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2017 Annual Ges Report

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2017 Annual Ges Report 2017 ANNUAL GES REPORT 1 TABLE OF CONTENTS FOREWORD FROM TPG LEADERSHIP 3 RESPONSIBLE INVESTORS 4 GLOBAL ENVIRONMENT: GLOBAL BUSINESS 6 SOLUTIONS CAPITAL 7 ASSESSMENT AND IMPACT 8 TPG FEATURED HIGHLIGHT 11 GOVERNANCE 12 ENVIRONMENTAL 13 SOCIAL 18 EXIT 24 DIVERSITY & INCLUSION INITIATIVE 25 COMMUNITY 26 CLOSING LETTER 27 TABLE OF CONTENTS 2 FOREWORD FROM TPG LEADERSHIP Creating Impact Through Sustainability and ESG We are proud to present our 2017 TPG “GES” Report which describes our activities, outcomes and the impacts that our program has on our investors, our portfolio companies, and our firm. Governance is a priority for TPG and, in fact, we believe, through effective governance as active investors, we can have the greatest impact on environmental and social issues. Everything follows from Governance and thus, we have titled our TPG report as a “GES” report. This report is our 3rd Annual Report on a subject that has been critical to who we are and what we do as a firm since our founding. Looking back at how this subject has evolved over time, we of course have experienced significant, even dramatic, changes in the growth of our firm and the external context in which we do business — the business sectors, the geographies, government policies, global economic factors, and the ebb and flow of domestic and international politics. That said, no matter how these changes unfold, we have changed neither our beliefs, nor the fundamental principles that drive how we do business with respect to Sustainability and ESG. We have developed a Sustainability and ESG Program that adapts, responds, and seizes the opportunities present in those changes because the program is integrated into every aspect of the our business: due diligence on new investments; the operation of our portfolio companies; and our engagement with and reporting to our investors, partners, and the broader public. We believe that these principles and the TPG Sustainability and ESG Program are now more important than ever, and indeed, that now is the time to double down on our efforts. TPG and our portfolio companies will continue to play a constructive role in developing solutions to the challenges of climate change, human health, education, energy, clean water, agriculture and food supply, transportation, finance, and many others. We will deploy the talents of our people, capital in partnership with our investors, and the knowledge and experience of our portfolio companies to address these challenges. We will also continue to play a leadership role in advancing the agenda of organizations like the Principles for Responsible Investment. Our Sustainability and ESG Program and the underlying principles define who we are. We believe that our continued efforts to improve and drive the program more broadly and deeply across our investments and portfolio companies are essential to our responsibility to produce the best returns for our investors. The irrefutable evidence continues to come in from every business and every sector — energy, manufacturing, mining, transportation, communications, real estate, retail, tourism — that careful attention to safety, environmental protection, and governance oversight produces the highest value. We understand that simply asserting that conventional wisdom is not sufficient, and, as you will read in this report, we are refining our systems for measuring those results and driving value to our investors. David Bonderman Jim Coulter Jon Winkelried Beth Lowery Chairman and Co-Chief Executive Officer Co-Chief Executive Officer Senior Director Founding Partner and Founding Partner and Partner and Program Lead FORWARD FROM TPG LEADERSHIP 3 RESPONSIBLE INVESTORS Since its founding, TPG has focused on responsible investing through the life cycle of our investments. TPG has dedicated full-time resources to support its long-standing commitment to the Sustainability and ESG Program. The Firm’s Global Sustainability and ESG Policy (as described below) does not take a one- size-fits-all approach. We seek to be opportunistic where ESG initiatives can assist in creating enterprise value. TPG’s Global Sustainability and ESG Policy TPG’s Sustainability and Environmental, Social, and Governance (“ESG”) Program supports the Firm’s long-standing consideration of environmental, health, and safety practices in due diligence, investment decisions, and operations. The broad set of Sustainability issues (including social and governance issues) have material influence on TPG Capital’s assessments of risk, valuation, profitability, and opportunity, across the portfolio. Our focus on Sustainability and ESG TPG’s commitment is to: issues enables: • Incorporate Sustainability and ESG considerations • Better investment decisions into our investment diligence and decisions • Enhanced results for investors, portfolio companies, • Ensure that Sustainability and ESG practices are stakeholders, and TPG implemented and that measurable results are achieved in our companies and our operations • TPG companies to be better global citizens • Strive for greater transparency from our companies PRE-INVESTMENT OWNERSHIP EXIT Sustainability and ESG Highlights 8 SUSTAINABILITY LEADERSHIP 8% COUNCIL SUMMITS INCREASE IN ANNUAL HELD SELF-ASSESSMENT 110 PARTICIPANTS MEMBERS ON TPG VERSUS 2015 SUSTAINABILITY LEADERSHIP COUNCIL PORTFOLIO COMPANY YAMMER WEB PORTAL 116 PORTFOLIO COMPANIES ENGAGED ON SUSTAINABILITY AND 53 ESG INITIATIVES SUSTAINABILITY AND 50+ ESG PERFORMANCE TPG COLLEAGUES THAT SELF-ASSESSMENT SIT ON NON-PROFIT 4.0 PARTICIPANTS BOARDS RESPONSIBLE INVESTORS 4 RESPONSIBLE INVESTORS To further our commitment to responsible investment and support the need for greater transparency within the industry, TPG became a signatory to the United Nations-backed Principles for Responsible Investment (PRI) in 2013. Our annual PRI Framework Report can be found here. How TPG Aligns with the 6 PRI Principles We will incorporate ESG issues into We will promote acceptance and investment analysis and decision- implementation of the Principles within 1 making processes 4 the investment industry • TPG Global Sustainability and ESG • Regular dialogue with limited Policy partners • ESG due diligence and Investment • Working with industry bodies Review Committee • Public speaking engagements • Tools, guidelines and training We will be active owners and We will work together to enhance incorporate ESG issues into our our effectiveness in implementing 2 ownership policies and practices 5 the Principles • Dedicated Sustainability and ESG • Share best practices team • TPG-led annual conferences • Portfolio Company engagement • PRI Private Equity Advisory and monitoring Committee • Annual Sustainability and ESG Performance Self-Assessment We will seek appropriate disclosure on We will each report on our activities ESG issues by the entities in which we and progress towards implementing 3 invest 6 the Principles • Establish, measure and report on • PRI framework progress of ESG policies • TPG website: external and internal • Report through a TPG portfolio • Annual GES report company work plan and framework • Public disclosure of information RESPONSIBLE INVESTORS 5 GLOBAL ENVIRONMENT: GLOBAL BUSINESS A Truly Global Organization Our extensive network is comprised of well-established teams and long-term, local relationships around the world. We recognize that the changes in the global environment affect our global business. As we grow and become more diverse, we will continue to ensure that Sustainability and ESG are integrated into all aspects of our Firm’s business and global matters of interest, as highlighted below, are addressed and widely understood. USA: NY PE UK: MODERN JAPAN: DBJ BECOMES ESG WORKING SLAVERY ACT SIGNATORY TO PRI GROUP MONTREAL: ASIA: CARBON RESPONSIBLE PLEDGE SUPPLY CHAIN USA: SF ESG INVESTORS WORKING GROUP PARIS: COP21 TPG AT WORLD AUSTRALIA: AGREEMENT ECONOMIC FORUM RENEWABLES CARBON PLEDGE IN DAVOS GLOBAL ENVIRONMENT 6 SOLUTIONS CAPITAL At TPG, we are investors who provide the capital, expertise, and support our partners need to reach their full potential and create greater possibilities. We believe great investments and great returns come from building true partnerships with the leaders, innovators, and companies in which we invest. We integrate ESG into our overall business-building capabilities across the deal cycle. How TPG’s Sustainability & ESG Team Engages Across the Deal Cycle Pre-Investment Pre-Investment / Business Building Business– Investment ESG-Focused Screening Due Diligence Building Monitoring Efforts Collaboration •Theme •Identify ESG •Annual ESG •Cost •TPG Development risks and Assessment Reduction Leveraged •Expert Calls opportunities •PC ESG •Revenue Procurement •Network •Develop scope Framework / Growth •Field Building of work for Workplans •Risk Operations specialized •Sustainability Reduction diligence Leadership •Brand •Introduce deal Council Building to relevant TPG •Reporting HOW WEHOW INTEGRATE PCs •Supply Chain •Energy •200+ PC •Energy Efficiency Contacts Procurement •Electronic •54 PC •Waste Mobility Respondents Procurement •Supply Chain •TPG GES •HVAC •Waste Report •Lighting EXAMPLES Reduction •LP Reporting •PRI Framework Report SOLUTIONS CAPITAL 7 ASSESSMENT AND IMPACT Dynamic Elements of Our ESG Program While our Sustainability and ESG Program has been in place for many years, our approach and tools remain flexible and dynamic given our firm’s growth and changing market conditions. IRC AN ANNUAL SUSTAINABILITY & ESG AN ESG SUMMARY PROGRAM An inclusive
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