We can only achieve our objectives and expect our investees to adopt sustainable practices by demonstrating robustness in our own processes and procedures. Our key governance committees are set out below:
Responsible for decisions including credit and investment approvals made by the Board and Investment Committee (subject to agreed delegated authorities to committees and management). AgDevCo has instituted a Remuneration Committee and a Board-approved Remuneration Policy and Procedure.
Responsible for the management of the business, and includes the sub-committee for Portfolio Management.
Based in-country and in London, responsible for investment identification, appraisal, monitoring and evaluation, with support from corporate teams as appropriate.
As far as possible located in Africa with advisers having a dual reporting responsibility to both the Commercial Agriculture Director and the relevant Country Director.
Including finance, legal and portfolio functions led from London, working closely with Country offices.
We analyse the risk profile of each investment we undertake as part of the due diligence process, and monitor each investee’s financial and impact performance on an ongoing basis. All investments are subject to a quarterly review by the Portfolio Management sub-Committee, and the Audit and Risk Committee meets quarterly to review the Risk Register and performance in line with AgDevCo’s Risk Policy. This Register contains the wider set of risks that AgDevCo faces, and is used to guide the most appropriate risk mitigation actions. Urgent items are brought to the attention of the Committees immediately between scheduled meetings.
AgDevCo has zero-tolerance of all illegal activities (including but not limited to bribery and corruption, money laundering and tax evasion (or facilitation of tax evasion)) and of any forms of sexual, physical or psychological harassment, abuse or exploitation. Our Code of Conduct applies to all AgDevCo staff and contractors. In line with our 2019 Gender Strategy, as a pre-condition of investment all new investees are required to have a policy statement on zero tolerance of gendered harassment, an anonymous grievance mechanism, and to inform all workers of these.
AgDevCo has a policy and operational management framework designed to address the safeguarding requirements of its funders, this includes aspects of our HR policies and procedures and our Code of Conduct.
We require investees to report all serious incidents which would include any potential safeguarding concerns associated with illegal acts.