In a world undergoing profound change, one conviction stands out: sustainable performance is no longer an option. It is a prerequisite.
Our conviction is simple and unwavering: ESG is not a separate issue but rather a natural component of investment, just like strategic, financial or human analysis. It guides decisions, shapes due diligence and inspires transformation plans.
We reject one-size-fits-all approaches. Every company has its own challenges, priorities and starting point, and deserves a path that suits it. Our role is to identify the levers that really matter.
We believe in a shared vision: companies that are more resilient, more responsible, and aligned with the challenges facing their industry. But the paths to achieving this are numerous, unique and demanding. Our approach is entrepreneurial: ambitious in its goals, pragmatic in its methods, and rigorous in its monitoring.
We recognise that certain choices come at a cost, and that their impact is felt over time because they determine the strength and attractiveness of companies.
As a shareholder, we help set an ambition and enable our portfolio companies to implement their strategy. To this end, they can rely on our operational support and our network, as well as on the expertise of the Group's most established companies.
Because these are uncertain times, we must stay the course. Because the situation is unpredictable, we must maintain a clear vision. A shared horizon, distinct paths.
For HLD, being a shareholder means
Sharing and steering a vision
ESG today stands as a framework for assessing corporate performance and transformation. The challenge is not to accumulate commitments, but to identify the truly fundamental priorities – those that are integral to the business and can produce a measurable impact over time.
Sharing a vision means setting a course alongside management teams to foster the Group's ambition at the level of each company. Steering this process involves organising its implementation over the long term, while leaving each company responsible for translating this ambition into its own operational reality.
Points of view…
ESG at the heart of our process
1. Investment phase
Integration of ESG issues into the analysis, alongside other processes (financial, strategic, etc.).
- ESG due diligence: compliance with main laws and regulations, maturity and performance, impact on business and sector, etc.
- Identification of ESG-related risks and opportunities
- Formulation of a preliminary action plan
- Sharing with ESG Committee
2. Holding period
Monitoring and co-steering the ESG
- Drawing up of a carbon footprint
- Selection of impact areas
- Validation of the ESG roadmap and key indicators (ambitions, objectives, action plan, KPIs and budget)
- Annual ESG review (progress made, implementation of action plan, roadmap update, etc.)
- Regular monitoring of progress through monthly Boards
- Sharing of experience: ESG day for holdings (every 2 years)
- Since January 2023, Cority-SIRSA has been supporting HLD and its investments in measuring and monitoring the reduction of their carbon footprint.
3. Exit
Ongoing commitment
- Highlight progress made
- Report on monitored indicators
Sharing and steering a vision means
Providing the means to succeed
Sharing a vision is merely a prerequisite, as execution is, as always, the key to genuine success. ESG is therefore translated into concrete measures — measurement tools, monitoring frameworks, structured priorities — which enable commitments to be embedded in corporate governance and ensure all teams are on board. The challenge is not to standardise practices, but to take the time to make them 'operational', measurable and comparable over time. It is this ability to structure an approach, track its progress and link it to business priorities that transforms an ambition into a clear path forward.
Points of view…
3 pillars to structure ESG
1. Integrated governance
- An ESG Committee, working in conjunction with the Management Board, sets the direction, steers the initiative and oversees its roll-out across the Group and its portfolio companies.
- The creation of an ESG commission strengthens the link between governance, investment teams and operational realities.
2. Structured practices
- The Code of Ethics and ESG Policy provide a framework for the Group's commitments and their integration into investment decisions.
- Teams are trained to integrate ESG considerations from the due diligence stage onwards and throughout the investment cycle.
3. Support from expert partners
- PwC provides support with structuring, management and training.
- Cority-SIRSA enables annual monitoring of ESG performance via shared indicators.
The HLD Group has selected SIRSA and its Reporting 21 tool (portfolio companies and holding company activities) in order to obtain the most reliable data possible, thereby enabling progress towards six main objectives:
Providing the means to succeed means
Acting together with conviction
ESG trajectories cannot be rolled out uniformly: they must be adapted to specific contexts, business lines and levels of maturity. As an investment group, we have both a 'consolidated vision' of ESG and specific ambitions for each company in our portfolio.
This approach therefore requires us to 'standardise' certain practices – such as measuring carbon footprints, for example – while drawing inspiration from certain portfolio companies that are pioneers in this field.
As a result, our operational support benefits the less mature companies and draws on the experience of the most advanced ones.
Points of view…
All companies in the portfolio are assessed annually according to an ESG framework standardised by the Group, based on 138 indicators (quantitative, qualitative, closed-ended questions and multiple-choice questions) covering five main themes, which enable a roadmap specific to each company to be drawn up.
1. Governance
Governance structure, CSR governance, Business ethics, Information security
2. Environmental footprint
Environmental management, Energy, GHG emissions, Waste, Biodiversity, Water
3. Social footprint
Workforce, Employment, Human resources, Diversity and inclusion, Health and safety, Training, Employee benefits and value sharing
4. Supply chain
Organisation, Raw materials, Responsible procurement
5. Impact of products and services
Environmental and social impacts, Taxonomy
Focus Group
Acting together with conviction means
Fostering a sense of community
Structuring, steering, implementation: transformation relies on shared responsibility, between the overarching framework and its adoption across companies.
As a shareholder, we have the capacity to foster a dynamic – sometimes collective – based on the sharing of experiences, the exchange of best practice, and setting an example… and we also have the opportunity to call upon experts, partners or pioneers to support the collective thinking across all our companies. Some companies lead the way, others draw inspiration from them; all contribute to advancing approaches, including at holding company level.
Points of view…
HLD: a European investment holding company committed to creating sustainable value
HLD, a European investment group with permanent capital, supports high-potential companies through their transformation and growth phases, without any duration constraints. The holding company stands out for its gradual yet structured integration of ESG considerations at the heart of its investment strategy, with an ESG score of 73% in 2024 (+7 points). This approach is based on close engagement with the management teams of its portfolio companies, a consolidated view of risks and impacts, and a commitment to aligning with market best practice.
This strategy translates into responsible governance, active management of environmental and social impacts, and support for portfolio companies in moving towards more sustainable trajectories.
Focus Holding
Find out more about our portfolio companies’ commitment