The PEI Responsible Investment Forum

The PEI Responsible Investment Forum
10 June 2010
Grosvenor House Hotel, London, UK

Agenda:

8.20 – 8.30
PEI Welcome
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
Panel Discussion
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
Coffee Break

10.30 – 11.30
Panel Discussion
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
Panel Discussion
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
Panel Discussion
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
Session A
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
Session B
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
Coffee Break

16.00 – 16.45
Session A
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
Session B
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.