CapMan Plc press release 27.4.2023 at 9.30 a.m. EEST
CapMan has achieved both sustainability performance targets for its €40 million Sustainability-Linked Bond issued in 2022
CapMan has achieved the sustainability performance targets set to measure the sustainability performance of its unsecured €40 million sustainability-linked notes due in April 2027. The targets were achieved ahead of schedule.
Sustainability Performance Target 1: Greenhouse gas emission (GHG) reduction pathway validated by the Science Based Targets initiative (SBTi).
CapMan has set GHG emission reduction targets that follow a near-term GHG emission reduction pathway aligned with a 1.5-degree scenario as outlined in the Paris Agreement. The targets have been validated by the SBTi and are published on SBTi’s website www.sciencebasedtargets.org.
Scope 1 and 2 targets: CapMan Plc commits to reduce absolute scope 1 and 2 GHG emissions 51% by 2032 from a 2021 base year. CapMan Plc commits to increase annual sourcing of renewable electricity from 46% in 2021 to 100% by 2030.
Scope 3 portfolio targets: CapMan Plc’s portfolio targets cover 72% of its total investment and lending by assets under management as of 2022. As of that year, required activities made up 82% of CapMan Plc’s total investment and lending by assets under management while optional activities made up 18%.
- Private Equity: CapMan Plc commits to 54.5% of its eligible private equity investments by assets under management setting SBTi validated targets by 2027, and 100% by 2032. The targets follow a portfolio coverage approach.
- Real Estate: CapMan Plc commits to reduce its real estate portfolio GHG emissions from residential buildings within its direct investment portfolio 50% per square meter by 2032 from a 2021 base year. CapMan Plc commits to reduce its real estate portfolio GHG emissions from service buildings within its direct investment portfolio 72% per square meter by 2032 from a 2021 base year. The targets follow a sector decarbonisation approach.
Sustainability Performance Target 2: CapMan will integrate sustainability objectives into the variable remuneration of CapMan’s Management Group.
The Board of Directors have integrated sustainability targets to the Management Group’s long-term performance share plan which are linked to CapMan’s overall sustainability targets. CapMan’s performance share plan 2022- 2025 includes a share reward component earned on the basis of achieving such sustainability targets as follows:
- Set science-based targets for climate, have the targets validated by the Science Based Targets Initiative and thereafter follow the GHG emission reduction plan;
- Maintain the employee satisfaction eNPS survey above 50 on a yearly basis;
- Include relevant and quantifiable ESG targets in the CapMan Group employee bonus programme for all eligible personnel. ESG targets should count for minimum 5% of the employee evaluation score by April 2025;
- Set med- and long-term percentage targets by end of 2023 on gender diversity, including targets for appointments for Management Group and Partner level, and targets for new recruits throughout the CapMan organisation. CapMan should reach the mid-term target (to be set by the end of 2023) by April 2025.
“We are pleased to achieve the sustainability performance targets for our sustainability-linked bond well-ahead of the schedule. We now look forward to our journey on the validated 1.5-degree pathway and to reaching the overall Group sustainability targets,” comments Atte Rissanen, CFO of CapMan.
CapMan will report on the progress of these performance targets in a Sustainability-Linked Finance Progress Report published later in the spring.
For more information, please contact:
Linda Tierala, Director, Communications & IR, CapMan Plc, tel. 358 40 5717 895
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 190 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.
