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Responsible Investment

At Portobello Capital, every decision
responds to the commitment to our
Corporate Social Responsibility Policy.

We incorporate the criteria of social and environmental responsibility, and good governance in the day to day of our organization, our relationship with our employees, investors, partners, suppliers and, ultimately, to society.

Principles for Responsible Investment

Portobello Capital is an endorser of United Nations-backed Principles for Responsible Investment UN PRI.

  1. Incorporating ESG issues into investment analysis and decision-making processes.

    Analysis of CSR in the decision-making process.
  2. Being active owners and incorporate ESG issues into our ownership policies and practices.

    Boards of Directors of our portfolio companies are supported through access to information and best practice tools.
  3. Seeking appropriate disclosure on ESG issues by the entities in which we invest.

    Recurrent follow-up with our portfolio companies regarding CSR policies.
  4. Promoting acceptance and implementation of the Principles within the investment industry.

    Continuous promotion through discussions with shareholders and participation in several events.
  5. Working together to enhance our effectiveness in implementing the Principles.

    Active member of the ASCRI association that promotes socially responsible investment in Spain.
  6. Reporting on our activities and progress towards implementing the Principles.

    Annual report to investors according to the framework established by PRI.

We collaborate with
Fundación Integra

NGO dedicated to increase employability
of people at risk of social exclusion and disability

Corporate Social Responsibility

Portobello Capital's Corporate Social Responsibility Policy was created to contribute to the creation of value for society

I. Object and commitment

The object of this policy is to establish Portobello Capital’s basic principles and general framework of action for the management and integration of the corporate social responsibility practices which the company undertakes to apply in its investment activity.
Our commitment is not only to comply strictly with current legal obligations but to carry out the voluntary integration of social, labour, environmental concerns and respect for human rights into our management, strategy, policy and procedure.
As the basis of our fiduciary duty to our investors, we are convinced that environmental, social and governance matters (“ESG Criteria”) can affect the performance of investment portfolios. We also recognize that the application of these principles can better align investors with the broader aims of society.
Accordingly, in line with our fiduciary responsibilities and as signatories of UNPRI since 2016 and the UN Global Compact since 2020, we are committed to the following goals:
− Incorporating ESG Criteria in investment analyses and in decision-making processes.
− Being active and incorporating ESG Criteria in our portfolio companies.
− Providing suitable disclosure of ESG Criteria in the entities in which we invest.
− Promoting the acceptance and implementation of ESG Criteria in the investment sector.
− Working collaboratively to increase our effectiveness in applying ESG Criteria.
− Preparing regular reports on our activities and our progress in the application of ESG Criteria.

See Full CSR Policy
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 II. Integration of ESG Criteria at internal level 

At Portobello Capital we have an ESG team made up of professionals from different departments whose main purpose is to assure internal implementation of the commitments undertaken in relation to ESG, provide training to the rest of the employees, promote the ESG culture in portfolio companies and conduct a follow-up and monitoring of such criteria throughout the investment process. 

Portobello also has the mission to align its own and its investors’ strategy, goals and principles of action to its employees’ performance and way of working. To do so, employees’ involvement in the implementation and monitoring of ESG criteria will be taken into account in determining their variable annual remuneration. 

 

III. Integration of the ESC Policy in our Investment process 

The CSR Policy and the application of ESG Criteria are promoted by Portobello among its portfolio companies through its representatives on management bodies. One of Portobello’s main goals is to seek the alignment of Portobello’s own policies with those of the portfolio companies, so that they follow principles that are consistent with those established in this document. 

As the principal measure for the integration of ESG Criteria in the portfolio companies, Portobello undertakes to identify ESG risks and opportunities at all times during the investment process. Thus; (i) a due diligence to identify ESC risks and opportunities, carried out by independent experts, in the pre-investment phase is considered essential, the result of which will be fundamental in making the final investment, (ii) the risks and opportunities identified in the due diligence process are monitored throughout the life of the investment; and (iii) Portobello ensures that the standards acquired and goals set are maintained in the company in question after Portobello’s divestment. 

 

IV. Main areas of application of the CSR Policy. Principal ESG matters 

▪ Social Responsibility 

Portobello Capital’s social responsibility is divided into three major groups: 

Economic: At Portobello Capital we work together with entrepreneurs and members assuming that the activity of any business contributes to the creation of employment and wealth in its local area, obtaining profits and minimizing the economic, environmental and social costs. To this end, Portobello and its portfolio companies collaborate with different associations or foundations, we make different kinds of social donations and work on sponsoring exhibitions and other sporting and sociocultural activities. 

Value Chain: With this we strive to guarantee respect for human rights, especially in supplier chains. 

Labour: We seek equality of treatment, opportunities and salary as a basic principle. We also work to guarantee job security, promote training and, as far as possible, the integration of vulnerable groups (persons with a disability or at risk of social exclusion). 

Furthermore, when leading mergers and acquisitions, we should strive to obtain the greatest synergies in the most beneficial way possible for both organizations. 

▪ Environmental Responsibliity 

Environmental impact is one of the three pillars of the CSR analysis, of great importance nowadays due to the relevance that Climate change has acquired in recent times both for most governments and for other international organizations. At Portobello we strive to align with the 2030 Agenda and the Paris Agreement, using as our guidelines the Sustainable Development Goals (SDG) supported by the United Nations and approved in several countries. 

We encourage a reduction in consumption and increase in saving by adopting good practices that allow for more efficient processes. We therefore make special efforts to optimize the use of raw materials and other utilities (water, paper, energy, etc) . 

Responsibility for Good Governance 

As a primary measure, we assure compliance with all applicable laws and regulations and ensure that the companies are well-structured and transparent in terms of internal government. To this end, we work to obtain optimal structures in boards of directors, with independent members, gender equality, and the implementation of different internal policies that guarantee aspects such as salary equality and equality of opportunities between different groups of workers. 

In conclusion, at Portobello Capital we work to meet our commitment to our investors: 

1. To manage economic resources efficiently, working on value creation. 

2. To transparency, making all the information on our SCR policy available to them and informing them of the progress made. 

Madrid, March 2021 

Responsibility in our portfolio

The growing interest of our investors in responsible investment and the incorporation of CSR criteria in portfolio management is a clear indication of the relevance that these aspects have acquired in the current market environment and encourages us even more, if possible, to guarantee their inclusion in the entire investment process.

Since 2014, Portobello has been collecting and analyzing ESG indicators (KPIs) of its investee companies. These indicators allow us to understand how each of the companies is evolving towards a more responsible management and what impact they have on their environment.

Our commitment to the companies in which we participate is to identify the opportunities and risks that this new scenario presents and to provide them with all the help they may need to progressively improve their management of CSR aspects.

The relevance that the ODS have taken in recent years, has led us to focus our own analysis based on these 17 objectives that mark the Agenda 2030 of the United Nations.

We seek to improve the management of the companies in which we invest while guaranteeing transparency with our investors regarding the good or bad (if any) practices of our investees.

Although the key indicators may vary depending on the sector in which each company is located, these are some of those we consider key in our analysis:

Environmental:
Existence of environmental policies
Measures to reduce resource use
Initiatives to mitigate environmental impact

Social:
Control of the supply chain
Existence of equality and safety policies in the workplace
Staff training and evaluation

Corporate Governance:
Existence of anti-corruption policies and ethical codes
Composition of the governing bodies
Regulatory compliance and sanctions

Sabater Spices
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Social Responsibility:
Sabater performs its activity in compliance with applicable laws and in an ethical and social responsible manner. Sabater Spices operations and its relations with other parties are based on values such as honesty, integrity, equity, transparency and mutual respect. The Company is audited and approved by Bureau Veritas above the SMETA standard of the ethical compliance in the company.

Developing a new project: First Sustainable Paprika grown along with SSI (Sustainable Spice Initiative) under the umbrella of IDH (a project led by the offices of the Dutch, Swiss and Danish governments that brings together public and private non-governmental institutions, to increase and accelerate a sustainable trade).

Sabater Spices is a member of Sedex (Suppliers Ethical Data Exchange), a non-profit organization whose objective is to enable improvements on the responsible and ethical commercial practices of the supply chain throughout the world.

Sabater has incorporated a gender perspective as a part of the social responsibility of the company with a plan for equal opportunities for women and men. With the collaboration of the Ministry of Health, social policy and equality.

Environmental Responsibility:
Sabater optimizes the resources used and seeks to minimize the environmental impact. It is certified by the ISO-14001 for environmental aspects.

The Company has a line of action center on the ecological agriculture, endorsed by the Counsel of Ecological Agriculture of the Region of Murcia (MU/480/E).

Laulagun
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Social Responsibility:
The Company has a relevant commitment with the local area (Olaverría and its region), making several economic contributions and sponsoring various sport and cultural activities.

Environmental Responsibility:
Laulagun holds a ISO 14001:2004 certification, which guarantees a business management focused on a more efficient energy use and on cost reduction. Several actions have been implemented having obtained, in consequence, a substantial reduction in consumption.

The company has also implemented other initiatives to mitigate environmental impact such us flow regulators to reduce water consumption or the use of new materials with a longer durability, in this way reducing the amount of wastage.

Iberconsa
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Social Responsibility:
Iberconsa is a member of SEDEX, which is a not for profit membership organisation dedicated to driving improvements in responsible and ethical business practices in global supply chains. As member the company must provide self-assessments yearly, which are publicly available to other members and any client who receives authorization from the company.

Regarding social responsibility on the product, the Company has been certified by IFS Broker, a quality standard that not only ensures the company’s regulatory compliance but also its suppliers one. It is audited yearly, having received in 2015 the maximum qualification.

Its Corporate Policy includes the company’s commitment to its employees and providing them with the necessary training to help them on their personal and professional growth.

Environmental Responsibility:
Sustainable fishing: members of Blue Fish (European association for the promotion of sustainable and responsible fisheries) and MSC Custody Chain certified (sustainable fishing standard).

Regarding actions in place to mitigate environmental impacts, it should be highlighted that 85% of the water used in its Namibian subsidiary comes from the sea; this water is later cleaned before returning it.

Eysa
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Social Responsibility:
EYSA is committed to the principles of equal opportunity for each and every one of our professionals, in the selection process as well as access to internal promotion, under criteria of assessment, development, talent and dedication to the job, as well as bearing in mind gender equality.

The Company supports the integration of groups at risk of exclusion.

Environmental Responsibility:
EYSA aims to minimize the environmental impact of its customers through the development of initiatives of sustainability in the field of mobility services, improving the standards of mobility in the cities in which we operate, reducing congestion levels and thus air and noise pollution.

There is an Integrated Policy on Quality Control and Environment and, within this framework, it also holds ISO 14001:2004 certification, which ensures a more energy efficient.

IAN
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Social Responsibility:
The Company is especially careful with regards to the control of social issues in its subsidiary in China, given the potential risk for non-compliance with regulations, social audits are done annually.

Environmental Responsibility:
In Spain as well as in China, the company has implemented several measures to reduce water consumption and to improve energy efficiency or reduce costs.

96% of materials used in the Chinese factory are recycled and up to 50% in the headquarters in Villafranca.

Partner in the Hispter Project (financed by the EU) for the deployment of high pressure and temperature food processing for sustainable, safe and nutritious food with fresh-like quality looking for more sustainable production processes (water and energy savings)

Vitalia
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Social Responsibility:
Vitalia cooperates with several entities focused on integration into the job market: of disable people (NGO Empleo para Todos) and of people at risk of social exclusion.

Environmental Responsibility:
Strong commitment with energy saving actions, installing solar collection systems and water saving initiatives: in 2014 the company installed biomass plants in two of its centres for the production of hot water and heating; and has reduce 65% its energy use and CO2 emissions in the last 3 years by lighting

Angulas Aguinaga
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Social Responsibility:
Angulas Aguinaga has been the first company in the world in obtaining the ISO 22000 certificate.

As a Vitartis partner, Angulas Aguinaga recently has joined an agreement with the board of Castilla y León to help distribute food through Red de Protección a las Familias, in which is expected to respond in the next year some 100,000 people. Agreement which will provide employment to people at risk of social exclusion.

Environmental Responsibility:
Angulas Aguinaga is always concerned with minimising the ecological impact that any processing industry generates and, in order to remove the organic waste generated in the production system, it has its own waster water treatment plant, which has all the latest technological advances for water treatment. Furthermore, packaging waste is recycled through an Integrated Management System.

Multiasistencia
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Social Responsibility:
Multiasistencia has developed a program of measures that are committed to reconcile family and professional life and equal opportunities. This has enable the company to obtain the certificate of the Empresa Familiarmente Responsable (EFR), issued and delivered by the Fundación Másfamilia, a private, independent, non-profit and charity foundation, set up and run to provide innovative and highly professionals solutions for the protection and family support.

Environmental Responsibility:
Multiasistencia has obtained the Environmental Management Certification ISO 14001. This certification demonstrates the commitment of the company for the care of the environment and its preservation in their daily activities.

Developed in 2013 a cell phone recycling campaign to raise funds for solidarity purposes. This campaign sought to raise awareness of the importance of recycling cell phones, electronic devices containing various metal components and highly polluting batteries. In addition, one of the materials used in the manufacture of cell phones, coltan, whose largest reserves (80%) are in the D.R. of Congo, is extracted in a context of war and lack of protection of human rights and environment. With the funds raised, Multiasistencia will support InteRed’s educational projects that aim to fight for the right to education of children, indigenous women, illiterate adults and populations of rural communities in Latin America, Asia and Africa.

ICFC
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Social Responsibility:
ICFC Conducts ethical audits annually using independent companies accredited by the international organisation, SEDEX.

Helps the ‘Alzira’ region, Spain to receive international recognition thanks to our export market.

Almost 50% of ICFC supplies are purchased from regional suppliers, thereby helping the economic development of the Valencian community region in Spain.

ICFC encourages DUAL training by working with the regional institute of professional training Luis Suñer, as a source of training their future collaborators.

Cooperates with various charity food banks in the region.

ICFC collaborates with both social associations (Fallas, regional association) as well as sports associations.

Environmental Responsibility:
They actively work in:

The Global Energy Plan (PGE) which consists in awareness-raising of sustainable development, controlling all the company’s resources: water, electricity, waste and CO2 emissions.

The Integrated Waste Plan System (SIG) to achieve the proper management of packaging waste.

The Ecoembes Prevention Plan, which comprises of numerous projects to reduce the use of cardboard and plastic in the containers and packaging we use to make our ice cream.

Mediterránea
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Social Responsibility:
With its employees: developing their skills, relying on internal promotion, diversity and inclusion, respect for human rights and ensuring workplaces, healthy and safe.

With the communities where they perform their work: promoting the purchase of fair trade products, working with local suppliers supporting the development of the areas we serve, and close cooperation in programs to prevent hunger and malnutrition.

Nutrition, health and welfare: developing programs aimed at improving the health and wellbeing of our users and consumers, committed to reducing the intake of sugar, salt and fat programs.

Environmental Responsibility:
Mediterránea is strongly committed with the reducing of scrap and waste.
A strategic line aimed to the emission decrease and control energy consumption in our facilities and those of our customers.

Grupo Uno CTC
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Social Responsibility
Fundación Cares: Grupo CTC cooperates with this entity facilitating access to employment for people with disabilities or at risk of exclusion, helping its development and creating opportunities and added value.

Fundación Logística Justa: Grupo CTC is Sponsor of the Foundation at participating collaborating on actions of the Foundation promoting fair trade, social commerce, logistics cooperation with the poorest countries and takes part in social projects of cooperation.

Service of Economic Development of the City Hall of Montornés del Vallés: Grupo CTC collaborates with this entity revealing employment opportunities of the outsourced companies in the area, promoting local hiring and encouraging the relationship between local government and the business community.

Cáritas:
Grupo CTC works with Caritas under the Empresas con Corazón program, making easier the access to employment for people who have been long periods outside the labour market, from a holistic view of the person, his reality and his capabilities.

Documents

Committed to transparency and continuous accountability

Since 2014 we have been publishing sustainability reports in which we measure our performance, our progress in ESG and the impact of our ecosystem.