The certification process is “a big achievement for the LPEA and the start of a journey which will lead us to improve our decision-making process and to take conscious options in view of the commitments we are signing now,” said the association’s chief operating officer and CSR manager . The certificate highlights the LPEA’s commitment to implementing environmental, social and governance () criteria in the private equity and venture capital industries, the association stated.

The LPEA already has several initiatives in place, such as promoting CSR principles via their ESG Committee and their PE4W (Private Equity for Women) Club or offering a training budget to each staff member, explained Galveias. The importance of diversity was highlighted ahead of board elections, and last year, the association also donated to support Ukrainian refugees.

Promoting gender diversity

In addition, the private equity association has also applied the “no women, no panel” rule since 2019. This has resulted in a strong push to rethink who can--or should--contribute to events, said Galveias. The PE4W group supports women in pursuing careers in the private equity industry by providing a space to share stories, develop soft skills and to participate in networking opportunities.

The LPEA itself also consists of a diverse team in terms of gender and nationalities. “Our plan is to inspire by example, with a firm commitment to motivate our members to consider gender balance when applying to our executive committee and board,” said Galveias. “It’s important to note that the co-chairmanship of our committees and clubs underlines another good practice--22 of our 31 committees and clubs are at ‘par,’ meaning one woman and one man.”

Code of conduct and CO2 compensation also announced

In addition, the LPEA announced that in 2023, it will introduce a code of conduct for its members. It is still in preparation, said the association, but the goal is to strengthen the LPEA’s governance. “The number of our members and their diversity substantially increased over the last four years,” said Galveias. Many single family offices have joined, as well as independent directors, non-executive directors or founders of technology firms. “It’s now important to create an internal framework that guides members towards good practices and prevents any wrong decisions or activities which could negatively impact other types of members.”

Moreover, the private equity and venture capital association will begin compensating for its CO2 emissions and have a budget dedicated to corporate social responsibility activities. It will offset the carbon emissions related to events and international roadshows.

The , which was awarded to the LPEA on 21 December, is valid for three years.