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Mirova

PRI reporting framework 2020

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Post-investment (monitoring and active ownership)

Overview

INF 11. ESG issues in post-investment activities

11.1. Indicate whether your organisation and/or operators consider ESG issues in post-investment activities relating to your infrastructure assets.

11.2. Indicate how your organisation, and/or operators, considers ESG issues in the following post-investment activities relating to your infrastructure assets.

11.3. Describe how your organisation, and/or operators, considers ESG issues in post-investment activities related to your infrastructure investments. [Optional]

Once the partnership contract has been signed, a monitoring process is set up to measure the project’s impact, by using information gathered from gap analysis and actions undertaken during the project, as well as from annual and punctual reports on the project.

It is also worth noting that our ESG assessment and monitoring process during the management phase includes meetings or calls with the project’s operators in order to confirm or disprove the initial ESG assessment, and to encourage them to improve their ESG practices as part of our engagement approach.

In this way, the assessment of a project is neither static nor limited to an analysis of the information available when the partnership contract is signed. An ESG / sustainability assessment can change over time depending on actual practices.


Infrastructure Monitoring and Operations

INF 12. Proportion of assets with ESG performance targets

12.1. Indicate the proportion of infrastructure assets for which your organisation and/or operators included ESG performance in investment monitoring during the reporting year.

 (in terms of number of infrastructure assets)

12.2. Indicate ESG issues for which your organisation, and/or operators, typically sets and monitors targets (KPIs or similar) and provide examples per issue.

List up to three example targets per issue

          Effective energy consumption (for example, for buildings, kwh/m²/an)
        
          Induced and avoided carbon emissions
        
          Impacts on biodiversity: - monitoring and follow-up of local species, particularly birds and bats t, Ground footprint (number of km²), fauna circulation (tunnels and corridors)
        

List up to three example targets per issue

          Number of jobs created, thanks to the project, over the long term
        
          Health safety: accidents on-site (for employees/maintenance staff, for users, for surrounding people)
        
          Indoor air quality it relevant according to the infrastructure type.
        

List up to three example targets per issue

          Treatment of conflicts of interest
        
          Balance of the board
        
          Business ethics (existence or not of controversies, audit procedures, etc.)
        

12.3. Additional information. [Optional]

Our ESG analysis methodology is tailored to each category of project (solar, wind, rail transport, energy services, etc.) to better identify risks and opportunities arising from the key sustainability issues. The criteria disclosed above are only examples that can:

-Be relevant or not, in terms of Sustainability Opportunities, depending on the nature of the project. A mapping of sustainability opportunities, that crosses sectors with sustainability issues has been developed by our in-house RI Research team so as to identify compliant projects.
-Be weighted differently in the ESG risk review, depending on the social /  environmental externalities related to the project and existing levers for improvement.

This targeted ESG research approach enables a focus on relevant criteria and KPIs, which are monitored all along the project (some examples are provided in INF.12.2 above)


INF 13. Proportion of portfolio companies with ESG/sustainability policy

13.1. Indicate whether you track the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

13.2. Indicate the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

(in terms of number of infrastructure investees)

13.3. Describe how your organisation, and/or your operators, contribute to the infrastructure investees’ management of ESG issues. [Optional]

A majority of assets/project companies currently in our portfolio have an explicit sustainable development policy. Within the context of our Renewable Energy undertakings, infrastructure projects mainly defined according to the CSR policies put in place by the parent companies of corporate participating in a project (GDF Suez, Valorem, Holmen, etc.).

It is also worth noticing that most of the sectors in which we invest are inherently related to sustainable development issues and contribute to tackling environmental and/or social challenges (for further information, please refer to OO.INF.03).


INF 14. Type and frequency of reports received from investees

14.1. Indicate the type and frequency of reports you request and/or receive from infrastructure investees covering ESG issues.

Type of Reporting

Typical reporting frequency

          Meetings or calls with projects' operators
        

Typical reporting frequency

          Upon Mirova’s RI analysts’ request
        

14.2. Additional information.

Once the partnership contract has been signed, a monitoring process is set up to measure the project’s impact, by using information gathered from gap analysis and actions undertaken during the project, as well as from annual and punctual reports on the project.

It is also worth noting that our ESG assessment and monitoring process during the management phase includes meetings or calls with the projects’ operators in order to confirm or disprove the initial ESG assessment, and to encourage them to improve the ESG practices as part of our engagement approach


Infrastructure Maintenance

INF 15. Proportion of maintenance projects where ESG issues were considered

15.1. Indicate the proportion of active infrastructure maintenance projects where ESG issues have been considered.

(in terms of number of active maintenance projects)

15.2. Describe your approach to ESG considerations for infrastructure maintenance projects. [Optional]

The majority of risks related to the operation and maintenance phase  are anticipated upstream, at the moment of the project’s conception. However, following-up on environmental (energy consumption and other resources, waste management) and social performance (pollution, noise, visual pollution, security and comfort for users, working conditions for maintenance personnel) ensures responsible management of the project in its entirety.

A first ESG analysis is carried out and drafted before the investment decision is taken. Some areas for improvement are defined during this analysis to favour progress in ESG practices during the construction and operation phases. Maintenance projects are therefore included in potential issues in the operation phase.

The project’s ESG analysis is updated with the responses provided by the companies responsible for the project throughout the projects’ lifecycle.


Stakeholder engagement

INF 16. Proportion of stakeholders that were engaged with on ESG issues

16.1. Indicate which stakeholders your organisation, and/or operators, engaged with on ESG issues in relation to your infrastructure assets during the reporting year and what proportion of your investments they apply to.

Stakeholders engaged

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

          project operators
        

Percentage of infrastructure assets these apply to

 (in terms of number of infrastructure assets)

16.2. Describe your approach to stakeholder engagements in relation to your infrastructure assets.

Projects are systematically subjected to dialogue with the key stakeholders of each project (i.e. the regulatory agency, communities, civil society, etc.) as part of our procedure for filing permits; this also includes impact studies and research. Every investment within our portfolio is subject to these procedures.

It is also worth noting that our ESG assessment and monitoring process* applied by Mirova, includes meetings or calls with project operators if the qualitative information is not sufficient to cope with the assurance of sustainability risks management or to better understand the sustainability contribution of the project's purpose.

In addition to these individual engagement initiatives, Mirova actively contributed to promote the integration of ESG issues in the infrastructure asset class.

- We actively took part in the launch in 2015 of GRESB Infrastructure, a global sustainability benchmark for infrastructure assets, as well as first campaigns;
 - We also were sponsors of the Global Infrastructure Basel (GIB) (for further information about these initiatives, please refer to INF.8).

Please refer to INF.01 for further details about our proprietary ESG assessment methodology suited to infrastructure projects.

*The annual engagement report is available on Mirova's website: http://www.mirova.com/en-INT/voting-and-engagement


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