Modern slavery statement
1. UK Green Investment Bank plc (“GIB”) was created by the UK Government to back green projects on commercial terms across the UK and to mobilise other private sector capital into the UK’s green economy.
2. GIB makes equity investments (whether directly, through wholly-owned subsidiaries or through funds) and provides debt finance to projects (whether directly or through wholly-owned subsidiaries).
3. To comply with the requirement of Section 54 of the Modern Slavery Act 2015 (the “Act”), this statement is given by GIB for its financial year which ended on 31 March 2016.
4. As a matter of good practice, where relevant this statement also covers GIB’s wholly-owned subsidiaries (together with GIB, the “GIB Group”), even though this approach goes beyond the legal requirement in the Act. This statement contains details of the steps that GIB has taken during the financial year which ended on 31 March 2016 to ensure that neither slavery nor human trafficking (together, “Modern Slavery”) was taking place in the business or supply chains of the GIB Group. This statement considers the risk of Modern Slavery occurring in the business or supply chains of the GIB Group (for example, including consideration of employment practices and the engagement of advisers and suppliers).
5. While not a legal requirement, this statement also contains details of the steps that GIB has taken to ensure that Modern Slavery is not taking place in the projects in which any member of the GIB Group has made an investment or to which any member of the GIB Group has made a loan.
6. In the financial year which ended on 31 March 2016 GIB has:
(a) recruited and employed staff and procured and engaged suppliers and advisers in each case in accordance with robust policies and procedures which seek to minimise the risk of Modern Slavery occurring in the GIB Group, including by only engaging with reputable and credible suppliers and advisers and sought to incorporate standard terms into supplier and adviser engagements which required compliance with all applicable laws (which would include the Act);
(b) maintained robust policies and procedures to require employees of the GIB Group to raise concerns about any issue at the earliest possible stage, which would include any concerns relating to Modern Slavery occurring in the business or supply chains of the GIB Group; and
remained committed to deploying capital and expertise as a responsible investor and took environmental, social (including Modern Slavery) and governance (“ESG”) issues into consideration as an integral part of the entire investment and lending process, as set out in GIB’s Responsible Investment Policy (a copy of which is available on the following webpage: /media/44996/responsible-investment-policy_0116_04.pdf)
7. In the financial year which will end on 31 March 2017, GIB intends to conduct a further review of:
(a) the business and supply chains of the GIB Group to identify any material changes which could have an impact on efforts to prevent Modern Slavery occurring;
(b) the policies and procedures of the GIB Group to consider whether they should be enhanced or supplemented in relation to Modern Slavery;
(c) the GIB Group’s due diligence processes and documentation standards in relation to Modern Slavery to identify any suitable amendments to those processes or documentation standards;
(d) the risk of Modern Slavery occurring across the GIB Group’s business and supply chains, with consideration of additional steps that can be taken to manage the;
(e) the effectiveness of the GIB Group in seeking to ensure that Modern Slavery does not take place in its business or supply chains, with consideration given to whether any specific performance indicators are appropriate; and
(f) the training available to staff of the GIB Group with consideration of whether the training offered should be enhanced or supplemented in relation to Modern Slavery.
8. This statement was approved by the Board of GIB on 19 June 2016 and will be signed by a Director of GIB and published on GIB’s website, with a link to the statement in a prominent place on GIB’s homepage.
Lord Smith of Kelvin
Chairman, UK Green Investment Bank plc
8 July 2016