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Our Commitment process & philosophy our approach oversight team & policies
OUR COMMITMENT
Commitment

ESG stands for Environmental, Social and Governance often as called sustainability. In a business context, sustainability is about the company’s business model, i.e. how its products and services contribute to sustainable development. It is also about a company’s risk management, i.e. how it manages its own operations to minimise negative impact. United Nations Principles of Responsible Investment (UNPRI) defines responsible investment as a strategy and practice to incorporate environmental, social and governance (ESG) factors in investment decisions and active ownership.

Mahindra Asset Management (KMAMC) takes into account the principles of Environmental, Social and Governance (ESG) factors and Responsible Investing (RI). These principles are an integral part of the investment process at KMAMC. Embedding these principles in our investment philosophy allows us to be a key influencer for long term sustainable shareholder returns. With KMAMC focus on long term investing, we combine multiple factors in addition to financial outlook to measure risk and opportunities of an investee company.

Commitment

Mahindra Asset Management (KMAMC) takes into account the principles of Environmental, Social and Governance (ESG) factors and Responsible Investing (RI). These principles are an integral part of the investment process at KMAMC. Embedding these principles in our investment philosophy allows us to be a key influencer for long term sustainable shareholder returns. With KMAMC focus on long term investing, we combine multiple factors in addition to financial outlook to measure risk and opportunities of an investee company.

Commitment
"Fundamental analysis is the bedrock of our investment decisions."
PROCESS & PHILOSOPHY

Our investment philosophy of Business, Management and Valuation (BMV) focuses on sustainability of business and corporate governance. We also believe that ESG issues can influence investment risk and return. Therefore, we incorporate ESG considerations within our fundamental analysis and seek to gain an understanding of the relevant ESG issues applicable to our investments.

Articulation of the firm wide strategy and vision

Instituting governance and oversight framework

Integration of ESG factors into portfolio management and scenario analysis

Investment stewardship and engagement with investee companies

Reporting and disclosures

Putting in place the talent and infrastructure needed for ESG integration

OUR APPROACH

Our approach to ESG is that of positive / best in class screening with a primary focus on engagement and evaluation. We also have ESG related exclusions which are mandate specific. ESG research and integration is an outcome of collaboration between portfolio managers and research analysts.We use the BMV model in our approach to investment. Within this model we seek to incorporate various ESG parameters including the ESG scores provided by the third party service providers in order to finally arrive at our investment decisions.

BUSINESS

  • Size
  • Competition
  • Scalability
  • Sustainability

VALUATION

  • GARP
  • PoE / ROCE / Free Cash Flow

BUSINESS

  • Vision/Growth Orientation
  • Execution Track Record
  • Corporate Governance
  • Capital Allocation

The 3E Strategy

evaluation

  • Business, Management & Valuation
  • Governance, Environmental Impact & Social Factors*
  • Using 3rd party Research to evaluate companies on ESG

engagement

  • Focused Questionnaire to potential and investee companies on various E, S & G parameters
  • Meeting top management twice a year and discuss ESG issues
  • Voting to promote ESG in the company

exclusion

  • Sectoral Exclusions like Tobacco, Gambling, Coal, controversial weapons
  • Companies scoring poorly on ESG factors
Some of the key ESG factors which we consider in our investment decision are as follows:

Environment

We are aware that climate change and transition to a low carbon economy would present risks and opportunities for investments. The impact of such transition would vary across sectors and industries and would occur over a period of time. Some of the key things we monitor include:

  • Carbon emission and its environmental impact
  • Energy consumption and focus on resource efficiency - Usage of alternate energy sources

Social Factors

  • Safety of employees
  • Employee retention policies / attrition levels
  • Participation of women in the work force / diversity
  • Presence of unionized staff
  • CSR (Corporate Social Responsibility) spends
  • Involvement in the production or development of cluster bombs, land mines or weapons for mass destruction like chemical or biological weapons

Governance

  • Capital allocation policies
  • Shareholder structure
  • Board composition: Size and structure / tenure etc.
  • Independence of the Board
  • Executive remuneration
monitoring & Oversight

We evaluate companies on ESG parameters not only on a current basis but also monitor the changes that these companies incorporate over time. Changing regulatory requirements will also guide our investment process, engagement and monitoring of our investee companies

  • As active managers, we continuously monitor the companies in which we invest and their ESG scores.
  • The Investment Committee sets the guidelines for investments and helps formulates and approves policies including ESG related policies and these are periodically reviewed.

Due Diligence methodology and its limitations

The ESG scores assigned by the third party research provider is on the basis of only publicly available information and data. Further, any controversies relating to companies under coverage during the year are tracked and shared regularly by the service provider in order to determine their materiality and impact on the rating of the company, if any. Since the scores are based on publicly available information, they would depend on the public disclosures made by companies on their ESG practices.

ESG research team
  • Our Research team consists of analysts who are a combination of sector specialists and mid-market/ small-cap focussed. ESG is an integral part of the overall research methodology of the research analysts.
  • We have designated our Head of Equity Research as ESG coordinator for KMAMC.
  • Additionally, we have also strengthened the team with a dedicated ESG analyst.
articles & press release
State of ESG in the Public Equity space in India
9 Sep 2021
State of ESG in the Public Equity space in India
9 Sep 2021

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