Beruflich Dokumente
Kultur Dokumente
RESPONSIBLE INVESTORS 4
SOLUTIONS CAPITAL 7
GOVERNANCE 11
ENVIRONMENTAL 12
SOCIAL 15
COMMUNITY 19
FORESIGHT 20
TABLE OF CONTENTS 2
FOREWORD FROM TPG LEADERSHIP
Sustainability and ESG is a dynamic element of TPG’s substantial progress in learning how ESG due diligence
investment business. Our investment focus spans in the investment process can not only mitigate risk but
the globe, and we work on almost every continent also how it can identify opportunities to create value.
and in every economic sector. Our world and the We are also working both deeper and more broadly
environments, the social contexts, the legal and across our portfolio companies to create greater impact
governance systems within which we and our investors and value, not only by reducing costs and improving
operate, change constantly and change rapidly. resource efficiencies, but also by increasing our focus
Governance is a priority for TPG and, in fact, we on supply chain issues, tapping employee interest and
believe “GES” instead of “ESG” is a more appropriate engagement, and responding to increasing customer
acronym, thus the title of our report. preferences. Case studies are also included to show
how some of the leadership of our portfolio companies,
Sustainability and ESG is an important aspect of our
have helped to address important environmental or
business, and our strong core principles and practices
social issues, and contribute to constructive solutions.
enable us to address these issues in an integrated
way across the Firm. Such decisions are incorporated Looking ahead, we remain focused on our responsibility
into our investment decisions through rigorous due to earn a great return for our investors as well as
diligence, governance, management and operation of aligning with our investors expressed interests and
our portfolio companies. We strive to be systematic to desire to address important issues. We believe that our
measure our results and to be transparent. We engage Sustainability and ESG Program plays an essential role
in active discussions with our investors and limited in fulfilling that mission.
partners to align with their interests in, and perspectives
We are deeply committed to the view that investment
on, Sustainability and ESG.
capital and our ability to deploy it has a critical role
We have a dedicated team of professionals who have to play in addressing challenges, needs and human
the responsibility to advance these principles and aspirations in vital areas such as education, healthcare,
practices within the firm and our portfolio companies. access to capital and economic opportunities,
We recognize the value of the embedded wisdom transportation and communications, energy, adequate
and experience on Sustainability and ESG and we and clean water, clean air, and waste disposal. We
share that knowledge and best practices with all our see a positive opportunity for TPG and our focus on
portfolio companies, with whom we are partners on Sustainability and ESG to have an impact on these
this initiative. issues, and, as we address these dynamic challenges,
we will continue to dedicate and leverage our global
This 2016 TPG GES Report highlights the outcome of
expertise and network.
our activities over the past year. We continue to make
David Bonderman Jim Coulter Jon Winkelried Jonathan Coslet Jack Weingart Jerome Vascellaro
Chairman and Co-Chief Executive Officer Co-Chief Executive Officer Chief Investment Managing Partner, Chief Operating
Founding Partner and Founding Partner and Partner Officer and Partner TPG Funding Officer and Partner
FOREWORD 3
RESPONSIBLE INVESTORS
Since its founding, TPG has focused on responsible investing through the life cycle of our private equity 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 Sustainability and ESG Highlights
TPG’s Sustainability and Environmental, Social, and
Governance (“ESG”) Program supports the Firm’s long-
70 8
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 TPG colleagues that Sustainability
sit on non-profit Leadership Council
influence on TPG Capital’s assessments of risk, valuation,
boards summits held
profitability, and opportunity, across the portfolio.
30% 100+
and decisions
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.
1 4
We will incorporate ESG issues into investment We will promote acceptance and implementation
analysis and decision-making processes of the Principles within the investment industry
• TPG Global Sustainability and ESG Policy • Regular dialogue with limited partners
2 5
We will be active owners and incorporate ESG We will work together to enhance our
issues into our ownership policies and practices effectiveness in implementing the Principles
3 6
We will seek appropriate disclosure on We will each report on our activities and
ESG issues by the entities in which we invest progress towards implementing the Principles
RESPONSIBLE INVESTORS 5
GLOBAL ENVIRONMENT: GLOBAL BUSINESS
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:
THE CLEAN
POWER PLAN
Shaded areas represent countries in which we have invested Over 475 professionals
17 offices worldwide in 11 countries Over 30 nationalities represented
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. Integrated into our overall strategy, is our approach to
Sustainability and ESG.
SOLUTIONS CAPITAL 7
ASSESSMENT AND IMPACT
• What kind of deal • What data do • Have we aired all • Who believes • What is the best
is this? we need? important points? what? answer for
the firm?
• What kind of –– Relevant –– Even-handed –– Pressured
company is this? discourse –– All voices heard
–– Concise –– Balanced with respect
• Thoughtful –– Be prepared for
–– Full –– Provocative –– Experiential all outcomes
• Balanced Transparency wisdom
–– Live with it
An Annual Sustainability
and ESG Performance
The Investment An ESG Program Summary
Self-Assessment
Review Committee (IRC) that aggregates our Sustainability
consisting of 40 questions,
an inclusive body where all and ESG work together during our
sent to all portfolio companies
persons involved in the investment ownership period
in the Sustainability
process are invited to participate.
Leadership Council ‘SLC’
ESG factors are incorporated into
the TPG due diligence process An ESG Workplan
which is embedded in the An ESG Framework consisting of 3-4 actionable
Investment Review Committee.
highlighting leading practices and opportunities to be implemented
opportunities for value creation in collaboration during TPG’s
ownership period
A systematic process: as a part of TPG’s Sustainability and ESG Program, portfolio companies are asked to:
• Complete an Annual Sustainability and ESG Performance Self-Assessment, Framework Analysis and Workplan
• Measure and report on the progress of their goals and action plans
Through the Sustainability and ESG Performance Self- Assessment and Framework Analysis process, we are able to
determine the current state of the program and where we can focus initiatives to drive progress and value.
1 2 3 4
Measure Performance Present Collaborate on Track and Share ESG
and Identify Leading Practices 3-4 Actionable Performance and
Portfolio Trends and Opportunities Initiatives Lessons Learned
INSIGHTS / EXAMPLES1
• 30% increase in
respondents
since 2014
1. The logos displayed are a few examples of the TPG portfolio companies participating in the Assessment and Framework process. Portfolio companies
were selected for non-performance based reasons
Sponsors for
Educational
Opportunity
TPG LEVERAGE
PROCUREMENT
Governance is a priority for TPG and, in fact, we believe “GES” instead of “ESG” is a more appropriate acronym, as
stated by Jim Coulter in his 2014 keynote at the Private Equity International Responsible Investment Forum.
Governance is critical during our due diligence phase of investment, to the structure of our investments and in the
ongoing management of our portfolio companies.
As part of our annual portfolio company Sustainability and ESG Self-Assessment, we also dedicate a section to
Governance. This allows us to understand our portfolio companies’ most important governance issues, determine
their levels of transparency and stakeholder engagement, and helps us actively manage risk and opportunity.
“There are two reasons for companies to “If you don’t get the governance
operate sustainability. One is economical right, then you don’t even get to
– because it can help you reduce costs – really talk about the environmental
the other is business ethics – because you and social.”
want to do business in a positive way.”
Charles Bouaziz Beth Lowery
Ontex CEO, 2015 TPG Capital’s ESG Head, 2016
GOVERNANCE 11
ENVIRONMENTAL
Results:
• Supporting a cohesive corporate sustainability strategy
• Creative material reusage
• Potential impact on strong client relationships
FEATURED HIGHLIGHT
Ride’s Ann Fandozzi on Carpooling – Bloomberg
• T
ransforming employee commuting to a sustainable
green solution
• Reduced CO2, less waste, lower pollution
• Long term vision to change the face of commuting in
America – aiming to take 1 million cars off the road
Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons
ENVIRONMENT 12
ENVIRONMENTAL
Results:
• Water: 20% reduction beyond code for clubs
• Energy efficiency: 20% improvement on a per club basis versus 2010 baseline
Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons
ENVIRONMENT 13
ENVIRONMENTAL
SOLAR STANDARD
Integrating solar panels as part of a standard build package for new homes in select
California communities
Results:
• Created solar energy relationships with leading solar providers
• Offsetting each new home’s energy usage with renewables, and enabling thousands of dollars of cost
savings for each new home buyer
Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons
ENVIRONMENT 14
SOCIAL
2015 Results:
• Diverted more than 650 million lbs of reusable goods from entering the waste stream
• Paid 120 non-profit partners (e.g. Epilepsy Foundation, Big Brothers Big Sisters) more than $140M
• Sold quality goods at affordable prices: nearly 96% of retail items sold at Savers stores are under $10
Uber raised over half a million dollars for No Kid Hungry through the app, donated over $200,000 to the
American Red Cross to aid disaster relief efforts, and ran hundreds of campaigns in cities across the world –
including collecting gently-used clothing for Goodwill, delivering free flu shots with trusted medical partners,
and donating time and funds to local charity organizations.
FEATURED HIGHLIGHT
Initiative: Social / Philanthropy
FIGHTING HUMAN TRAFFICKING
Example: Sabre® signature corporate responsibility
programPassport
Sabre’s implemented, ‘Passport
to Freedom to Freedom’
Program initiative
unites the travel to
and
end human
tourism trafficking.
industry against human trafficking and slavery
Results:
• Survivor Scholarships program implemented (new application process re-opened January 2016)
• Increase awareness and education through online training course
• Advocate for legislation change, and provides opportunities for leaders to collaborate
• Collaborating with leading organizations (e.g. Marriott, UNESCO) to educate travelers on human
trafficking through Be a Responsible Traveler.
Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons
SOCIAL 15
SOCIAL
Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons
SOCIAL 16
EXIT CASE STUDY
TPG and Ontex management worked together on identifying efficiency opportunities and Ontex identified and shared best
practices with TPG’s Sustainability Leadership Council
MARCH 2014
JULY 2010
• Multi-site • First plant • Roll out of • ISO 14001 TPG exits the
certification to certified to ISO 50001 certification Ontex investment
ISO 140012 ISO 500013 certified Istanbul and at an approximate
in place energy Ortona plants 50% increase in
• Environmental
management EBITDA multiple
• Environmental Department • First Report under
system and approximately
policy in place renamed Global Reporting
25% higher
Sustainability Initiative guidelines
• Introduction of earnings
Department
FSC ecolabel • Ontex task
with broader
in place force ranks
focus
most material
sustainability
issues
TPG and Petco management worked together to establish Petco sustainability initiatives and identify
leadership opportunities.
MARCH 2016
DECEMBER
2009
Planet PETCO • 1% for the Planet • 2011 – hosted TPG’s Collaboration TPG exits
launched to donating 1% of gross Fourth Annual with WWF4 the Petco
offer natural sales from Planet Sustainability bringing together investment
products for Petco products to Leadership Council manufacturers, at an
the LOHAS3 environmental causes in San Diego HQ retailers, NGO’s and approximate
eco-conscious other stakeholders to 19% increase
• Growth of natural, • Supply chain
customer address pet in EBITDA
organic product line – accountability
food sustainability multiple
integrate consumers audits initiated
ESG requirements
TPG Culture
At TPG, our Founders have created a culture of making long-term value that benefits all stakeholders. Included
the right choices, throughout TPG’s investment in our values is a sense of shared responsibilities and
cycle and by actively engaging with our portfolio commitment to the environment. As individuals, TPG
companies. We make it about personal choices, rather employees serve on several governing and advisory
than corporate responsibility, encouraging everyone to boards of local, national and international non-profit
become personally involved. organizations dedicated to environmental effort. TPG
also provides grant funding to local and national
Social Impact is a TPG global initiative focused on
nonprofits supporting our employees
enabling TPG employees to make a tangible difference
active engagement.
in their local communities while creating growth and
leadership opportunities. At TPG we invest in building
2015 Impacts
TPG-in-Action Events
COMMUNITY 19
FORESIGHT
Following TPG’s 2015 ‘GES’ report, we wanted and framework process. We will strive for
this year to provide further information regarding greater transparency though reporting and
our Sustainability and ESG program, as well disclosure, including submitting TPG’s annual
as highlighting some of the more innovative PRI framework report, along with our own ‘GES’
aspects of our strategy. We hope that this report report. And we will continue to work across the
provides you with meaningful insight. TPG’s platforms and geographies.
In 2016, the Sustainability and ESG team TPG is committed to our work within the private
continues to work with our Firm’s Leadership equity industry, driving responsible investment
to broaden and deepen the integration of the to create measurable business value. We
Sustainability and ESG program across TPG understand the importance of Sustainability and
Global, as part of the overall Firm strategy ESG for the Firm, for our portfolio companies,
and long standing commitment to responsible and for our limited partners. As the industry
investing. As the firm continues to grow, we also collaborates on global issues such as climate
continue to harness strong internal awareness change, we will also continue to collaborate,
through ESG training, document templates, Firm leveraging our knowledge, skill set and global
updates, a new sustainability dashboard and network to encourage long-term ESG integration.
regular dialogue.
As we firmly believe that the richness of the work
Looking forward, we will continue to create we do is often best shared through dialogue,
ESG value for our investors, through both the the team welcomes the opportunity to further
Firm’s and our portfolio companies’ global discuss any of the topics covered in this report.
ecosystems. We will continue to proactively
“Private equity is nothing but investing with a
work with deal teams on ESG due diligence
really interesting toolkit…ESG has a special place
and with our operating professionals and
in the toolkit and has to be absolutely core to
leverage procurement team on portfolio
what we do.”¹
company sustainability performance and
initiatives, through our systematic assessment 1. Jim Coulter, TPG Founding Partner, June 19, 2014, PEI Conference, London
William Reilly Elizabeth Lowery Edward Norton Emily Croft-Baker Kirk Hourdajian
FORESIGHT 20