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MOLTEN VENTURES PLC

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Molten Ventures : Sustainability Report 2022

06/24/2022 EDT

ANNUAL REPORT FY22

Sustainability

Report

Excerpt from Molten Ventures plc

Annual Report FY22

REGISTRATION NUMBER: 09799594

SUSTAINABILITY REPORT

Contents

  1. Our progress in the year
  1. Our ESG policy in action
  2. Responsible investment
  3. Alignment of portfolio to UN SDGs
  4. Portfolio engagement in ESG
  5. Case study: Climate tech at Molten Ventures
  1. SECR and carbon emissions
  1. TCFD Report
  1. Social and D&I
  1. Governance

ESG at Molten in numbers

This year...

44

We offset

97

portfolio companies

tCO2e

mapped to at least

one UN SDG

Sustainability at Molten

Our mission at Molten is to positively contribute to a future which is sustainable, fair and accessible to all. As responsible investors, we are committed to ensuring that the development of best-in-class technology companies takes place alongside a strong grounding in environmental, social and governance ("ESG") practices. Our ESG Policy (available on our website) sets out how we aim to achieve this, actively engaging with companies from deal sourcing and due diligence through to ongoing mapping and monitoring and an annual assessment of

their ESG performance. Not only this, we also recognise the importance of practicing what we preach and so continue to develop our internal ESG strategy to ensure that we are doing our bit. We are dedicated to reducing our Greenhouse Gas (GHG) emissions, promoting Diversity and Inclusion and demonstrating good governance in our own activities and in our interaction with our portfolio companies.

Our ESG responsibility as a VC

Venture capital firms have the unique opportunity to invest in companies pioneering innovative technologies, services and products which can positively impact the development of a fairer, more resilient society. At Molten, we are committed not only to investing in businesses and entrepreneurs who are changing the world in a positive way, but to encourage improvements in their ESG performance throughout the life of the investment. After

The Molten team

comprised of

46%

female personnel

We made

3

new investments in climate tech companies

Compliance training

was completed by

100%

of our employees*

The Molten team

comprised of

15%

personnel from an ethnic minority background

68%

of our Investment Team received ESG training

81%

of portfolio company respondents to Molten's ESG Framework have anti- bribery/anti-corruption policies in place

all, who is better positioned to find ground- breaking, sustainable solutions for our future than forward-thinking VC funds and the innovative businesses they nurture?

  • 100% of full-time employees during Q4 of FY22 (excluding those on parental leave).

01

ANNUAL REPORT FY22

Our progress in the year

Activities in the year:

September/October 2021

TCFD Workshops based on climate-related financial risks and scenario analysis

Voluntary unconscious bias training completed by 38 employees

April 2021

Submitted our first report to the UN Principles of Responsible Investment

August 2021

Roll out of Molten's Group-wide Diversity, Equality and Inclusion Recruitment Policy to minimise bias in hiring process

May 2021

Offset 260 tonnes of carbon attributed to Molten operations through UK-based peatland restoration projects and reforestation efforts in Brazil

July 2021

Board Diversity & Inclusion

Policy was released

Richard Pelly appointed as Designated Non-Executive Director with responsibility for employee engagement

December 2021

ESG Framework was shared with portfolio companies to collect data and monitor ESG progress across the portfolio

January 2022

Molten hosted Portfolio ESG Event: Carbon emissions, reduction and offsetting

Investment Team ESG Training led by ITPEnergised to improve ESG integration in the investment process

FY22 ESG KPIs

FY22

ESG KPI

Progress Status

Environmental

Establish a roadmap to allow us to make

100% Achieved

TCFD disclosures in the FY22 cycle

Through careful planning and alignment with our established roadmap, our

TCFD FY22 disclosure is included on pages 58-63

Social

Create and implement a Group-wide

100% Achieved

Diversity and Inclusion Policy and a Board

Board D&I Policy adopted in July 2021

D&I Policy

Group D&I & Equal Opportunities Policy adopted in February 2022

Governance

Strategically engage with between 10 and

100% Achieved

15 portfolio management teams on their

We have engaged the management teams of 27 portfolio companies through

governance arrangements

our ESG Framework as part of the due diligence process, including 18

governance-oriented areas of focus

Holistic

Provide a training programme for the

100% Achieved

Investment Team applying our ESG policy to

Our Investment Team training was led by external consultants ITPEnergised in

our investment process

January and provided the team with practical guidance on integrating ESG more

effectively in our investment process

SUSTAINABILITY REPORT

FY23 ESG KPIs

The ESG KPI indexes 10% bonus entitlement for all staff and Executive Directors (see further details on page 113).

FY23

ESG KPI

Overarching

• Develop and formalise the Company's Corporate Purpose to articulate our core reason for being, in alignment

with the Group's ESG Policy

• Track and report on the metrics used by the Company to evaluate potential investments in alignment with the

Company's ESG Policy

• Deliver two portfolio engagement events focused on ESG-related risks and opportunities

Environmental

• Implement a Climate Strategy which defines the Group's GHG reduction targets, KPIs and roadmap to net zero

• Engage with the management teams of at least 50% of direct primary investments during the period to establish their

Scope 1 and 2 GHG emissions and assist with GHG reduction plans, footprint analysis and offsetting schemes up to a level

of £10,000 per portfolio company

• Increase accuracy of Scope 3 measurements (upstream and downstream) to report against the SECR and TCFD frameworks

• Undertake the Company's first CDP Climate Change disclosure

Social

• Develop the Group's D&I Recruitment Policy to track and report on D&I-related metrics through the hiring process

• Achieve implementation by 80-100% of directly held portfolio companies of a (i) Parental Policy and

(ii) Health & Wellbeing Policy

• Establish, track and report portfolio progress across a range of core D&I targets

Governance

• Develop and publish a Group Human Rights Policy

• Achieve implementation by 80-100% of directly held portfolio companies of a (i) Cyber Security Policy,

(ii) Anti-Bribery and Anti-Corruption Policy, (iii) Whistleblowing Policy, and (iv) Anti-Harassment Policy

February 2022

Tied-1st place as a Top VC Performer in ITPEnergised and Orbis Advisory ESG Transparency Index

Internal workshop led by BeEthical exploring the practicalities of establishing a charitable foundation

Group-wide Diversity, Equality and Inclusion (DEI) & Equal Opportunities Policy was released

Became a signatory of the Investing in Women Code

March 2022

Charitable Incorporated Globalisation (CIO), the Esprit Foundation, received acceptance by the Charity Commission

Goal Setting and Personal Development all-staff workshop led by external Wellbeing and Performance expert

Attained the Diversity VC Standard Level 1 certification

Externally-ledDEI-focused session delivered to ESG Working Group covering best practice and next steps in our ESG journey

ESG Committee established by the Board

Looking forward

Responding to the CDP Climate Change questionnaire

First year reporting as a signatory to the Investing in Women Code

First year of charitable activities of the Esprit Foundation

Delivering against FY23 ESG KPIs (see above)

03

ANNUAL REPORT FY22

Our ESG policy in action

Our mission is to empower Europe to invent the future. We want that future to be sustainable, fair and accessible to all.

We aim to use our platform in VC to encourage and promote our ESG values and ESG considerations in developing best-in-class technology companies and achieving strong returns for our investors.

External benchmarking

It is important to demonstrate our commitment to ESG and responsible investment through voluntary involvement with external standards and frameworks. We remain at the formative years of our ESG benchmarking process, but hope to establish a baseline from which we can compare and track improvements against in the future.

We are aligned with…

UN Sustainable Development Goals

Ensuring that our entire portfolio is assessed against these goals, and alignment with specific targets and indicators is identified as part of our due diligence process.

We are signatories of…

UN Principles for Responsible Investment

Demonstrating our recognition of the role we play and responsibilities we hold in building a more sustainable financial system.

Investing in Women Code

Highlighting our commitment to female empowerment by improving female entrepreneurs' access to tools, resources and finance.

We currently report against…

The Taskforce for Climate-Related Financial Disclosures ("TCFD")

To improve our understanding and management of the risks and opportunities presented by rising temperatures, climate-related policy and emerging technologies.

Streamlined Energy and Carbon Reporting ("SECR")

Indicating our dedication to reducing our carbon emissions year on year through the implementation of energy efficiency measures.

UN Principles for Responsible Investment

Reflecting our commitment to integrate ESG factors into our investment analysis and decision-making processes.

We plan to report against…

CDP

Which will enable us to disclose our greenhouse gas emissions and other voluntary metrics and become more transparent about our environmental impact.

FUND OF FUNDS IMPACT PANEL

Associate, Mohadeseh Abdullahi joined by Karl Lokko (Blackseed), Ella Goldner (Zinc), and Patrick Newton (Form Ventures) pictured from right to left.

Disclaimer

Molten Ventures plc published this content on 24 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2022 11:10:01 UTC.


© Publicnow 2022
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Net income 2023 129 M 157 M 157 M
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Yield 2023 -
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Daragh Phelan Finance Director
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