In addition to development impacts, FinDev Canada aims to fully understand the human rights and environmental and social (E&S) risks presented by the operations of the businesses it supports. FinDev Canada’s E&S Assessment Policy outlines the approach taken to mitigate human rights and E&S risks and potentially improve baseline E&S conditions in the businesses it supports.
Disclosure Policy
FinDev Canada is committed to transparency about its operations, strategies and policies. At the same time, FinDev Canada recognizes the requirements of a responsible financial institution to protect the commercially sensitive and confidential business and financial information of its clients. FinDev Canada is guided by a Transparency Policy that governs the disclosure of information.
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Disclosure Statement, Operating Principles for Impact Management
Since April 2019, FinDev Canada is a signatory to the Operating Principles for Impact Management (the Principles). The Principles provide a reference point against which the impact management systems of funds and institutions may be assessed. This Disclosure Statement confirms that FinDev Canada’s investments are managed in alignment with the Principles.
Disclosure of Aggregate Data
Aggregate data is reported on the volume of business supported by FinDev Canada against a number of elements: industry sectors, strategy goals, development impacts, geographic areas and types of financial services provided.
Corporate plan
FinDev Canada's 2020 Corporate Plan is available for consultation below:
Disclosure of Transactions
Information on individual transactions under consideration, as well as those supported by FinDev Canada can be found below. If we are unable to provide public notification 30 days in advance of the support being awarded a justification is provided.
Individual Transactions:
M-KOPA, LLC
Date of public notification (dd/mm/yy)
–
Date of signing (dd/mm/yy)
28/02/18
Domicile (country) of Business Operations
Kenya
Domicile of Incorporation
USA
Principal Counterparty/ies
M-KOPA, LLC
Project Name (if applicable)
N/A
Financing Service
Equity Investment
General description of transaction
M-KOPA provides solar lighting and other products to off-grid households on a pay-as-you-go basis
Amount of Financial Support (anticipated/ actual)
USD 10,000,000
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
Climate Investor One
Date of public notification (dd/mm/yy)
26/10/2018
Date of signing (dd/mm/yy)
04/12/2018
Domicile (country) of Business Operations
Multiple Countries
Domicile of Incorporation
The Netherlands
Principal Counterparty/ies
Climate Investor One
Project Name (if applicable)
N/A
Financing Service
Fund Investment
General description of transaction
Climate Investor One facilitates early-stage development, construction financing, and refinancing to fast-track renewable energy projects in developing countries.
Amount of Financial Support (anticipated/ actual)
USD 20,000,000
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
EcoEnterprises III, L.P.
Date of public notification (dd/mm/yy)
10/04/2019
Date of signing (dd/mm/yy)
21/05/2019
Domicile (country) of Business Operations
United States of America
Domicile of Incorporation
Ireland
Principal Counterparty/ies
EcoEnterprises III, L.P.
Project Name (if applicable)
EcoEnterprises III
Financing Service
Fund Investment
General description of transaction
EcoEnterprises III is an investment fund that is providing capital to bio diversity based growth SMEs operating in sensitive ecosystems in Latin America. The fund is managed by GEC EcoEnterprises Management, a specialist fund manager dedicated to securing a sustainable future through impactful investing.
Amount of Financial Support (anticipated/ actual)
USD 12.5 million
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
GEC EcoEnterprises Management, LLC
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
Danper Agrícola La Venturosa S.A.C.
Date of public notification (dd/mm/yy)
13/05/2019
Date of signing (dd/mm/yy)
27/06/2019
Domicile (country) of Business Operations
Peru
Domicile of Incorporation
Sector Talambo, Chepen, La Libertad, Peru
Principal Counterparty/ies
Danper Agrícola La Venturosa S.A.C.
Project Name (if applicable)
Danper ALV
Financing Service
Secured Senior Debt
General description of transaction
Support the change in crop from low-value grape variety to high-value seedless grape varieties and avocado, as well as other operating enhancements.
Amount of Financial Support (anticipated/ actual)
USD 8 million
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
Danper Agrícola La Venturosa S.A.C.
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
Alitheia IDF
Date of public notification (dd/mm/yy)
13/05/2019
Date of signing (dd/mm/yy)
12/11/2019
Domicile (country) of Business Operations
South Africa and Nigeria
Domicile of Incorporation
Mauritius
Principal Counterparty/ies
Agooji (the "GP")
Project Name (if applicable)
Alitheia IDF
Financing Service
Fund Investment
General description of transaction
Alitheia IDF is an investment fund whose mandate is to invest in SMEs seeking growth funding with a specific focus on women-owned or led businesses operating in Nigeria, South
Africa, Lesotho, Ghana, Zimbabwe and Zambia.
Africa, Lesotho, Ghana, Zimbabwe and Zambia.
Amount of Financial Support (anticipated/ actual)
USD 7,5 million
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
IDF Capital (Pty) Ltd and Alitheia Capital (the “Advisors”); Agooji
(the “GP”)
(the “GP”)
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
Africa Forestry Fund II Limited
Date of public notification (dd/mm/yy)
12/08/2019
Date of signing (dd/mm/yy)
12/11/2019
Domicile (country) of Business Operations
Sub-Saharan Africa
Domicile of Incorporation
Mauritius
Principal Counterparty/ies
Africa Sustainable Forestry Partners II L.P. (the “Sponsor”, the “General Partner”
or “GP”);
Criterion Africa Sustainable Forestry Management II LLC (the “Manager” or
“Advisor”)
or “GP”);
Criterion Africa Sustainable Forestry Management II LLC (the “Manager” or
“Advisor”)
Project Name (if applicable)
Africa Forestry Fund II Limited (AFF II)
Financing Service
Fund Investment
General description of transaction
ASFF II is an investment fund focused on forestry and forestry-related assets in Sub-Saharan Africa. The Fund reached first close in April 2018 with a total capital
commitment of US$ 81M and is targeting a US$ 150M final close. The Fund has strong potential to provide positive environmental impact, local market
development and contribute to women’s economic empowerment at the investee companies.
commitment of US$ 81M and is targeting a US$ 150M final close. The Fund has strong potential to provide positive environmental impact, local market
development and contribute to women’s economic empowerment at the investee companies.
Amount of Financial Support (anticipated/ actual)
Up to USD 7.5 million
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
Développement international Desjardins
Date of public notification (dd/mm/yy)
17/10/2019
Date of signing (dd/mm/yy)
19/11/2019
Domicile (country) of Business Operations
Canada
Domicile of Incorporation
Canada
Principal Counterparty/ies
Développement international Desjardins
Project Name (if applicable)
N/A
Financing Service
Loan facility
General description of transaction
Développement international Desjardins provides disadvantaged communities around the world with access to secure diversified financial services. This loan facility will support inclusive microfinance institutions in Colombia and Ecuador.
Amount of Financial Support (anticipated/ actual)
USD 1.3M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
Développement international Desjardins
Cooprogreso
Date of public notification (dd/mm/yy)
24/10/2019
Date of signing (dd/mm/yy)
10/12/2019
Domicile (country) of Business Operations
Ecuador
Domicile of Incorporation
Ecuador
Principal Counterparty/ies
Cooperativa de Ahorro y Crédito Cooprogreso Limitada ("Cooprogreso")
Project Name (if applicable)
Cooprogreso
Financing Service
Unsecured Senior Debt
General description of transaction
Unsecured debt facility to finance Cooprogreso's growth in serving its cooperative members through microfinance, commercial and personal loans.
Amount of Financial Support (anticipated/ actual)
USD 7.5M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
Cooperativa de Ahorro y Crédito Cooprogreso Limitada
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
JCM Power
Date of public notification (dd/mm/yy)
26/10/2019
Date of signing (dd/mm/yy)
18/12/2019
Domicile (country) of Business Operations
Pakistan, Malawi, Kenya, Nigeria, Honduras
Domicile of Incorporation
Canada
Principal Counterparty/ies
JCM Power Corporation (“JCM Power”)
Project Name (if applicable)
JCM Power
Financing Service
Convertible Preferred Shares
General description of transaction
JCM Power is a Canadian-based renewable energy company that focuses on the development, construction, acquisition, and operation of utility scale renewable energy projects (primarily solar photovoltaic and wind) in developing countries.
Amount of Financial Support (anticipated/ actual)
USD 20M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
JCM Power Corporation
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
JCM Power Corporation
Produbanco
Date of public notification (dd/mm/yy)
04/11/2019
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
Ecuador
Domicile of Incorporation
Ecuador
Principal Counterparty/ies
Banco de la Produccion S.A.
(“Produbanco”)
(“Produbanco”)
Project Name (if applicable)
Produbanco
Financing Service
Unsecured Senior Debt
General description of transaction
Unsecured senior debt financing to finance small and medium sized enterprises, including for green business and energy efficiency.
Amount of Financial Support (anticipated/ actual)
USD 10M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
Banco de la Produccion S.A.
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
M-KOPA 2
Date of public notification (dd/mm/yy)
02/10/2020
Date of signing (dd/mm/yy)
01/24/2020
Domicile (country) of Business Operations
Kenya
Domicile of Incorporation
United Kingdom
Principal Counterparty/ies
M-KOPA Holdings Limited
Project Name (if applicable)
N/A
Financing Service
Convertible Promissory Note
General description of transaction
Leading off-grid solar company with pay-as-you-go technology, based in Nairobi, Kenya, aiming to expand its product range and geographic markets, and transitioning to broader asset finance strategy targeting low-income, high-volume markets.
Amount of Financial Support (anticipated/ actual)
USD 2.0M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
MFX
Date of public notification (dd/mm/yy)
02/17/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
United States
Domicile of Incorporation
United States
Principal Counterparty/ies
MFX Solutions, Inc. MFX Solutions, LLC
Project Name (if applicable)
N/A
Financing Service
Guarantee/Collateral Facility and Revolving line of credit.
General description of transaction
Guarantee/Collateral Facility and Revolving Line of Credit to assist the Company in providing hedging services to more clients,facilitate FX trading, and provide additional liquidity as needed.
Amount of Financial Support (anticipated/ actual)
USD 50M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
DPI
Date of public notification (dd/mm/yy)
16/04/2020
Date of signing (dd/mm/yy)
29/05/2020
Domicile (country) of Business Operations
Multiple countries across Africa
Domicile of Incorporation
Mauritius
Principal Counterparty/ies
ADP III GP Mauritius Limited (the "General Partner")
Development Partners International ("DPI" or the "Investment Adviser")
Project Name (if applicable)
African Development Partners III Mauritius L.P. ("ADP III")
Financing Service
Fund Investment
General description of transaction
ADP III is a private equity fund providing growth capital to support the expansion or private companies across Africa. The Fund has strong potential to provide positive environmental impact, local market development and contribute to women's economic empowerment to the investee companies
Amount of Financial Support (anticipated/ actual)
USD 20M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
CIFI
Date of public notification (dd/mm/yy)
6/05/2020
Date of signing (dd/mm/yy)
6/07/2020
Domicile (country) of Business Operations
Panama
Domicile of Incorporation
Panama
Principal Counterparty/ies
Corporación Interamericana para el Financiamiento de Infraestructura, S.A. ("CIFI")
Project Name (if applicable)
CIFI
Financing Service
Unsecured Senior Debt
General description of transaction
Unsecured Senior Debt financing to finance green growth projects in Latin America and the Caribbean.
Amount of Financial Support (anticipated/ actual)
USD 15M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
Corporación Interamericana para el Financiamiento de Infraestructura, S.A. ("CIFI")
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
LAAD
Date of public notification (dd/mm/yy)
7/05/2020
Date of signing (dd/mm/yy)
16/07/2020
Domicile (country) of Business Operations
Latin America and The Caribbean
Domicile of Incorporation
Curaçao
Principal Counterparty/ies
LAAD Americas N.V.
Latin American Agribusiness Development Corporation S.A.
Latin American Agribusiness Development Corporation S.A.
Project Name (if applicable)
N/A
Financing Service
Loan
General description of transaction
FinDev Canada seeks to provide LAAD Americas N.V. (“LAAD”) with a senior unsecured loan of up to US$20 million. The structure of the transaction is aligned with LAAD’s business model of providing medium-long-term financing to small and medium, privately-owned agribusiness companies that are export oriented.
Amount of Financial Support (anticipated/ actual)
Up to USD 20M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
TBD
Type of E&S Information Reviewed & Summary of Transaction
Canadian Company Involved (if applicable)
N/A
Bancoldex
Date of public notification (dd/mm/yy)
11/06/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
Colombia
Domicile of Incorporation
Colombia
Principal Counterparty/ies
Banco de Comercio Exterior de Colombia, S.A. (“Bancoldex”)
Project Name (if applicable)
Bancoldex
Financing Service
Unsecured Term Loan
General description of transaction
Unsecured Term Loan financing Bancoldex lending activities in Colombia in response to COVID-19.
Amount of Financial Support (anticipated/ actual)
USD 20M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
Banco de Comercio Exterior de Colombia, S.A.
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
FirstRand
Date of public notification (dd/mm/yy)
02/07/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
South Africa
Domicile of Incorporation
South Africa
Principal Counterparty/ies
FirstRand Bank Limited ("FirstRand")
Project Name (if applicable)
FirstRand
Financing Service
Senior unsecured Loan
General description of transaction
Senior debt to support the growth of FirstRand's lending activities, with a minimum of 30% of the proceeds going towards clients who meet any of the direct criteria of the 2X Challenge.
Amount of Financial Support (anticipated/ actual)
USD 20M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
Banco Davivienda
Date of public notification (dd/mm/yy)
26/08/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
Colombia
Domicile of Incorporation
Colombia
Principal Counterparty/ies
Banco Davivienda S.A. ("Davivienda")
Project Name (if applicable)
Davivienda
Financing Service
Unsecured Subordinated Debt
General description of transaction
Unsecured subordinated debt financing to support Davivienda's further on-lending to small and medium-sized enterprises (SME) and low-income homebuyers in Colombia
Amount of Financial Support (anticipated/ actual)
USD 20M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
Banco Davivienda S.A.
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
Phatisa Food Fund
Date of public notification (dd/mm/yy)
16/09/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
Multiple countries across Africa
Domicile of Incorporation
Mauritius
Principal Counterparty/ies
Phatisa Fund Managers 2 Limited
(the “General Partner”, or “GP”); Phatisa Group Limited (“Phatisa”, the “General Manager”); Actif Africains Investment Limited
(the “General Partner”, or “GP”); Phatisa Group Limited (“Phatisa”, the “General Manager”); Actif Africains Investment Limited
Project Name (if applicable)
Phatisa Food Fund 2 Parallel L.L.C (“PFF 2”)
Financing Service
Fund Investment
General description of transaction
PFF 2 is a pan-African private equity fund seeking to service the African consumer, mainly from the bottom of the pyramid, around a mandate to “feed Africa” with the expansion of local food production and distribution.
Amount of Financial Support (anticipated/ actual)
USD 10M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
AVLA Peru Compañía de Seguros S.A.
Date of public notification (dd/mm/yy)
12/11/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
Peru
Domicile of Incorporation
Peru
Principal Counterparty/ies
Peru SME Debt I; UNO Capital Peru S.A.C. ("UNO"); AVLA Peru Cia. de Seguros S.A. ("AVLA Peru").
Project Name (if applicable)
N/A
Financing Service
Debt
General description of transaction
Debt to “Peru SME Debt I” financing small and medium sized enterprises in Peru originated by UNO Capital S.A.C. and guaranteed by AVLA Peru Compañía de Seguros. S.A..
Amount of Financial Support (anticipated/ actual)
USD 20M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
Miro Forestry
Date of public notification (dd/mm/yy)
17/11/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
United Kingdom
Domicile of Incorporation
United Kingdom
Principal Counterparty/ies
Miro Forestry Developments Limited ("Miro")
Project Name (if applicable)
Miro Forestry
Financing Service
Equity
General description of transaction
Equity investment to finance capital expenditures and expansion of operations, related to plantation expansion and wood processing manufacturing in Ghana and Sierra Leone. The transaction will be 2X eligible.
Amount of Financial Support (anticipated/ actual)
USD 12M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
N/A
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
FEDECRÉDITO
Date of public notification (dd/mm/yy)
07/12/2020
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
El Salvador
Domicile of Incorporation
El Salvador
Principal Counterparty/ies
Federación de Cajas de Crédito y de Bancos de Los Trabajadores Sociedad Cooperativa De Responsabilidad Limitada De Capital Variable (“FEDECRÉDITO”)
Project Name (if applicable)
FEDECRÉDITO
Financing Service
Debt
General description of transaction
Senior secured loan facility for FEDECRÉDITO to support the expansion of lending to Micro, Small and Medium Enterprises in El Salvador, with a minimum of 40% of the funds going to women-owned MSMEs through funds on-lent by FEDECRÉDITO to its members.
Amount of Financial Support (anticipated/ actual)
USD 10M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
Federación de Cajas de Crédito y de Bancos de Los Trabajadores Sociedad Cooperativa De Responsabilidad Limitada De Capital Variable
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
ETG
Date of public notification (dd/mm/yy)
19/01/2021
Date of signing (dd/mm/yy)
TBD
Domicile (country) of Business Operations
UAE (Borrower) - East Africa, West Africa, South Africa
Domicile of Incorporation
UAE
Principal Counterparty/ies
AGRI Commodities & Finance FZ-LLC ("ACF");
ETC Group;
ETG Commodities Ltd;
Export Trading Commodities PTE Ltd.
ETC Group;
ETG Commodities Ltd;
Export Trading Commodities PTE Ltd.
Project Name (if applicable)
N/A
Financing Service
Debt
General description of transaction
Unsecured term loan financing AGRI Commodities & Finance FZ-LLC's working capital needs in Sub-Saharan Africa. The loan is guaranteed by ETC Group, ETG Commodities Ltd and Export Trading Commodities PTE Ltd.
Amount of Financial Support (anticipated/ actual)
USD 25M
Name of Project Sponsor Project Contact (with link to Environmental and Social Impact Assessment (ESIA)) -- if applicable
FinDev Canada classifies this transaction to be Category A which is defined by the IFC Performance Standards as business activities with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible, or unprecedented. Risks in this transaction are driven by ETG's sourcing of high-risk commodities in developing markets where there are known risks or child labour, forced labour, and adverse environmental impacts.
Environmental and social due diligence is currently underway in accordance with FinDev Canada's Environmental & Social (E&S) Policy and will include a review of ETG's E&S risk management systems, practices within their operations and in their supply chains to ensure compliance with appropriate E&S benchmarks, including IFC Performance Standards.
Client Contact: Alok Mishra, Group Head-Sustainability
alok.mishra@etgworld.com
M (India): +91 7710037481
View the Environmental & Social Risk Assessment here.
Environmental and social due diligence is currently underway in accordance with FinDev Canada's Environmental & Social (E&S) Policy and will include a review of ETG's E&S risk management systems, practices within their operations and in their supply chains to ensure compliance with appropriate E&S benchmarks, including IFC Performance Standards.
Client Contact: Alok Mishra, Group Head-Sustainability
alok.mishra@etgworld.com
M (India): +91 7710037481
View the Environmental & Social Risk Assessment here.
Type of E&S Information Reviewed & Summary of Transaction
Coming soon
Canadian Company Involved (if applicable)
N/A
Travel and Hospitality Expenses
As part of our commitment to good governance, we have policies governing the reimbursement of reasonable expenses required for the purposes of business travel and hospitality.
Through our website, we voluntarily publish the travel and hospitality expenses of our Managing Director and senior executives. Expenses are reported by quarter and are reflected in the period during which they are reported in our financial records.
Summary of travel and hospitality expenses for the Managing Director and for senior executives: