This policy applies to all investment decisions of Craigmore Sustainables Group LP and its associated entities (Craigmore) via its Investment Committee, and ongoing risk management, compliance with laws and regulations, community and stakeholder engagement, and transparency and reporting.
Craigmore manages the majority of our assets through majority stakes, which gives us the ability to directly implement and control environmental, social and governance (ESG) outcomes. This policy applies to minority stakes investments through our initial investment decisions, director influence, shareholder voting and eventual disposal decisions.
The Investment Committee has responsibility for the implementation of this policy during the investment and acquisitions process. Craigmore’s Investment Committee has responsibility for approving any changes to this policy.
Craigmore has been operating, managing farms and forests, for more than a decade on the basis of our Sustainability Principles (Principles). These Principles were established because Craigmore recognised that we needed an overarching framework for our activities which applied to each of the sectors in which we operate. The Principles cover the team, community, environment, business and financial spheres. While they were created before the term “ESG” came to prominence they address each of element of ESG and remain as important to our businesses today as they were at their establishment.
These Principles are Craigmore’s commitment to:
Individual investment vehicles under Craigmore management may also have their own specific foundational ESG policies integrated into the terms of their governing documentation. Generally, these terms are included in the investment criteria or as a schedule to the relevant agreement. These may be made available on request at Craigmore’s sole discretion.
Craigmore integrates ESG considerations into our investment decision-making process and conducts rigorous due diligence to assess the sustainability and ethical performance of potential investees. We prioritise investments that align with our sustainability principles and which contribute positively to the communities and environments in which we operate; primarily farming, forestry and permanent crop horticulture with other smaller periphery investments as appropriate. The investment committee must support investment proposals by unanimous vote to move forward with an investment decision.
The principal factors for an investment, which are considered by the responsible member of management (Head of Acquisitions) in advance of an investment recommendation being put before the Investment Committee are:
Craigmore will not invest in businesses or activities that:
Craigmore is committed to operating and managing our investments responsibly and sustainably on an ongoing basis, after the investment/acquisition process is complete. This includes integrating
ESG factors into our decision-making and management processes, ensuring compliance with applicable laws and regulations, and promoting a culture of responsible management among our staff and investees.
Craigmore’s Chief Operating Officer is responsible for ensuring that adequate resources, including staff, training and budget are available to assess, implement and monitor climate-related risks/opportunities and measures.
Craigmore continue to monitor and assess the ESG performance of our investments, and take appropriate action to address any issues that arise. Craigmore has selected the following key metrics for the management team to monitor and report:
Craigmore is committed to reporting on these metrics on an annual basis and to making these publicly available on our website. The metrics themselves or the methodology Craigmore uses to measure them may evolve as Craigmore and the wider industry evolves.
Craigmore supports New Zealand’s commitment to the Paris Agreement to the United Nations Framework Convention on Climate Change. Under the Zero Carbon Amendment Act 2019 New Zealand has committed to:
Craigmore, in its support of New Zealand’s climate goals, has publicly committed to achieving a:
Craigmore has been a signatory to the United Nations (UN) supported Principles for Responsible Investment since 2012 and reports in the annual cycle. Craigmore also supports the UN Sustainable Development Goals (SDGs). We have identified following goals as being most relevant to the development of our businesses:
* this target excludes any carbon credits (New Zealand Units or NZUs) which have been received by Craigmore’s forestry businesses and sold to third-parties. It also excludes any indirect NZUs that have been purchased by Craigmore through fuel and electricity.
** this target includes all biological sources and sinks of GHG including those sold by the forestry sector and those indirectly offset by the supplier (eg. fuel and electricity)
Policy updated May 2023