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

ENHANCED SCOPE OF MANAGEMENT OPERATIONS ON THE AD PORTFOLIO

This year, the largest operator on JLEN’s AD portfolio has been contracted for an enhanced scope of service to improve ESG monitoring and implementation of ESG initiatives; as part of this, a specialist ESG coordinator has been employed by the operator. Some key areas of the enhanced scope include:

  • environment;
  • biodiversity;
  • greener farming;
  • health and safety reporting;
  • community engagement; and
  • employee engagement.

This enhanced scope of activities is particularly beneficial on the AD portfolio which has close ties with the area in which it works and local farming communities.

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