British International Investment

Foreign, Commonwealth and Development Office written question – answered on 25 May 2022.

Alert me about debates like this

Photo of Alexander Stafford Alexander Stafford Conservative, Rother Valley

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps she is taking to ensure that beneficiaries of British International Investment investments are not minimising their environmental impact.

Photo of Amanda Milling Amanda Milling Minister of State (Foreign, Commonwealth and Development Office)

British International Investment's (BII) Policy on Responsible Investing sets out the environmental, social and business integrity requirements for investees. The policy is aligned to international best practice including the International Finance Corporation's Performance Standards and the UN Guiding Principles on Business and Human Rights. Investees are expected to comply with the Policy. It is available here:

Prior to making an investment, BII conducts a development impact assessment and undertakes environmental, social and governance (ESG) due diligence. These include consideration of the potential for positive environmental and social impacts and the identification of environmental and social risks that need to be mitigated. Compliance is monitored through regular engagement between BII's ESG I team and the investee, including on Environmental & Social Action Plans and annual monitoring reports. These requirements are captured as part of investment agreements between BII and the investee.

As sole shareholder of BII, the FCDO has oversight of BII's operations, through Quarterly and Annual Shareholder Meetings, as well as dedicated meetings on ESG standards. The FCDO regularly raises ESG issues with BII through the governance channels.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.