The Board is responsible for overseeing the work of the Investment Manager and this is not limited solely to the investment performance of the portfolio companies. The Board also has regard for environmental, social and governance matters that subsist within the portfolio companies. The Board has conducted regular meetings and met with the Investment Manager’s ESG team in Singapore in order to discuss the Investment Manager’s principles and policies. The Board is supportive of, and encourages, the Investment Manager’s pro-active approach to ESG engagement.
The Board continues its ESG-focused dialogue with the Investment Manager in the belief that companies with good ESG practices will be the winners over the longer term whilst benefitting society. The Directors are pleased to note that the Investment Manager’s ESG engagement is positive and the Company’s portfolio was rated ‘AA’ at end 2021 by Morningstar (2020: Morningstar rated ‘A’).
For further details pertaining to ESG and also climate change, please see pages 42 to 49 of the annual report for more information.