Governance

Mark Eckstein

Member of the Credit Committee

Mark is the Director of Environmental Social and Governance Impact at CDC, accountable for increasing the quality and consistency of ESG support (risk and value add) across CDC’s portfolio. His role includes responsibilities for ESG policy and process development and leading the development of ESG good practise guidance.

Prior to joining CDC, Mark was Managing Director of the WWF US International Finance program, working across the WWF network on the promotion of sustainable lending and investment practices with banks, private equity firms and other parts of the finance sector. He mentored and built the teams who are implementing WWF’s sustainable finance strategy, with a focus on soft commodities/ agribusiness, extractives and infrastructure.

Over his distinguished career, Mark has also served as E&S Specialist at the IFC and as Environment Advisor for Africa at DFID.

Mark brings with him direct and significant experience in more than thirty countries, including key &Green jurisdictions, and we look forward to his contributions to the Credit Committee.

Project area

Project area

Project Structure

Project Structure

Project area

Social Inclusion

(historical overview)

Intensified Agricultural Production

(historical overview)

Forest Conservation

The number of hectares may be changed due to alterations in SEMA’s methodology for measuring property boundaries in the SIMCAR system. The final area will be formalised after the public agency’s analysis.

Jurisdictional Eligibility Criteria Assessments (JECA’s)

This jurisdictional process is unique to &Green and provides a strong public policy signal alongside the private signal of an &Green investment. The Fund’s jurisdictional process also improves the country and environmental risk profile of the Fund’s investments, as it focuses on jurisdictions which are more likely to implement and enforce environmental policies aligned with the Fund’s investment criteria.

In an initial assessment, only JEC 1 + 2 are assessed.
Continued jurisdictional eligibility is dependent on subsequent bienniel positive assessments of progress on JEC 3, 4 + 5.
Each Jurisdictional Eligibility Criteria Assessment (JECA) is conducted by the Investment Advisor together with experts in each jurisdiction. Each JECA is reviewed by the Fund’s Board of Directors before it is presented to the &Green Advisory Board for Final interpretation and approval of the eligible jurisdiction.
The full description of the JECs is available in Annex A to the ESMS Guidelines.

Approved Jurisdictions

The following jurisdictions have been approved by the &Green Advisory Board for investment by the Fund. Please click on the jurisdiciton to see the Jurisdictional Eligibility Criteria Assessment (JECA) reports upon which the approvals were based.

Additional jurisdictions are continuously being assessed and will be added to the list from time to time upon successful approval.

Liberia

Country level
This jurisdiction has been approved applying an interpretation of the eligibility criteria for Least Developed Countries (LDCs)

Peru

Country level

Investment Process

Landscape Protection Plan

The landscape, or project area, from which the Fund considers its Environmental and Social Returns to be derived includes areas with direct and indirect influence from the investee. The LPP is produced by the investee, supported by &Green, and varies depending on the nature of the investee and the project undertaken.

The LPP is a sustainable long term land use and management plan put forward by the investee, which quantitatively sets out how the impact will be generated during the ﬁnancing period.

The LPP serves to demonstrate and replicate models for inclusive agricultural production models reducing deforestation and to maximize direct positive environmental and social impacts.

The progress towards the LPP milestones is monitored and independently verified.

Forest Cover

(forest conserved & forest restored, historical overview)

Project Structure

&Green Investment Process – JEC

Bayu Krishnamurti

Senior Lecturer, Department of Agribusiness, Bogor Agricultural University

Dr. Bayu Krisnamurthi was Vice Minister of Trade Republic of Indonesia, 2011-2014, Vice Minister Agriculture, Republic of Indonesia 2009 – 2011, Deputy Coordinating Minister for Agriculture and Marine, Coordinating Ministry for Economic Affairs Republic of Indonesia 2005 – 2009, and CEO of Indonesia Estate Crop Fund (IECF) for Palm Oil 2015 – 2017.

He received his PhD on Agriculture Economics from Bogor Agriculture University (1998), university where he started his professional career as a Lecturer / Researcher since 1988. He is an active Senior Staff, Lecturer and Researcher at Agribusiness Department, Faculty of Economic and Management, Bogor Agriculture University.

While serving as government officer, Dr. Krisnamurthi co-initiate and/or co-founded i.e. ISPO (Indonesia Sustainable Palm Oil) certification system, and PISAgro (Partnership on Indonesia Sustainable Agriculture; a private sectors movement promoting Sustainable Development, Food Security, and Poverty Alleviation with about 25 company including MNC). He was also The Program Coordinator for Indonesia National Social Security Program, and a member Indonesia National Coordinating Team for Poverty Reduction, (2008 – 2010); Program Coordinator, Indonesia Biofuel Development Program (2006 – 2008); and Team Coordinator for Indonesia National Coordinating Team for Food Stabilization (2007 – 2010).

Dr. Krisnamurthi received Republic of Indonesia highest medal of honor “Bintang Mahaputra Utama” for his work, dedication and achievement; and special honor of “Ordre du Merite Agricole” from Republic of France, for his role and contribution in world agriculture development also Indonesia – France cooperation.

Ellen Johnson Sirleaf

Her Excellency- President of Liberia and Chair of the Economic Community of West African States

Ellen Johnson Sirleaf has served as the 24th and current President of Liberia since 2006.

She is the first elected female head of state in Africa. Born in Monrovia, she was educated at the College of West Africa before moving to the United States where she studied at Madison Business College and Harvard University. She returned to Liberia to work as Assistant Minister of Finance from 1973–74 and Minister of Finance from 1979–80. After a coup d’état, Sirleaf fled to the U.S. She worked for the World Bank before moving to Nairobi, where she worked for Citibank and then the Equator Bank.

She won the 2005 presidential election, taking office on 16 January 2006, she was then re-elected in 2011. In June 2016, she was elected as the Chair of the Economic Community of West African States, making her the first woman to occupy that position since it was formed. Sirleaf was jointly awarded the 2011 Nobel Peace Prize with Leymah Gbowee of Liberia and Tawakkol Karman of Yemen. The women were recognized “for their non-violent struggle for the safety of women and for women’s rights to full participation in peace-building work.”

Sirleaf was conferred the Indira Gandhi Prize by President of India on 12 September 2013.

Per Fredrik Ilsaas Pharo

Director of the Government of Norway’s International Climate and Forest Initiative

Per F. I. Pharo is Director of the Government of Norway’s International Climate and Forest Initiative, at the Norwegian Ministry of Environment, having served in that function since October 2011. He has been with the initiative as Deputy Director since its inception in 2008. It was set up to deliver on Norwegian prime minister Jens Stoltenberg’s Bali promise, to spend up to 3 billion Norwegian kroner annually to contribute to reducing greenhouse gas emissions from deforestation and forest degradation in developing countries. Basic information on the Initiative can be found on the Norwegian governments webpage about the Climate and Forest Initiative.

Previously, he has worked at McKinsey & Company’s Oslo office, at the Norwegian Ministry of Defense on security policy, defense policy and defense transformation, and as a researcher at the Norwegian Institute of Defense Studies. He has a Candidatus Philologiae degree in history from the University of Oslo, Norway, and a BA in International and US politics and history from Augustana College, Sioux Falls, South Dakota, USA.

Chimwemwe De Gaay Fortuin

Member of the Credit Committee

With more than 20 yrs of commercial finance experience, covering deal origination, structuring, restructuring of bad debt, and credit risk management, Chimwemwe has extensive credit experience and has sat in formal banking credit committees in the past.

She has worked in the development finance sector (FMO) in Latin America, and has covered agribusiness clients, both SMEs and large corporates, whilst at Rabobank in the Netherlands. Chimwemwe is currently an independent financial advisor in the agrifood sector (including international forestry).

Joost Oorthuizen

Executive Director, The Sustainable Trade Initiative (IDH)

The Sustainable Trade Initiative (IDH), is a multi-government funded organization that works with over 350 companies, local governments and civil society to mainstream sustainable trade in internationally traded commodities through public private partnerships. Joost sits on the board of the Better Cotton Initiative, and the Grow Asia and Grow Africa boards of the New Vision for Agriculture Initiative of the World Economic Forum.

Joost started his career in Asia in water engineering and lectured on public-private governance at the Institute of Social Studies in The Hague, the Institute for Hydraulic Engineering and Wageningen University. He continued as management consultant in international retail and the infrastructure. He is an expert in public private stakeholder management, holds a Ph.D. in Natural Resource Management and a post-graduate Master of Change Management degree (MCM).

Helen Clark

Former Prime Minister New Zealand 1999-2008 and UNDP Administrator 2009-2017

Helen Elizabeth Clark served as the Prime Minister of New Zealand from 1999 to 2008, and was the Administrator of the United Nations Development Programme from 2009 to 2017.

She was New Zealand’s fifth-longest serving Prime Minister, and the second woman to hold that office. Forbes magazine ranked her the 22nd most powerful woman in the world in 2016.

The Clark-led government implemented several major economic initiatives, including Kiwibank, the New Zealand Superannuation Fund, the New Zealand Emissions Trading Scheme and KiwiSaver. S
he advocated a number of free-trade agreements with major trading partners, including becoming the first developed nation to sign such an agreement with China.
Clark resigned from Parliament in April 2009 in order to take up the post of Administrator of the United Nations Development Programme.

Helen Elizabeth Clark entered the University of Auckland in 1968 to study politics, and became active in the New Zealand Labour Party. After graduating she lectured in political studies at the university. Clark entered local politics in 1974 and was elected to Parliament in 1981 for the electorate of Mount Albert—a position she held until her resignation in 2009. She held numerous Cabinet positions, including Minister of Housing, Minister of Health and Minister of Conservation. She was Deputy Prime Minister from 1989 to 1990 under Prime Ministers Geoffrey Palmer and Mike Moore. After Labour’s narrow defeat in the 1993 election, Clark became the leader of the Labour Party that she led to a sweeping victory in the 1999 election.

Rosa Lemos de Sá

Secretary General of Funbio, Brazilian Biodiversity Fund

Rosa Lemos de Sá is Secretary General of Funbio since January 2010. Previously, she led the Andes-Amazon Initiative of the Gordon & Betty Moore Foundation between 2006 and 2009, in the United States, and worked at WWF-Brazil for 10 years, occupying the position of Director of Conservation from 2003 to 2006. She has extensive experience in Protected Area Programs, has studied endangered species of primate and the impact of a hydroelectric dam on wildlife population as a Master and Ph.D. student, respectively. Rosa graduated in Wildlife Management from the University of Wisconsin (USA), has an MS in Ecology at the University of Brasilia and a Ph.D. in Wildlife Conservation from the University of Florida (USA).

Agnes Safford

Chairwoman of the Credit Committee

Agnes is currently the Managing Director of GreenWorks Asia. She has over 30yrs of experience in the corporate, investment and climate finance space; and is regarded in the industry as a SE Asian expert. Agnes has extensive experience in the palm oil sector, as well as other relevant sectors including cocoa and forestry.

Agnes previously held director-level positions at 101 Capital, Abacus Capital, and was the Managing Director of ABN Amro Securities in Jakarta.

Claudia Martinez

Member of the Board

Claudia is the Executive Director of E3, and has previously served as Deputy Minister of the Environment of Colombia.

Felia Salim

Member of the Board of Director of Eco Regions International Pte Ltd, Singapore Advisor to QBE insurance group

Ms. Salim has spent more than 30 years in finance and banking. From 2004-2015, she served as Vice President Director of PT Bank Negara Indonesia, one of Indonesia’s largest state banks. With her leadership, the bank adopted environment and social risk assessment criteria in the credit model and received numerous awards in sustainability. At the height of the Asian Crisis in the late nineties, she was the Deputy Chairperson of The Indonesian Bank Restructuring Agency, after serving as the Head of the Secretariat for the Financial Sector Policy Committee.

Ms. Salim actively supports not-for-profit initiatives and has been instrumental in developing several key organizations, such as the Partnership for Governance Reform of Indonesia, whose establishment was supported by the UNDP World Bank-ADB.

She has been instrumental in providing input to the Financial Supervisory Authority with regards to Sustainable Financing regulation. Through her work she introduced the sustainability agenda: e.g. the Partnership’s focus on the Environmental and Economic Governance and climate change.

Nanno Kleiterp

Chairman of the European Development Finance Institutions (EDFI)

Since February of 2017, Nanno Kleiterp is the Chairman of the European Development Finance Institutions (EDFI), a group of 15 European development banks financing private business in emerging markets.

From 2008 to 2016, Nanno was the CEO of the Dutch Development Bank (FMO). Before his appointment as CEO he worked for almost 30 years in different capacities, as Chief Investment Officer, Chief Financial Officer, Director of Latin America and Director of Small and Medium Enterprises.

Before joining FMO, he worked in Peru, Mexico and Nicaragua. Nanno has been Chairman of IUCN, Dutch Chapter from 2013 to 2017. From 2012 to 2016 he chaired the Natural Capital Coalition and he was the Chair of the Advisory Board of VBDO, the Union for Sustainable Investors.

From May 2017, Nanno is a member of the Advisory Board of Commonland, a foundation with the mission is to contribute to a large-scale landscape restoration industry, aligned with international policies and guidelines. He is also member of the Advisory Board of Form International, a forest management and services company, with a focus on the restoration of degraded forest lands into productive, ecologically and socially functioning landscapes.

Luiz Amaral

Member of the Credit Committee

Luiz is the Global Manager for Commodities within the Global Forest Watch (GFW) program of the World Resources Institute. He leads the international team engaging companies and governments in using WRI geospatial tools and information technology to monitor agricultural supply chains, aiming to reduce deforestation and promote sustainable development in agriculture globally. Before joining WRI Luiz was the head of corporate socio-environmental responsibility for Rabobank in Brazil and South America, responsible for E&S risk assessment processes.

Marc Engel

Chief Supply Chain Officer, Unilever

In his 20-year career with Unilever, Marc has worked in Singapore, the Netherlands, UK, Brazil, Switzerland and Kenya. He was appointed as Chief Supply Chain Officer in 2016 and has extensive experience in supply-chain operations, covering procurement, logistics, finance and strategy development.

Marc joined Unilever in 1990 at Unilever Meat Group in Oss, the Netherlands, where he was on the construction team building the Ragu tomato sauce factory, which he later ran as Production Manager. Most recently, he was Executive Vice President for East Africa.

Before this he was Unilever’s Chief Procurement Officer, in charge of the worldwide procurement of third-party goods and services. During his time as Chief Procurement Officer, he was responsible for establishing the Partner to Win programme, which has been instrumental in helping to transform Unilever’s supplier relationships and to deliver its Sustainable Living Plan ambitions.

He has an MSc in applied physics from the University of Groningen in the Netherlands.

He is a member of the Supervisory Board of PostNL and a member of the Advisory Board of the &Green Fund.

Note: This includes both formal employment and day labour. This means that any overlap between the two groups within one household is double counted. This is based on the fact that those households benefit more significantly and that a verification of overlap at household level would be too time and resource-intensive.

Note: Forest cover in surrounding landscape 
For additional information on the areas outside RLU’s concession, please refer to the Landscape Protection Plan.

Note: this includes smallholders participating in a smallholder scheme organized by RLU, smallholders receiving technical assistance or smallholders which RLU sources from at fair prices.

Note: The Smallholder element of RLU’s Community Partnerships Programme is being planned in 2019 and expected to commence on the ground in 2020.

Note: Forest Cover versus Conservation Areas on the RLU concession
RLU has set aside 18,370 ha for conservation on the concessions in Jambi based on High Conservation Value and High Carbon Stock Studies and to create the Wildlife Conservation Area. Due to high levels of historic deforestation over the past two decades, only small parts of these areas are currently forested. The other parts contain a mix of bushland as well as rubber and palm oil planted by villagers. In those parts that RLU controls, forest will be restored and actively protected. Active protection includes all areas with forest cover remaining at the outset of the project. RLU strives to gain control over more areas over time, however this will be influenced by the need to balance protection targets with social dynamics and not the entire area set-aside for conservation may ultimately be restored during the tenor of the &Green financing.

Legal entity	Stichting (Dutch foundation)
Domicile	The Netherlands
Fund duration	Evergreen Fund structure
Launch date & capital committed	July 2017 with USD 100 million committed by Norway's International Climate and Forests Initiative (NICFI)
Investment advisor	Sail Ventures B.V.

Capital terms
Fund capital target	USD 400 million invested by 2022
Capital contributions to the Fund	Bi- and multilateral Donors + Private sector corporates + Foundations

Asset terms
Geographic focus	Tropical forest jurisdictions of South East Asia, Latin America and West Africa, etc.
Financial instruments offered	Long-term subordinate credit (5 – 15 years)
Transaction size (range)	USD 5 – 30 million invested from &Green / Total project transaction size ≥ USD 15 million
Portfolio of investments	Supply chain companies / financial institutions / smallholder projects / project finance structures

Governance

Advisory Board

Board of Directors

Credit Committee

Key Terms of the Fund

Complaints Management Policy