Principles

PARTNERSHIP

We view the relationship between our clients and employees as a partnership — across everything that we do. We work with management teams that we believe will be good stewards of our clients’ capital and work to align the objectives of our employees with the goals of our investment partners. Our research and consulting teams partner with clients to ensure their company is in the best position for success and to guide them through the energy transition.

ALIGNMENT

We seek to avoid conflicts of interest by aligning the interests of our clients and partners with our research, consulting and portfolio management teams. We attempt to do this by identifying teams that we believe are focused on creating economic value and managing risks. In addition, our own incentives are tied to delivering unique energy investment capabilities, preserving capital and generating attractive long-term returns. Our alignment is reinforced by our own investments in the strategy.

INTEGRITY

We strive to operate under the highest ethical standards. We expect the same of our clients, particularly as it relates to corporate governance and their handling of health, safety and environmental issues. We are not willing to sacrifice the reputation of our partners or our company for short-term gains.

INTELLECTUAL HONESTY

We let facts drive our decision-making process and embrace opportunities to hear different perspectives to expand on the deep knowledge our teams have, inform the research we conduct and support the consulting services that we provide to our business partners. We work in teams to reduce bias and increase productive tension. We promote a culture of open debate focused on assumptions, not outcomes or individuals. We are candid, curious and supportive.

ACCOUNTABILITY

We hold ourselves and each other accountable for our areas of responsibility. Anything more, or less, than 100% accountability reduces our effectiveness as individuals and as a team. We are transparent about our investment results, research findings and the drivers of returns, both good and bad.