Communication on Progress

Communication on Progress, October 2015

Participant
Published
  • 23-Oct-2015
Time period
  • January 2014  –  December 2014
Format
  • Stand alone document – Basic COP Template
Differentiation Level
  • This COP qualifies for the Global Compact Active level
Self-assessment
  • Includes a CEO statement of continued support for the UN Global Compact and its ten principles
  • Description of actions or relevant policies related to Human Rights
  • Description of actions or relevant policies related to Labour
  • Description of actions or relevant policies related to Environment
  • Description of actions or relevant policies related to Anti-Corruption
  • Includes a measurement of outcomes
 
  • Statement of continued support by the Chief Executive Officer

  • Statement of the company's chief executive (CEO or equivalent) expressing continued support for the Global Compact and renewing the company's ongoing commitment to the initiative and its principles.

  • October 23, 2015

    To our stakeholders:

    I am pleased to confirm that Meridia Capital Partners, S.A. reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labour, Environment and Anti-Corruption.

    In this annual Communication on Progress, we describe our actions to continually improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication.

    Sincerely yours,

    Javier Faus
    Founding Partner & CEO

Human Rights
  • Assessment, policy and goals

  • Description of the relevance of human rights for the company (i.e. human rights risk-assessment). Description of policies, public commitments and company goals on Human Rights.

  • Meridia Capital Partners supports the Universal Declaration of Human Rights, based on equality and non-discrimination principles. We are committed to equal opportunities and strive to create a professional environment that helps us retain and attract professional men and women who share our values, irrespective of their gender or ethnicity.

  • Implementation

  • Description of concrete actions to implement Human Rights policies, address Human Rights risks and respond to Human Rights violations.

  • At Meridia Capital Partners we deal with employees/internal consultants/trainees of several nationalities and ethnic groups across the years (Spanish, British, Belgian, Dutch, American, Lebanese, Indian, Argentinian, etc.). We embrace the power of our people and believe that even the youngest team members should take ownership.

    We are also in process of elaborating a code of conduct in alignment with human rights' principles and in order to prevent potential abuses.

    Moreover, in October 2014, Meridia Capital Partners launched Meridia Impact, a fund focused exclusively on social projects. This Fund will enable Meridia to provide financial and non-financial support to social enterprises and help them bring down unemployment among society's most vulnerable groups. Through this initiative we hope to contribute to a sector experiencing strong growth in highly developed markets but still in the early stages in Spain. We hope to be able to assist in developing an ecosystem that encourages social investment in our home market.

    We are also a member of EVPA (European Venture & Philantropy Association), association practising venture philanthropy and social investment across Europe.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates performance.

  • Meridia Capital Partners's senior management reviews periodically that all the activities of the fund manager remain in allignment with the universal human rights declaration.

    Limited partners also perform due diligence questionnaires that evaluate and monitors our performance.

    Meridia Capital Partners has never been involved in any case of abuse or violation of human rights.

Labour
  • Assessment, policy and goals

  • Description of the relevance of labour rights for the company (i.e. labour rights-related risks and opportunities). Description of written policies, public commitments and company goals on labour rights.

  • Meridia Capital Partners' internal compliance & corporate defense programme comprises compliance with labour rules and regulations.

    Our values are based on anti-discrimination and equality principles. We select our partners and employees according to their skills, background and potential, irrespective of their ethnicity, gender, religion or age.

  • Implementation

  • Description of concrete actions taken by the company to implement labour policies, address labour risks and respond to labour violations.

  • An appointed and certified Health & Safety Officer is always included in our sites or building refurbishments.

    Meridia Capital Partners also has a remuneration policy in order to recognize the employees' contribution.

    In Spain, entities which are not listed nor regulated (such as Meridia Capital), do not have the formal obligation to implement an ESG / Compliance Program. Although not obliged to do so, Meridia Capital has, however, taken a step forward on this matter, and in April 2014 we requested an international consultancy firm to implement and execute an internal Compliance
    & Corporate Defense Program in Meridia. The Compliance & Corporate Defense Program foresees a Training Course to be addressed to all the Meridia’s personnel.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates performance.

  • As previously mentioned, we strive to create a professional environment that helps us retain and attract professional men and women who share our values, irrespective of their gender and ethnicity. In fact, Meridia has dealt with employees/internal consultants/trainees of several nationalities and ethnic groups across the years (Spanish, British, Belgian, Dutch, American, Lebanese, Indian, Argentinian, etc.).

    Furthermore, our investors perform different types of due diligence questionnaires, including an ESG one. Meridia Capital Partners hasn't had any issues regarding investigations, legal cases, rulings, fines or other relevant events related to Labour.

    Senior management also has informal meetings with employees in order to evaluate and advise them how to improve.

Environment
  • Assessment, policy and goals

  • Description of the relevance of environmental protection for the company (i.e. environmental risks and opportunities). Description of policies, public commitments and company goals on environmental protection.

  • Once an agreementis reached with a seller, Meridia Capital starts a formal due diligence that includes an environmental DD. Our investment policies due diligence practices include third party environmental, legal, human resources, benefits, insurance, accounting, industry & management review and assessment.

  • Implementation

  • Description of concrete actions to implement environmental policies, address environmental risks and respond to environmental incidents.

  • Our building operators meet strict minimum standards regarding environmental performance and health standards. These include the use of renewable energy sources, an overall reduction in energy and water consumption, measures to reduce waste, environmental policy setting and the provision of non-smoking areas.

    We have implemented an internal compliance & corporate defense programme. There is also a management team responsible for managing ESG factors. Our management team is involved in the daily management of the portfolio and, for that reason, is aware of any ESG factor and/or risk management.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates environmental performance.

  • We carry out environmental phase 1 testing during a due diligence inspection on any site or possible asset.

Anti-Corruption
  • Assessment, policy and goals

  • Description of the relevance of anti-corruption for the company (i.e. anti-corruption risk-assessment). Description of policies, public commitments and company goals on anti-corruption.

  • Meridia Capital Partners supports the UN Convention Against Corruption and other international instruments.

    Although not obliged to do so, Meridia Capital requested an advisor to implement and execute an internal compliance & corporate defense programme.

    Meridia's employees will also have to attend a training on money laundering in the near future.

  • Implementation

  • Description of concrete actions to implement anti-corruption policies, address anti-corruption risks and respond to incidents.

  • Meridia Capital Partners is elaborating a code of business conduct in order to prevent any abuse, conflict of interests or any corruption issue.

    Meridia Capital Partners has designated a contact point in charge of all anti-corruption issues.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates anti-corruption performance.

  • o Clear definition of responsibilities for resources, activities, objectives and targets. Transactions have to be properly approved.
    o Clear reporting lines to allow adequate supervision
    o Separate duties to avoid opportunities of abuse
    o Avoid undue reliance on any one individual
    o Supervision. Including checks over operation control by staff.
    o Random checks.
    o Audit process to allow detection of fraud and also to enable control to be reviewed.
    o Adequate staffing
    o Use of budgetsc
    o We are preparing a formal code of business Conduct to be implemented shortly.