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Hg ESG Report 2020/21 Contents Introduction Responsible Investment Hg ESG Report 2020/21 Contents Introduction Introduction 03 Why Responsible Investment is important to us Leadership statement These businesses then contribute to society by are most material to service and software changing and modernising how their customers companies. We focus on these metrics to help build Hg engages in Responsible Investment because work, whilst providing quality employment world-class ESG practices across our portfolio and it sits right at the core of our Purpose. opportunities for thousands of people worldwide, achieve most impact. across innovative and growing sectors. We are trusted to improve the future of millions Finally, we actively champion this topic and talk of investors by building sustainable businesses In turn we believe that responsible business about our approach openly both internally and for tomorrow. This is our purpose statement, practices help to generate superior long-term externally. We want all our employees to be proud our reason for being – it is how we see our performance, captured as investment returns to of what we do, because they should be, and we place in society and our contribution to it. We are our investors. In this way, all stakeholders’ goals want our investors to be confident in our intentions totally committed to this and it is embedded in align, with contributions to investors, the when they commit capital to us for ten years or everything we do, in every decision, every day and businesses themselves, employees, customers, more. We also listen – feedback is important and for every individual. suppliers, shareholders and wider society. we truly want our stakeholders to tell us where we can do more. What this means in practice is that we look to grow As with other operations and functions, we take sustainable businesses which are great employers an active interest in how our companies manage This is Hg’s commitment to Responsible Investment and good corporate citizens, whilst also generating Environment, Society and Governance (ESG) risks and I can say, with great confidence, that this is strong returns for the millions of pensioners and and opportunities. It is much more than screening embedded into the purpose of everything we do, savers who are invested with us. Everyone at Hg processes to ensure we do not invest in certain right through the whole firm. is ultimately pulling together towards this goal. companies. We primarily seek controlling equity buyout investments because this means we can This commitment supports the backbone of our make an active contribution in decision-making investment philosophy and has helped us to processes and better ensure positive change. determine a very focused approach, which has We encourage, stretch, measure and demonstrate evolved over the last 20 years. Our focus is to invest best-practice to our portfolio companies – exclusively in growing software and services constantly striving for the highest ESG standards. businesses. We look to ensure that both our time Matthew Brockman and our capital, support the sustainable growth of Our sector focus and expertise also mean that we Hg Managing Partner these knowledge businesses. have a better understanding of which ESG metrics Introduction 04 Hg in 2020/21 We recognise the importance of constantly moving forward with ESG improvements. The world does not stand still and Caroline Löfgren we continually assess what we are doing on ESG to stay ahead. The pandemic has certainly accelerated everyone’s – Head of Responsible not only Hg’s – focus and commitment in this space. In 2020/21 we are particularly proud of the following achievements: Investment, Hg ESG across our portfolio: Societal contribution: Diversity and Inclusion at Hg: Diversity and Inclusion Climate Change: All portfolio companies are Within Hg itself, we are The private equity industry and across the portfolio: Hg recognises the major assessed on ESG as part of particularly proud of the launch the technology sector have We have not only focused on Hg, challenges that the world is onboarding - then annually and early achievements of The Hg historically fallen short on we have also engaged our facing due to climate change. thereafter against a set Foundation – our independent diversity, which is why we put portfolio companies on this topic. By measuring and offsetting our framework and criteria covering charity – whereby we have set up a lot of effort into Diversity & In March 2021 we held our first carbon footprint – for the second over 150 ESG metrics that are four external partnerships in Inclusion at our firm and across Equity, Equality & Diversity time in 2020 – we aim to do our most material to software 2020/21 with a focus on helping the portfolio in 2020/21. We have Summit for our portfolio part in tackling the global climate companies. 2020 was the third underprivileged students gain exceeded our diversity targets companies, with the aim to raise emergency whilst also supporting consecutive year that we access to education and the skills for Hg and are now 33% women awareness and further educate sustainable development in local assessed our portfolio required to succeed in the across our investment teams us all in the important areas of communities. We strive to lead by companies against this technology industry. The (up from 26% when we set our workplace equity, equality and example and are actively working Sustainable Business framework. Foundation has been very active target less than 18 months ago) diversity. At the end of 2020 Hg with our portfolio companies to We are very proud to see that the during the Covid-19 period, and above the industry average was also successful in creating a raise awareness and support average improvement from first facilitating the tutoring and skills of 20% in the UK and Europe. pioneering, diversity-linked urgent positive change. Since assessment to 2020 is +22%. development of hundreds of We have also put a lot of effort financing package to support the 2019 we have conducted climate This means that our assessment children unable to attend school. into key external partnerships to acquisition of a recent portfolio change risk assessments of all and the support we are providing Hg is committing a share of its help us further progress on wider company. This arrangement, with our portfolio companies and in to portfolio companies is profit and carry from across its diversity issues such as LGBTQ+ its focus on diversity, continues March 2021 we commenced a working – they are making funds to support the Foundation. and ethnicity. All Hg staff have to demonstrate Hg’s portfolio- wide carbon footprint improvements and advancing In 2020 alone we committed over participated in unconscious bias commitment to diversity and exercise. Hg is a founding their ESG performance – and we $3 million to support the causes training and we have inclusion, whilst also showing a signatory of the UK network of are able to capture and assess of the Foundation and we expect fundamentally changed our very positive example to the initiative Climat International this every year. to commit increasing amounts recruitment strategies to build industry of how investors can act (iCI), a private equity led over time as the Foundation and support a more diverse as stewards for positive change organisation with the aim to continues to scale. workforce. Our Board is fully across the business world. collaboratively tackle climate supportive and D&I is a standing change. Board agenda item. Introduction 05 In many years’ experience of leading businesses, I can say, without Building businesses a doubt, that businesses that hold ESG values closest to the heart often prove to be the best-run businesses overall. My colleagues have that change how we the same philosophy and that’s why ESG is so embedded in Hg’s own strategy. I am delighted to report significant progress on our ESG strategy during 2020/21, achieving an AA++ rating from the UNPRI all do business and declaring our carbon-neutrality for the second year. This progress helps us to lead by example and with pride as we continue to support over 30 businesses in Hg’s portfolio with their own ESG performance. We will continue to work hard on this throughout 2021. Dawn Marriott Hg Partner & Head of Portfolio 2020 was a year that we are particularly proud of at Hg. Not only was it one of the best performing years in Hg’s history, but it was of huge significance to our evolution as a firm. Against the backdrop of a global pandemic, Hg made important steps forward on our Diversity & Inclusion strategy, our thinking to define Hg’s Purpose, Values and Culture, and the launch of The Hg Foundation, an independent, grant-giving charity with a defined focus on education and technology for those in society who may otherwise experience barriers to access – initially funded by around $3 million in 2020/21 from Hg carry and profits. Martina Sanow Hg Partner & Deputy COO Introduction 06 This is Hg This is Hg 07 Our mission Building businesses that change how we all do business Hg at a glance >$30bn >$60bn >150 AA++ funds under management EV across our Clients worldwide UNPRI rating portfolio 100% >$5m 4.4 >230 carbon neutral annually donated Glassdoor score employees across since 2019 to charitable giving four offices 45% 33% 53% 32 female women in Hg’s of investment executive hires nationalities represented employees executive team were female in 2020/21 across Hg This is Hg 08 The Hg Portfolio Team: How we create value across the portfolio One of Hg’s biggest strengths is our Portfolio Team. As a sector-focused investor, Hg invests in specialist We work collaboratively with our portfolio in-house operators with vast knowledge and expertise in running different functions within software and businesses to nurture and stretch the people and services businesses.
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