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CONQUEST

PRI reporting framework 2020

You are in Direct - Infrastructure » Pre-Investment (Selection)

投資前(投資対象の選択)

INF 05. Incorporating ESG issues when selecting investments

05.1. 組織がインフラ投資先を選択する際、通常、ESG問題を組み入れているかどうかを記載してください。

05.2. ESG問題をインフラ投資の選択に組み入れる際のアプローチを説明してください。

In the pre-investment phase, we conduct a preliminary assessment of the project through a proprietary ESG check-list as well as a thorough ESG technical due diligence, whose results are then integrated in the agenda of the investment committee. The ESG due diligence includes site visits, interviews of stakeholders, requests for documentary evidence, and a review of publicly available sources of information. The findings, such as liabilities, remediation costs, post-acquisition action plans, risks of non-compliance, are presented in a 20-30 page long report, which includes an executive summary whereby a criticality scale ranks the findings based on their probability of occurrence and associated consequences. It serves as an important basis for discussion during the investment committee and during commercial negotiations, as well as for the ESG roadmap used to monitor ESG risks and opportunities during the operation phase.

Conquest’s investment committee has the final say to decide whether an investment case is validated. Findings drawn from the ESG check-list and/or the ESG technical due diligence are integrated in the investment memorandum. In some instances, the investment committee may decide to interrupt or stop the acquisition process.

In some cases, due to time limitation, ESG due diligence may be performed ex-post, within six months after the beginning of the ownership phase. In this case, the investment committee’s decision and commercial negotiations would therefore rest upon the findings of the preliminary assessment and ESG check-list.


INF 06. ESG advice and research when selecting investments

06.1. 組織がESG問題をインフラの投資選定プロセスに組み入れる際、組織内や組織外から入手した助言や調査を通常使用しているかどうかを記載してください。

          Investment Analysts
        
          The ESG technical due diligence assessment is performed by Conquest or an appointed external independent consultant.
        

06.2. 補足情報 [任意]


INF 07. Examples of ESG issues in investment selection process

07.1. 組織の投資選定プロセスにおいてE / S / G問題の内どの問題が主として考慮されているかを明示するとともに、問題毎に典型的な例を3つまで挙げてください。

ESG問題

ESGの各問題について、典型的な例を3つまで挙げてください

          CO2 emissions
        
          Water management
        
          Biodiversity
        

ESGの各問題について、典型的な例を3つまで挙げてください

          Occupational incidents
        
          Diversity and inclusion
        
          Absenteeism
        

ESGの各問題について、典型的な例を3つまで挙げてください

          Representativeness of Board of Directors
        
          Conflict of interests
        
          Business ethics (code of conduct, whistle blowing, etc.)
        

07.2. 補足情報 [任意]


INF 08. Types of ESG information considered in investment selection

08.1. インフラの投資選定プロセスにおいて組織が主としてどのような種類のESG情報を考慮しているかを明示してください。

          Relevant publicly available databases, monitoring reports and assessments, relevant permits and authorizations
        

08.2. 補足情報 [任意]

For country-level benchmark, information published by the Sustainability Accounting Standard Board (SASB) and relevant local legislations is one of the inputs for our ESG due diligence. We also refer to the International Finance Corporation (IFC) Performance Standards during the due diligence - EHS Guidelines for Wind Energy, for instance, were used to select the material topics to be assessed.


INF 09. ESG issues impact in selection process

09.1. 報告年度に、ESG問題がインフラ投資の選択プロセスに影響したかどうかを記載してください。

          Asset vendors’ ESG credentials are verified during transaction early-stage and prior to full ESG due diligence, which may also be conducted shortly post-deal
        

09.2. 報告年度に、ESG問題がインフラ投資のディールストラクチャリング・プロセスにどう影響したかを記載してください。

09.3. 補足情報 [任意]

In order to gain more in-depth knowledge of a contemplated project, an ESG technical due diligence assessment is performed by Conquest or an appointed external independent consultant. For reasons of time, this systematic assessment may be performed ex-post, within six months after the beginning of the ownership phase. In this case, the investment committee’s decision and commercial negotiations would therefore rest upon the findings of the preliminary assessment and ESG check-list.


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