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Risk, Reward, and Responsibility in Mergers & Acquisitions

Hosted by: Phil Dillard

Today on the podcast, you’ll hear from EHS experts in Asia, Europe, North America and New Zealand discuss financial markets and mergers and acquisitions. We hear from Matt Bell, M&A Practice Lead at Antea Group USA, Eeda Wallbank, Sector Leader at ESC Singapore and Graham Duffield, Practice Director - Transactions Support at Antea Group UK. The group discusses the importance and impact of EHS and ESG considerations in business deals. We wrap up the discussion with Lean Phuah from Tonkin + Taylor New Zealand and the Mergers & Acquisitions Working Group Lead with Inogen Alliance.
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matt bell

Matt Bell

Antea Group - USA

Matthew Bell, Senior Consultant and M&A Practice Leader, has more than 30 years of experience delivering EHS business solutions to a broad spectrum of domestic and multi-national companies. His work is focused primarily on large-scale M&A projects for strategic buyers, and the private equity community. This work includes extensive due diligence work, quantification of liabilities, protecting the client’s downside, assisting in identifying upside value, conducting ESG benchmark and screening reviews, and assisting with positioning uncertainties, risks and liabilities on the sell side. Matthew has worked for clients on hundreds of M&A transactions and various other projects in over 50 countries worldwide. He has extensive experience as the project lead interfacing with the client, regulatory agencies, and various stakeholders.  

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eeda wallbank

Eeda Wallbank

ESC - Singapore

Eeda Wallbank started her scientific journey as someone who just wanted to make her part of the world a little greener, and has risen to become a top environmental consultant in Asia. In a career approaching two decades, Eeda has overseen high profile environmental response efforts across Asia and the United States. She's been the person you'd call if an oil train derailed and exploded near a river in the middle of winter -- true story -- or if a plume of contaminants threatened a major city's drinking water supplies. She's overseen a wide array of delicate assignments, from health and safety for a smallpox vaccine laboratory to cleaning up old bombing ranges. 

Now as Sector Leader for ESC in Singapore, Eeda helps a who's who of multinationals and private equity firms to audit their potential environmental and social liabilities, while ensuring that environmental claims they make are true across the entire supply chain, no matter where in the world that may be. 

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graham duffield

Graham Duffield

Antea Group - UK

Graham is a Chartered Environmentalist and Due Diligence practitioner with over 23 years’ experience in environmental consultancy.  Graham has a solid background in Land Contamination, Environmental Permitting and Environmental Health & Safety compliance, combined with 23 years of advising clients on Real Estate and Corporate M&A transactions across the world.  Graham is the Account Manager for a large number of investment and corporate clients in the UK, Europe and globally.  

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lean phuah

Lean Phuah

Tonkin + Taylor - New Zealand

As Inogen Alliance’s Mergers and Acquisition Transaction Services Working Group lead, Lean is excited to be working with Inogen’s highly experienced M&A practitioners across the world to deliver global M&A services to our clients. She is excited about the transformations that are currently reshaping due diligence frameworks to drive sustainable outcomes. 

With over 35 years experience in the environmental field, Lean has worked across a range of industries and sectors in Asia Pacific and New Zealand. Her experience includes pre transaction site characterisation and post transaction advice to support business decisions around mergers and acquisitions, including support for environmental and contaminated land issues for lease exit negotiations. 

"How is environmental and social risk identified and managed? How is pollution control managed? Labor rights for staff working on the sites? And then, looking at the larger area, biodiversity, cultural heritage, indigenous peoples? So, for me, it's a two step screening process, local regulatory environment, and then the global standards that we're comparing to for this particular investment or acquisition, and that can change depending on who the stakeholders are.” - Eeda

“It absolutely requires the full spectrum of due diligence items that aren't driven by the regulators here in the US, they're driven by customer demands. So that's one of them. What we're seeing here in the US is they're only doing what they need to meet anticipated regulations coming down the road, like the SEC rulings and that sort of thing.” - Matt 

“The emergence of ESG, through regulation has become a much bigger part of our M&A approach. I think the complexity or the challenge is that the legislation and the interpretation of that is very complex and also that the legislation is changing. So the challenge is for not only us as advisors to keep on top of those changes, but for our clients to do the same as well.” - Graham 

 “Every M&A transaction in the corporate finance and investment world comes with some potential risks. It not only encompasses business-related or financial risks, but areas like environmental and health and safety.  As M&A environmental practitioners, we have seen the focus shifted considerably towards a multidisciplinary approach involving topics such as social human rights, and governance. More and more companies are recognizing the value of doing the right thing and being responsible, good corporate citizens, not only complying with regulations.” - Lean

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Time Stamps

(00:00) EHS Implications in solar projects 

(04:09) Drivers of current trends in financial deals 

(10:07) Key challenges in environmental due diligence 

(31:56) Potential impacts of upcoming elections 

(40:56) The future of EHS 

(44:08) Key takeaways from Lean

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