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SilverStreet Capital LLP

PRI reporting framework 2020

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Head of Impact and ESG
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Chief investment officer:

  • Drives the management of ESG aspects within the team and gives the mandate for implementation across the portfolio.
  • Provides high level authorisations

Head of Department (Head of Impact and ESG):

  • Ensures ongoing improvement in management of ESG aspects throughout the portfolio.
  • Maintains ongoing contact with portfolio company management, in relation to ESG implementation
  • Provides training opportunities for responsible personnel within portfolio companies

Portfolio managers:

  • SilverStreet Capital team members who are on the boards of portfolio companies, have the mandate to ensure ESG aspects are raised, discussed and managed by portfolio companies.
  • Ensure ESG aspects are considered during pre-screening and due diligence of any potential investments.

Dedicated Responsible Investment Staff (Impact and ESG Analyst):

  • Assist Head of Impact and ESG in management and implementation of ESG aspects throughout the portfolio.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

2 Number

07.4. Additional information. [Optional]

Each portfolio company has personnel responsible for ESG. These people oversee ESG aspects by managing the Social and Environmental Management Systems (SEMS) that have been implemented. This includes assessing and updating ESG risks, reviewing and implementing procedures, and collating and reporting ESG data to senior management and the General Partner. SilverStreet oversees all ESG implementation across all portfolio companies.

Managing all the aspects relating to ESG is beyond one person’s task alone. Each company has an organogram showing how management of ESG is divided between roles. Going through this exercise helps management understand that ESG really is all about risk management, and that it’s everyone’s responsibility.

On-the-ground training continues to take place with all management responsible for ESG and any new key personnel. Topics include: an overview of ESG; the International Finance Corporation (IFC) Performance Standards; the Fund’s Responsible Investment Code (RIC); Social and Environmental Management System (SEMS) adaptation and implementation; monthly reporting and stakeholder engagement; and discussions to ensure understanding of all actions in Environmental and Social Action Plans. Online training in ESG risk assessment and management, such as those provided by the IFC and World Bank, are very useful. Most people in ESG roles have completed online training courses in the last year.


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Dedicated responsible investment staff

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

Climate risks are integral to our investment strategy. Therefore, all board members assume responsibility of assessing and mitigating against climate related risks.

  • SilverStreet Capital team members (who include board members from each portfolio company), receive regular reporting on climate related risks. For example, a weekly dam level report ensures that water security and related risks are monitored and managed accordingly.
  • Climate related issues are fundamental risks in the agricultural sector. They are consistently identified and monitored by the boards of each portfolio company. All portfolio company boards have committed to SilverStreet Capital's Responsible Investment Code, which explicitly states that businesses should "minimise adverse impacts and enhance positive effects on the environment; support the reduction of greenhouse gas emissions; and encourage the development of environmentally friendly technologies".

In addition to the above, SilverStreet Capital has drafted a climate change policy that will formalise the constitution of a 'Climate Change Committee'. The committee will convene on a quarterly basis and shall comprise four persons, including SilverStreet Capital's Managing Partner, ESG Head and two other persons from the Investment Team. The team will:

  • support their adherence to the goals proposed by The Paris Agreement;
  • promote and incentivise sustainable business practices within these businesses and amongst their stakeholders;
  • identify, monitor and manage climate-related impacts, risks and incidents in the short, medium and long-term;
  • assign climate-related responsibility to senior management in portfolio companies; and
  • report biannually to the GP boards of the Funds in relation to climate-related mitigation, impacts, risks and incidents.

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

Due to the nature of the agricultural sector, assessing and managing climate-related issues is integral to almost every operational decision. This ranges from regional seasonal changes to microclimate changes, or company use of water.

Portfolio company General Managers / CEOs:

  • Implement board-level decisions.
  • Provide the boards with suggestions relating to e.g. variety choice.
  • Lead on-the-ground identification and decision-making relating to climate aspects.
  • Keep abreast with climate- and efficiency-related developments and new technologies in their sectors.

Agricultural managers:

  • Oversee the monthly reporting (to the portfolio company General Manager, and the SilverStreet Capital Head of ESG) of the usage of: water, electricity, fuels, agrochemicals; waste disposal; adherence to the company’s conservation plan, etc.

HR / ESG / Community Liaison Personnel:

  • Manage and report on all social aspects relating to the business, with General Manager oversight. E.g. community engagement relating to water use.

SG 08. RI in performance management, reward and/or personal development (Private)


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