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TowerBrook Capital Partners

PRI reporting framework 2020

You are in Direct – Private Equity » Post-investment (monitoring)

投資後(モニタリング)

PE 09. Proportion of companies monitored on their ESG performance

09.1. 組織がポートフォリオ構成企業の投資モニタリングにESG問題を組み入れているかどうかを明示してください。

09.2. 報告年度のポートフォリオ構成企業の中で、投資のモニタリングにESGパフォーマンスを組み入れた割合を記載してください。

(ポートフォリオ構成企業の合計数に占める割合)

09.3. 組織が通常目標(KPIなど)を設定し、モニタリングしているESG問題を記載し、問題別に例を挙げてください。

ESG問題

問題別に例を3つまで挙げてください

例1

          dedicated environmental policy
        

例2 (optional)

          electricity consumption
        

例3 (optional)

          waste production
        

問題別に例を3つまで挙げてください

例1

          tracking of employee engagement
        

例2 (optional)

          supply chain / responsible sourcing policy
        

例3 (optional)

          diversity and inclusion metrics, and specifically in 2019/2020 the diversity of our controlled portfolio company boards
        

問題別に例を3つまで挙げてください

例1

          TowerBrook seeks to discuss the importance of ESG with each CEO of each PE portfolio company.
        

例2 (optional)

          Each chair of a PE company receives a Chair Welcome Pack that explicitly addresses Responsible Ownership and the Chair's role therein.
        

例3 (optional)

          Establish a dedicated ESG committee on each portfolio board, or else the chair opting to take explicit ownership of ESG at the board level.
        

09.4. 補足情報 [任意]

Our focus on best practice in responsible ownership led us to study the methodology established by the Sustainable Accounting Standards Board (SASB), an independent body dedicated to enhancing the efficiency of capital markets by fostering the high-quality disclosure of material sustainability information that meets the needs of investors. We concluded that the SASB framework was particularly relevant to TowerBrook because it is thoroughly researched and grounded in materiality and value creation.Drawing on the framework proposed by SASB, we built a set of metrics on which we annually measure ESG and Responsible Ownership across our portfolio. In 2019, we built on the SASB framework, incorporating many of the elements of the B Impact Assessment to give us further insight into how our companies’ activities affect their key stakeholders and communities. As before, we organized our survey into four areas: people, planet, partnership and performance. We continue to work to develop our metrics in a way that will allow us to track and report on progress over time. A summary of our methodology and the results of our review are presented in our Responsible Ownership Report 2019 (https://www.towerbrook.com/TowerBrook_Responsible_Ownership-2019.pdf).


PE 10. Proportion of portfolio companies with sustainability policy

10.1. 組織がESG/サステナビリティに関連するポリシー(または同様のガイドライン)を有するポートフォリオ構成企業の割合を追跡しているかどうかを記載してください。

10.2. ESG/サステナビリティポリシー(または同様のガイドライン)を有するポートフォリオ構成企業の割合を記載してください。

(ポートフォリオ構成企業の合計数に占める割合)

10.3. 補足情報 [任意]

In 2019, we conducted a survey of 26 of our privately held portfolio companies to understand more about how they measure up in terms of gender diversity, environmental initiatives, supply chain and other responsible corporate policies. We plan to continue to track these metrics and develop others in future years.


PE 11. Actions taken by portfolio companies to incorporate ESG issues into operations

11.1. ポートフォリオ構成企業がESG問題を業務に組み入れるため実施している対策の種類およびこれらの活動を実施しているポートフォリオ企業の割合を記載してください。

ポートフォリオ企業が実施している活動の種類

実施しているポートフォリオ企業の割合​
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
(ポートフォリオ構成企業の合計数に占める割合)
実施しているポートフォリオ企業の割合
実施しているポートフォリオ企業の割合

実施しているポートフォリオ企業の割合(企業数)

          CSR Management in planning; dedicated CSR position; health and safety implementation; Code of Conduct covering ESG and sustainability topics; social and educational programs
        
(ポートフォリオ企業数合計)

11.2. ポートフォリオ構成企業のリソーシングとESG問題の管理に組織がどのように貢献しているかを説明してください。

TowerBrook publishes our Responsible Ownership Statement on our website, distributes it to all of our controlled portfolio companies and asks for it to be observed. In addition to establishing the policies described in the Responsible Ownership Statement, TowerBrook periodically asks all of its portfolio companies to complete a comprehensive questionnaire designed to identify ESG issues. TowerBrook continues to enhance its monitoring of its portfolio company's ESG risk during 2020. 

During ownership, ESG related risks are managed by the boards and management teams of the individual portfolio companies. Since TowerBrook invests in a wide range of sectors, ESG risks vary widely from company to company. TowerBrook seeks to discuss the importance of ESG with each CEO of private equity portfolio companies, together with the Chair, who would have been separately instructed during onboarding with a Welcome Pack that explicitly addresses Responsible Ownership and the Chair's role therein.

TowerBrook actively monitors ESG at the portfolio company level, ensuring that systems and resources are in place to enable ESG risks to be effectively managed and that each portfolio company assigns specific management responsibility for ESG operations. TowerBrook ensures that all controlled portfolio companies have instituted the following formal policies in place: (i) Anti-Bribery, (ii) Code of Conduct, (iii) Corporate Governance, (iv) Health and Safety and (v) Anti-Harassment. TowerBrook also seeks to ensure that each portfolio company has established a dedicated board Committee (for example ESG or CRS), or modified an existing governance committee, to (a) establish a corresponding charter that is bespoke to the language, culture and business of each company, (b) review the company's significant strategies, activities and policies regarding ESG (including labor practices) and community impact and charitable activities, and (c) make recommendations to the Board that focus on maximizing long-term, sustainable value creation. TowerBrook has increased its touch points with the boards of portfolio companies. ESG is an issue we raise explicitly in onboarding  each portfolio chair and expect each chair to attend to, in partnership with TowerBrook, as a matter of providing effective governance. Portfolio company management would then engage with third parties (such as suppliers, developers, and contractors) to verify sound ESG practices. Finally, TowerBrook reviews annually the ESG program at each Portfolio Company board level. TowerBrook also provides training to senior management of its portfolio companies periodically that addresses ESG issues, covering relevant employee-related policies, sourcing policies, and environmental policies. TowerBrook also organizes periodic manager roundtables and/or conference calls, at which ESG features as a topic for discussion (together with anti-bribery, cybersecurity, diversity, etc.). 


PE 12. Type and frequency of reports received from portfolio companies

12.1. ポートフォリオ企業に請求するESG問題に関する報告書の種類および頻度、報告書を受領する頻度を記載してください。

報告書の種類 

標準的な報告頻度 ​
          At least annually
        
標準的な報告頻度 ​
          At least annually
        

12.2. ポートフォリオ企業に対し、どの程度の報告を要求しているか説明してください。また、ESG報告が対象としている資産の割合を示してください。 [任意]

TowerBrook actively monitors ESG at the portfolio company level, ensuring that systems and resources are in place to enable ESG risks to be effectively managed and that each portfolio company assigns specific management responsibility for ESG operations. At the portfolio company level, our policy is that ESG is a recurring topic on the board agenda multiple times during the year, and is reviewed formally at least once annually is reviewed formally in a process led by the committee tasked to oversee ESG issues. Because TowerBrook appoints independent chairs, who are held to our ESG standards, to its portfolio companies, this process benefits from an additional layer of oversight. As part of its general ESG oversight, TowerBrook would review existing compliance with sustainability, and ethical business guidelines, as appropriate, and would encourage portfolio company management to introduce new guidelines if we deemed this necessary.

In 2019, we conducted a survey of 26 of our privately held portfolio companies to understand more about how they measure up in terms of gender diversity, environmental initiatives, supply chain and other responsible corporate policies. These 26 companies constituted approximately 81% of our AUM as of December 31, 2019. 


PE 13. Disclosure of ESG issues in pre-exit

13.1. 報告年度に、プライベートエクイティ投資をエグジットする前に、組織がESG問題に関する情報を潜在的な買い手に開示したかどうかを記載してください。

13.2. 開示以外に、エグジット時に組織がESG問題をどのように考慮しているかを説明してください。

Exit

Responsible investment and ownership considerations are also addressed in connection with exit, as appropriate. Any ESG issues would be addressed specifically pre-exit, or fully disclosed to a prospective purchaser, so that prospective buyers cannot use ESG factors to impose discounts due to lack of evidence that issues have been addressed. TowerBrook would also highlight ESG actions as selling points where applicable (for example, a “great ESG story to tell”). Transparency about what remains to be done, as well as about what has been done, is important in building trust and establishing an appropriate valuation. We would include ESG issues in pre-exit information to the extent applicable. 

TowerBrook signed documentation to exit our portfolio company Metallo in 2019.  Following TowerBrook's acquisition, a €35m capex project was approved to construct a new zinc fumer on the company's site in Belgium. The project was approved to further the company's strategy of being the industry's best in class with regard to observance of environmental standards. The zinc fumer effectively recycles the waste of other processes, thus enabling the company to become a zero-waste green recycler. Every year, more than 350,000 tons of raw materials are recycled via Metallo's processes and refined into new metal products for global customers.  Information on the zinc fumer was provided to potential acquirors pre-exit.

13.3. 補足情報 [任意]


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