NATIXIS -2020 Universal Registration Document

First page Table of contents Next page Last page
INTERVIEW2
PROFILE4
NATIXIS’ BUSINESS MODEL8
STRATEGY10
GOVERNANCE14
RISK MANAGEMENT16
ESR COMMITMENTS18
1. PRESENTATION OF NATIXIS21
1.1 History and linkswith BPCE22
1.1.1 History22
1.1.2 Financial solidarity mechanism with BPCE23
1.2 Natixis’ businesses24
1.2.1 Asset & Wealth Management24
1.2.2 Cooperate and investment banking27
1.2.3 Insurance32
1.2.4 Payments34
1.2.5 Financial investments35
1.3 2021 investor relations calendar36
1.4 Contacts36
2. CORPORATE GOVERNANCE37
2.1 Governance of Natixis at December 31, 202038
2.1.1 Specific governance38
2.1.2 Summary table of the Board of Directors at December 31, 202039
2.1.3 Monitoring table of compliance with the recommendations of the Afep-Medef Code40
2.1.4 Positions and functions held by the corporate officers during the fiscal year41
2.2 Management and oversight of corporate governance65
2.2.1 Board of Directors65
2.2.2 Special Committees: offshoots of the Board of Directors79
2.2.3 Senior Management87
2.3 Policies and rules established for determining compensation and benefits of any kind for corporate officers90
2.3.1 Compensation policy for corporate officers90
2.3.2 Compensation and benefits of any kind for the Chairman of the Board of Directors and the Chief Executive Officer for 202094
3. RISK FACTORS, RISK MANAGEMENT AND PILLAR III109
3.1 Risk factors111
Credit and Counterparty Risks111
Financial risks113
Non-financial risks114
Strategic and business risks115
Risks related to Insurance activities119
Risk related to holding Natixis securities120
3.2 Risk management121
3.2.1 Organization of Natixis’ internal control system121
3.2.2 Risk governance and management system124
3.2.3 Credit and counterparty risks129
3.2.4 Securitization transactions140
3.2.5 Market risk140
3.2.6 Operational risk148
3.2.7 Balance sheet management153
3.2.8 Non-compliance risk160
3.2.9 Legal risk165
3.2.10 Other risks168
3.3 Basel 3 Pillar III disclosures171
3.3.1 Capitalmanagement and capital adequacy171
3.3.2 Other regulatory ratios182
3.3.3 Breakdown and changes in risk-weighted assets185
3.3.4 Encumbered and unencumbered assets218
3.3.5 Liquidity coverage ratio219
3.3.7 Cross-reference table222
3.3.8 Table index223
4. OVERVIEW OF THE FISCAL YEAR225
4.1 Significant events for 2020226
4.1.1 Macro-economic context226
4.1.2 Key events for Natixis’ business lines228
4.2 Management report at December 31, 2020232
4.2.1 Consolidated results232
4.2.2 Analysis by Natixismain business line233
4.3 Main investments and divestments performed over the period242
4.4 Subsequent events243
4.5 Information about Natixis S.A.243
4.5.1 Natixis S.A.’s parent company income statement243
4.5.2. Proposed allocation of earnings244
4.5.3. Sumptuary and non-deductible expenses244
4.5.4. Payment terms244
4.6 Outlook for Natixis244
4.7 Definitions and alternative performance indicators246
5. FINANCIAL DATA247
5.1 Consolidated financial statements and notes249
5.2 Statutory Auditors’ report on the consolidated financial statements404
5.3 Parent company financial statements and notes413
5.4 Statutory Auditors’ report on the parent company financial statements450
5.5 Internal control procedures relating to accounting and financial information455
5.5.1 Preparation and processing of accounting and financial information455
5.5.2 Permanent control systemrelating to accounting and financial information456
5.5.3 External controls458
6. 2020 NON-FINANCIAL PERFORMANCE REPORT459
6.1 Strategic outlines and organization of the ESR policy460
6.1.1 Strategic pillars of ESR460
6.1.2 ESR governance462
6.1.3 ESR commitments462
6.1.4 Contribution to the sustainable development Goals (SDGs)462
6.1.5 Dialogwith stakeholders465
6.1.6 Recognized ESR performance466
6.1.7 Reviewof themain ESR risks466
6.2 Conduct469
The Natixis Code of Conduct469
6.3 Business ethics and safety471
Protection of customers and investors471
Fight against money laundering, terrorist financing and corruption471
Cyber risks471
Representation of interests471
Combating tax avoidance471
6.4 Business line contributions to green and sustainable growth473
6.4.1 Sustainable growth: financing the transformation in society474
6.4.2 Green growth: financing the energy transition and combating climate change488
6.4.3 Green growth: protecting and developing natural capital497
6.5 Managing environmental, social and governance risks503
6.5.1 Incorporating ESG criteria in financing operations and investments503
6.5.2 Duty of vigilance506
6.5.3 Climate risks508
6.6 Managing our direct environmental impact511
6.6.1 Sustainable Real Estate511
6.6.2 Digital sustainability512
6.6.3 Promoting sustainable mobility513
6.6.4 Management of resources515
6.6.5 Developing green spaces517
6.6.6 Waste reduction and sorting518
6.6.7 Carbon footprint management519
6.7 Employee engagement521
6.7.1 Human Resources policy and diversity management521
6.7.2 Commitments to solidarity-related projects531
6.8 Table of reporting on Natixis’ main commitments534
6.9 Reporting frameworks and methodology535
Specific methodological information on audited data535
Exclusions535
List of subsidiaries included in the ESR reporting framework536
6.10 Report by one of the Statutory Auditors, appointed independent third party, on the consolidated non-financial performance report538
7. CAPITAL AND SHARE OWNERSHIP541
7.1 Distribution of share capital and voting rights542
7.1.1 Distribution of share capital at December 31, 2020542
7.1.2 Distribution of share capital at February 26, 2021543
7.2 Changes in share capital and voting rights544
7.2.1 Share capital at March 1, 2021544
7.2.2 Changes in the shareholder base over the past three years544
7.2.3 Changes in Natixis’ share capital over the last five fiscal years544
7.3 Other information concerning Natixis share capital and securities546
7.3.1 Formand transfer of shares (Chapter II, Article 4 of the bylaws)546
7.3.2 Securities not conferring rights to the share capital546
7.3.3 Stock subscription option546
7.3.4 Natural or legal persons exercising or potentially exercising control over Natixis546
7.3.5 Other information on the capital546
7.4 Authorized potential capital547
7.4.1 Current delegations and financial authorizations and use by the Board of Directors547
7.4.2 Special report on transactions carried out in under the provisions of Articles L.225-197-1 to L.225-197-3 of the French Commercial Code during the year 2020548
7.5 Issues potentially relevant to any public offering549
7.6 Shareholder voting rights550
7.7 Share buyback program550
7.8 Dividend distribution policy551
7.9 Natixis shares and shareholders552
7.9.1 Stock market profile at December 31, 2020552
7.9.2 Share price information552
7.9.3 Shareholder scorecard553
7.9.4 Natixis and its individual shareholders553
7.9.5 Investor Relations554
8. GENERAL SHAREHOLDERS’ MEETINGS555
8.1 Terms and conditions of attendance by shareholders at General Shareholders’ Meetings556
8.1.1 Notice of General Shareholders’ Meetings556
8.1.2 Access to meetings556
8.1.3 Shareholders’ rights556
8.1.4 Conditions for exercising voting rights556
8.1.5 Identification of shareholders557
8.2 Combined General Shareholders’ Meeting of May 28, 2021558
8.2.1 Agenda558
8.2.2 Report of the Board of Directors on the resolutions submitted to the Combined General Shareholders’ Meeting of May 28, 2021559
8.2.3 Draft resolutions to the Combined General Shareholders’ Meeting of May 28, 2021571
8.2.4 Statutory Auditors’ special report on related-party agreements584
Agreements submitted for the approval of the General Shareholders’ Meeting584
Agreements already approved by the General Shareholders’ Meeting585
9. LEGAL AND GENERAL INFORMATION591
9.1 Legal notices and practical information relating to Natixis592
9.2 Natixis Bylaws593
9.3 Statement of responsibility for the universal registration document598
9.4 Documents available to the public599
9.5 Cross-reference table of the universal registration document600
9.6 Cross reference table for the annual financial report and the management report605
9.7 Cross-reference table for the registry office606
9.8 Glossary607

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