JLEN
JLEN
 

Good governance is essential for JLEN’s portfolio to achieve its targeted returns.

JLEN holds Board positions for each of its assets, which are fulfilled by Foresight on its behalf. The Board members work to promote good governance as part of the Fund’s active engagement with projects.

JLEN typically considers the following governance criteria during due diligence and ongoing monitoring of assets:

  • anti-bribery and corruption;
  • modern slavery;
  • audit and tax practices; and
  • Board composition.

In order to inform its governance objective, JLEN is formalising the reporting of a number of governance indicators and has added some further indicators to help promote improved performance over time.

Governance KPIMeasurement
Portfolio audits of health and safety practices% of assets audited
Portfolio audits of tax and financial practices(1)% of assets audited
Diversity of SPV directors(1)Female board members/directors as a % of total board members, per investment
Inclusion of ESG in SPV board agendas(1)% of assets with ESG embedded into board agendas
Governance oversight(1)% of assets which comply with a governance policy, and associated documents, that is reviewed on a periodic basis
Assessment of major contractors against ESG criteria(1)% of material new and existing suppliers assessed against governance criteria

(1) New KPI for 2021.

Diversity of SPV directors

JLEN recognises that lack of gender diversity is a known issue in the financial services industry. In order to drive progress and increase gender diversity, JLEN will be tracking gender diversity of SPV directors across all of its investments with the intention of proactively increasing the proportion of female board members over time.

Inclusion of ESG in SPV board agendas

While HSE reporting has been formally included in all board agendas for some time, and wider ESG issues have been regularly included, this has largely been driven by incident reporting and has therefore been principally a reactive mechanism. In order to support its stated ESG objectives, JLEN is now mandating that all board agendas routinely include discussions around ESG matters across each of its investments as a way to drive proactive approaches to ESG going forward.

Modern slavery and human trafficking

As part of Foresight Group, JLEN’s policy and practices in relation to modern slavery and human trafficking are included in the Group’s Modern Slavery Act statement. The statement sets out Foresight’s approach to matters such as services and supply chain due diligence and training of employees, recruitment and welfare.

CASE STUDY

ENGAGING ON ESG WITH CONTRACTORS

Many of JLEN’s assets are managed by third parties. As a result, in order to deliver on its ESG commitments, JLEN’s Investment Adviser needs to work closely with its third-party asset managers. During the KPI workshop held this year JLEN identified a need to formally engage with asset managers on ESG performance and has drafted a letter, to be sent to existing managers, which sets out JLEN’s commitments and expectations with regard to management of ESG performance across its investments.

The letter formalises existing approaches taken by JLEN and its third-party asset managers. It identifies key metrics that the Investment Adviser requires its asset managers to consider and report on going forward, including the frequency of reporting. These include:

  • environmental metrics:
    • reporting approaches to management of biodiversity and actions taken over the period; and
    • reporting purchase and usage of renewable energy.
  • social metrics:
    • providing copies of diversity and equality policies and community engagement policies and
      reviewing annually;
    • providing information on procedures and website links and reporting complaints immediately; and
    • reporting the number of full time equivalent jobs supported and number of part-time roles supported.
  • governance metrics:
    • providing copies of health and safety, sustainability, whistleblowing, modern slavery, Bribery Act and anti-
      money laundering policies and reviewing annually; and
    • reporting breaches of regulations and permits as part of standard reporting packs

In addition to the above metrics, the letter also sets out a number of “desirable behaviours” including, but not limited to, commitments to Living Wage, Working Time Regulations, employment of local contractors, reduction of fuel use, recycling and waste management efforts, reduction of water use and reduction of herbicide use.

This letter is being issued to third-party asset managers over the 2021/22 financial year and will promote engagement on ESG issues across JLEN’s investments.

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