Hipgnosis Songs Fund Limited
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:190 tCO₂e/yr (Scope 1, 2, and certain Scope 3)
ESG Focus Areas
- Diversity
- Social Impact
- Responsible Investment
Social Achievements
- Supported various social initiatives including Black Lives Matter, We Are Family Foundation, Earth Percent, Responsible Business Initiative For Justice, Nordoff Robbins, The BRIT School, Songwriters Hall of Fame, MusiCares, Elton John Aids Foundation, Music To Life, Music Support.
- Advocated for increased fairness in payments for songwriters resulting in higher royalty rates.
Governance Achievements
- Refined ESG policies and procedures.
- Implemented a rolling currency hedge to mitigate exchange rate risk.
- Refinanced Revolving Credit Facility with better terms to reduce interest rate risk.
Climate Goals & Targets
Environmental Challenges
- Share price trading substantially below Operative Net Asset Value.
- Impact of macroeconomic factors (inflation, interest rates, war in Ukraine).
- Covid-19 pandemic impact on performance royalties.
- Exchange rate fluctuations.
Mitigation Strategies
- Working on options to enhance shareholder value (to be updated before AGM).
- Refinanced Revolving Credit Facility and implemented interest rate swap agreements.
- Implemented a rolling currency hedge.
- Share buyback program.
Supply Chain Management
Responsible Procurement
- Shared ESG policies with suppliers.
Climate-Related Risks & Opportunities
Awards & Recognition
- Various Grammy Awards
- ASCAP Pop Awards
- ASCAP Country Awards
- BMI Awards