A letter from Martin Stanley, Head of Macquarie Asset Management

Macquarie Infrastructure and Real Assets (MIRA): Response to COVID-19

Martin Stanley, Head of Macquarie Asset Management

As the global outbreak of COVID-19 continues to evolve, our priority, first and foremost, is to protect the health and wellbeing of our staff, the employees and contractors at our global portfolio of investments and the millions of people that rely on the essential services these businesses provide every day.

Given MIRA’s role as a manager of critical infrastructure and other real assets around the world, the continuity of operations of those businesses is of key importance. We are actively supporting our portfolio companies and the teams at our assets to ensure their business continuity plans (BCP) are robust and that appropriate precautions are being taken to safeguard their employees and customers. Of course, we are also actively engaged with our clients and other stakeholders to answer their questions and provide information on how we are managing the situation and the impact on investment portfolios. We are committed to providing regular updates outlining our approach to managing whatever issues arise across our global portfolio.

As the outbreak has evolved, it is clear there will be an impact to economic activity across the markets in which we operate, which will have a consequential effect on the near-term operating performance of our portfolio companies and other assets. Such impacts will vary from asset to asset but, overall, we are confident in the liquidity, resilience and long-term defensive profile of the portfolios.

We are acutely aware of the hardship that is being felt around the world at the moment, not only the daily reports of illness and fatalities, but also the increase in unemployment which adds unwelcome pressure to many individuals and families at an already stressful time. As such, where portfolio companies are facing significant disruption due to COVID-19, our intention is to minimize the impact on employees. The teams at our portfolio companies are in many cases on the frontline as this crisis has unfolded and play an essential role in ensuring that customers and communities around the world continue to have access to essential services. We would like to acknowledge the incredible job they are doing in the face of very difficult circumstances.

Within MIRA and Macquarie Group, our operations teams continue to closely monitor developments in relation to COVID-19 and the preparations and measures we've put in place have positioned us well in terms of the wellbeing of our staff and the continuity of our operations.

Macquarie has a well-rehearsed and comprehensive business resilience program in place, which covers a range of scenarios and is tested regularly. We are in regular dialogue with all relevant authorities and continue to make decisions based on official advice and best practice, with the wellbeing of our staff front of mind. We have implemented travel restrictions and other precautionary measures for our staff globally, including support relating to health and wellbeing and comprehensive technology support for remote working.

After comprehensive resilience testing, nearly all staff within MIRA and Macquarie are working from home and remain focused on working with our investment portfolios and ensuring uninterrupted client service and communication. These arrangements are an extension of our established flexible working approach which most staff regularly utilise in the normal course of business.

We will continue to provide updates as the situation evolves over the coming weeks and months. In the meantime, please don’t hesitate to contact any of our team if you have further questions.

We hope you and your families, friends and colleagues keep well and stay safe.

Kindest regards,

Martin Stanley

Head of Macquarie Asset Management

For more information about MIRA, contact us.