UFF acts as the dedicated investment advisor to Futuregrowth Asset Management for the Old Mutual African Agricultural Fund and the Futuregrowth Agri-Fund (SA). UFF is an associate company of the Old Mutual Group. The Old Mutual African Agricultural Fund (SICAV) invests in farmland and its infrastructure, which is leased to an approved operator to manage and run the farm. According to a planned expansion program, the fund invests capital into farms to develop additional arable land. All investments are assessed and monitored according IFC ESG performance standards and supported by extensive health care and educational programs for farm workers (0,5 % of invested capital). Where necessary, upgrades and additional worker accommodation is provided for.
Quarterly Social Impact reporting to investors and in annual reporting.
Core Social Impact metrics tracked:
1) Employee health care measures (e.g. no. of employees with access to pre-paid primary health care, no. of insured employees that actually visit the health service at least once a year, etc.)
2) Employee education measures (e.g. amount of money spent (by the Operator/Fund) on education of farm workers, no. of employees receiving adult basic education and training, etc.)
3) Job creation measures (e.g. total number of employees, no. of employees with temporary contracts of 6 months or less, etc.)
4) Employee salary measures (e.g. % of permanent employees with a salary of minimum wage or above, etc.)
5) Crop output measures (e.g. total cartons of major crops produced annually, number of different crops cultivated, etc.)
6) Environmental measures (e.g. water used per production unit/hectare, pesticide used per production unit/hectare, etc.)
Other Impact Measurement Tools
IFC ESG Performance Standards, Annual onsite Social Systems auditing in line with SMETA guidelines, Quarterly Social Reporting on Social systems metrics, annual PRI farmland principles reporting