Project Details
Project
Innova Schools Social Bond Framework Second-Party Opinion
Client
Colegios Peruanos S.A.
Project Type
Social Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Peru
Evaluation Date
May 2019
Evaluation Summary
Sustainalytics is of the opinion that the Innova Schools Social Bond Framework is credible and impactful, and aligns with the four core components of the Social Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for use of proceeds – Access to Essential Services – is aligned with those recognized by the Social Bond Principles 2018. Sustainalytics considers the eligible category to have positive social impact and to advance the UN Sustainable Development Goal 4: Quality of Education.
PROJECT EVALUATION/SELECTION
Innova Schools has dedicated departments and/or committees for project evaluation and selection that involves the evaluation of a target population based on region and site selection. Sustainalytics considers the project selection process, which includes C-level involvement, to be in line with market best practice.
MANAGEMENT OF PROCEEDS
Innova Schools’ Finance Department will separately manage and track the net use of proceeds. Pending allocation, the net proceeds will be kept as cash in its bank accounts or in short term deposits in investment grade local banks. This is in line with market practice.
REPORTING
Innova Schools intends to publish annual information in its annual report, until full allocation. The reporting will contain allocation reporting including amounts allocated on a portfolio-basis, as well as relevant impact metrics, where feasible. Sustainalytics views Innova Schools’ allocation and impact reporting as aligned with market practice.