Green Guide Profile: Raposo Bernardo
Portugal
Portuguese firm Raposo Bernardo has experience advising clients in the sustainable aviation and sustainable waste industry, among other areas.
Notably, in the aviation industry, the firm is advising World 2 Fly on contracts of fuel acquisition, which will enable zero-carbon flights in the near future by leveraging hydrogen, sustainable aviation fuels (SAF) and nature-based solutions. The company has set in place the Renewable Transport Fuel Obligation to its transport fuel suppliers to ensure a percentage of fuel is supplied from sustainable sources.
The team is also assisting Globulus Forest Assets with drafting contracts for the plantation and maintenance management of 220,000 trees, with a global reduction effect of 35 tonnes of CO2.
In another ongoing matter, it is supporting Menarini Pharmaceutical Group with the design and implementation of a system designed for the compliance with international environmental standards, such as more sustainable waste disposal, incentivising the green transition within the pharmaceutical industry.
Dedicated to furthering the green transition by sharing its knowledge, in 2021, the firm created a free training programme for its clients on the constantly evolving ESG requirements in Portugal.
Raposo Bernardo established a multidisciplinary Sustainability and ESG practice team that combines specialists on all relevant areas of law and covers a wide range of sectors, advising on sustainable corporate management and operations including financing, and ESG due diligence.
The kind of ESG-related interventions the team has been recently involved include: advising on Green Bonds placement, the acquisition of photovoltaic panels which will allow to generate already 20% of the electricity consumption; the development of four unique case study programs within the ESG scope – i) Ocean protection; ii) Sustainable Tourism; iii) Honest food; iv) Environmental Welfare Culture – allowing the largest Iberian Hotels and Resorts Group to be leader in Responsible Tourism; or the support in contracts for the plantation and maintenance management of 200 hectares of certified forest generating 10.000 ton. of green biomass production, with a global reduction effect of 35 tCO2.
The key figures of ESG team include partners and managing associates who deliver valuable experience in cross-selling areas, completing a full cycle of legal expertise to move forward or accelerate impactful ESG projects:
- Nelson Raposo Bernardo, managing partner and head of the ESG practice team, heads the banking and finance, projects and renewable energy, advising on financial regulation and capital markets law, focusing on key issues of corporate due diligence and in the area of green finance as the Sustainable Financial Disclosure Regulation.
- Joana Andrade Correia, partner, co-heads corporate M&A practice envisaging sustainable business and ESG. She advises on international regulation, business ethics and on corporate governance aspects of ESG, including the Act on corporate due diligence and sustainability aspects in an M&A context, corporate governance, business judgement decisions, ESG-related shareholder activism and sustainability reporting duties.
- Ana Cláudia Rangel, head of our dispute resolution practice, focuses on environmental and climate change litigation, economic integrative climate litigation, in particular within special situations of restructuring and insolvency, advising on the structuring of companies, including employment law, under the ESG criteria.
- Manuel Esteves Albuquerque, head of our public and environmental law department, focuses on public sustainable legal practices and advises also on environmental due diligence in supply chains, project management, regulatory compliance in connection with the evaluation and structuring of cooperation with a view to sustainability.
- Mafalda Contumélias Batista, heads the insurance practice area, coordinating the litigation work of the largest Portuguese insurance company, delivering strong expertise in climate change insurance litigation and green best corporate compliance practices within this sector.
Portuguese, full-service firm Raposo Bernardo & Associados advises clients concerned with ESG across a breadth of sectors. In the tourism sector the team recently helped to develop four study programs on ocean protection, sustainable tourism, honest food and environmental welfare for Iberostar Hotels & Resorts. In the sustainable finance space, a team advised Grupo Interpass on a green bond’s placement. The firm also provided legal support to Globulus Forest Assets, which manages more than 200 hectares of forest, in connection with the plantation and maintenance management of 220,000 trees which will contribute to a global reduction effect of 35 tCO2. It has also supported the green transition in the pharmaceuticals, shipping, nd aviation sectors where it is assisting several airline companies with fuel acquisition contracts that will explore the potential for zero-carbon flights, looking at hydrogen, sustainable aviation fuels, and nature-based solutions. To keep clients up to date in a rapidly evolving regulatory landscape, the firm created a training program offering clients free guidance on the new legal requirements around ESG. The commitment to supporting climate sustainability is also evidenced in the firm’s multiple partnerships with NGOs, including with Projeto Vitó Association which aims to protect biodiversity in the Atlantic Ocean around the Cape Verde Islands.
Has your firm established a dedicated ESG/climate change/sustainability practice, team or task force?
Raposo Bernardo’s commitment to the highest ethical principles of respect for human rights and social development has been taken very seriously from day one.
Said commitment about ESG policies has been applied to the organization’s procedures and to the services provided to our clients, becoming transversal to Raposo Bernardo and its Clients.
Those concerns were namely reflected in projects of pro bono work, in advising Clients regarding specific aspects of governance and in many other non-systematized practices.
Concerns and practices more a less disconnected started to be systematized and developed and became management options and policies that are part of all the activities of organizations and that individually commit each one of their stakeholders.
This degree of commitment, both at corporate and individual levels, has led organizations with the kind of our ESG concerns to proceed with a deep review of the existing procedures, to create and systematize new procedures and to provide training to its teams on the newly adopted or updated procedures.
Concerns that in previous times were essentially major statements and general policy goals have been converted into daily practices allowing to achieve those goals.
The role of Raposo Bernardo next to its Clients has been consisting in supporting them in the definition of their ESG policies, within the training of their teams and in the compliance check with the adopted policies and regulations.
What type of work do you handle in connection with “green change”?
- Legal advice to investments projects, namely of an industrial nature, in the environmental licensing phases
- Legal advice to several companies and other entities within the scope of environment legal regime
- Legal representation of companies in administrative and judicial phases of environmental offenses
Would you like to highlight a particular area of strength?
Our cherished area of strength lies on spreading our model or Business ethics based in sustainability, that mitigates the ecological footprint, based on the respect for the human beings and their individuality and freedom in the respect of life in society, representing a true commitment with future generations and essential to any economic growth strategy, as no investment project will succeed without this kind of firm commitment.
Has your firm implemented any internal best practises?
The firm has 3 pillars regarding ESG implemented practices.
1. OUR STANDARDS FOR DAILY SUSTAINABLE PRACTICES
i. No use of plastics or any kind of disposable material
ii. Practices to save paper, and to raise awareness for the reduction of paper prints
iii. Recycling, recycling, and recycling
iv. Low energy consumption practices with the use of LED lighting
v. Use of eco-efficient (consumption and radiation) equipment
vi. Use of water treatment and reuse systems
vii. Rational and efficient use of water
viii. Encourage collaborators to use public transports and alternative means of transport (public bicycles by GIRA, pedal or electric)
ix. Internal communication campaigns to collaborators about sustainability and environmental practices and habits
x. Participation in environmental preservation projects
xi. Supplier evaluation, in which the criterion is based on social, economic, and environmental values, searching for certified partners in ecological and sustainable practices.
2. CLIMATE SUSTAINABILITY
Our Firm contributes to climate sustainability by developing actions that reduce the carbon footprint, pro bono work, and partnerships with NGOs.
3. OUR PEOPLE
We are sensitive to coexistent challenges, which includes ethnicity, sexual orientation, social mobility, family commitments, age, and ability.
Thus, we aim to address barriers to recruitment, improve retention and ensure that ours is a firm where there are more conversations about race, ethnicity, and cultural diversity within a respectful environment, where everyone feels valued.
As part of this support, we continue to enhance our parental leave entitlements including:
I. FAMILY
Our parental leave policy entitles co-parents up to six months of leave at full pay to welcome a new child.
II. FLEXIBILITY
We offer our people the flexibility needed to integrate their work with their life.
iii. MENTAL HEALTH AND WELLBEING
Last year we implemented a mental health strategy which focuses on culture, prevention, and access to support to enable optimal mental health for all of our people.
What are your firm’s ESG-related goals?
Raposo Bernardo’s commitment to the highest ethical principles of respect for human rights and social development has been taken very seriously from day one.
Said commitment about ESG policies has been applied to the organization’s procedures and to the services provided to our clients, becoming transversal to Raposo Bernardo and its Clients.
Those concerns were namely reflected in projects of pro bono work, in advising Clients regarding specific aspects of governance and in many other non-systematized practices.
Concerns and practices more a less disconnected started to be systematized and developed and became management options and policies that are part of all the activities of organizations and that individually commit each one of their stakeholders.
Is your firm involved in any relevant pro bono work?
Regarding ESG, Social responsibility projects have a most important role in our law firm. Our aim is to contribute to improve the society where we’re based and to strengthen our commitment to the sustainable development of the community, joining networks and initiatives.
Main drives:
- More than 3.250 working hours in average per year
- More than 20 institutions and social entities supported
- More than 90% of our lawyers involved in pro bono projects
We provide our legal support and knowledge to the third sector at the service of the society. Our commitment with the community pursues the promotion and access facilitation to legal organisations, education, and the necessary resources to improve people living conditions.
To achieve this purpose, we provide pro bono legal services and share knowledge to the non-governmental organisations and this way we fulfil the objective to return to the community what it gives us back and at the same time we generate a positive and sustainable social impact.
Our pro bono legal work includes:
- Legal assistance in accessing the courts
- Legal services to non-profit organisations that support social solidarity and public interest causes
- Legal support for organisations that help resolve social problems, including environmental problems
Some relevant examples of the pro bono NGO´s, social institutions, and projects we support:
ASSOCIAÇÃO CRESCER COM SENTIDO
https://crescercomsentido.org/
PROJETO VITÓ ASSOCIATION
QUERCUS Cabo Verde – Associação Conservação da Natureza
https://www.facebook.com/Quercuscv
SANTA CASA DA MISERICÓRDIA DA MEALHADA
AUDAX – CENTRO DE APOIO AO EMPREENDEDORISMO SOCIAL
https://audax.iscte-iul.pt/local–social.html
Is your firm involved in any public outreach or client education?
Yes, throughout our project of Corporate Social Responsibility:
- ESG PROGRAM We have a training program that we offer to our Clients on the new requirements of ESG, Environment, Social and Governance
- ESG DUE DILIGENCE In addition, we have made available to Clients the possibility of conducting a Due Diligence in ESG and in the end we adapt all corporate documents, institutional, regulations and internal procedures to ESG, Environment, Social and Governance Best Practices.
The ESG PROGRAM is free. At ESG DUE DILIGENCE the Client only pays for working hours exceeding 30% of the total hours they have hired us in the previous year.
- INFLATION & WAR EFFETS TASK FORCE
We have set up a Task Force to support Clients specifically on matters directly or indirectly related to War Effects and Inflation.
All services provided by this task force are charged only 50% of what would be the normal fee amount of each Client concerned.
When did ESG, climate change and/or sustainability become an area of focus at your firm?
Raposo Bernardo’s commitment to the highest ethical principles of respect for human rights and social development has been taken very seriously from day one.
Said commitment about ESG policies has been applied to the organization’s procedures and to the services provided to our clients, becoming transversal to Raposo Bernardo and its Clients.
Those concerns were namely reflected in projects of pro bono work, in advising Clients regarding specific aspects of governance and in many other non-systematized practices.
Concerns and practices more a less disconnected started to be systematized and developed and became management options and policies that are part of all the activities of organizations and that individually commit each one of their stakeholders.
This degree of commitment, both at corporate and individual levels, has led organizations with the kind of our ESG concerns to proceed with a deep review of the existing procedures, to create and systematize new procedures and to provide training to its teams on the newly adopted or updated procedures.
Concerns that in previous times were essentially major statements and general policy goals have been converted into daily practices allowing to achieve those goals.
The role of Raposo Bernardo next to its Clients has been consisting in supporting them in the definition of their ESG policies, within the training of their teams and in the compliance check with the adopted policies and regulations.
What has driven your firm’s involvement in a green transition? (Client demand? Business case? Personal attitudes/beliefs/initiatives?)
There could not be only one driver on this involvement. There is a mix of drivers that oriented this awareness and responsibility. From the business perspective, for example, a successful transition to a green economy requires a comprehensive strategy that encompasses sustainable practices, stakeholder engagement, and continuous innovation. This involves conducting thorough assessments of current operations, setting ambitious sustainability goals, and investing in research and development of green technologies. Collaboration with suppliers, customers, and industry peers is essential to drive collective action and create a sustainable value chain. And our support has been essential throughout this path of our Clients.
Do you have any strategic plans to expand your work or your initiatives in this area in the future?
For sure, overall, in our advice, but in particular for 2 core areas:
- Compliance – which is a relevant governance function that can add structure and controls to help establish consistent, repeatable processes for handling and reporting crucial ESG data. That is to say that compliance departments can develop procedures for third-party verification and identify other potential risks, such as gaps in what is reported. Without a strong governance mechanism in place, any ESG efforts are likely to fall short.
- ESG DD – while essential during the negotiation phase of a transaction as material ESG findings can impact target company valuation. Furthermore, Risk management assessment is also particularly relevant in the cases when the investor comes from another country and is not aware of the local regulations and operational standards. Thus, an ESG DD process in this kind of M&A transactions even more beneficial to the investor due to higher returns during the ownership stage as well as higher selling price at the time of the investor’s exit.
Where do you see the future of ESG/sustainability in the legal community (both in terms of legal offerings and firms’ best practices)?
Environmental, social and governance (ESG) factors are increasingly considered in M&A decision-making and strategy, as investors use ESG criteria to assess risks and to identify value creation opportunities. ESG has clearly become a trend in an international context.
We expect to see ESG-related regulation increase this year across the business world. The focus will remain on disclosure and reporting requirements, but with a developing trend towards “double materiality”, requiring businesses not only to consider ESG risks to their businesses but also to report on the risks their activities might pose to people and the planet.
We also expect to see changes in due diligence performances in a way that themes such as obligations on businesses in relation to human rights and environmental risks in their businesses and supply chains become mandatory and a factor of exclusion.