BPCE - 2019 Universal Registration Document
NON-FINANCIAL PERFORMANCE REPORT
SUPPORTING THE ENERGY, ECOLOGICAL AND SOCIAL TRANSITION IN LOCAL REGIONS
SRI AND ESG EXPERTISE SERVING THE SUSTAINABLE DEVELOPMENT CAUSE INCORPORATING ESG CRITERIA
second level: ESG integration – incorporation of ESG criteria in • investment decisions (including thematic and/or impact investments and exclusion strategies); third level: Certification – funds certified by recognized third • parties (the French SRI label, Greenfin, Finansol, Febelfin, LuxFlag ESG, Nordic Swan EcoLabel, FNG Siegel). Under an inclusive system, when a fund qualifies for Certification, it also joins the ESG integration category, and a fund that qualifies for the ESG integration level also enters the ESG analysis category.
Groupe BPCE’s asset managers offer a range of investment solutions that incorporate ESG criteria to different degrees: first level: ESG analysis – recognition of ESG criteria in the • analysis of issuers, without this systematically having an impact on investment decisions;
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ANALYSIS AND INTEGRATION SUMMARY OF HOW ESG CRITERIA ARE TAKEN INTO ACCOUNT IN THE INVESTMENT ANALYSIS/DECISION PROCESS
Scope covered in billions of euros (total AuM in portfolio)
Percentage of AuM Analysis/Integration
Company
Analysis/integration Analysis/Integration
Ostrum Mirova DNCA
€274.1 billion €12.5 billion €22.34 billion €3.6 billion €9.7 billion €0.6 billion €4.2 billion €31.6 billion
93%/24.3%
Integration
100%
Analysis/Integration
71.7%/3.5%
Naxicap Partners
Analysis
98% 9.7% 100% 18.3%
Seeyond Thematics
Integration Integration Integration Integration
Ossiam
AEW Ciloger
16% of assets
CHANGE IN PERCENTAGE OF ASSETS UNDER MANAGEMENT THAT INCORPORATE ESG CRITERIA IN INVESTMENT DECISIONS
Change 2018-2019
Indicator (as a %)
2019
2018 21%
2017
2016
Ostrum AM
24.3% 100% 73.4%
5.6% 100% 64.9%
4.95% 100% 66.5%
15.7%
Mirova
100% 57.9%
0%
Ecofi Investissements
27% 67% 59%
Banque Palatine
3.5% 3.5% 9.7%
2.1%
0.7%
0.7%
DNCA
2.2% (1) 7.2% (1)
NC NC
NC NC
Seeyond
34.7%
Year of inception. (1)
Ostrum AM incorporates material ESG aspects in its analysis for both its equity and credit funds. The companies it invests in are always asked about ESG issues and how they include them in their business model. This process applies to €255.4 billion in assets under management, representing 93% of its total assets under management. Ostrum AM’s responsible investment approach applies to all its investments in sovereign assets from emerging and developed countries and over 90% of its credit investments. Since 2019, all its equity investments incorporate ESG dimensions throughout the investment process. In October 2019, Citywire ranked Ostrum AM fifth out of 220 investment management firms that are truly committed to ESG. Ostrum AM offers its customers socially responsible products on all its asset classes with a range of investment strategies, representing a total of €66.6 billion, or 24.3% of its total assets under management:
Best in Class and Positive Screening: selection of the best • rated issuers from an investment universe that excludes issuers with a high ESG risk profile; Best in Universe: selection of issuers from all sectors with the • best ESG performance in the investment universe; Bespoke Strategies: strategies co-built with clients for their • dedicated funds or discretionary mandates so as to match their ESG philosophy as closely as possible. Mirova, the Group’s sustainable investment affiliate, includes ESG criteria in its investment filters on all asset classes, representing €12.5 billion in assets under management. This year, Mirova was awarded the 2019 Gold Prize for Management Companies.
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UNIVERSAL REGISTRATION DOCUMENT 2019 | GROUPE BPCE
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