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Responsible Investment Philosophy:

Responsible investment (RI) is an umbrella term used to describe a broad range of approaches that can be used to incorporate ESG considerations into the investment process. RI is also sometimes referred to as sustainable investment. PH&N views ESG integration as systematically incorporating ESG factors into investment processes with the goal to identify potential risks and opportunities and improve long term, risk-adjusted returns.

Their approach to RI is comprised of three pillars and PH&N takes specific actions under each of these pillars to deliver investment returns without undue risk of loss.

• Fully integrated ESG: All investment teams integrate relevant ESG factors into their investment processes.
• Active Stewardship: PH&N conveys its views through thoughtful proxy voting, engagement with issuers and regulatory bodies, and collaboration with other like-minded investors.
• Client-driven solutions and reporting: PH&N aligns solutions with client demand and provide transparent and meaningful reporting.

Integration in the Investment Process:

Rather than applying a top-down ESG investment screen, PH&N teams assesses the risks and opportunities associated with issuers’ ESG practices throughout the due diligence process. A team’s main goal is to understand the impact of such practices on the company’s overall sustainability and credit quality. The teams employ a wide range of resources to expand their insight of pertinent ESG information, including management and rating agency engagement, as well as third-party research. PH&N does not force themselves to look for ESG factors in order to fulfill an arbitrary requirement, but instead, believe it is prudent and vital to look at a corporate bond in its entirety. This research naturally includes ESG considerations to the extent that they reflect the quality and value proposition of an investment.

Global Credit Rating Agency (CRA) Case Study:

Engagement Rationale: The PH&N Fixed Income Team engaged with a CRA regarding the concerning market trend of debt issuers only obtaining one credit rating, with two ratings generally considered the standard. The team believes this practice removes important checks and balances provided by having multiple independent assessments. There was also discussion about areas of the Canadian debt market where the CRA’s credit ratings appear to be generous in nature, with specific examples highlighted for the REITs and energy sectors. During the engagement, the team sought clarifications with respect to the CRA’s incentive and compensation structure. The team also reiterated the importance of the CRA ensuring it maintains the trust and confidence of investors. It was agreed to continue open dialogue and engage with the CRA’s analytical and business development teams.

Highlights and Outcome: Subsequent to the team’s conversations, the CRA hosted a webinar to walk investors through its credit rating methodology in detail. However, the team’s view is that an understanding of the methodology is not the issue. Rather, it is that the methodology appears overly generous in its approach and the team is seeing issuers actively engaging in “rating shopping” and opting to choose this CRA as their sole rating agency. The team continues to engage the CRA regarding issuers where it feels the issuers are mis-rated. The team has not seen the CRA take any material actions to address this concern yet. However, recent conversations indicate it is open to the team’s views on certain credits.

Responsible Investment Philosophy:

RPIA’s objective is to add value for investors through a focus on long-term capital preservation and growth. The firm believes that ESG factors can materially impact the risk and return profile of the corporate fixed income securities in which it invests and that understanding these issues enables RPIA to better manage downside risk and present new opportunities to create value for investors.

Integration in the Investment Process:

RPIA’s ESG integration framework includes analysis across all three ESG pillars and focused analysis on both climate change and diversity & inclusion. The ESG pillars encapsulate many of the long-term and large-scale trends which the firm believe will result in both risks and opportunities that all companies must address over time. These pillars have been designed to help the team aggregate ESG related information (both quantitative and qualitative) so that RPIA may incorporate ESG-related risks/opportunities into its overall view on an issuer’s credit worthiness and relative value. RPIA believes the content within these pillars provide the necessary breadth to accurately assess ESG risks across the sectors within which the firm invests.

Case Study: US Telecommunication Company

Engagement Rationale:

• RPIA had maintained a medium sized position held in a few of its mandates. Given its continued efforts to retire coal assets and expand low-carbon infrastructure, RPIA reviewed the company’s decarbonization strategy, climate risk planning, and Indigenous economic participation.

Highlights and Outcome:

• Since 2019, the company has reduced GHG emissions by 34% and aims to reach a 50% reduction by 2030. Coal retirements in Arizona have been key, with 388 MW already decommissioned and another 892 MW scheduled for closure by 2032.
• The company’s most recent integrated resource plan supports this schedule and includes hydrogen-ready natural gas generation for system reliability.
• The company has a 2050 net-zero goal but notes that achieving the final 25% reduction will require new technologies such as carbon capture or clean hydrogen.
• While no corporate targets have been set for Scope 2 and 3 emissions, the company is transparent in reporting them, including line losses and other emissions often excluded by peers.
• A recent climate scenario analysis identified wildfires, heat, and wind as the top physical risks. Mitigation efforts, including vegetation management and infrastructure hardening, are being integrated into capital plans.
• On the social side, the company has connected 17 remote Indigenous communities through a large transmission project. Five of twelve directors have relevant ESG experience on the board. Executive compensation has been tied to reliability targets, as evidenced by withheld payouts following an increase in outage duration.

Responsible Investment Philosophy:

BlackRock Real Assets recognizes the environmental, social and economic impacts of our investments and believe that a robust, integrated approach to sustainable investing is essential in preserving and enhancing the value of the firm’s assets throughout their investment lifecycle. Given the long term and physical nature of BlackRock’s real assets investments, it considers effective environmental, social and corporate governance (ESG) assessment and management to be a fundamental component of risk management.

BlackRock has been providing investors with pure-play renewable energy and climate infrastructure investment opportunities since 2011. Its investment thesis is built upon the transition to a zero-carbon economy and it recognizes the increasing global aspirations to reach net zero emissions by 2050 will only further accelerate this transition.

Additionally, BlackRock is advancing its approach to measuring, monitoring, and managing climate impacts at the individual project-level and across its portfolios. Over the past two years the firm has significantly enhanced its impact measurement framework, specifically focusing on its approach to measuring and reporting greenhouse gas emissions across our investments. BlackRock incorporates an analysis of these impacts, in addition to broader social and environmental impacts, into each stage of its investment process across sourcing, due diligence, investment approval, and asset ownership and management.

Integration in the Investment Process:

When evaluating investments, ESG risks and opportunities (which may have a material impact throughout the investment life cycle) are fully considered alongside traditional investment approaches by GRP’s investment management team. While taking into account the varying nature of our investments, BlackRock’s approach to integrating ESG within its investment processes is outlined below:

Sourcing and Screening:

• Initial ESG assessments are performed to help identify any ESG “deal breakers” or any issues that require more extensive due diligence.
• Analysis helps inform decisions on whether to progress the investment opportunity or not.
• This may include activities such as desktop reviews of key project documentation, including planning permission conditions and Environmental Impact Assessments. For greenfield projects, ESG considerations are factored into the design process and project planning.

Due Diligence:

• ESG risk assessments are undertaken for all new investments. This may include the use of proprietary ESG Questionnaires, reviews from external consultants and site visits.
• BlackRock aims to identify and quantify the financial impacts of material ESG risks and integrate these into our valuation models as appropriate.
• This may include the identification of the counterparty who BlackRock believe is best placed to manage the relevant ESG risk, and due diligence on the lead sponsor when it is investing as a debt provider.

Investment Committee Approval:

• Material ESG risks and opportunities are recorded throughout the investment process and, where appropriate, discussed with the relevant Investment Committee.
• Recommendations will be made using a reasonable and considered professional judgment based on the information and data available.
• BlackRock Real Assets will not invest if the relevant Investment Committee determines that any ESG risks cannot be sufficiently quantified or mitigated. 

Project Lotus Case Study:

Project Lotus is a preferred equity investment in a leading residential solar company aiming to build roughly 900 MW of assets over the next several years. As part of the due diligence and investment in Lotus, BlackRock’s investment team noted the following:

• The nature of residential solar projects typically poses much lower risks to protected species and water pollution in comparison to large-scale renewable projects;
• This company is active in the residential solar industry and uses existing home rooftops to site its renewable energy projects, limiting the impact on land and local wildlife; and
• Residential solar allows the consumer to generate clean energy and a direct saving on utilities to regular homeowners.

Responsible Investment Philosophy:

Active Impact invests in early stage climate tech solutions that can solve the most urgent environmental solutions. It maintains that it can achieve venture scale profits by investing exclusively in companies that make a significant positive impact on greenhouse gas emissions or waste. As a Certified B Corp Active Impact looks beyond ESG or Responsible Investment risks/practices in an endeavour to only invest in operations that are as impactful as the product.

Impact Integration in the Investment Process:

The first screen Active Impact uses in its investment process is  to analyze whether a company fits its impact mandate within one of the following four climate verticals: clean energy & transportation, smart infrastructure, sustainable food & water and circular & sharing economy. During the diligence process we dig deeply into the product's impact today and future potential. Post investment, every portfolio company reports environmental impact key performance indicators quarterly. This data is used on aggregate to measure the impact of the fund and also at the portfolio company level to inform active support. Annually, diversity is measured internally and at the portfolio company level.

Case Study: CABN, Toronto, ON:

CABN manufactures net-zero homes in a factory, the way you'd build a car. Its vertically integrated trees to keys" mod­el uses robotics, automation and patent-pending scanning technology to cut material waste and compress build times, while each home uses about 80% less energy than a conven­tional one and is designed to generate more energy than it consumes. That relieves both constraints at once: more hous­ing, built faster, that supports the grid instead of burdening it.

In 2025, CABN sold its largest project to date, a 54-unit, six-storey development, proving the model scales from single homes to mid-rise buildings, where factory production can cut construction from as much as three years to under six months.

They are now expanding the 90,000-sq-ft Brockville plant, which at full capacity can produce 552,000 sq ft of housing per year.

Responsible Investment Philosophy:

Raven considers ESG to be important for the following reasons:

• ESG factors are key in determining risk and return, as well as impact risks;
• Helps improve our investees’ financial and operational performance. More efficient and cost-effective operations can, for instance, be achieved by reducing waste, emissions and effluents;
• Helps prepare our portfolio companies to become strong ESG performers by the time of exit, and with a preference for exits to ESG-aligned buyers;
• Helps us identify appropriate risk mitigation strategies for risks identified and/or anticipated;
• Helps us avoid ESG-related reputational risk, while at the same time enhances our brand value and reputation as an ESG-aligned investor; and
• Speeds up the disclosure process when closing legal transaction documents, avoiding last-minute disclosures regarding ESG risks.

Impact Integration in the Investment Process:

Raven has a binary impact screen where each investment opportunity must meet, or exceed, an Indigenous impact threshold comprised of factors including ownership, governance, management, supply chain, intended beneficiaries, cultural integrity, environmental footprint and gender equality.

Case Study: Salish Soils, Sechelt, BC:

There are limited options for large-scale waste management in the Sunshine Coast. Waste disposal in the landfill results in the creation of methane and other harmful greenhouse gases from the burning or burial of waste materials.

Salish Soils is an Indigenous-led waste-to-resource company that addresses the intersection of waste management, climate change, soil health, and Indigenous economic development—turning organic waste into regenerative soil products while creating sustainable, Indigenous community-rooted solutions. They convert organic and construction waste into compost, soil, and mulch, supporting agricul­ture, landscaping, and land regeneration.

Salish Soils reduces landfill use and emissions by replacing imported soil with locally produced alternatives, while supporting farms, strengthening regional food systems, and creating Indigenous employment and leadership opportunities.