ESG Reporting Toolkit

ESG REPORTING TOOLKIT
DEVELOPED IN PARTNERSHIP WITH ERM

FOR KKR PORTFOLIO COMPANIES
MARCH 2022
CONFIDENTIAL AND PROPRIETARY:

For KKR portfolio companies only
How to use this toolkit
This toolkit is intended to be used by practitioners and serve as a guide for companies in the ESG reporting process. Please refer to the accompanying
CEO guide for senior level guidance on this topic.
This toolkit is not meant to inform companies on how to comply with relevant laws. It is being provided to KKR’s portfolio companies for informational
purposes only; it is intended for global use and does not take into account country-specific regulatory requirements. Further, the information and
opinions herein are not and should not be construed as legal advice. Portfolio companies are encouraged to seek legal advice regarding all aspects of
this toolkit, including whether to implement any or all of the action steps provided herein. Certain information including views and opinions has been
obtained from third-party resources, as specified herein. KKR does not represent that such information is accurate or complete, and KKR has not
undertaken any independent review of such information. Third-party resources, including vendors, if any, are identified in this publication for
informational purposes only. KKR does not recommend or endorse any third-party resource, has not performed any due diligence or independent
evaluation of such resources, and assumes no duty to do so. KKR makes no representation that any resource including any vendor is suitable for your
company, and your company bears the sole responsibility of evaluating the merits and risks associated with the use of any resource.
If you have questions about the toolkit or contents herein, please find relevant contacts listed on the back cover of this document.
CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 2

Toolkit Objectives
Intended to be used by practitioners.

Educate & Upskill Offer Support Supplemented by a CEO Guide to
Share the value of ESG reporting with KKR Provide step-by-step support
and practical resources to guide you support senior leaders in the ESG
portfolio companies
in the ESG reporting process reporting process.
Intended for global use and does not Intended for global use and does not
take into account country specific take into account country specific
regulatory requirements. Improve Reporting regulatory requirements.
Improve your company’s ESG reporting
to drive overall ESG management
and performance

Contents
Section & Content Page
I The Business Case for ESG Reporting 5

• Why Conduct ESG Reporting? • Defining ESG and ESG Reporting • Key Players in the ESG Reporting Ecosystem
II Market Trends in ESG Reporting 11

• Global ESG Reporting Trends • Reporting Trends for Key Topics and Sample • Growing Momentum behind ESG Reporting
Sectors Practices
III ESG Reporting Process 16

• Getting Started • 7 Key Activities • Checklist for First Time Reporters
IV Best Practice Case Studies 31
Case Studies
• ESG Governance • Framework Alignment • ESG Data & Data Visualization
• Materiality Assessment • Storytelling and Design • Reporting Formats
APPENDIX Appendices 46
• Appendix 1: Summary of Step-by-Step • Appendix 2: Update on KKR’s ESG • Appendix 3: Glossary of Terms
Reporting Guide Data Collection Efforts & Additional Resources

I The Business Case for ESG Reporting

Why Conduct ESG Reporting?
A company’s decision to report publicly on its ESG activities and performance can be driven by multiple factors
Enhance Valuation Improve Reputation

According to investors, strong ESG performance deserves a premium. ESG reporting can Demonstrating commitment and transparency in managing and reporting on ESG
help demonstrate effective management of ESG issues. issues can also improve a company’s reputation as a responsible business.
92% of investors agree that companies with strong ESG performance

deserve premium valuations of share prices. 62% of consumers attach higher value to purpose-led brands which
are transparent on social, environmental, and cultural issues.
(Edelman) (Accenture)
Identify Risks and Opportunities Take Ownership of a Company’s ESG “Story”

The process of reporting on ESG issues can help companies better understand Proactively telling a company’s own value creation story through corporate disclosure
and manage ESG-related risks and identify opportunities for value creation. of ESG activities and performance can help inform and reinforce third-party analyses
by ESG ratings and other stakeholders.
“It’s also why we ask you to issue reports consistent with the Task Force on
Climate-related Financial Disclosures (TCFD): because we believe these are essential “ESG disclosure is a time stamp to demonstrate where we’ve been, what happened
tools for understanding a company’s ability to adapt for the future.” in our space and why, and to build trust in where we are going.”
(Larry Fink, CEO, Blackrock) (WBCSD)

Why Conduct ESG Reporting? (cont’d)
Stakeholders expect increasingly more transparency on ESG priorities and reporting practices
Investors Stock Exchanges Customers Employees Competitors

Growing recognition of Rise in mandatory ESG and Increasing awareness of the Public ESG commitments ESG disclosures influence
ESG performance driving climate reporting disclosures ESG impacts of businesses enhance employee the company’s branding
business results and in stock exchanges around and demand greater motivation, purpose, and reputation, and
expectations of disclosure on the world. transparency and evidence attraction, and retention. competitiveness in
the ESG management of responsible practices. the market.
approach.
93% 70% 79% 96%

of 54 private equity investors Stock exchanges have of consumers are willing to of millennials surveyed of the world’s 250 largest
globally believe focusing on mandated or plan to pay premium for brands that consider a company’s companies by revenue
ESG will generate “strong mandate TCFD reporting by provide transparency on sustainability actions when report on sustainability.
investment opportunities.” 2025. ESG. choosing where to work.
(ERM) e.g. HKEX, EuroNext, TSE (IBM) (ERM) (KPMG)
CONFIDENTIAL
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only 7
Defining ESG and Sustainability
Examples of ESG Issues

What are ESG issues?
ESG is primarily used by investors to describe “non-financial” Environmental
risks or opportunities that have an impact on corporate • Biodiversity • Emissions
performance. This includes environmental, social, • Energy • Waste
governance, as well as reputational, geopolitical, • Water and Effluents • Climate Change
and regulatory issues.
ESG is often used interchangeably with terms such as

“sustainability,” “corporate responsibility,” or “corporate
citizenship,” though these can also refer to different Social
types of activities, such as philanthropy. • Data Privacy • Consumer Protection
• Health and Safety • Employment
• Human Rights • Non-discrimination
What does it mean for a company

to be “sustainable”? Governance
Meeting the needs of the present without compromising • Anti-fraud • Regulation and Public Policy
the ability of future generations to meet their own needs. • Anti-corruption • Strategy and Resource Allocation
• Stakeholder Expectations • Transparency

Defining ESG Reporting
Environmental, Social, & Governance (ESG) Reporting Defined by:
is the practice of measuring, disclosing, and being accountable to internal and external stakeholders for
organizational performance against specific ESG goals and metrics that support sustainable development,
thereby incorporating sustainability into the company’s overall strategy and policies.
Other terms
Corporate Social Responsibility (CSR)

Sustainability reporting Non-financial reporting
reporting (becoming obsolete)

Key Players in the ESG Reporting Ecosystem
The landscape of organizations in the ESG reporting ecosystem is complex and fast-changing
A selection of relevant frameworks, standards, rating and ranking organizations are highlighted below. There are more around the world. This toolkit
provides further information on priority ESG frameworks and standards, and guidance for using them on pg. 23-24.
General Sector-specific
(e.g. real estate)
ESG Reporting
Frameworks
and Standards
Provide guidance for Stakeholder-specific Topic-specific
companies on what (e.g. supply chain) (e.g. environmental and climate)
and how to disclose
ESG information
Active: Actively request information from companies through questionnaires
Corporate Sustainability
ESG Ratings Assessment (CSA)
and Rankings
Evaluate and score
companies’ ESG Passive: Passively leverage public information
(e.g. from ESG reports)
performance using
proprietary methodologies

II Market Trends in ESG Reporting

Global ESG Reporting Trends
Momentum continues to grow behind ESG reporting practices
Rise in Regulation & Mandatory ESG Standards Converging

ESG Reporting Convergence of corporate reporting to cater to a
Shift from voluntary to mandatory disclosure of ESG wider stakeholder audience and improve
topics, driven by new regulation (ERM) information comparability, such as:
• CDP, CDSB, IIRC, SASB, and GRI announced shared vision
for corporate reporting system
2016 248
• SASB and IIRC merged in 2021 to form Value Reporting
Foundation, joined by CDSB in 2022
2020 • International Sustainability Standards Board launched in November
348 2021 to develop a global baseline of sustainability disclosure
standards to meet investor needs – more guidance will be
Increase in number of mandatory ESG available in Q2 2022
reporting provisions, globally (EY)
Change in Reporting Formats SDGs Integration in Reporting

More companies combining non-financial and Reporting in alignment with the sustainable
financial information into one report development goals (SDGs) shows how a company’s
value creation approach supports global sustainable
Integrated reports increased from 11%
in 2018 to 16% in 2020 (WBCSD)
development priorities (SDG Compass)
• 93% of WBSCD members (158 companies) made reference to the
81% of companies plan to integrate sustainability UN SDGs in their 2020 reporting (WBCSD)
and finance in external reporting (ERM)

Reporting Trends for Key Topics
Key ESG topics1 that may be applicable to companies, regardless of sectors or geography, include
Climate Change Diversity, Equity, & Inclusion (DE&I)
Organizations with market capitalization of over $12 trillion support

COVID-19 and global social unrest in 2020-2021 spotlighted the
1,027 the Taskforce for Climate-Related Financial Disclosure (TCFD)
recommendations.2
interconnectivity of DE&I challenges.
Reporting on GHG emissions is mandatory in many markets. A growing

Increase in ethnicity disclosures between 2015 and 2019 among 685
number of countries (e.g., Canada, EU, Japan) are mandating TCFD
disclosure, or planning to do so in the future.
+335% North American mid and large-cap companies.
Data Privacy & Cybersecurity Supply Chain Management
Regulators and stakeholders are placing more scrutiny on data collection

Going beyond the ESG performance of Tier 1 suppliers, companies are
and privacy, e.g., the General Data Privacy Regulation in Europe and
increasingly adopting digital tools to promote supply chain transparency.
California Consumer Privacy Act.
of Swiss Re Institute survey respondents believe shareholders do not of respondents to an EcoVadis survey take sustainability performance of
100% have enough transparency about a company’s cyber resilience to make
informed investment decisions.
69% suppliers into consideration when selecting new suppliers and renewing
contracts.
1 ESG reporting should be based on a company’s most material issues. Topics here are considered applicable to most companies regardless of sector geography.
2 Data as of November 2021

Reporting Trends for Sample Sectors
Companies report on the most important ESG topics for the sector
Industry
*% companies publishing ESG reports in 2020 Key ESG Topics for Reporting
Source: KPMG
Climate Change Supply Chain Management

Consumer Products & Retail Affects all industries, with different impacts
67%* There is a call for transparency due to the public

facing nature of manufacturers and retailers and the 51% of retail CEOs and 55% of consumer
market demand for sustainable products. Climate change plays leading role CEOs are significantly collaborating with
in consumer spending supply chain partners to manage risks.
Source: JP Morgan Source: PWC
Technology, Media, & Telecommunications Data Privacy & Cybersecurity

The sector is focused on communicating its role in
84%* addressing global ESG challenges, while addressing
key concerns around data privacy transparency
Want to cut greenhouse gas emissions?
Look to digital technologies
Tech has advanced rapidly—and
and emissions. cybersecurity needs to catch up
Source: World Economic Forum
Source: Forbes
Diversity, Equality, & Inclusion

Industrial, Manufacturing, & Metals Industry and transportation are fastest
78%* Tighter scrutiny and legislation on carbon emissions
and labor management are driving ESG reporting.
growing sources of greenhouse
gas emissions
62% of 300 U.S. manufacturers pursued DE&I
initiatives to be an employer of choice.
Source: World Resources Institute Source: The Manufacturing Institute

A Complex, Fast-Moving Landscape
Growing momentum behind ESG reporting practices linked to higher expectations and scrutiny
Momentum behind ESG reporting practices …and also driven by greater expectations and scrutiny
continues to grow… on corporate ESG practices.
92% of S&P500 companies published Sustainability Reports in 2020, Regulators intensify ESG scrutiny as greenwashing explodes
up from 20% in 2011 Bloomberg
G&A Institute
Institutional investors don't trust companies when it comes

New body to oversee global sustainability disclosure standards to ESG
Financial Times Pensions & Investments
The world inches closer to ’alignment’ on global ESG standards CFOs fall short of meeting investors’ ESG reporting needs
Fortune EY
Greenwashing is the practice of misrepresenting sustainability-related practices or features.

(International Organization of Securities Commissions (IOSCO)
(US Federal Trade Commission’s Green Guides)

III ESG Reporting Process

Getting Started
Consider three key questions to understand where your company is in the reporting “journey” to identify key actions by
“maturity” level
3 Key Questions for Consideration
Never published ESG report (may 1+ years of publishing an ESG 2+ years of publishing an ESG 3+ years of publishing an ESG
1. Has your company published an ESG
have ESG “factsheet” or website report without reference to report with reference to reporting report in accordance with
report before? communications) reporting frameworks frameworks reporting frameworks
Executive team highly engaged

2. What are the company’s resources Some resources for ESG reporting Have team responsible for ESG
Very limited resources for with ESG reporting and want to
(workforce, financial, etc.) and and preliminary internal reporting and an engaged
integrate into business strategy
ESG reporting
level of internal engagement? engagement executive team
Meet increasing stakeholder Considering initial public offering

3. What is your level of ambition? Meet compliance expectations
requests for ESG information (IPO) over next 1-2 years
Aim to be ‘ESG leader’
ESG reporting is a journey Minimum Beginner Intermediate Advanced

Companies are not expected to • Basic level of reporting is publicly • Basic ESG report with reference • Comprehensive ESG report • Comprehensive ESG report
become advanced practitioners available to international frameworks • In accordance with international • Reflective of best practices
immediately, but to improve the and standards frameworks and standards per industry and
quality of reporting over time. • Internal data verification • Addressing stakeholder concerns international standards
• External limited data verification • ESG reporting integrated
Some companies may be more
with overall corporate
ambitious from the start, some may reporting strategy
start with just the basics. • Reasonable external data
and report verification
*Subsequent slides use this maturity scale from ‘minimum’ to ‘advanced’ for illustrative purposes only.
Companies may not be at the same level for all questions or reporting steps. Maturity level for each activity is at the company's discretion.

7 Key Activities
There are seven key activities as part of the typical ESG reporting process
Research & Materiality Internal Stakeholder Framework Content Data

Benchmarking & Strategy Alignment Selection Development Collection Verification
• Conduct peer • Identify material • Define roles and • Select reporting • Create an overall • Define • Agree on scope
benchmarking issues responsibilities framework message/theme quantitative of assurance
• Review ESG • Set up ESG • Develop report and qualitative
reporting working group outline and data required
requirements content • Collect data
These activities might happen in parallel

and not subsequently

Research & Materiality Internal Framework Content Data Verification
Benchmarking & Strategy Stakeholder Selection Development Collection
Alignment
Research & Benchmarking

Objective: Understand the reporting environment to identify the key external drivers and expectations to help inform
your company’s reporting
Key Activities
1 Review Reporting Requirements: Consider the key stakeholders for your report. What do they expect from your ESG report?
Investors Business Partners (Customers, Suppliers, Other) Civil Society

Respond to investor queries on ESG Provide requested ESG information Improve corporate reputation and license to
performance, including from KKR. to improve business relations. operate with NGOs and communities.
Regulators Stock Exchange Employees

Comply with regulatory requirements for Comply with stock exchange requirements Motivate current employees and be viewed as
ESG disclosure. for listed companies. an employer of choice by prospective talent.
2 Conduct a Peer Benchmarking Assessment: Understand what approach peers take to ESG disclosure and reporting.
Questions to consider:
• What reporting standards and/or frameworks do they align to?
• What channels do they leverage for reporting (e.g., stand-alone reports, mainstream filings, web-based reports)?
• What ESG issues do they emphasize?
• What ESG performance metrics and indicators do they report on?

Alignment
Materiality & Strategy

Objective: Focus your report on the most important ESG topics for your business
Understanding Materiality Key Activities of Materiality
What is a material ESG topic? Minimum: Materiality using SASB

“Material ESG issues that KKR in its sole discretion determines have –
or have the potential to have - a substantial impact on an organization’s ability to 1 Identify your industry under the SASB classifications of industries.
create, preserve, or erode economic value, as well as environmental and social
value for itself and its stakeholders.”
— As defined by KKR Identify relevant material ESG topics using the SASB Materiality Finder.
2
Specific details can be found in the SASB Standards.
ESG factors that affect business risks and opportunities and enterprise value.
Beyond Minimum: Materiality assessment following the GRI 3-Step Protocol
Business Environment/Society
Understand your context: Create a visual map of your business
1
processes, key business relationships, and stakeholders.
The most significant impacts a business has on the economy, environment, and people, Identify all potential material ESG topics through peer benchmark,
including positive and negative contributions (GRI). 2
research, and internal and external interviews.
All ESG reporting frameworks see materiality as Prioritize the ESG topics considering:
3
the foundation of credible ESG reporting. • Scale, scope, and likelihood of the ESG topic’s impact to your business.
• Scale, scope, and likelihood of the impact of your business on the ESG topic.

Alignment
Materiality & Strategy

Key Activities by Maturity Level Examples of Materiality
Minimum
• Develop a list of material topics based on SASB.
• Define roles and responsibilities in managing ESG topics, including reporting.
Beginner
• Develop initial list of material topics based on SASB. Engage with stakeholders to refine.
• Start to develop goals and key performance indicators (KPIs) for material topics.
• Develop high-level management plans for material topics.
Example: SASB Sustainability Disclosure Topics
Intermediate
• Overall vision/purpose for your ESG program.
• KPIs in place to track all topics. Set forward-looking goals for priority topics.
• Management plan in place for all material topics.
Advanced
• Company-wide vision with ESG at core.
• Long-term (10 year) and short-term goals (5 year) for priority topics.
• Ensure implementation and compliance with management plans. Example: Mondi Group List of Material Topics Mapped to Value Chain
Sources: Mondi Sustainability Report 2020; SASB Household & Personal Products sector standard

Alignment
Internal Stakeholder Alignment and Engagement

Objective: Gather required inputs from different business teams to prepare the ESG Report
Key Activities Key Activities by Maturity Level
Publishing an ESG report requires input from different business An ESG working group helps to bring these teams together to
functions. ensure all perspectives are represented in the ESG report.
Minimum
Define which team will be responsible for ESG
management, including reporting.
ESG/Sustainability Team
Executive Sponsor/Leadership
Responsibilities:
• Coordinate preparation of ESG Report
Responsibilities: Beginner
• Include a senior leader message
• If companies do not yet have an ESG/ Set up an ESG working group to support
Sustainability team – this responsibility • Approve report outline and list of ESG topics
typically falls to Corporate Communications • Provide buy-in on the overall reporting ESG reporting.
strategy and key messaging
Operations or Site Level Teams

Corporate Communications/
Responsibilities: Investor Relations
• Provide content and data for specific Intermediate
Environmental and Social topics, which will be ESG Working Responsibilities:
included in the ESG report Group* • Coordinate Annual Report and ESG Report Establish a team to support ESG reporting and
• Communicate investor expectations engage with different business units.
• Branding and marketing
consistency assurance
Corporate Risk/Legal/Finance
Responsibilities: Corporate Functions
• Provide details to Governance topics, which (Procurement/HR/R&D) Advanced
will be included in ESG report
• If the company considers TCFD or IIRC
Responsibilities: ESG reporting integrated into responsibilities of
• Provide content and data for specific
frameworks, these teams will need to be
Environmental and Social topics, which will
different functions.
more heavily involved
be included in the ESG report
• Final legal review of report
Note: This is an indicative list, functions and responsibilities may differ by company.

Alignment
Framework Selection
Objective: Select and apply the relevant externally recognized framework to your ESG report
Overview of 5 Key ESG Reporting Frameworks
Framework Purpose Audience Scope and Type of Guidance Key Updates

Helps companies report impacts on the economy, Broad set of stakeholders • Industry-agnostic with emerging • Update to universal standards (Oct 2021).
environment, and society. The most common sector-specific standards. • New sector standards being released through
framework for disclosing environmental, • 34 economic, environmental, & governance 2021-22, starting with Oil & Gas.
social, and governance information. topic-specific disclosures.
Provides industry-specific guidance on ESG topics Investors • 77 industry-specific standards recommending a • SASB and IR are now complementary resources
and metrics to report. minimum level of ESG topics and KPIs to disclose. under the Value Reporting Foundation and ISSB
(exp. June 2022).
Framework of 17 Global Goals, set up by the UN in 2015 Broad set of stakeholders • 17 goals that companies can contribute to through
as a blueprint for governments, private sector, NGOs, their sustainability strategy.
and individuals to achieve a sustainable future by 2030. • 169 targets that companies can align KPIs with.
A framework for companies to disclose climate-related Investors • 4 pillars for companies to disclose under: • Increasingly adopted by and becomes a mandatory
information. governance, strategy, risk, and metrics. disclosure for some financial institutions, including
stock exchanges.
A framework for reporting company strategy and Investors • Six capitals which companies use and impact upon: • SASB and IR are now complementary resources
performance in a holistic way. financial, intellectual, manufactured, human, under the Value Reporting Foundation and ISSB
social, and natural. (exp. June 2022).
• Value Creation Model shows how companies can
create value across all six capitals.
Note: Further resources for each framework are available in the Appendix.

Alignment
Framework Selection
Minimum Improving Disclosure and Transparency Over Time Advanced
Framework • First-time reports may refer • Basic building blocks for ESG reporting: SASB, • Close gaps from previous reports and • In line with 4 of the 5 frameworks
to SASB Sector Standard GRI, and/or SDGs improve disclosures vs. frameworks • More ESG information integrated into
• Include targets for key material topics Annual Reports
• Use sector-specific standards to identify key ESG • Use sector-specific standards to identify key ESG topics for your • Report suggested KPIs for your sector. • Regular refresh of material topics.
topics for your sector. sector. • Use KPIs to set targets. • Follow SASB updates.
• Begin gathering data on KPIs for • Report suggested KPIs for your sector.
your sector.
• Report “with reference to” GRI. Full alignment not expected. • Report “in accordance” with GRI. • Regular refresh of material topics.
• Apply general disclosures as ‘basic’ guide for all companies. • Use topic specific metrics to set targets. • Follow GRI updates.
• Use topic-specific disclosures after your
materiality assessment.
• Map material topics with SDGs. • Align your ESG targets with SDG targets. • Disclose performance against targets in line
with SDG targets.
• Begin TCFD journey (especially for carbon intensive sectors: energy, • Disclose information in line with the four TCFD • Improve details of disclosure over time.
transportation, agricultural food + forest products, materials & pillars: governance, strategy, risk, and metrics. • Integration of TCFD into Annual Reporting.
buildings).
• Consideration of the four TCFD pillars.
• Include key concepts ‘Value Creation Model’

and ‘Six Capitals’ in Annual and/or Sustainability
Report to communicate how ESG supports
overall business strategy.
• Option to combine Annual & ESG reports into
one 'Integrated Report‘.
Note: Indicative guidance only. Framework selection will also depend on external requirements, peer review, and exit strategy.

Alignment
Content Development
Objective: Define the flow of the report to ensure key requirements are addressed in a logical order
Key Activities
Set a Coherent Theme: to bring the ESG report

Define the Report Outline
1 2 together in a way that reflects your organization’s
Typical components of an ESG report*:
personality
Components Specific Items
Some companies select a ‘theme’ for each
Message from • Board Statement
Senior Leadership • Message from Chairman/CEO ESG report – to highlight a particular ESG focus area
About this Report • Reporting Approach for the company over the last 12 months.
• Reporting Scope and Period
• Assurance Statement
About the • Organization overview (company profile, geographical footprint, corporate structure,
Organization value chain etc.) Examples of Themes:
• Company Vision, Mission, Values
ESG Strategy • Summary of ESG strategy and governance

• Most critical material topics
and Approach • Materiality assessment process
• List of material topics • Themes that cuts across several material topics (e.g., Circular
Specific Disclosures • In line with chosen reporting framework(s) and/or standard(s) Economy, Innovation)
for each Material ESG • Management approach
Topic • Metrics and Performance • Aligned to sustainability or business strategy and direction, i.e.,
• Efforts and Initiatives
common theme with annual report, or vision and mission
Appendices • Indices (e.g. SASB/GRI/TCFD)
• ESG Performance Data Sheets • Keystone events/years for sustainable development
• Assurance Report
*Indicative guidance only. Content will vary depending on exact framework selected and theme of report.

Alignment
Content Development
Objective: Define the flow of the report to ensure key requirements are addressed in a logical order
Key Activities by Maturity Level Examples
Minimum
• Report includes basic components.
ERM Sustainability Report 2021

Theme aligned with new business strategic direction
Beginner
• Report includes basic components.
• Linked together with a coherent theme.
ERM Sustainability Report 2020

Intermediate Theme aligned with United Nations Decade of Action
• ESG report based on an overarching theme with a link to
business strategy.
Advanced ERM Sustainability Report 2019

• ESG content more closely integrated into Annual/ Theme aligned with sustainability strategy
Integrated Reporting.
ESG Report Table of Contents (3M) ESG Report Themes (ERM)

Alignment
Data Collection
Objective: Collect, manage, and present qualitative and quantitative ESG information
Key Activities
List what qualitative and quantitative data is required according to selected Balance
1 Be transparent about risks and challenges, as well as successes
frameworks and opportunities.
2 Identify data that is already being tracked and note where possible gaps may be. Conciseness & Alignment
Prioritize quality over quantity.
Prioritize data collection efforts. Beginners do not need to disclose all data
3
in the first year. Accessibility
Ensure ESG report is easy to navigate for key audiences.
4 Determine responsible teams for each topic’s data.

Navigation & Flow
Place contents in a logical order, and use signposting and cross-referencing
Data Collection to link content.
5 Collecting information for ESG report requires engaging different functional teams in the business.
The approach will depend on the nature of your business.
Compelling Design
• Templates: Create templates to be sent to internal • Inspections/Site Visits: Visit operations to understand Bring your content to life through infographics, photographs, and illustrations.
teams (excel for quantitative performance metrics, approaches to ESG management and gather data.
word document for qualitative information). • Data Management Systems: Formal tools to gather
• Interviews: With internal experts to gather and track ESG metrics, including internal platforms of
information about specific topics and discuss third-party data management systems. Tips for Communicating ESG Data
disclosure for the report.
Source: WBCSD Reporting Matters 2021

Alignment
Data Collection

Minimum Data can be presented and visualized in different ways throughout the report
• Prioritize data collection efforts: Limited data
may be disclosed in the first year.
• Understand what data is already available:
Even first time reporters are likely to have some
ESG information available.
Beginner
• More extensive ESG data collected and disclosed. Data showing performance highlight in the body
Data showing detailed greenhouse gas emissions footprint
of the report
• Set up a simple internal ESG data
management system.
Intermediate
• Set up a digital internal ESG data
management system to collect data that meets
framework requirements.
• Visualization of ESG performance data.
Advanced
• ESG performance data presented alongside financial Detailed performance data tables in Appendix
data in corporate reporting.
Source: Corporate Register CRRA

Alignment
Verification
Objective: Evaluate and ensure credibility of ESG data published in ESG report
Minimum
• No data verification expected from The Value of Assurance
early reporters.
It can be challenging to report consistent, reliable,
and complete data, especially in accordance with
reporting frameworks.
Beginner
• Internal audit: Internal function provides an Improving your reporting processes, data Source: WBCSD Reporting Matters
independent review of ESG data. management, and accountability can boost
ESG performance. Majority of ESG reports have some form of verification
Intermediate
• External Limited/Partial Assurance: External
third-party verification of certain ESG data, e.g.,
focus on GHG data.
Advanced
• External Reasonable Assurance: External Source: WBCSD Reporting Matters, p27
third-party verification of report and data in full.
Examples: External Assurance Reports

Checklist for First Time Reporters
Kick-start your ESG reporting journey
Research & Materiality Internal Stakeholder Framework Content Data

Benchmarking & Strategy Alignment Selection Development Collection Verification
 Consider  Identify material  Identify key internal  Assess reporting  Create a report  Use reporting  No data verification
stakeholder topics using SASB teams needed to be frameworks outline (following framework expected from
requirements and Standards involved in the  Identify your key minimum contents to define early reporters
expectations, ESG report audiences for on slide 25) qualitative and  Optional: Perform
including stock  Set up working the report  Agree on key quantitative Internal Audit
exchanges group for ESG messages with data required
 Identify any executive sponsor  Work with subject
mandatory ESG matter experts to
frameworks or collect data
content to disclose available in Year 1,
 Conduct peer and gaps for Year 2
benchmarking
Assurance, quality check

Indicative Timeline Guide
& sign-off:
~1 month before launch
Beginning of fiscal year Materiality Assessment: Internal alignment on roles & responsibilities and Content development and data collection happen (internal assurance)
(or prior to), begin 1-3 months depending on reporting framework: Should happen before in parallel: 2-3 months depending on data ~2-4 month before launch
research & benchmarking depth of assessment content development & data collection starts availability and collection process (external assurance)
Launch of ESG report ideally aligns with publication of annual financial report – but may be
published up to 6 months later.

IV Best Practice Case Studies

Case Studies Content
Case Study Topic Company KKR Portfolio Company

1. ESG Governance ERM
2. Materiality Assessment Posco Further references

LCY Group of good practice in
3. Framework Alignment
Nestle ESG reporting:
Upfield • WBCSD Reporting Matters
4. Storytelling and Design
Arnott’s • Corporate Register CRRA
5. ESG Data Stora Enso • CSR Works Asia Sustainability
Report Awards
H&M
6. Data Visualization • Governance and Accountability
CRH
Institute Sustainability Trends
Vancity
7. Reporting Formats
Verizon
Note: Case studies were extracted from publicly available reports and are presented and quoted for educational purposes only.

Case Study
ESG Governance
Result
Company: ERM
Sector: Professional Services
Geography: HQ UK,
global operations
Approach
• Working groups and

responsibilities for
ESG clearly stated.
Source: ERM Sustainability Report 2021

Case Study
Materiality Assessment
Result
Company: Posco
Sector: Steel
Geography: HQ South Korea
Approach
• Process of materiality assessment

is clearly explained.
• Materiality matrix clearly displays
the topics.
• Material topics are mapped to
SDGs, GRI, and SASB.
Source: CSR Works Asia Sustainability Report Awards

Case Study
Framework Alignment
Result
Company: LCY
Chemical Corp.
Sector: Chemical
Geography: HQ Taiwan
Approach
• Used GRI and SASB Indexes

to structure and guide
the report content.
Source: LCY Group ESG Report 2019

Case Study
Framework Alignment (cont.)
Result
Company: LCY
Chemical Corp.
Sector: Chemical
Geography: HQ Taiwan
Approach
• Included GRI and SASB Indexes

in the Appendix. There is clear
linkage to where each indicator
can be found in the report,
and remarks were provided
when applicable.
Source: LCY Group ESG Report 2019, p87-93

Case Study
Framework Alignment
Result
Company: Nestlé
Sector: Food + Beverage
Geography: HQ Switzerland
Approach
• Used GRI Index.

• Clearly shared links to external
sources for users to find out
more information.
• Explained reasons for omissions.
Source: WBCSD Reporting Matters, p34

Case Study
Storytelling and Design
Result
Company: Upfield
Sector: Food
Geography: HQ Netherlands
Approach
• Visual communication – design

that brings content to life in an
engaging way.
• Design elements are
incorporated (e.g., typography)
to draw audience’s attention
to certain information. This
allows Upfield to emphasize
important points.
Source: Upfield ESG Report 2021

Case Study
Storytelling and Design
Result
Company: Arnott’s
Sector: Food
Geography: HQ Australia
Approach
• Spotlights ESG information

with compelling design elements
and clear content
structure/format.
• Consistent design throughout
the report.
Source: Arnott’s Sustainability Statement

Case Study
ESG Data
Result
Company: Stora Enso
Sector: Pulp + Paper
Geography: HQ Finland
Approach
• Goals are clearly laid out.

• Past year data and reporting year
data allows for comparison and
show progress towards goals.
• Visualizing ESG performance for
material topics.

Case Study
Data Visualization
Examples: Visualizing ESG Metrics & Data Throughout ESG Report

Company: H&M
Sector: Clothing Highlights Summary of KPIs
Geography: HQ Sweden,
global operations
Approach
• Data presentation is clear and

simple to understand.
• Level of detail varies across Data Specifics
different sections of report.
• Best visual method is chosen
for each data point.
Source: Corporate Register CRRA, Best Carbon Disclosure, 1st Runner Up

Case Study
Data Visualization
Result
Company: CRH
Sector: Industrials
Geography: HQ Ireland
Approach
• Design elements – color

and typography used to
emphasize performance.
• Infographics help to simplify
complex content into more
digestible and concise pieces.

Case Study
Reporting Format: Integrated Report and Separate GRI Index
Company: Vancity
Sector: Financial Services
Geography: HQ Canada
Approach
• Integrated reporting is the

combination of the company’s
financial statements with ESG
information in ONE report.
• Financial statements included in
the Integrated Report focus on
key financial information.
Source: Corporate Register CRRA, Best Integrated Report, 2nd Runner Up

Case Study
Reporting Format: Integrated Report and Separate GRI Index
Company: Vancity
Sector: Financial Services
Geography: HQ Canada
Approach
• Vancity’s GRI Index was placed

in a separate document –
Consolidated Accountability
Statements.
• Ensure the Integrated Report has
an external link to the GRI/SASB
Index document.
Source: Corporate Register CRRA, Best Integrated Report, 2nd Runner Up

Case Study
Reporting Format: Online
Company: Verizon
Sector: Telecommunications
Geography: HQ United States
Approach
• Displaying the ESG Report online

allows for ease of access and
report navigation.
• Supports the implementation
of creative design elements that
can increase interactivity with
the reader.
• Provides an option for the reader
to download the report
(yellow box).
Source: Corporate Register CR Reporting Awards, Best Environmental, Social, Governance (ESG) Report, Winner

V Appendices

Appendix 1: Summary of Step-by-Step Reporting Guide
Based on different maturity levels
More information
Minimum Beginner Intermediate Advanced
on page 20-21
• Develop a list of material topics • Develop initial list of material topics • Overall vision/purpose for your ESG • Company-wide vision with ESG
Materiality & Strategy based on SASB. based on SASB. Engage with program. at core.
• Define roles and responsibilities in stakeholders to refine. • KPIs in place to track all topics. Set • Long-term (10 year) and short-term
Objective: Focus your report managing ESG topics, including • Start to develop goals and KPIs for forward-looking goals for priority goals (5 year) for priority topics.
on the most important ESG reporting. material topics. topics. • Ensure implementation
topics for your business. • Develop high-level management • Management plan in place for all and compliance with
plans for material topics. material topics. management plans.
More information
on page 22
Internal Stakeholder • Define which team will be • Set up an ESG working group to • Establish a team to support ESG • ESG reporting integrated into
Alignment responsible for ESG, including support ESG reporting. reporting and engage with responsibilities of different
Objective: Gather required reporting. different business units. functions.
inputs from different business
teams to prepare the ESG
Report.
All: Review local regulatory requirements for ESG reporting

Identify any mandatory ESG content or reporting frameworks.
More information
Improving disclosure and transparency over time
on page 23-24
Framework Selection Minimum Beginner Intermediate Advanced
Objective: Select and apply • First-time reports may refer to • Basic building blocks for ESG • Close gaps from previous reports • In line with 4 of the 5
the relevant externally SASB Sector Standard. reporting: SASB, GRI, and/or and improve disclosures vs. frameworks.
recognized framework to your SDGs. frameworks. • More ESG information
ESG report. • Include targets for key material integrated into Annual Reports.
topics.

Appendix 1: Summary of Step-by-Step Reporting Guide
Based on different maturity levels
More information
on page 25-26
• Report includes • Report includes • ESG report based on an • ESG content more closely
Content Development basic components. basic components. overarching theme with a link integrated into Annual/
Objective: Define the flow of • Linked together with a to business strategy. Integrated Reporting.
the report to ensure key coherent theme.
requirements are addressed
in a logical order.
More information
on page 27-28
• Prioritize data collection efforts: • More extensive ESG data • Set up a digital internal ESG data • ESG performance data
Data Collection Limited data may be disclosed in collected and disclosed. management system to collect presented alongside financial
Objective: Collect, manage, the first year. • Set up a simple internal ESG data data that meets framework data in corporate reporting.
and present qualitative and • Understand what data is already management system. requirements.
quantitative ESG information. available: Even first time • Visualization of ESG
reporters are likely to have some performance data.
ESG information available.
More information
on page 29
Verification
• No data verification expected • Internal audit: Internal function • External Limited/Partial • External Reasonable Assurance:
Objective: Evaluate and from early reporters. provides an independent review Assurance: External third-party External third-party verification
ensure credibility of ESG data of ESG data. verification of certain ESG data, of report and data in full.
published in ESG report. e.g., focus on GHG Data.

Appendix 2: Connecting the Dots - Update on KKR’s ESG Data
Collection Efforts
ESG data collection lifecycle: same data, different uses ESG data collection from portfolio companies is a key area of focus at KKR, and we’re actively
working on streamlining the experience for our portfolio companies.
At KKR, we use the term “ESG data” to refer to a comprehensive set of
decision-useful, nonfinancial metrics and indicators that we collect from
our portfolio companies. Illustrative Topics Sample Business Roles Frequency
We believe that ongoing tracking and monitoring of ESG data can help We intend to collect data to monitor Business roles that will likely be KKR collects a majority of ESG data
companies identify gaps and seize opportunities to ultimately improve ESG performance on broad, involved in the data collection, from its portfolio companies
their ESG management and performance. This data can also be leveraged universal ESG topics and those that management, and/or disclosure of through an annual ESG survey,*
for external reporting purposes. are sector-specific and ESG topics include: while a small subset (mostly relating
company-specific, including: • CEO and CFO: Provide oversight and to headcount and employee
Collect ESG data • Environmental: Emissions, climate perspective on financial materiality diversity demographics) may be
change strategy, water usage, etc. of ESG data collected more frequently.
• Social: Talent development; • Legal counsel and compliance
employee benefits; employee officers: Provide insight on the legal
compensation; worker safety; implications of disclosing ESG data;
attrition; diversity, equity and advises on how to comply with
Funnel Leverage for inclusion (DEI); philanthropy; and existing and upcoming regulations
select data internal community engagement • Procurement: Responsible for
to external performance • Governance/General: ESG supplier management and
reporting management management, code of conduct, company’s adherence to ESG
business ethics, data protection, and principles across the value chain
cybersecurity • Human Resources: Responsible for
human capital metrics and
indicators, including employee
engagement and DEI
• Business Units: Responsible for unit-
Report data to specific knowledge of ESG-related
Board and KKR metrics and indicators
*Survey has been launched across select strategies and will continue to be rolled out across other strategies on a rolling basis.
Appendix 3: Glossary of Terms
General
Acronym Term
Stock Exchanges
LSE London Stock Exchange
HKEX Hong Kong Stock Exchange
NYSE New York Stock Exchange
Region
APAC Asia Pacific
NA North America
Other
ESG Environmental, Social, and Governance
DE&I Diversity, Equality, and Inclusion

General ESG Terms
Acronym Description
• Refers to two perspectives on materiality to be considered (a) the financial materiality of ESG-related topics for a
Double Materiality/ company; (b) the environmental and social materiality of the impacts of a company on the external environment or
Dual Materiality society.
• This concept was first introduced by the EU Commission ‘Guidelines on reporting non-financial information’ in 2019.
• Refers to materiality as a process that unfolds over time—and often very rapidly; what appears financially immaterial
today can quickly prove to be business-critical tomorrow. It is therefore important for companies to identify the issues
Dynamic Materiality
that are not material today but that could become so tomorrow.
• This concept was first introduced by the World Economic Forum ‘Embracing the New Age of Materiality’ in 2020.
The global standard for organizations to measure and manage their operational (Scope 1 and 2) and value chain (scope 3)
Greenhouse Gas (GHG) Protocol
greenhouse emissions.
Paris Agreement A landmark COP – for the first time, a legally binding international treaty was adopted by 196 countries to undertake efforts
(COP 21) to combat climate change. Its goal is to limit global warming to below 2, preferably to 1.5, degrees Celsius.
• Achieving a balance between the amount of greenhouse gas emissions produced and the amount removed from the
Net Zero atmosphere.
• Further information: WRI ‘What does “Net Zero Emissions” Mean?’

ESG Ratings
Acronym Term Description
• MSCI ESG Ratings model identifies the ESG risks that are most material to a Global Industry Classification
MSCI ESG Standard (GICS®) sub-industry or sector.
MSCI ESG Ratings
Ratings
• ESG ratings are designed to look at the financial significance of ESG issues.
S&P Global Corporate Sustainability • S&P Corporate Sustainability Assessment is an annual evaluation of companies’ sustainability practices.
S&P Global CSA
Assessment • The assessment focuses on sustainability criteria that are industry-specific and financially material.
Sustainalytics • Sustainalytics was acquired by Morningstar in 2020.

ESG Risk Sustainalytics • Sustainalytics’ ESG Risk Ratings measure a company’s exposure to industry-specific material ESG risks
Ratings and how well a company is managing those risks.

Reporting Frameworks and Standards
• International non-profit which provides a global disclosure system for investors, companies, cities, states,
and regions to manage their environmental impacts.
CDP Carbon Disclosure Project
• For companies, CDP offers a platform to report against three environmental topics: climate change,
water, and forests.
• A non-profit organization providing resources to support the disclosure of material climate-related
information.
CDSB Climate Disclosure Standards Board
• CDSB framework guides the disclosure of climate change and natural capital-related information in
mainstream financial reports.
• Provides sustainability ratings for companies with a focus on global supply chains.
EcoVadis EcoVadis • The EcoVadis Rating covers a broad range of non-financial management systems including
environmental, labor & human rights, ethics, and sustainable procurement impacts.
• Targeted framework for the Real Estate Sector

GRESB Global ESG Benchmark for Real Assets • GRESB provides validated ESG performance data and peer benchmarks for investors and managers to
improve business intelligence, industry engagement, and decision-making.
• GRI provides businesses and other organizations with a global common language to communicate
environmental and social impacts, through a set of reporting standards.
GRI Global Reporting Initiative
• GRI provides universal (general) and industry-specific standards.
• It is the most common framework for disclosing ESG information.

• Merged with SASB to form the Value Reporting Foundation (VRF) in June 2021. In November 2021 the
VRF was brought under the International Sustainability Standards Board (IISB).
International Integrated Reporting
IIRC • Developed the ‘International Integrated Reporting Framework’ and ‘Integrated Thinking Principles’ –
Council
guiding communication on how an organization’s strategy, governance, performance, and prospects lead
to the creation, preservation, or erosion of value over the short, medium, and long term.
• One of the standard-setting boards of the IFRS (International Financial Reporting Standards) Foundation.
International Sustainability Standards • Created in November 2021 as a consolidation of CDSB and the Value Reporting Foundation.
IISB
Board • ISSB aims to deliver a comprehensive global baseline of high-quality sustainability disclosure standards
that provide investors and other capital market participants the information they need.
• Merged with IIRC to form the Value Reporting Foundation (VRF) in June 2021. In November 2021, the
VRF was brought under the International Sustainability Standards Board (IISB).
Sustainability Accounting Standards • SASB Standards guide the disclosure of financially material sustainability information by companies to
SASB
Board their investors
• Presently available for 77 industries, the Standards identify the subset of environmental, social, and
governance (ESG) issues most relevant to financial performance in each industry.

• Established by the G20 Financial Stability Board in 2015 to improve and increase reporting of climate-
related financial information.
• TCFD recommendations were published in 2017, including a framework for companies to disclose
Task Force on Climate-Related Financial climate-related financial information according to four pillars: governance, strategy, risk, and metrics &
TCFD
Disclosures targets.
• TCFD has subsequently published further guidance documents.
• Over 3,000 companies support TCFD globally.
• The Sustainable Development Goals are a collection of 17 interlinked global goals designed to be a
United Nations Sustainable blueprint for peace and prosperity for people and the planet, now and into the future.
UN SDG
Development Goals • The SDGs were adopted by all United Nations Member States in 2015 and are intended to be achieved
by the year 2030.
• The consolidation of IIRC and SASB in June 2019.

VRF Value Reporting Foundation • By bringing together the Integrated Reporting Framework and SASB Standards, the VRF aims to provide
complementary, simplified, and aligned tools for companies.

Appendix 3: Additional Resources
Resource Description Link
An online platform to help organizations implement the TCFD recommendations. It offers

TCFD
the latest resources, tools, and insights on the TCFD recommendations, educational online https://www.tcfdhub.org/
Knowledge Hub
courses, and a large database for reference.
An online platform that offers globally applicable and recognized professional development
https://www.globalreporting.org/reporting-support/gri-
GRI Academy alongside the latest sustainability-related curriculum, including the GRI Professional
academy/
Certification program and online training courses and tutorials.
An online platform that provides a range of guiding documents and publications that can be
Value Reporting
used as reference to corporate reporting, including:
Foundation https://www.valuereportingfoundation.org/resources/r
• Integrated Thinking Principles – guides the board and management planning
Resources esources-overview/
• Integrated Reporting Framework – guidance for corporate reporting
Overview
• SASB Standards – industry-specific disclosures to inform reporting
Sustainable
An ESG Disclosure Guidance Database provided by stock exchanges for listed companies so
Stock Exchange https://sseinitiative.org/esg-guidance-database/
that other stock exchanges can learn from their peers.
Initiative

Thank You
For more information, KKR KKR ERM ERM
please contact: David Katz Erika Rodriguez Trista Chen Yulia Dobrolyubova
Managing Director Vice President Partner Partner
Singapore Hong Kong Singapore Thailand
[email protected] [email protected] [email protected] [email protected]
+65 69225872 +852 36027324 +65 90300038 +66 2074 3143 |
+66 8 9693 9568

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ESG REPORTING TOOLKIT

DEVELOPED IN PARTNERSHIP WITH ERM

CONFIDENTIAL AND PROPRIETARY:

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 2

Intended to be used by practitioners.

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 3

I The Business Case for ESG Reporting 5

II Market Trends in ESG Reporting 11

III ESG Reporting Process 16

IV Best Practice Case Studies 31

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 4

CONFIDENTIAL AND PROPRIETARY:

Enhance Valuation Improve Reputation

92% of investors agree that companies with strong ESG performance

Identify Risks and Opportunities Take Ownership of a Company’s ESG “Story”

(Larry Fink, CEO, Blackrock) (WBCSD)

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 6

Investors Stock Exchanges Customers Employees Competitors

93% 70% 79% 96%

(ERM) e.g. HKEX, EuroNext, TSE (IBM) (ERM) (KPMG)

Examples of ESG Issues

ESG is often used interchangeably with terms such as

What does it mean for a company

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 8

Environmental, Social, & Governance (ESG) Reporting Defined by:

Corporate Social Responsibility (CSR)

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 9

Active: Actively request information from companies through questionnaires

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 10

CONFIDENTIAL AND PROPRIETARY:

Rise in Regulation & Mandatory ESG Standards Converging

Change in Reporting Formats SDGs Integration in Reporting

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 12

Climate Change Diversity, Equity, & Inclusion (DE&I)

Organizations with market capitalization of over $12 trillion support

Reporting on GHG emissions is mandatory in many markets. A growing

Data Privacy & Cybersecurity Supply Chain Management

Regulators and stakeholders are placing more scrutiny on data collection

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 13

Climate Change Supply Chain Management

67%* There is a call for transparency due to the public

Technology, Media, & Telecommunications Data Privacy & Cybersecurity

Diversity, Equality, & Inclusion

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 14

Institutional investors don't trust companies when it comes

Greenwashing is the practice of misrepresenting sustainability-related practices or features.

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 15

CONFIDENTIAL AND PROPRIETARY:

Executive team highly engaged

Meet increasing stakeholder Considering initial public offering

ESG reporting is a journey Minimum Beginner Intermediate Advanced

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 17

Research & Materiality Internal Stakeholder Framework Content Data

These activities might happen in parallel

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 18

Research & Benchmarking

Investors Business Partners (Customers, Suppliers, Other) Civil Society

Regulators Stock Exchange Employees

CONFIDENTIAL AND PROPRIETARY: For KKR portfolio companies only 19