The Investment Adviser is certified to The Planet Mark and is
committed to measuring and reducing its carbon footprint and wider
sustainability metrics. As a member of the UK Sustainable
Investment and Finance Association, it supports best practice in
responsible investment.
The Company sees its key sustainability stakeholders as its
Investment Adviser and its employees, and the service providers it
works with to deliver and manage infrastructure projects. As a
result, the Company encourages its partners to report on
sustainability performance.
Many investment entities in which the Company holds investments
achieve high standards in sustainability, including building
certifications such as BREEAM, LEED and Green Star.
Project highlights:
German Ministry of Education and Research (BMBF), Germany -
Following the completion of construction in August 2014 the project
was awarded 'Gold Status' for the Evaluation Scheme for Sustainable
Construction of Federal Buildings in Germany by the German Federal
Ministry of Environment, Nature Conservation, Building and Nuclear
Safety.
Pforzheim Schools, Germany - The project was designed for
resource efficiency, cost effectiveness and sustainability over the
concession term. Since the commencement of operations in 2008 the
innovative low energy heating, cooling and ventilation system has
resulted in significant savings for the Public Sector.
Police Scotland, Recruitment and Training Centre, UK - Motion
sensors have been installed to operate lights in the stairwells
reducing energy consumption.
Durham Schools, UK - Two combined heat and power plants operate
to serve two secondary and one primary school. Pure plant oil
verified as being obtained from sustainable sources is used as the
fuel source. Surplus electricity that is not used is fed back into
the national electricity grid.
South Tyneside and Gateshead Schools, UK - Rainwater harvesting
is operational and the water re-used within the building with
ground water being directed into a lagoon where plant and insect
life has developed.
Moray Schools, UK - Elgin Academy, situated at the base of the
Cairngorm Mountains is designed in a unique shape providing
protection within the inner playground courtyard from the elements
whilst helping to retain heat within the school. Despite harsh
conditions utility savings of 10% have been achieved with a 'gain
share' for using less than the target consumption of utilities.
Highfields/Pennfields Schools, UK - The project incorporates a
renewable combined heat and power unit ('CHP') which meets 62-67%
of the schools' total energy requirements and saves 620 tonnes per
annum in carbon emissions. The CHP unit is fuelled by sustainable
rapeseed oil that is cultivated and crushed in the UK and generates
both renewable heat and power for the schools. Excess 'green'
electrical energy is supplied onto the grid network benefiting both
the schools and the associated local authority. The system also
attracts additional revenue streams from the sale of renewable
obligations certificates for every unit of electricity
generated.
Royal Children's Hospital, Australia - Following successful
completion of Stage 2 of the project an energy committee was
established with representation from all major stakeholders
including the Department of Health for the State Government of
Victoria, with the objective of delivering financial savings. Over
the past two years various energy efficiency initiatives have been
implemented resulting in annual savings of A$300,000 and a 6%
reduction in carbon emissions. Following the success in achieving
these financial and environmental savings the Authority has
earmarked an additional A$100,000 for investment in additional
efficiency schemes.
Derby Courts, UK - Energy saving initiatives have included the
fitting of LED lights to the office area together with passive
infrared sensors in all retiring and interview rooms. The
facilities are utilised to provide a venue for the Court's
Magistrates' Court Mock Trial competition, held in conjunction with
Derbyshire Secondary Schools, which aims to introduce the legal
system to young people in an innovative and exciting way, giving
them the opportunity to gain hands on experience.
North Wales Police, UK - In 2014 the car park lights on the
project were re-lamped with LED lights in order to improve lighting
conditions, enhance CCTV coverage whilst also delivering energy
savings and reducing carbon emissions. Future initiatives include
assessing the project for its suitability for photo voltaic panels
to be installed.
Bootle PFI, UK - During 2014 the project was able to provide
four work experience places for local school children in
conjunction with the Sefton Council Education Department. In
addition compost is being produced from kitchen waste which is then
used to grow vegetables on site. Such initiatives have led to the
project being declared a zero to landfill by Sita the project's
waste removal company. Energy saving measures have included the
replacement of 58 standard lights with LED equivalents resulting in
a 60% reduction in energy and a CO2 saving of 74% in comparison to
standard lights.
Northampton Schools, UK - The Project Company, through its
designers and contractors has worked with Northamptonshire County
Council and the Building Research Establishment to optimise systems
and introduce energy efficient and low carbon technologies to the
construction ofnew classrooms at eleven of the project sites. The
Apprenticeship programme has seen three Apprentices taken on with
commitment to award two apprenticeships and one graduate place in
2015. Locally 50% of orders are with suppliers and subcontractors
based in Northamptonshire and a minimum of 13 days of free time
will be given under the 'Give a Day of Your Time' programme.
Long Bay Forensic & Prison Hospitals, Australia - During
2014 a Honeywell Attune Energy Management Service became fully
operational and there was an upgrade to new LED down lights across
the project. These initiatives provide better light quality
together with a reduction in light and power consumption of 15% and
lower carbon emissions.
Orange and Associated Health Services PPP, Australia -
Operational efficiency improvements and controls optimisation has
been the focus of energy efficiency initiatives across the
project's three facilities during 2014. Further energy optimisation
is expected following the installation of the 'EnteliWEB energy
management system' which will allow for real time reporting.
Changes in Regulation
The Board actively monitors and responds to changes in
regulation as it impacts the Company and its policies. A number of
significant changes to regulation occurred during the year.
The Company's response to these and significant other policies
are set out below:
Alternative Investment Fund Management Directive ('AIFMD')
AIFMD was transposed into law in European Union ('EU') member
states on 22 July 2013 with mandatory compliance on expiry of a one
year transition period. The Board considers the Company to be an
internally managed non-EU fund. A non-EU fund (i.e. it is the AIFM)
which is internally managed is outside the full scope of AIFMD and
is the subject of lighter AIFMD requirements at the point of
marketing within the EU. The company registered as a non EU-AIF
with FCA in 2014 and commenced quarterly reporting from 31 December
2014.
Foreign Account Tax Compliance Act ('FATCA')
FATCA became effective on 1 January 2014 and is being gradually
implemented internationally. The legislation is aimed at
determining the ownership of US assets in foreign accounts and
improving US Tax compliance with respect to those assets. The Board
in discussion with the Company's service providers and advisers
ensured that the Company will comply with the Act's requirements to
the extent relevant to the Company. The Company was registered with
IRS in 2014.
Non-Mainstream Pooled Investment ('NMPI')
On 1 January 2014 FCA rules relating to the restrictions on the
retail distribution of unregulated collective investment schemes
and close substitutes came into effect. The Board believes that the
Company and its shareholders will not be affected by these
changes.
Having taken legal advice, the Company confirms that its shares
will qualify as an 'excluded security' under these new rules and
will therefore be excluded from the FCA's restrictions which apply
to non-mainstream investment products. As such, the Company's
shares can continue to be recommended by independent financial
advisers ('IFAs') to ordinary retail investors in accordance with
the FCA's rules.
The Company is advised that the basis of being excluded from
these restrictions is principally due to the Company conducting its
affairs in such a manner that it would have qualified for approval
by HMRC as an investment that had been resident in the UK in its
previous accounting periods. The Company intends to conduct its
affairs so that this remains the case for the foreseeable
future.
The Audit and Risk Committee (the 'Committee') is an essential
part of the Company's governance framework to which the Board has
delegated oversight of the Company's financial reporting, internal
controls, compliance and external audit. This report provides an
overview of the work of the Committee and details how it has
discharged its duties during the year.
The terms of reference for the Committee, together with details
of the standard business considered by the Committee, have been
approved by the Board and are available on the Company's
website.
Committee Meetings
Meetings of the Committee were attended by the Investment
Adviser and Administrator by invitation during the year. A
representative of the Group's external auditors, Ernst and Young
LLP, also attended by invitation those meetings at which the
financial reporting planning and the annual and interim reports and
financial statements were considered.
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