect to such conflict of interest, then none of the other managed entities, the GP, the manager or any of their respective affiliates shall have any liability to the fund or any partner.

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

Our portfolio companies have anonymous whistle blower channels, and depending on the level of the incident, the deal team member responsible for that particular portfolio company is communicated. In addition, we are active investors and are in frequent contact with different levels of the portfolio company´s employees, having firsthand access to potential incidents. Key metrics (e.g. work-related accidents) are also discussed on the board meetings and appropriate measures are demanded by the board.
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