The PEI Responsible Investment Forum
10 June 2010
Grosvenor House Hotel, London, UK
8.20 – 8.30
Colm Gilmore, Head of Conferences
8.30 – 8.45
Chairman’s opening address
Donald MacDonald, PRI Chair
8.45 – 9.15
Financial Value from Extra-Financial Performance
Johannes Huth, KKR
9.15 – 10.00
Does ESG impact returns on investment?
Moderator: Donald MacDonald, PRI Chair
Joncarlo Mark, CalPERS
Olivier Millet, OFI Private Equity
Andrew Marino, The Carlyle Group
Mike Powell, USS
• Is managing legal compliance on ESG factors enough?
• How important is the investors’ time horizon?
• Does fund or portfolio company size matter?
• Do investors think more about risk than opportunity?
• Where will the sector be in 3 years time as regards ESG?
10.00 – 10.30
10.30 – 11.30
LP Panel: Can Limited Partners be Responsible Owners?
Moderator: Liz Crowhurst, AVCAL and Ironbridge Capital
Ruulke Bagijn, PGGM
Ulrik Dan Weuder, ATP
Margot Wirth, CalSTRS
Carol Kennedy, Pantheon Ventures
David Scaysbrook, Capital Dynamics
• Are LPs a source of capital or are they owners? Do stakeholders agree?
• Do LPs have more of a stake in the success of the portfolio or of the GP?
• How should GPs and FoFs deal with different LPs with different interests?
• Do current LPAs enable LPs to act as “owners” if they so choose?
• Could more active LPs help or hinder GPs from doing their jobs?
11.30 – 12.15
ESG Standards, Codes, Guidelines ...
Moderator: Tom Rotherham, PRI
Mike Taylor, LPFA & IIGCC
Rob Lake, APG
Paul Hohnen, Independent Consultant
Richard Burrett, Earth Capital Partners
• What is the UN Global Compact, OECD MNE Guidelines, ISO 26000, GRI …?
• Do we really need 100s of ESG standards?
• What is the link between international law and voluntary standards?
• How do investors use voluntary standards as risk-management tools?
• Should the PE sector develop its own standards?
12.15 – 13.45
Lunch & Networking
13.45 – 14.45
Can Private Equity be Responsible without being Transparent?
Moderator: Vincent Neate, KPMG
Jeannie Drake, Walker Guidelines Monitoring Group
Javier Echarri, EVCA
Philip Jennings, UNI Global Union
Chris Higson, London Business School
• Who has a legitimate claim on information?
• Who actually uses the information in Walker reports? And for what?
• When does public disclosure serve /conflict with commercial interests?
• Are the right size thresholds being applied to reporting requirements?
• Why is private equity singled out? Why not all private companies?
14.45 – 15.30
Learning from Public Equities
Moderator: Jerome Tagger, PRI
Seb Beloe, Henderson
Andrew Howard, Goldman Sachs
Ebba Schmidt, PPF
Paul Lee, Hermes EOS
• How do ESG factors influence buy and sell decisions?
• How does public policy influence sector selection?
• What are the best ways to influence companies through engagement?
• What services and data help investors assess risk and performance?
• How might public equity investors look at ESG issues at IPO?
14.45 – 15.30
Identifying risk & opportunity
Moderator: Narina Mnatsakanian, PRI
Andrew Musters, Robeco
Mike Musuraca, Blue Wolf
Geetha Tharmaratnam, Aureos
Vincent Neate, KPMG
• Why do long-term risks require short-term action?
• What data is used to inform risk/opportunity assessments?
• Are environmental issues more material or just easier to deal with?
• How important are sector, geography, size and business model?
• How can LPs assess the degree to which their GPs “get” ESG?
15.30 – 16.00
16.00 – 16.45
Integrating ESG at fundraising
Moderator: Yvonne Bakkum, FMO
Jesús Argüelles, CalPERS
Maaike van der Schoot, AlpInvest
Melissa Brown, IDFC
• Which LPs are currently asking ESG questions in due diligence?
• How can LPs assess a GP’s track record on ESG?
• What is the right balance between pre- and post-investment questions?
• Should LPs differentiate between VC and LBOs; OECD and EM funds?
• Is there a risk of questionnaire proliferation, and how can it be addressed?
16.00 - 16.45
Engaging with the portfolio on ESG
Moderator: Shonaid Jemmett-Page, CDC Group
Ludo Bammens, KKR
Adam Black, Doughty Hanson
Ritu Kumar, Actis
Tom Murray, EDF
• What is the proper role for GPs? For company management?
• Does a GP need expertise in ESG before engaging with the portfolio?
• How does engagement differ pre- and post-investment and pre-exit?
• How important is corporate culture and senior management buy-in?
• Is it better to start with easy issues or the highest priorities?
16.45 – 17.15
Responsible Asset Management and Private Equity
Rupert Clarke, Hermes Fund Managers Ltd.
17.15 – 17.30
Chairman’s closing address
Donald MacDonald, PRI Chair
17.30 – 19.30