La Francaise AM - List of Reported Indicators

Transcription

This List of Reported Indicators is provided for internal review. This document is different from the pilot Responsible Investment report, which is
designed for disclosure purposes and will be provided to signatories in September/October 2012.
The information provided in this report is self-reported. While this information is believed to be reliable, no representations or warranties are made as to
the accuracy of information presented, and no responsibility or liability can be accepted by the PRI Association for any error, omission or inaccuracy in
this information.
This report was generated on 2012-08-02 15:20.
OO Organisational Overview
OO Preface
Mandatory
The information gathered in this supplement will allow readers to identify your organisation type and characteristics, and will enable the PRI to
interpret your information and to define your peers. This supplement also functions as a filter, as your responses will determine the questions that you
see later in the online reporting tool and, importantly, will ensure that you do not get asked questions that are not relevant to you.
Basic Information
OO 01 General
Mandatory
01.1 What are the services you provide?
Fund management
% of AUMs in ranges
0-10%
10-30%
30-50%
>50%
Fund of fund, manager of manager, sub-advised products
% of AUMs in ranges
0-10%
10-30%
30-50%
>50%
Execution and advisory only services
Other
OO 02 General
Mandatory
02.1 Please select the location of your organisation’s headquarters.
France
02.2 Does your organisation have offices in other countries?
Yes
02.3 Number of countries with offices.
3
No
OO 03 General
Mandatory
03.1 Please describe the ownership structure of your organisation.
Page 2 - Copyright ©2012 PRI Association. All rights reserved
La Française AM features a strong corporate culture favoring employee interaction and initiative. It is supported by a unique
shareholder structure that grants the group total independence in the execution of its core business and that unites the leading
euro-regional mutual bank. The ownership structure of La Française AM is as follows : 80,76 % owned by Crédit Mutuel Nord
Europe, 14,24 % owned by Directors and Employees and 5 % owned by Groupe Monceau and Mutuelle MACSF.
Our ownership structure is not confidential in nature.
Our ownership structure is confidential in nature.
OO 04 General
Mandatory
04.1 Do you have any subsidiary organisations?
Yes
04.2 Number of subsidiaries.
17
04.3 Do any of your subsidiaries perform significantly different functions?
Yes
04.4 If yes, please describe these activities.
LFP has a specialized SRI management subsidiary, LFP SARASIN AM, which benefits from a strategic partnership with
Bank Sarasin, a pioneer in SRI. In addition to LFP SARASIN AM, LFP owns 10 minority interests in a number of investment
companies which enjoy a strong reputation. These partnerships complete and diversify LFP’s product range and are
presented at : http://www.lafrancaise-am.com/la-francaise-am/nos-participations.html. LFP also has 6 subsidiaries : REM,
LF GP, LFP, LFI, UFG Siparex et Franklin Gérance.
No
No
OO 05 General
Mandatory
05.1 Please indicate the approximate number of staff your organisation employs (in full-time equivalents).
FTE
392
OO 06 General
Mandatory
06.1 Please indicate the year end date against which you will be reporting?
31/12/2011
06.2 What were your total AUM at the end of your reporting year?
billions
34
millions
770
thousands
000
hundreds
000
Currency
Euro
OO 07 General
Mandatory
07.1 Provide an approximate percentage breakdown of your AUM at the end of your reporting year, using the following categories. Please
read the explanatory notes and definitions carefully before responding.
Response will be published in ranges rather than absolute values.
(in %)
Internal active
Internal passive
External active
External passive
Listed equity
7
0
0.9
0
Fixed income – corporate
20
0
0.3
0
Fixed income – sovereign
5
0
0.3
0
Fixed income – other
0
0
0
0
Private equity
1
0
0
0
Non-listed property
20
0
0
0
Non-listed infrastructure
0
0
0
0
Commodities
0
0
0
0
Hedge funds
2
0
5.3
0
Non-listed forestry
0
0
0
0
Non-listed farmland
0
0
0
0
Inclusive finance
0
0
0
0
Cash
11
0
0.30
0
Other
17
0
9.9
0
Sum (needs to add up to 100%)
100%
Note: Please make sure your response to this indicator is complete and confirmed before you progress to the next indicator and/or supplement. Your
answer will determine which tailored supplements, sections, indicators and answer options you will be presented with. If you make any changes to
this indicator at a later stage, your responses to all subsequent indicators and supplements will need to be reviewed and reconfirmed.
OO 08 General
Mandatory
08.1 For your actively managed listed equities and fixed income assets, please indicate to what extent you invest via quantitative
strategies and/or funds and mandates.
Internally actively managed assets
Listed equity
>50% of internally active managed listed equities are quants
<50% of internally active managed listed equities are quants
No internally active managed listed equities are quants
>50% of internally active managed fixed income corporate are quants
<50% of internally active managed fixed income corporate are quants
No internally active managed fixed income corporate are quants
>50% of internally active managed fixed income sovereign are quants
<50% of internally active managed fixed income sovereign are quants
No internally active managed fixed income sovereign are quants
Externally actively managed assets
Listed equity
>50% of externally active managed listed equities are quants
<50% of externally active managed listed equities are quants
No externally active managed listed equities are quants
>50% of externally active managed fixed income corporate are quants
<50% of externally active managed fixed income corporate are quants
No externally active managed fixed income corporate are quants
>50% of externally active managed fixed income sovereign are quants
<50% of externally active managed fixed income sovereign are quants
No externally active managed fixed income sovereign are quants
OO 09 General
Mandatory
09.1 What is the breakdown - to the nearest 5% - of your AUM by market?
Response will be published in ranges rather than absolute values.
Developed markets
%
99
Emerging, Frontier, Other Markets
%
Total
1
100%
Online reporting tool pathway questions
OO 11 PRI 1
Mandatory
Please note that these questions are here to help the PRI Secretariat identify the questions and supplements that are relevant to you.
11.1 For your listed equities and fixed income assets, indicate if you internally and/or via external managers address ESG issues in your
investment decision making process.
Internally managed assets
Listed equity
Yes, we incorporate ESG issues for some/all of our internally managed active assets
No
Fixed income - corporate
No
Fixed income - sovereign
No
Externally managed assets
Listed equity
Yes, we incorporate ESG issues for some/all of our externally managed active assets
No
No
Fixed income - sovereign
No
OO 12 PRI 2
Mandatory
12.1 For listed equity and fixed income corporate assets, indicate if you directly or via third parties: - engage with your holdings, and if so,
- identify who is responsible for conducting engagements on your behalf.
Listed equity
Do you or your third parties engage:
Yes
No
Do you or your third parties engage:
Yes
No
OO 13 PRI 2
Mandatory
13.1 For listed equity, indicate if you (directly or via third parties) cast your (proxy) votes.
Yes
No
OO 14 PRI 1
Mandatory
14.1 Please indicate for the following asset categories whether you (or third party providers) are incorporating ESG in your investment
process and/or your active ownership activities.
Asset categories
ESG incorporation into your investment process and/or active
ownership activities?
Please select all that apply
Private equity
None of the above
Non-listed property
None of the above
OO 15 General
Mandatory
15.1 The supplements and sections that you will be required to complete are ticked below. They are based on your asset breakdown
and responses provided above. To reduce the burden for signatories, you are not required to report on holdings below a certain AUM
threshold. However, if you would like to report on them, please tick the relevant box.
Core supplements
Organisational Overview
Overarching Approach (including assets which do not have a separate supplement)
RI implementation directly or via service providers
Direct - Listed Equity (excluding voting)
ESG incorporation - actively managed
Direct - Fixed Income Corporate
Direct - Fixed Income Sovereign
Direct - Property
Direct and indirect (proxy) voting
(Proxy) Voting and Shareholders Resolutions
Closing supplement
Closing Supplement
OO End
Mandatory
Warning!
The indicators you will we be presented with in the following supplements are based on your responses in this section. Please make sure your
responses in the Organisational Overview are final before you progress.
If you need to alter your answers to this supplement at a later stage, you will need to reconfirm your responses to all subsequent indicators and
supplements, as this may have impacted the indicator, sub indicator or answer categories.
OA Overarching Approach
OA Preface
Mandatory
The objective of this supplement is to enable you to describe your organisation's overall approach to responsible investment (i.e. your governance,
your responsible investment policy, objectives and targets, the resources you allocate to responsible investment and your approach to collaboration
on responsible investment and public policy-related issues).
Some high level information on the incorporation and integration of ESG issues and active ownership are also addressed here, although the details
will be covered in the direct asset category and indirect supplements of the reporting framework.
-----------------------------------------------------Before responding to any of the indicators in this supplement, please make sure your answers to the Organisational Overview (OO) supplement
are complete, as these responses determine which sections, indicators and answer options are relevant for you. If you return to OO and make any
change at a later stage, your responses to all subsequent supplements will need to be reviewed and reconfirmed.
We recommend that you answer the indicators in this supplement in numerical order for this reason. Responses to earlier indicators will determine
which sections, indicators and answer options you will need to complete later in the supplement. As such, if you change your response to an earlier
indicator, your responses to subsequent indicators will need to be reviewed and reconfirmed.
Responsible investment policy (ies)
OA 01 General
Mandatory
01.1 Do you have a responsible investment policy (-ies)?
Yes
No
OA 02 General
Mandatory
02.1 Are any of your responsible investment policies and supplementary documents publicly available?
Yes, all
Yes, for some
No
02.3 If all of your policies are not publicly available, please explain why not.
Our responsible investment policies and processes have changed in May 2012. Consequently, only our new responsible
investment policies are now available publicly.
OA 03 General
Mandatory
03.1 Please provide a brief summary of the key elements of your responsible investment policy, philosophy or approach.
The Socially responsible Investment " SRI " is a concept of investment based on the durability, which aims to enhance the process
of "classic" investments (Financial/Credit Analysis) with a sustainable dimension. Consequently, ESG criteria are integrated into
the analysis of companies in order to to enrich and enlarge our global vision. The three pillars of ESG analysis are: E: Environment
(environmental impact of the activity and on the totality of the life cycle of the product). S: Social and societal policies (quality of
relations with employees/customers/suppliers and shareholders). G: Governance of company (shareholders policy of the company,
transparency of strategy, behavior of management, relations with investors and public). SRI is an approach by the risk, aiming
to globally improve our portfololios from a classic financial view and from a sustainability view. To realize this objective, our
fund managers attempt to select the best values ("best-in-class"). It means selecting those which take into account ESG issues,
thereby reducing their global risk and thus improving their profitability. To guarantee this quality level, LFP-SARASIN AM makes a
commitment on a minimum level for the global notation of its SRI funds. Our fund managers also have, as a long-term objective, to
constantly look for improvement of the global durability of portfolios (improvement of the average mark of our funds).
This question is voluntary if you have provided a URL in OA 02.2. If this is the case, please write See URL in the text box above.
OA 04 General
Mandatory
04.1 Please specify the coverage of your responsible investment policy, by asset category and markets.
Assets
Listed equity
% of listed equity assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Fixed income corporate
% of fixed income corporate assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Fixed income sovereign
% of fixed income sovereign assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Private equity
% of private equity assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Non-listed property
% of non-listed property assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Hedge funds
% of hedge funds assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Cash
% of cash assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Other
% of other assets covered (regions, strategies, etc.)
0%
<25%
25-50%
50-75%
75-100%
Markets and RI policy coverage
Markets
% of your AUM in this market covered
Developed markets
Emerging, Frontier and Other Markets
%
100
%
0
OA 05 General
Mandatory
05.1 Does your responsible investment policy (or policies) address the following topics and at what level of detail?
General (high level) responsible investment policy
Detailed guidelines
Environment
Environment
Social
Social
Corporate Governance
Corporate Governance
None of the above
None of the above
Governance and human resources
Overview
OA 06 General
Mandatory
This section gathers information on how your organisation ensures the implementation of your responsible investment policy. The section first looks
into how your organisation oversees its responsible investment activities, including the role of the Board and senior management.
It then looks at the resources for the day-to-day implementation of policy. The questions acknowledge that a variety of approaches may be adopted
(allocating dedicated responsible investment resources, allocating responsible investment-related responsibilities across the organisation, using
external resources and service providers, and combinations of these approaches).
The questions in this Section are structured to capture information on internal resources, with external resources captured in the relevant asset
category supplements.
06.1 Please provide a brief description of your organisation’s RI governance, management structures and processes.
SRI is a strong conviction at LFAM, with a full corporate commitment, a joint venture with Bank Sarasin including asset management
and SRI research and a wide range of products, both securities and real estate. The Board of LFP Sarasin includes Xavier Lépine
(President of La Francaise AM and Chairman of the Supervisory Board of LFP Sarasin AM), Andreas Knoerzer (Head of Sustainable
Investment at Bank Sarasin ( Basel) and Vice President of LFP Sarasin AM), Pascale Auclair (Vice President of LFP and Président
of LFP Sarasin AM), Emmanuel Morano (Head of LFP and LFP Sarasin AM equity PM team, and member of executive board of LFP
Sarasin AM, headed by Philippe Mimran CIO of LFP) and Elisabeth Cassagnes (Head of SRI Analysis and Development Group who is
responsible for day-to-day Responsible Investment activities). The Board of LFP Sarasin meets quarterly. Our responsible investment
performance is assessed and reviewed every week by the Equity Committee headed by Emmannuel Morano.
I would like to attach an organisational chart
06.2 Please describe here how your organisation addresses potential conflicts of interest in the investment process.
In 2011, La Française des Placements has not detected any potential conflicts of interest in the invesment process.
OA 07 General
Mandatory
07.1 Within your organisation
What roles are present?
Who has oversight responsibilities for responsible investment?
Who has implementation responsibilities for responsible investment?
Roles present in your organisation
Board members/Board of trustees
Oversight responsibilities
Implementation responsibilities for responsible investment
No RI oversight or implementation responsibility
Chief Executive Officer (CEO)
Chief Investment Officer (CIO)/Investment committee
Portfolio managers
Financial Analysts
Dedicated responsible investment staff
Other, please specify
Scientific SRI Advisor
Other, please specify
Legal Team
ESG dedicated internal resources
Other internal resources
Training and incentives
Setting responsible investment objectives and strategies
OA 12 General
Mandatory
12.1 Have you set goals/objectives for your responsible investment activities?
Yes
How do you set these goals?
systematically
ad hoc
12.2 How often do you set/revise goals/objectives for responsible investment?
At least once per year
Less than once a year
12.3 Typically, how often do you formally review performance against your goals/objectives for responsible investment?
Quarterly
Semi-annually
Annually
Every two years or less
12.4 Please provide an overview of your organisation’s goals/objectives for your responsible investment activities.
LFAM seeks consistently to enhance its Responsible Investment activities. Our objectives regarding the ESG process are to
gain in tangibility and transparency. We consider that our process could be more quantitative in order to be in line with our
vanilla process. Our main goals are also to develop Research in collaboration with Bank Sarasin, to enhance our Real Estate
SRI Matrix, to increase our AUM (in Securities and Real Estate), to obtain the Novethic Label on our range products for 2012 and
lastly, to continue to improve our CSR policy, internal practices and our communication on SRI.
No
Promoting responsible investment
OA 14 PRI 4,5
Mandatory
14.1 Did your organisation participate in any responsible investment/ESG issue-related organisations or collaborative initiatives?
Yes
14.2 Please list the organisations or collaborative initiatives that your organisation has supported or participated in.
Asian Corporate Governance Association
Association for Sustainable & Responsible Investment in Asia
Australian Council of Superannuation Investors
Carbon Disclosure Project (CDP)
CFA Institute Centre for Financial Market Integrity
Council of Institutional Investors (CII)
Eumedion
Extractive Industries Transparency Initiative (EITI)
Forest Footprint Disclosure Project
Global Investors Governance Network (GIGN)
Global Real Estate Sustainability Benchmark (GRESB)
Institutional Investors Group on Climate Change (IIGCC)
Interfaith Center on Corporate Responsibility (ICCR)
International Corporate Governance Network (ICGN)
Investor Group on Climate Change, Australia/New Zealand (IGCC)
Investor Network on Climate Risk (INCR)/CERES
Local Authority Pension Fund Forum
Principles for Responsible Investment
Your organisation’s role in the initiative in the reporting period
Initiated collaboration
Led and prepared papers and joint statements
Acted as an active spokesperson
Provided financial support beyond membership fee
Supported to some degree in leadership and/or in preparation of documentation
Contributed to the organisation or content of events organised by the group
Provided general support for the initiative in various non-public forums
Joined association/initiative and its meetings but not actively involved in its work
Other role
Regional or National Social Investment Forums (e.g. UKSIF, Eurosif, ASRIA, RIAA)
Other role
Shareholder Association for Research and Education (Share)
United Nations Environmental Program Finance Initiative (UNEP FI)
Other (please specify)
ADEME : Energetic performance in real estate
Other role
No
OA 15 PRI 4
Mandatory
15.1 Beyond your participation in collaborative initiatives have you sought to promote responsible investment in the investment industry?
Yes
15.2 If yes, please describe the actions you have taken.
We participate every year in SRI Week : “Forum annuel de l’Investissement Responsable” (organized by FIR, the French SIF)
where the Prize “Finance and Sustainability Supporting and Recognizing Research Excellence” is given, in partnership with
the UNPRI. We promote Responsible Investment by communicating on BFM Business Radio, with interventions in programs
“Green Business”. Moreover, we have organized in October 2011, with our Scientific SRI Advisor, Jacques Ninet, a conference
called "La recherche, nouvelle frontière de l'ISR : Les enjeux du lien investisseurs - sociétés de gestion - universités" This
conference presented the new SRI challenges for three main actors : investors, asset managers and universities. Jacques Ninet,
as Scientific Advisor of LFAM, produced two research papers on SRI : "Cahier de la recherche ISR et foncières cotées" and
"Innovation technologique et responsabilités sociale". We also teach SRI to students enrolled in Master Degree programs in
Paris Dauphine University.
No
OA 16 PRI 2,4
Mandatory
16.1 Apart from collaborative initiatives have you engaged with public policy makers on ESG issues?
Yes
16.2 Please provide a brief overview of your public policy engagement on ESG issues.
We have been very active via MEDEF and FIR in sponsoring Grenelle II law application. This law promotes a sustainable
reporting applicable to Asset Managers (art 224) and Issuers (art 225)
16.3 Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, are
copies of these submissions publicly available?
Publicly available
Yes
No
No
ESG in asset allocation
Assets not covered by PRI reporting framework supplements
Innovation
LPV (Proxy) Voting and Shareholder Resolutions
LPV Preface
Mandatory
This supplement relates to proxy voting and other formal shareholder rights for listed equity holdings. It is intended to capture all voting, shareholder
resolution and related activities, irrespective of whether some or all of these activities are conducted by internal staff or external organisations; the
questions allow you to explain exactly how these activities are organised.
Introduction
LPV 01 PRI 2
Mandatory
01.1 Please provide a brief overview of your organisation’s approach to voting including filing and/or co-filing shareholder resolutions.
La Française AM exercises its voting rights in all the companies where our funds hold some shares. We consider that using voting
rights gives a better protection to funds' holders. In order to fulfill this commitment, we are using "ISS Governance Analytics", an
external Proxy Voting service which is a web platform developed by Institutional Shareholders Services in association with BNP
Paribas Securities Services. Its objective is to allow our Asset Managers to keep up with shareholder resolutions for shares included
in their funds and then allow our Asset Managers to vote shareholder resolutions by distance voting (e-voting). However, La Française
AM applies the rule of a 2% minimum shareholding to use its voting rights. La Française AM has implemented its own voting policy,
including guidelines on 48 shareholder resolutions which largely focus on the quality of governance and financial performance. Our
external Proxy Voting service also allows us to vote shareholder resolutions which are potentially not covered by our guidelines. In a
few cases, our fund managers vote shareholder resolutions directly.
LPV 02 PRI 2
Mandatory
02.1 Indicate the proportion - to the nearest 1% - of your holdings where voting instructions were issued on your behalf (by you or third
parties) during the reporting year.
We do track or collect this information
Votes cast
%
98
Specify the basis on which this percentage has been calculated
of the total number of ballot items you could have issued instructions on
of the total number of company meetings you could have voted at
of the total value of your listed equity investments
We do not track or collect this information
Process
LPV 04 PRI 2
Mandatory
04.1 Who makes the (proxy) voting decisions and based on what policy?
Who decides the (proxy) votes
What percentage of total votes cast (+/-5%)
%
Our internal staff
1
Based on
on our policy
other (please explain)
%
Our service provider(s)
99
Based on
on their policy
on their policy, in line with ours
on our policy
%
Our external investment manager(s)
0
Based on
on their policy
on their policy, in line with ours
on our policy
Total
100%
Outputs and outcomes
LPV 09 PRI 2
Mandatory
09.1 Do you track the votes that you have cast and/or third parties cast on your behalf?
Yes, we track this information
Breakdown as percentage of votes cast
Votes cast
For management recommendations
%
80
Against management recommendations
%
20
Abstention
%
0
100%
Specify the basis on which this percentage has been calculated
As a percentage of the total number of ballot items you could have issued instructions on
As a percentage of the total number of company meetings you could have voted at
As a percentage of the total value of your listed equity investments
No, we do not track this information
LPV 12 PRI 2,6
Mandatory
12.1 Beyond the PRI reporting and assessment, does your organisation disclose its voting activities?
No
Yes, to clients and beneficiaries only
Yes, disclosed publicly
please provide URL
http://www.lafrancaise-am.com/actualites-reglementaires.html
12.3 Is the level of disclosure different between public and clients/beneficiaries?
Yes
No
12.5 For the information that you provide (select all that apply):
How much of your voting record do you disclose?
All votes
Some votes
Summary of votes only
What level of explanation do you provide?
Explained all votes
Explained some votes
No explanations provided
How frequently do you typically report?
Disclosed continuously (primarily before meetings)
Disclosed continuously (soon after votes are cast)
Disclosed quarterly
Disclosed annually
LE Direct - Listed Equity
LE Preface
Mandatory
This supplement addresses the following activities in relation to listed equities: (a) Your own investment activities (for directly managed equities), (b)
your own engagement activities (i.e. engagement conducted by internal staff), and, as relevant, (c) any engagement undertaken on your behalf by
dedicated service providers.
This supplement does not cover: (a) investment management activities carried out on your behalf by external investment managers (these are
covered in the two Indirect supplements: Selection and Monitoring of External Managers and External Manager Implementation) or (b) proxy voting
and shareholder resolutions (these are covered in the (Proxy) Voting and Shareholder Resolution supplement).
ESG incorporation
Overview
LE 02 PRI 1
Mandatory
02.1 Do you apply any of the following approaches to incorporating ESG in your listed equity actively managed portfolio? If yes, please
indicate their coverage.
ESG integration
Overarching ESG exclusions
Fund or mandate-specific ESG exclusions
ESG themed investments
% of internal actively managed listed equities
8.6
ESG positive screening and best in class
% of internal actively managed listed equities
7.05
Other (please describe)
ESG themed investments - actively managed
LE 08 PRI 1
Mandatory
08.1 List your main internal active ESG themed funds or mandates.
Add Fund/Mandate 1
Fund Name or Mandate type
LFP Trend Infrastructures
AUM size (US$ millions)
38.82
Main themes
Select all that apply
Renewable energy
Energy efficiency
Water
Waste
Sustainable forestry
Sustainable agriculture
Green buildings
Global health
Social enterprise
Social infrastructure
Corporate governance
Human rights
Distribution Network
Add Fund/Mandate 2
LFP Multi Trends
17.08
Main themes
Renewable energy
Energy efficiency
Water
Waste
Green buildings
Global health
Social enterprise
Human rights
Add Fund/Mandate 3
LFP Trend Consumers
29.24
Main themes
Renewable energy
Energy efficiency
Water
Waste
Green buildings
Global health
Social enterprise
Human rights
New consumers in developed countries / Consumers
in emerging countries/ Aging of the population
Add Fund/Mandate 4
Main themes
LFP Trend Technologies
32.74
Renewable energy
Energy efficiency
Water
Waste
Green buildings
Global health
Social enterprise
Human rights
Space / security/Business Productivity/ Technology of
Energy and Transport/ technology of information and
communication
Add Fund/Mandate 5
LFP Trend Prévention
189.56
Main themes
Renewable energy
Energy efficiency
Water
Waste
Green buildings
Global health
Social enterprise
Human rights
the guarantee of access to natural resources (mining,
agriculture and energy)/ the guarantee of societies
security (state security, goods, people and data)
ESG positive screening and best in class - actively managed
LE 09 PRI 1
Mandatory
09.1 Please describe your approach to ESG positive screening and/or best in class listed equity investment.
LFP-SARASIN AM benefits from full access to research and analyses realized by the Research center of Bank Sarasin in Basel,
which covers 97 % of the Index MSCI EMU (3324 companies and 90 public institutions). Moreover, LFP-SARASIN AM uses the model
developed in house by Bank Sarasin: Sarasin Sustainability Matrix ®. Promoting an inclusive approach, this tool, original and
successful, is the first one totally dedicated to SRI in Europe and is a reference in its field.Sarasin Sustainability Matrix ® allows the
positioning of companies, analyzed in a two-dimensional Matrix representing the level of social responsibility of the sector and the
level reached by the company, inside its sector. The analysis criteria (50 to 100 criteria are reviewed) are considered over the life cycle
of the product (pre-production, production and use / recycling) and are organized around two main areas, divided into subcategories:
Social / Societal focusing on Internal conflicts (impacts on the employees) and external conflicts (impacts on the company) and
Environmental focusing on the use of natural resources (in particular fossil fuels such as oil, gas or coal) and on emission issues
(atmospheric pollution, wastemanagement...) These criteria are used to estimate both dimensions of the matrix: the sector to which
the company belongs and the company itself. The LFP Sarasin Matrix has been customized with a more balanced weighting of ESG
criteria, in order to respond to french market priorities. We thus apply a best in class selection of issuers and maximize the SRI
scoring of the portfolio against the benchmark.
09.2 List your main internal active ESG positive screened or best in class funds or mandates.
Add Fund/Mandate 1
Positive screened and/or best in class fund or mandate
LFP Actions Flexibles ISR
10.61
Brief description of fund/mandate
The fund objective is to outperform the DJ Eurostoxx
over the long-term by investing in stocks that meet
sustainability criteria and to maximize the SRI score of the
fund vs its benchmark.
Add Fund/Mandate 2
LFP Actions Euro ISR
35.97
A discretionary and balanced Euro zone equity
management. The fund’s objective is to outperform the
Dow Jones Eurostoxx Index (dividends not reinvested) and
to maximize the SRI score of the fund vs its benchmark.
Add Fund/Mandate 3
LFP Actions Europe ISR
105.32
LFP Actions Europe ISR is an open-end fund registered in
France. The Fund's objective is to outperform the DJ Stoxx
600 Index (dividends reinvested). The Fund will invest at
least 90% of its assets in equities of the European Union.
The Fund invests at least 75% in equities eligible for PEA.
The Fund primarily invests in equities making up the DJ
Stoxx 600 Index and aims to maximize the SRI score of the
fund vs its benchmark.
Add Fund/Mandate 4
LFP Actions France ISR
76.60
LFP Actions France ISR is an open-end fund registered in
France. The objective of the Fund is to follow closely the
SBF 120 index and to maximize the SRI score of the fund vs
its benchmark. The Fund invests at least 75 percent of its
assets in French stocks.
Add Fund/Mandate 5
AA Sarasin ISR
23.03
The objectif of AA Sarasin ISR is to outperform the MSCI
EMU by investing in equities that meet sustainability
criteria and to maximize the SRI score of the fund vs its
benchmark.
FIC Direct - Fixed Income Corporate
FIC Preface
Mandatory
This supplement addresses the following activities in relation to corporate fixed income: (a) your own investment activities (for directly managed
assets), (b) your own engagement activities (i.e. engagement conducted by internal staff), and, as relevant, (c) any engagement undertaken on your
behalf by dedicated service providers.
This supplement does not cover investment management activities carried out on your behalf by external investment managers (these are covered in
the two Indirect supplements: Selection and Monitoring of External Managers and External Manager Implementation).
Prefilling of responses from Listed equity to Fixed income corporate: Please be advised that in order for prefilling to function from Listed equity
to Fixed income corporate, you are required to respond to Listed equity supplement prior to responding to Fixed income corporate supplement.
ESG incorporation
Overview
FIC 01
Mandatory
01.1 Do you largely adopt the same approach to incorporation of ESG issues in your corporate fixed income assets as you do in your
listed equity assets?
Yes
No
FIC 03 PRI 1
Mandatory
03.1 Do you apply any of the following approaches to incorporating ESG in your fixed income corporate actively managed portfolio? If yes,
please indicate their coverage.
ESG integration
Fund or mandate-specific ESG exlusions
% of internal actively managed fixed income corporate assets
2.4
FIC 11 PRI 1
Mandatory
11.1 Please describe your approach to ESG positive screening and/or best in class fixed income corporate investment.
Our approach to ESG best in class for fixed income corporate assets is the same as our equities' approach. We use the Sarasin
Sustainability Matrix ®, customized to the French market and named "Référentiel France". Indeed, we consider that the ESG quality of
an equity or a debt issuer is identical, from a ESG point of view.
11.2 List your main internal active specific ESG positive screened or best in class funds or mandates.
Add Fund/Mandate 1
LFP Obligations ISR
133.92
The objective of LFP Obligations ISR is to outperform the
Euro MTS 3-5 Year Index over the recommended investment
period. The Fund will primarily invests in investment grade
fixed or variable rate bonds, convertible bonds, mainly
within the Euro zone that meet sustainability criteria and
also aims to maximize its SRI score vs its benchmark.
Add Fund/Mandate 2
LFP Opti Cash ISR
37.65
The objective of LFP Opti Cash ISR is to take advantage of
the spread on products to outperform the EONIA Index. The
Fund invests in investment grade fixed and variable rate
bonds and negotiable debt securities denominated in euros
of private companies issued on the european market that
meet sustainability criteria and also aims to maximize its
SRI score vs its benchmark.
Add Fund/Mandate 3
LFP Trésorerie ISR
262.53
The objective of LFP Trésorerie ISR is to outperform the
EONIA Index. The Fund invests in investment grade bonds
and negotiable debt instruments with a maturity of less than
2 years, as well as in commercial paper and certificates
of deposit denominated in Euros that meet sustainability
criteria and also aims to maximize its SRI score vs its
benchmark.
Add Fund/Mandate 4
Add Fund/Mandate 5
FIS Direct - Fixed Income Sovereign
FIS Preface
Mandatory
This supplement addresses the following activities in relation to sovereign fixed income: (a) your own investment activities (for directly managed
assets), (b) your own engagement activities (i.e. engagement conducted by internal staff), and, as relevant, (c) any engagement being undertaken on
your behalf by dedicated service providers.
This supplement does not cover investment management activities carried out on your behalf by external investment managers (these are covered in
the two Indirect supplements: Selection and Monitoring of External Managers and External Manager Implementation).
----------------------------------------------Before responding to any of the indicators in this supplement, please make sure your answers to the Organisational Overview (OO) supplement
Prefilling of responses from Fixed income corporatec to Fixed income sovereign: Please be advised that in order for prefilling to function from
Fixed income corporate to Fixed income sovereign, you are required to respond to Fixed income corporate supplement prior to responding to Fixed
income sovereign supplement.
ESG incorporation
Overview
FIS 01 PRI 1
Mandatory
01.1 Do you largely adopt the same approach to incorporation of ESG issues in your sovereign fixed income assets as you do in your
corporate fixed income assets?
Yes
No
FIS 03 PRI 1
Mandatory
03.1 Do you apply any of the following approaches to incorporating ESG in your fixed income sovereign actively managed portfolio? If
yes, please indicate their coverage.
ESG integration
Fund or mandate-specific ESG exclusions
% of internal actively managed fixed income sovereign assets
3.8
FIS 11 PRI 1
Mandatory
11.1 Please describe your approach to ESG positive screening and/or best in class fixed income sovereign investment.
We use an internal propriatary model, based on 5 pilars; -Political -Human Rights -Environement - Financial Transparency - Corruption
This model gives a score for OCDE countries (from 12 to -5). The eligible countries have a minimum score of 5. In order to be
compatible with our notation scale , we apply a score of 10/20 for eligible countries and 0/20 for non-eligible countries.
11.2 List your main internal active specific ESG positive screened or best in class funds or mandates.
Add Fund/Mandate 1
LFP Obligations ISR
133.92
The objective of LFP Obligations ISR is to outperform the
Euro MTS 3-5 Year Index over the recommended investment
period. The Fund will primarily invests in investment grade
fixed or variable rate bonds, convertible bonds, mainly
within the Euro zone that meet sustainability criteria and
also aims to maximize its SRI score vs its benchmark.
Add Fund/Mandate 2
LFP Opti Cash ISR
37.65
The objective of LFP Opti Cash ISR is to take advantage of
the spread on products to outperform the EONIA Index. The
Fund invests in investment grade fixed and variable rate
bonds and negotiable debt securities denominated in euros
of private companies issued on the european market that
meet sustainability criteria and also aims to maximize its
SRI score vs its benchmark.
Add Fund/Mandate 3
LFP Trésorerie ISR
262.53
The objective of LFP Trésorerie ISR is to outperform the
EONIA Index. The Fund invests in investment grade bonds
and negotiable debt instruments with a maturity of less than
2 years, as well as in commercial paper and certificates
of deposit denominated in Euros that meet sustainability
criteria and also aims to maximize its SRI score vs its
benchmark.
Add Fund/Mandate 4
Add Fund/Mandate 5
Output and outcomes
Engagements
Overview
PR Direct - Property
PR Preface
Mandatory
The aim of this section is to gather information on how you apply your responsible investment policy and strategy to your direct investments in nonlisted property. Respondents should highlight where the practices or performance in particular questions differ from the generic responses.
As a general note for respondents, the approach in the non-listed property supplement differs quite significantly from the approach adopted for other
asset category supplements, reflecting factors such as: the maturity of responsible investment performance measurement in property; the longer
investment time horizons in property compared to some other asset classes; the fact that property investment requires the active management of
physical assets. It is also important to recognise that property investments mean that investors are exposed to both markets specific and at the same
time changing regulatory environments and consumer expectations.
Please note that some of the questions in this supplement overlap, partially or fully, with the GRESB (Global Real Estate Sustainability Benchmark,
see link) survey. Note that the PRI is requesting data on an organisational level and for the aggregate of your non-listed property assets, not on a
fund-by-fund level.
-----------------------------------Before responding to any of the indicators in this supplement, please make sure your answers to the Organisational Overview (OO) supplement
Introduction
PR 01 General
Mandatory
01.1 Break down your direct investments in non-listed property based on who manages the property.
Internally managed by your staff
>50% of net asset value
5-50% of net asset value
<5% of net asset value
Managed via property managing agents you hire
Management of the property is run by other investors (joint venture partner) and/or their property managing agents
01.2 Describe how your approach to non-listed property investment differs between majority and minority stakes?
For 88% of our AUM, we manage both the fund and the underlying assets and can therefore, if so chosen, apply an SRI approach.
n/a, our organisation does not have both majority and minority stakes
PR 02 General
Mandatory
02.1 Composition of your organisation’s non-listed property portfolio by type and markets.
Property type
Industrial estates
Retail
Office
Residential
Leisure/Hotel
Mixed use
Wine Property
Markets
Developed markets
Emerging, frontier and/or other markets
PR 03 PRI 1-6
Mandatory
03.1 Do you have a responsible property investment (RPI) policy (or similar)?
Yes
03.2 What proportion of your property holdings, by net asset value, is covered by the RPI policy?
%
50
03.3 Please provide the URL to this policy or if confidential, please provide a brief overview of your RPI policy’s coverage.
http://www.lafrancaise-am.com/nos-metiers/nos-gestions/immobilier/developpement-durable.html http://www.lafrancaiseam.com/la-francaise-am/notre-approche-isr.html
No
Selecting new property investments
Overview
PR 05 PRI 1
Mandatory
This section covers the processes your organisation has in place for new property investments. A set of questions will ask whether you in the
reporting year applied investment processes that consider ESG and sustainability factors.
05.1 Have you incorporated ESG factors when reviewing and selecting potential property investments in the reporting year?
Yes
05.2 Proportion of reviewed property investments opportunities which considered ESG and sustainability factors.
%
50
No
Investment selection
PR 06 PRI 1
Mandatory
06.1 Provide a brief overview how you take account of ESG and sustainability factors in your property investments selection process and
investment decision.
Due diligence and valuation
Investment decision
06.2 Please provide a description of the different steps.
Our Investment process is based on financial real estate analysis and extra-financial analysis (environmental, social and societal)
with our three-dimensional Matrix in collaboration with Sarasin SRI Research team. Regarding Environment, we aim to favour the
development of environment-friendly constructions, to reduce the impact of real estate on the environment and to strengthen
regulations (ie. European Harmonization of the energy performance of buildings). Regarding Social aspects, we favour the
development of constructions attentive to the occupants. It means that we take into account the comfort and well-being of the
occupants in the building, the appreciation of the nearness of services and shops and lastly, the quality of health and safety features.
Regarding Societal aspects, we favour real estate projects related to economic and social solidarity initiatives. Extra-financial analysis
is further applied to the selection of service providers. Our invesment decision process is divided into four steps. Firstly, we select
real estate assets with a positive overall evaluation of SRI characteristics. Secondly, we conduct due dilligences. The third step is to
establish the business plan and to rate the asset with our Real Estate Matrix. The last step is selecting the occupiers, establishing the
green lease and/or making refurbishement plans.
Existing property investments
Overview
PR 12 PRI 1,2
Mandatory
This section covers all your non-listed property assets. Investment monitoring captures your active ownership activities such as property
management, occupier engagements, community programs and the refurbishment of buildings.
12.1 Indicate and provide a brief description of your approach to property investment monitoring and ownership activities on ESG factors.
Property management
Describe this area in relation to ESG considerations
Regarding Property management, we have implemented Technical Audits with an in-house developed tool, Diagtech, which
allows us to measure the energy performance of all our 1100 buildings. From the Diagtech information, we have defined a
Greenway process (Measure, Describe, Explain). This process is established to define refurbishment plans, to define the
Environmental Appendix, to implement Energy Performance Diagnostic and to implement a Benchmark tool. We set our own
qualitative objectives in line with the Grenelle Law and aim for Labels (14 targets that cover 75% of our Matrix ESG criteria).
Occupier engagement
Regarding occupier engagements, the Green Lease and the Environmental Appendix (mandatory for + 2000m) is systematically
proposed for all assets and their occupants .The green lease, mostly for buildings which benefit from environmental labels and
a HQE exploitation certificate, urges occupants to exercise responsible behavior in buildings.
Community programs
Development and refurbishment
Regarding Development and Refurbishment, we have the same approach as Property Management. We have implemented
Technical Audits with an in-house developed tool, Diagtech, which allows us to measure the energy performance of all our 1100
buildings. From the Diagtech information we have defined a Greenway process (Measure, Describe, Explain). This process is
established to define refurbishment plans, to define the Environmental Appendix, to implement Energy Performance Diagnostic
and to implement a Benchmark tool. We set our own qualitative objectives in line with the Grenelle Law and aim for Labels (14
targets that cover 75% of our Matrix ESG criteria).
12.2 Proportion of your existing non-listed property holdings where ESG factors were incorporated in investment monitoring and
ownership activities in the reporting year.
%
50
Property management
PR 13 PRI 1,3
Mandatory
13.1 Do you, and/or your property managers, set targets and monitor ESG performance for your non-listed property assets?
Yes
Do you set performance targets?
Energy
Do you Monitor Performance?
Yes
No
Water
GHG emissions
Waste
Social
Property governance
Other
Other
Other
No
Occupier engagement
PR 16 PRI 2
Mandatory
16.1 Do you, and/or your property managers, have occupier engagement programme(s) that covers sustainability factors?
Yes
Yes, for corporate property performance
Yes, for individual occupiers’ performance
16.2 Please provide a description of the program(s).
Regarding occupier engagements, the Green Lease and the Environmental Appendix (mandatory for + 2000m) is systematically
proposed for all assets and their occupants .The green lease, mostly for buildings which benefit from environmental labels and
a HQE exploitation certificate, urges occupants to exercise responsible behavior in buildings.
No
Development and refurbishment
PR 21 PRI 2
Mandatory
21.1 Were development and refurbishment of property assets initiated in the reporting year?
Yes, >50% of my property assets
Yes, 5-50% of my property assets
21.2 Were E, S and G aspects a material driver in the refurbishments?
Environmental
Social
Governance
Yes
Yes
Yes
No
No
No
21.3 Please describe your approach towards incorporating sustainability factors in development and refurbishments.
Regarding Development and Refurbishment, we have the same approach as Property Management. We have implemented
Technical Audits with an in-house developed tool, Diagtech, which allows us to measure the energy performance of all our 1100
buildings. From the Diagtech information we have defined a Greenway process (Measure, Describe, Explain). This process is
established to define refurbishment plans, to define the Environmental Appendix, to implement Energy Performance Diagnostic
and to implement a Benchmark tool. We set our own qualitative objectives in line with the Grenelle Law and aim for Labels (14
targets that cover 75% of our Matrix ESG criteria).
Yes, 0-5% of my property assets
No
ESG themed funds and mandates
Communication and reporting
Property reporting standards and disclosure
PR 25 PRI 6
Mandatory
25.1 Do you report on your property assets’ ESG performance using any specific standards or frameworks?
Yes, on an organisational level
Yes, on a fund by fund level
No
END Closing Supplement
END Preface
Mandatory
This closing supplement looks into whether the reported data has been assured internally and/or externally. It will also be used to provide you with
the opportunity to review your answers and provide feedback on the structure; content and level of disclosure of the new pilot Reporting Framework.
Closing information
Assurance of responses
Contact details
END 04 General
Mandatory
04.1 Please provide the name and email address for your primary and secondary PRI reporting and assessment contacts.
Primary contact
First name
Elisabeth
Surname
Cassagnes
Email address
[email protected]
Feedback to the PRI Secretariat
END 09 General
Mandatory
Thank you for participating in the 2012 pilot PRI online reporting tool.
Once you are happy with your responses (Download PDF), please click the checkbox below and confirm. Note that once confirmed, you will have
submitted and will not be able to modify your reported information.
Based on your submission, the PRI will be building pilot Responsible Investment Reports and providing them to you on a confidential basis in
September/October 2012. Due to their pilot nature, the PRI will not be publishing the 2012 Responsible Investment reports on its website.
Yes, we would like to submit our responses
There are 50 mandatory indicators that still need to be confirmed. Return to the Overview to finalise your unconfirmed indicators.

La Francaise AM - List of Reported Indicators

Transcription

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