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TowerBrook Capital Partners

PRI reporting framework 2020

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。

TowerBrook's values stand at the core of our mission and are at the foundation of our belief in responsible ownership. The full text of our Purpose Statement, our Mission Statement, and our RO Statement are publicly available on our website (https://www.towerbrook.com/responsible-ownership/).  Our RO Statement covers five Ps: starting from a shared Purpose, we focus on People, Planet and Partnership, all of which contribute to delivering the fifth P: Performance.  We consider the five Ps as the foundation of our Handprint as responsible owners.  Our RO Statement also coveres transparency, and the management of the responsible ownership program.

We identify and consider RO risks and opportunities throughout our investment process. We are prepared to invest in imperfect businesses in order to help build them into better businesses. There are some areas we specifically exclude: we will not invest in companies whose business involves tobacco, armaments or sexual exploitation, or companies that we know are in violation of internationally recognised human rights or exploitative, discriminatory or harmful practices without a plan for remediation. We strive to achieve the highest standards of ethical conduct in our own firm and expect our portfolio companies to do the same.

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]

TowerBrook takes steps to ensure that our Responsible Ownership Statement and our corresponding practices are understood and shared across the TowerBrook team, our portfolio companies, key service providers and other stakeholders. As such, Responsible Ownership is an explicit component of the TowerBrook Playbook. The Responsible Ownership Statement is also shared with our limited partners and senior management of our portfolio companies and other investments. In addition, our Responsible Ownership Statement and strategy is captured in the Chair Welcome Pack provided to every portfolio chair. TowerBrook keeps the Responsible Ownership Statement, and our monitoring of the ways in which it is implemented, under continuous review. TowerBrook's Responsible Ownership Statement is reviewed at least once annually by the Responsible Ownership Committee and by the Risk and Compliance Committee. TowerBrook revised our Responsible Ownership Statement in 2019.

This Responsible Ownership Statement applies to all private equity investments made by TowerBrook for which TowerBrook has control or significant influence ("portfolio companies"). In cases where TowerBrook is a minority investor, where other circumstances impact TowerBrook's ability to assess, set, or monitor ESG-related performance goals, or where we identify material ESG issues that cannot reasonably be addressed, we may not necessarily be able to fully implement the Responsible Ownership Statement, but will make reasonable efforts to encourage consideration of relevant ESG-related principles by the investee company.

01.6. 補足情報 [任意]

          
        

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)

TowerBrook seeks to conduct robust reviews of potential climate-related issues early in the investment process. Investment professionals reviewing potential opportunities which present climate-related issues, or which impact industries which could reasonably present climate-related issues, must discuss any such issues with TowerBrook's Transaction Committee at an early stage in the investment consideration process. Materiality of climate-related issues are evaluated on a case-by-case basis. TowerBrook also seeks to engage with its preferred ESG consultants at an early stage in the investment consideration process to identify climate-related risks and value creation opportunities. Teams also partner with the relevant portfolio companies to resolve any given climate-related issues and escalate to the executive team where needed.

TowerBrook is currently working to identify and track metrics across our portfolio to measure our carbon footprint. TowerBrook surveys our portfolio companies annually regarding greenhouse gas (GHG) emissions for Scope 1, Scope 2 and Scope 3, carbon offset programs (including purchases of certified carbon credit), other initiatives to reduce carbon footprint.  TowerBrook also surveys portfolio companies annually on any climate-related incidents or factors that impacted the business over the past year, whether the company has (or is developing) a climate strategy, and whether the company addresses climate risk at the board level.  We plan to report in greater detail in 2020 on this data.

TowerBrook purchases carbon offsets on an annual basis to neutralize the environmental impact created by our carbon footprint.TowerBrook tracks all flights and car services taken by our team members in connection with business travel and uses this data to calculate our carbon emissions based on EPA guidelines. We refined in 2019 our approach for measuring our carbon emissions and developed a more precise methodology which considered additional inputs such as hotel night stays, office building emissions and printing paper used.TowerBrook has partnered with carbonfund.org for our carbon offset program, and has purchased credits in a Truskstop Electrification Project to offset our 2018 and 2019 emissions.We plan to report in greater detail on our carbon emissions program in 2020.

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?

組織が気候リスクの可能性および影響を評価していない理由を説明してください。(500語以内)

TowerBrook is currently working to track metrics across our portfolio to measure the likelihood and impact of climate risks. TowerBrook surveys portfolio companies annually on any climate-related incidents or factors that impacted the business over the past year, whether the company has (or is developing) a climate strategy, and whether the company addresses climate risk at the board level.

TowerBrook purchases carbon offsets on an annual basis to neutralize the environmental impact created by our carbon footprint.  TowerBrook tracks all flights and car services taken by our team members in connection with business travel and uses this data to calculate our carbon emissions based on EPA guidelines. We refined in 2019 our approach for measuring our carbon emissions and developed a more precise methodology which considered additional inputs such as hotel night stays, office building emissions and printing paper used.  TowerBrook has partnered with carbonfund.org for our carbon offset program, and has purchased credits in a Truskstop Electrification Project to offset our 2018 and 2019 emissions.   We plan to report in greater detail on our carbon emissions program in 2020.

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。

While TowerBrook endorses the general principals behind the TCFD, we are still evaluating the initiative and considering whether we will publicly support it.  

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。

As there is no established industry risk framework for managing climate-related risks and opportunities, TowerBrook intends to develop and implement our own organisation-wide framework to analyse such risks and opportunities during the course of 2020.  TowerBrook continues to collaborate with other GPs and organizations such as the PRI and SASB on PE industry best practice. 

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

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

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 補足情報 [任意]

TCP's annual Responsible Ownership Report was published in November 2019 and is available on our website along with its predecessor reports. TCP intends to publish a Responsible Ownership Report going forward on an annual basis. In 2019, TowerBrook also published "Diversity and Inclusion at TowerBrook."

TowerBrook became a certified B Corp in February 2019.  All Certified B Corps share their B Impact Report publicly on bcorporation.net. The B Impact Report is the summary of a company's scores on the B Impact Assessment by category and contains no question-level information.  TowerBrook’s B Impact Report is available on:  https://bcorporation.net/directory/towerbrook-capital-partners-lp. 


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。

It is TowerBrook's policy is to allocate investment opportunities between its private equity funds and structured opportunities funds in a manner that, over time, is fair and equitable. TowerBrook has implemented an Investment Allocation Policy which presents factors and circumstances that TowerBrook considers to be relevant to the allocation determination. Allocation is discussed by the deal teams during the preliminary stage of an investment during the weekly firmwide team meeting, and preliminary allocation is noted on the deal sheet summarizing each potential transaction. Allocation is also considered by the relevant Investment Committee prior to the final approval of an investment. A summary of the factors supporting the ultimate allocation of an investment opportunity are summarized in a written addendum to the final IC memo for each transaction and presented the IC for discussion prior to approval.

03.3. 補足情報 [任意]

TowerBrook has an Allocation Committee (the "AC") to address potential conflicts of interest between the private equity investment strategy and the structured opportunities investment strategy. The AC determines the parameters of investment allocations between the two strategies, reviews the allocations and resolves any conflicts of interests that may arise and cannot be solved by the TSO Investment Committee and/or the PE Investment Committee. The AC also assesses the effectiveness of TCP's investment allocation policies and procedures. The AC is co-chaired by TowerBrook’s Co-CEOs, Ramez Sousou and Neal Moszkowski, and its other members include TowerBrook Managing Directors Filippo Cardini, Glenn Miller, Matthew Gerber and Abrielle Rosenthal. The AC meets at least once annually, and conducts a look-back analysis on the allocation of all transactions that have closed during the preceding year.

The Limited Partner Advisory Committee of each fund also reviews any matters involving a potential conflict of interest presented by the General Partner.

TowerBrook's also has put into place a written Conflicts Policy, which can be found in the Compliance Manual and Code of Ethics, which is certified by all team members on a quarterly basis. Conflicts of interest that may arise among the various individual and organizations comprising TowerBrook, the TowerBrook Funds and other affiliated entities are monitored on a continuous basis by the CCO and TowerBrook's legal department. A written conflicts register is maintained, which is reviewed annually on a formal basis by TowerBrook's legal department and assessed quarterly by TowerBrook's Risk and Compliance Committee. Each team member is required to disclose upon joining, and as applicable thereafter, all outside commitments that involve a substantial time commitment, or which could otherwise present an actual or perceived conflict of interest. The CCO also holds a one-to-one training meeting with each team member at least annually to discuss any conflicts of interests relating to such person's outside activities. A summary of such discussions, as well as a risk assessment of the outside activities of each partner and employee, is presented to TowerBrook's Risk and Compliance Committee periodically for review and approval.


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

TowerBrook’s controlled portfolio companies have board committees which are responsible for managing incidents that may arise. TowerBrook has representation on the boards of all its controlled portfolio companies, and is in frequent contact with management at companies where TowerBrook does not have board representation. We would therefore be aware of and input into this process. Material incidents would also be reported to TowerBrook by management as promptly as possible.


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