Activity Report 2011

AC T I V I T Y R E P O RT
2011
Vigeo corporate
Vigeo rating
Vigeo enterprise
Vigeo in figures
Financial results
03
07
12
18
19
editoFor the second consecutive year, our agency
has achieved a positive operating result. In a
context of crisis and heightened competitive
pressures, this marks a good resistance to
economic fluctuations.
The Group's net result, excluding depreciation, is also positive. The
significance of this is clear:Vigeo has earned its place in the corporate social
responsibility rating market. We have contributed to the recognition and
development of the market for this activity. It is a source both of pride for
the teams of the agency and of gratitude to all those, shareholders and
customers, that give us their trust.
However, the balance sheet revealed a net loss. This is due to depreciation
in the balance sheet of the equity securities of our two subsidiaries.
For the Italian subsidiary, an adjustment process was initiated with the
closing of accounts in 2008 and continued to the closing of 2010. Despite
efforts of reorganization and cost reduction, the economic outlook for
activity in Italy led to depreciation in the book value balance of this subsidiary.
For the Belgian subsidiary, while no impairment loss had been made so far,
we have seen a steady deterioration of the parameters taken into account
during its initial valuation, this trend being now aggravated by the overall
economic circumstances in the country. Important actors among the
historical customers of this subsidiary have disappeared or are at risk. Faced
with this snowball effect, we proceeded to the depreciation of the value of
the securities.
We have continued to develop in 2011 with a new location in London and
an expansion of our coverage of companies under review for Vigeo rating,
at the same time we have diversified our offerings and services on the side
of Vigeo enterprise.
Although the year 2012 remains largely uncertain in terms of the dynamism
of our markets, we remain mobilized to continue and strengthen our
development.
Nicole Notat
Chairwoman of Vigeo
02
Vigeo corporate
Vigeo aims to mobilize all its stakeholders in a
global approach towards social responsibility.
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Vigeo Activity report 2011
Vigeo commits to…
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RESPECTInG ITS CLIEnTS AnD
THE CoMPAnIES unDER REVIEW By
applying the principles of independence, transparency and
professionalism
providing quality work with high added value
guaranteeing the equal treatment of companies under review
ensuring the confidentiality of data provided by clients
preventing potential conflicts of interest
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Code of Conduct updated in 2011
and signed by all employees
no appeals to the Scientific
Council in 2011
Customer satisfaction survey
(Vigeo enterprise)
AI CSRR certification of
Vigeo rating
VALuInG HuMAn CAPITAL By
continuously developing the expertise and competencies of
employees
promoting multiculturalism and diversity
encouraging professional development
ensuring a balance between work and professional life
promoting social dialogue and collective bargaining
ensuring team welfare and preventing occupational disease
guaranteeing the objectivity and transparency of HR processes
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Complete refurbishment of the
French, Belgian, and Italian office
spaces in 2011 with particular
attention to employee well-being
(ergonomic workstations and
renovation, sound absorption and
acoustic insulation, comfort lighting
systems, colorimetry)
Vigeo Activity report 2011
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78.5% of employees trained
in 2011, 2.6% of payroll invested
in training
11 nationalities represented in Vigeo’s
teams, an Executive Committee with
3 women out of 5 members, 10% of
the workforce over 50 years of age
More than two-thirds of current
employees (with at least two years
seniority) have been promoted since
their arrival, annual performance
and competency interviews are
conducted for all employees
Possibility to work from home
offered to all employees
Quarterly meetings between
employee representatives from
all sites and the President,
monthly meetings between
employee representatives and
local management, establishment
of a unique delegation in France,
agreement on flexible working hours
including working from home,
profit-sharing agreement
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MAnAGInG ITS IMPACT on
THE EnVIRonMEnT In TERMS oF
transportation of personnel
energy consumption
waste management
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Waste sorting in the office and
recycling of office ink cartridges
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use of recycled paper
Purchase from suppliers offering
environmentally-friendly products
(office articles - Pandava ;
eco-friendly soap - Ecover)
ConTRIBuTInG To
GEnERAL InTEREST CAuSES
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Vigeo Activity report 2011
Recourse to a work support
center involving disabled staff for
plant care, use of an employment
insertion company for cleaning
and catering in Belgium
Purchase of fair trade products
(coffee, tea) and baskets of bio
fruits and vegetables
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05
Compensation of all Co2 emissions
related to the transportation of our
teams with CompenCo2, widespread
use of a tele-conference system and
the possibility to work from home
Electricity consumption partially
produced from renewable energy
sources in France, installation
of solar panels and insulation
work in Belgium
PRoMoTInG SuSTAInABLE
PRoCuREMEnT
1
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Support for sports
activities for
employees in
Casablanca
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Works Council Activities
supported by the company:
Support to the association «nos quartiers
ont des talents» (our neighborhoods
have talent): 6 staff sponsors paired with
buddies, one of whom has already found
employment, presentation of our business
activities to 8 young graduates at our
offices, consultation of the library of CVs
for recruitment and intern research
purposes
Funding for 4 micro-entrepreneurial
projects in Peru, Cambodia,Togo and the
Philippines (with the participation of over
20 employees and employer matching
contributions) through Babyloan
Vigeo in 2011
Business and
Human Rights
Vigeo elected to the
bureau of the FIR
on September 15, 2011, the ILo office
in France joined forces with Vigeo to
organize a symposium at the
headquarters of the Economic, Social
and Environmental Council in Paris on
the respect of fundamental rights by
listed multinational companies.
In 2011, Estelle Mironesco, Director of
Vigeo rating, was elected to represent
Vigeo at the Board and at the Bureau of
the French Forum for Responsible
Investment (FIR).
Xavier Bertrand, Minister of Labour,
Employment and Health, introduced the
debates.Two roundtable discussions
brought together business leaders
(Danone, Rhodia, Central Laitière, PSA),
asset managers (Banque Postale Asset
Management and Lazard Frères
Gestion), trade unionists and nGos
(unI Global union and Amnesty
International), and Michel Doucin,
French Ambassador in charge of CSR.
They shared their experiences and
views on social responsibility and
respect for fundamental human rights.
During this symposium, two studies of
Vigeo were presented on discrimination
in the workplace and responsible
restructurings (see page 10 for further
details).
Towards a CSR
reporting for
European companies
nicole notat, president of Vigeo,
participated in a group of European
experts on the disclosure of
non-financial information by firms
in the Eu.This panel of experts aims
to provide advice to the European
Commission in preparation for the
analysis of the impact of a future
European initiative on CSR reporting.
Members of this group representing
various stakeholders at the European
level have met three times in 2011.
06
Vigeo Activity report 2011
Formed in 2001, this association brings
together fund managers, investors,
social & environmental analysts,
consultants, trade unionists, academics
and citizens.
Its objective is to promote Socially
Responsible Investment (SRI) and the
integration of social and sustainability
considerations into investment
activities.
The FIR-Vigeo Award
As part of the SRI week in France,Vigeo
and the FIR jointly created the first
edition of the FIR-Vigeo Award, to
reward companies having best integrated
ESG factors into their corporate
governance. For this first edition, the
prize was awarded to Vivendi in the
CAC 40 category, Rhodia in the SBF
120 category and unilever in the Euro
Stoxx 50 category. All were selected by
an independent jury based on ratings
provided by Vigeo.
Vigeo opens
an office in London
Vigeo accelerated its development in
the uK market, a leading and dynamic
market in the Responsible Investment
field, by opening an office in London.
This complemented its international
network of representations in Morocco,
Belgium, Italy and Japan that has been
built over the years.
«This new office and the recruitment of
a local business development manager
enable us to better serve our existing
clients in the uK and promote the
added value of our research and the
wide range of responsible investment
solutions developed by Vigeo.»
A year rich
in academic
partnerships
«We are committed to engage with the
scientific community to advance
knowledge about social responsibility. In
return, the utilisation of our data by
academics contributes to progress
within our methodologies.We have so
far concluded 31 partnership
agreements with 26 universities from 7
different countries (France, Belgium,
Canada, Germany, Finland, Sweden,
Chile).»
In 2011,Vigeo concluded five
partnership agreements with
universities and one trade union
research center (université
Montesquieu Bordeaux IV, université
de Franche Comté, the GREQAM
Research Center, KuLeuven, and the
European Trade union Institute’s
Research Center (ETuI)).
The themes covered in these
conventions include: the performance of
SRI funds and the determinants of this
performance, the performance of
French companies on corporate
governance standards, the impact of the
family nature of the company on its
societal performance, and finally, the
determinants of responsible businesses.
Vigeo rating
Vigeo rating’s quality
certification renewed
Following an external audit procedure conducted in 2011 on all its sites,
Vigeo rating received the CSRR-QS 2.1 certification for the second time,
which constitutes a clear recognition of the Equitics methodology, analysis,
and monitoring procedures.This standard of quality was developed by the
AI CSRR (Association of Independent Corporate Sustainability and
Responsibility Research) and was designed to promote research and
standards of extra-financial analysis of high quality.
This standard requires that rating agencies guarantee continuous
improvement of the quality and implementation of control systems; that
they develop and implement codes of conduct to ensure independence,
integrity, probity, transparency and accountability in the rating exercise and
the formation of their opinions; that they report on the improvements
carried out.
2011: revenues on the rise
for Vigeo rating
The market for SRI funds continued to grow in 2011. Beyond specialized SRI
funds, the movement to integrate environmental, social and governance
criteria into traditional asset management continues: the number of
signatories to the u.n. Principles for Responsible Investment has crossed
a symbolic threshold of 1000 in early 2012. In this context,Vigeo rating in
2011 registered a growth of 6% of its turnover and gained new clients. Its
sales network has been enriched by a new office in London.
07
Vigeo Activity report 2011
Vigeo expands its coverage
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ouR RESEARCH on FIXED-InCoME ISSuERS
FuRTHER EnRICHED
In 2011,Vigeo rating continued to reinforce its coverage of nonsovereign bond issuers (unlisted companies, public or semi-public
institutions, supranationals) to consolidate the attractiveness of its offer
and to meet the growing demand from fixed-income investors for a socially
responsible approach.
Concerning sovereign issuers, the ESG research that Vigeo has been
providing since 2007 has generated renewed interest from investors in the
context of the sovereign debt crisis of the Euro zone. The capacity of all,
emerging countries included, to ensure sustainable growth contributes to
their capacity to honor mid and long-term debts and to reduce risk.
Through its «Sustainable Country Rating» tool,Vigeo allows its clients
to integrate into their investment choices indicators reflecting sustainable
development factors.
What our
clients say
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«For the launch of our first SRI equity fund
in 2001, we called upon Vigeo.Throughout
these past years, we have enjoyed the rigor
and clarity of the rating process, as well as
the reliability and continuity of service.
Originally primarily focused on Europe,
Vigeo's research now offers expanded
coverage of the North American continent
and the Asia Pacific region, all with a
consistent methodology and standards of
quality that are as high as ever. This was a
decisive factor in our renewed confidence
at a time when we are deploying our ESG
integration process on a global scale.»
Xavier Desmadryl
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FIRST-TIME RATInG oF CoMPAnIES LISTED
on THE MoRoCCAn SToCK EXCHAnGE
Vigeo rated for the first time the 40 largest companies listed on
the Moroccan stock exchange on their societal and environmental
performance: respect for human rights and the environment, human capital
development, responsible governance, business ethics and commitment
towards communities in which they operate.
Global Head of ESG Research & PRI
HSBC Global Asset Management
(Hong Kong) Limited
«Since 2008, Ircantec has been committed
to a responsible investment approach. Its
objective is to invest all of its reserves – 6
billion Euros – with the integration of ESG
criteria, by the end of 2012.
Ircantec, accompanied by the Direction of
Pensions and Solidarity at the Caisse des
Dépôts («Direction des Retraites et de la
Solidarité de la Caisse de Dépôts»), began
a collaboration with Vigeo in 2011.
The 4-year mission of Vigeo should allow
Ircantec:
• to measure the extra-financial
performance of its portfolios
• to ensure that the asset management
companies who invest the reserves
respect defined SRI principles
• to be alerted if a security held is subject
to a controversy
The quality of Vigeo’s methodology and
research support the institution in its SRI
approach.»
Jean-Paul Thivolie
Vice-President
Ircantec
08
Vigeo Activity repor t 2011
Green, ethical
and social funds
in Europe
Vigeo published the 11th edition of its
report on «Green, ethical and social
funds in Europe», using the Morningstar
database. Considered as a reference,
this study provides a general panorama
of SRI mutual funds in Europe.
This year, the study highlighted the
continued growth of European SRI
retail funds, despite market volatility,
with assets of € 84bn (+12%) invested
across 886 funds.
Sustainability Focus:
Timely perspective
from Vigeo experts
on current topics
Vigeo launched in late 2011 the
«Thematic Focus», a new series of
publications which aims to provide
timely and concise perspectives from
Vigeo rating analysts on current
environmental and societal topics.
The series was inaugurated with a
first issue devoted to the theme of
sustainable palm oil, at the time
when the 9th annual meeting of the
RSPo (Roundtable on Sustainable Palm
oil) was being held.Two other
publications followed: one dedicated to
agricultural operations and to the
debates on access to land in developing
countries; the other to sustainable
animal rearing, echoing the European
Commission’s publication of its
2012 - 2015 strategy for the protection
and welfare of animals.
These articles, destined for a large
audience, are freely available on
our website
www.vigeo.com
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Vigeo Activity report 2011
focus
4
Fukushima,
European sovereign
debt crisis… :
Vigeo alerted
investors to risks
at Tepco and
in Greece
During 2011, two events have again shown
how Vigeo rating’s ESG research can
effectively complement traditional financial
analysis and the understanding of risks by
investors.
In 2009, while Vigeo was already alerting
investors to the risks presented by the two
issuers with regards to ESG criteria.Tepco
had a rating only of 7/100 on environmental
risks and 2/100 in terms of governance,
while Greece was ranked by Vigeo rating
in the last position within the European
Union.
«I would obviously prefer that we were
wrong about the relevance and efficiency
of Tepco’s commitments. If there is one
conclusion to draw, it is that it is time
that social responsibility be taken into
account, as it merits to be, in risk
assessment and the sustainability of the
performances of multinational companies»,
stated Fouad Benseddik, Director of
Methodology and Institutional Relations
at Vigeo.
Key thematic studies in 2011
The breadth and depth of Vigeo rating’s database allow us to regularly provide our
clients, investors and companies, with in-depth analyses and insights focused on
issues of environmental and social responsibility, which underpin the sustainability
of their performance.
Discrimination at work:
the mitigation of risks remains limited
This study compares the performance of 500 European companies in terms of the prevention of
discrimination and the promotion of diversity, which impact their image as much as their social
cohesion. It shows that even if the awareness on this subject has progressed in recent years, most
companies have a long way to go in order to prevent the risk of discrimination and promote equality.
Non
and -discrimin
in theequal opp ation
o
Wha
t evolu wor
kplac r tunities
tion in
Europe
e
an co
mpanie
s?
Top 5 companies showing the most advanced managerial performances against discrimination
Company
Sector
Country
Rang
EonAG
PSA Peugeot Citroën
Rhodia S.A.
Aviva
novo nordisk A/S
Electric & Gas utilities
Automobiles
Chemicals
Insurance
Pharmaceuticals &
Biotechnologies
Germany
France
France
united Kingdom
Denmark
1
2
3
4
4
The responsible management of restructurings:
human capital to the test
In this third update,Vigeo’s study continues to reveal a lack of pro-activity on the part of European
companies to manage restructurings in a responsible manner.This requires informing and consulting
employee representatives, seeking alternatives to dismissal, and efforts to retrain or redeploy
employees affected by restructuring.
Man
resp aging res
the fionsibly dutr ucturing
nancia ring
l crisis
Trends
and pe
rform
ances
of Eu
ropean
nies
Top 5 companies showing the best performance
Company
Sector
Country
Rang
Danone
TnT
Dexia
PSA Peugeot
Deutsche Postbank
Food
Transport & Logistics
Bank
Automobiles
Bank
France
netherlands
Belgium
France
Germany
1
2
3
4
5
Extractive industries: high exposure to risks
of human rights violations and corruption
By combining, in this study, our country ratings and our research on the largest mining and energy
companies in Europe and north America,Vigeo explored the practices and behaviour of companies
operating in weak governance zones and the risks which they are exposed to in terms of human
rights violations, conflicts with local communities and corruption.
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If these risk factors are generally taken into account by companies, as a result of intense scrutiny and
pressure from stakeholders, the frequency and seriousness of the allegations that they still face
question the relevance of their policies and the efficiency of their actions.
10
Vigeo Activity report 2011
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Vigeo rating in figures
Vigeo
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revenues
5 000 000 €
4 000 000 €
3 000 000 €
2 000 000 €
1 000 000 €
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2003
Sustainable
indices:
performance
in line with
stockmarkets
2004
2005
2006
2007
2008
2009
2011
2010
110
105
ESI Excellence Europe
Stoxx Europe 600
100
95
90
31/12/2011
30/11/2011
31/10/2011
30/09/2011
31/08/2011
31/07/2011
30/06/2011
31/05/2011
30/04/2011
31/03/2011
28/02/2011
31/01/2011
80
31/12/2010
85
Base 100 as of 31/12/2010
110
105
100
ASPI Eurozone
Euro Stoxx
95
90
85
80
31/12/2011
30/11/2011
31/10/2011
30/09/2011
31/08/2011
31/07/2011
30/06/2011
31/05/2011
30/04/2011
31/03/2011
28/02/2011
31/01/2011
70
31/12/2010
75
Base 100 as of 31/12/2010
11
Vigeo Activity report 2011
Vigeo enterprise
An offer in line
with changing needs
In a context where the necessity for companies to respond to sustainable
development issues has become a reality,Vigeo enterprise has built a solid
offer to enable companies to effectively engage in an approach towards
social responsibility.
Vigeo uses a robust methodology to evaluate the CSR performance of
organisations, to support the implementation of procedures and to deploy
a strategic approach towards Corporate Social Responsibility. All of Vigeo
enterprise’s services can be produced in reference to the ISo 26000
standard, and may lead to an ad hoc certificate.
Audit
and Benchmark
• Global
• Accurate
• ...
12
Vigeo Activity report 2011
operational
deployment of
CSR approach
• Training
• Management tools
• ...
Integration of CSR
into strategic operations
• Executive compensation
• Responses to tenders
• ...
Sustainability reporting:
an essential exercise
Regulatory and stakeholder pressure for greater transparency on the
CSR commitments and practices of organisations gives reporting a
growing importance.
We help companies to map their key CSR issues, select indicators, and
construct their reporting.
We attest to the relevance of CSR reporting indicators on the basis of
three factors:
What our
clients say
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«With Vigeo, we worked to structure our
reporting system, starting with an overhaul
of the ensemble of our commitments and
indicators, which allowed us to identify
gaps and implement remedial policies.
More strategically, our sustainability
reporting has become a lever for progress,
and Vigeo the right partner to challenge us
every year in this process.»
Antonella Desneux
The intelligibility
of indicators
The
comprehensiveness
of the indicators in
comparison to
opposable targets
The efficiency
or the ability of
reporting to reflect
managerial performance
2011: Strong international
involvement
Italy: Intesa, Bulgari
united Kingdom: Groupama
uSA: Steelcase
Spain: Groupama
Romania: Assignment for the EIB in the water sector
Greece: Assignment for the EIB in the education sector
Tunisia: Adecco
Qatar: QDVC (a subsidiary of Vinci)
Morocco: Managem, Lesieur
Our assignments since 2003
Our assignments in 2011
Lesotho: Assignment for the EIB for Philips
Cameroon: Assignment for the EIB for financing SMEs
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Vigeo Activity report 2011
Director of Citizenship and Secretary
of the Sustainable Development Bureau
SFR
«In 2011, Managem took an important
step towards formalizing its approach to
social responsibility by publishing its first
Sustainability Report.Vigeo accompanied
us in the design of this report. Its expertise
has enabled us not only to publish a
document to the highest international
standards but also to empower our teams
to collect and consolidate indicators for
our future reports.The professionals at
Vigeo have a great deal of tenacity, and
have standards in line with our own values,
which has allowed us to arrive at a
sustainability report that is to our image
and of which we are proud.»
Mohammed Cherrat
Director of Human Resources
Managem
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What our
clients say
THE InTEGRATIon oF CSR
InTo MERGERS AnD ACQuISITIonS
«Vigeo performed an audit for Danone in
2010 to establish the CSR profile of
Chiquita, a company with which Danone
was in discussion to create a joint venture.
Chiquita operates in an industry and in
geographical regions exposed to practices
distant from the CSR standards that
Danone implements in all of its divisions
worldwide, and it was important for us to
ensure that both companies share the
same standards.
The interest of this mission for Danone
was to benefit from a detailed vision of the
CSR commitments and practices of
Chiquita, and to ensure the reliability and
relevance of programs and awards
received by this company, checking with
various stakeholders in regards to the
possible existence of controversies.
Vigeo’s study, and its knowledge of both
the fruit industry and of the different CSR
labels has enabled Danone to dispel any
doubts it may have had about shared CSR
values with Chiquita, and thus enabled
Danone to engage in a joint venture with
full knowledge of its partner.»
It is recognized that corporate cultures and management practices are
factors that count towards the success of mergers and acquisitions.
The level of integration of ESG factors in companies engaged in such
operations is a compelling indicator to identify potential risks and
opportunities for successful integration.
Companies engaged in these operations are now attentive to know and
compare their CSR performance and to detect valuable indicators for the
management of these operations.
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$
CSR makes its entry
into strategic projects
THE InCLuSIon oF CSR CRITERIA
In EXECuTIVE REMunERATIon
The objectivity of the remuneration criteria of company executives and
their focus on medium-term performances, are subject to increasing
attention from investors.
The integration of CSR criteria into the variable remuneration of executives
reinforces responsible corporate governance approaches.
Muriel Pénicaud
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A GRoWInG nEED FoR THE MITIGATIon
oF ESG RISK FACToRS In PuBLIC PRIVATE
PARTnERSHIPS
The ability of private organizations not to sacrifice the social, environmental
and societal impacts of their construction and operational projects is
becoming a differentiating factor. Securing the social added value is a key
factor in the acceptability and success of a PPP project.This has even greater
importance for projects involving public authorities.
General Manager of Human Resources
Danone
Chairman of the Board of the
Danone Ecosystem Fund
«Lyonnaise des Eaux, under contract with
the city of Orleans since 1987, has
outperformed the other two candidates in
the running thanks to ‘very innovative’
proposals in terms of sustainable
development and ‘very attractive’ prices»
said the Municipality
City of Orléans, France
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Vigeo Activity repor t 2011
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Vigeo CSR-labeling partners
focus
In FRAnCE:
THE LuCIE
LABEL FoR SMEs
Evaluation
of diversity
in recruitment
The Agence Lucie helps companies evaluate, structure and promote their
CSR commitments in alignment with ISo 26000.
Lucie is the CSR label of reference for SMEs in France. It is intended to
distinguish serious and credible approaches in favor of 7 sustainable
development commitments.
Along with AFnoR,Vigeo is partner with Lucie to audit SME candidates for
the label.Vigeo has audited 18 companies in different sectors labeled by
Lucie (chemicals, banks, services, agrifood).
A committee formed by the labeling agency decides on its attribution.
The label attests to the tangible commitment of an SME on the objectives
assigned by the LuCIE Charter.
www.labellucie.com
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MoRoCCo:
THE CSR LABEL
oF THE CGEM
(General Confederation
of Moroccan Enterprises)
The social responsibility label created in 2006 by the CGEM has been
awarded to 37 companies voluntary to the label, of which 11 in 2011.
Since november 2011, the AnPME (national Agency for the Promotion of
Small and Medium Enterprises), in the framework of the Moussanada
program, has established an agreement with CGEM to help SMEs finance a
part of the audit fees needed to obtain the CSR label.
Vigeo is accredited as a provider performing the audits.
With the reception of the label, companies are invited to be part of a
continuous improvement loop.
The audit methodology established byVigeo is suitable for Moroccan SMEs
and large companies or subsidiaries of international groups.
www.cgem.ma
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Vigeo Activity report 2011
4
«Equal Competency», the Association of
recruitment agencies, turned to Vigeo to
assist in the construction of a referential
specific to consulting activities for
recruitment in order to ensure equal
treatment and prevent discrimination.
This initiative is a first in the profession of
recruitment agencies.
An assessment carried out in situ by Vigeo
demonstrates the commitment of
volunteer recruitment agencies to enter
into a structured improvement process,
and continue to prevent discrimination and
promote diversity.
Nicole Notat, President of Vigeo: «This is a
professional tool, complementary to
general tools such as the Equality and
Diversity labels. It is part of a voluntary
policy of each agency to render legible
and visible the results in the struggle
against discrimination by its corporate
clients of their potential candidates.»
Our «company» tools
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«As a global automotive player Fiat Group
strives to achieve always better performance
in the field of economic, environmental and
social responsibility.To continue along this
path we strongly believe that a double
focus should be maintained both on
industry sector trends and on stakeholders
expectations and needs. Among the various
tools that the Group uses to identify its
improvement areas, the industry sector
benchmarking that Vigeo conducted for Fiat
S.p.A. in 2011 provided useful and precious
outcomes, now available as a further
support to the definition of future plans
and fine tuning of ongoing activities.»
Vigeo Activity report 2011
Com
Vigeo
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The Shareholder ID service is used to
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communications, and address a given
shareholder in particular.
16
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The open CSR Profile enables managers
to seize the opinions provided by Vigeo
rating to the markets on their CSR
profile, to have a complete analysis of
their CSR performance, to meet the
requirements of transparency expected
from their shareholders, and to compare
their performance with that of their
competitors.
The way
What our
clients say
Rese
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«Vigeo is a recognized actor in the
dynamics of social and environmental
responsibility. Having embarked very early
on the path of sustainable development,
Rhodia is one of the top companies in
Vigeo’s analysis of extra-financial
performance.This assessment reflects the
reality and the robustness of our
commitment. Rhodia Way includes social
and environmental responsibility at the
heart of our managerial processes.We are
also distinguished for having signed a global
CSR agreement with ICEM, the International
Federation of workers in the sector, and
for ensuring a real application in the field.
Proud of what we do, we also know our
limits and want to be noted for
overcoming them.The Vigeo rating plays
here a role of incentive and validation.
The quality of Vigeo’s methods, such as
expertise and ability to listen, thereby has
been part of our continuous improvement
approach for many years.»
Jacques Kheliff
Sustainable Development Director
Rhodia
«The detailed profile of Sanofi’s CSR
performance produced by Vigeo is a tool
that allows us, in the context of a
progressive approach, to better understand
the expectations of stakeholders on key
CSR issues to which the Group must
respond.This profile also allows us to
better understand the most material issues
as well as those that are emerging, and
compare the CSR performance of Sanofi
with that of other pharmaceutical
companies.We appreciate Vigeo’s
participatory approach in the development
of CSR profiles, and the availability of the
analyst to answer our possible questions.»
Didier Terrolle
Director, Excellence in CSR
Sanofi
Vigeo enterprise in figures
Vigeo
enterprise’s
revenues
2 500 000 €
2 000 000 €
1 500 000 €
1 000 000 €
500 000 €
0€
2003
2004
2005
2006
Breakdown
of assignments
by sector
2007
2008
2009
2010
Utilities
Transport 3%
Telecoms
4%
Housing
5%
24%
Social Protection
6%
Building
6%
Luxury
7%
Finance
16%
Public Sector
8%
Services
10%
17
Vigeo Activity report 2011
Chemicals and
Agriculture
11%
2011
Vigeo in figures
Key dates
2011
11
Vigeo opens an office in London
2010
nationalities are
represented within
the teams
65%
women
years average
age
people in the Vigeo team
at the end of 2011
1
5
sites house Vigeo’s team:
Brussels, Casablanca,
London, Milan, Paris
35%
men
representative
in Japan
Partnership with unI, the global trade
union federation, for the collection
of ESG data
2007
Partnership with oWW, an ESG rating
agency, based in Kuala Lumpur and
Singapore, to extend Vigeo’s SRI coverage
into the Asia-Pacific region
Vigeo joins forces with the Italian
company Avanzi SRI Research, Italy’s
leading extra-financial rating agency.
Avanzi SRI Research becomesVigeo Italia
In 2011, the capital allocation was as followed:
Total number of shares: 172 351
For companies
2008
2006
Issued share capital
and share ownership
26,4%
2009
Partnership with novaster, a Spanish
investment consultant, to develop SRI
services aimed at institutional investors
on the Spanish, Portuguese and
Andorran markets
35
101
Vigeo creates the business brands
Vigeo rating and Vigeo enterprise
Representative in Japan
2005
Vigeo joins forces with the Belgian
company Stock at Stake, Belgium’s
leading SRI rating agency.
Stock at Stake becomes Vigeo Belgium
Partnership with Forum Ethibel, an
independent association created in
Belgium in 1992 to promote socially
responsible investment in Europe
2004
Setting up of a branch in Casablanca
46,9%
2003
Launch of the CSR audit activity
For asset managers and pension funds
2002
26,7%
For European trade unions, persons and entities
recognised for their relevant expertise
18
Vigeo Activity report 2011
Vigeo is founded as a limited company
under French law, acquiring the activities
of Arèse, France’s first SRI rating agency
2011 financial results
Consolidated accounts of the Group (France, Belgium, Italy, UK and Morocco)
(K€)
2011
TuRnoVER
Vigeo rating
Vigeo enterprise
Derivative products
oTHER REVEnuES
REVEnuES
STAFF CoSTS
oTHER CoSTS AnD AMoRTISATIon
oPERATInG CoSTS
oPERATInG InCoME
PRoVISIonS FoR DEPRECIATIon (*)
oPERATInG RESuLT
FInAnCIAL RESuLT
InCoME TAX (**)
nET RESuLT
8 071
5 279
2 246
546
290
8 361
7 976
5 002
2 296
678
455
8 431
- 5 714
- 2 533
- 8 247
- 5 855
- 2 485
- 8 340
+ 114
+ 91
- 2 438
- 2 323
- 250
- 157
60
- 123
5
226
- 2 385
+ 73
Corporate governance
Board of Directors
The Board of Directors met on four occasions in 2011. It is made up of:
• nicole notat, Chairwoman
• François Rogé, Secretary
Financial managers:
• BPCE, represented by M. nicolas Chatillon and M. Philippe Zaouati
• Amundi, represented by M. Patrice de Larrard
European trade union organisations and NGOs
• Forum Ethibel vzw/asbl, represented by M. Bernard Bayot
• M. Luc Cortebeeck, Confédération des Syndicats Chrétiens (CSC), Belgium
• CFDT, represented by Véronique Descacq
Companies
• M. Christian Aubin (BnP-paribas)
• M. Jean Gandois (GDF-SuEZ)
• EADS, represented by M. Pierre de Bausset
Independent personalities
• M. Giulio Franzinetti
• M. Rony Mels
• M. Dominique orban
• Transparency International, represented by Mrs Anne-Marie Ducroux
• Pro-natura International, represented by M. Guy F. Reinaud
19
Vigeo Activity report 2011
2010
Share Depreciation in
accordance with accounting
standard ISA 36
(Impairment of Assets).
(**) Including an adjustment
of the stock of deferred
tax assets
(*)
Accounts submitted for
approval to the General
Assembly of shareholders
on May 24 2012.
PARIS
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T : +33 1 55 82 32 40
F : +33 1 55 82 32 50
LONDON
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55 old Broad Street - London
EC2M 1RX
T : +44 (0) 203 402 6401
TOKYO
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T : +81 3 5721 6159
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