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Bpifrance Investissement

PRI reporting framework 2017

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities

ESG incorporation in actively managed listed equities

Implementation processes

LEI 03. Percentage of each incorporation strategy

New selection options have been added to this indicator. Please review your prefilled responses carefully.

03.1. Indicate (1) which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities and (2) the breakdown of your actively managed listed equities by strategy or combination of strategies (+/- 5%)

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied
100 %
Total actively managed listed equities 300%

03.2. Describe your organisation’s approach to incorporation and the reasons for choosing the particular ESG incorporation strategy/strategies.

Bpifrance is a public investor (it has two public shareholders), committed to finance all legal sectors of the economy in France. So we don't have any exclusion policy, except illegal activities, as regard to the French law and all international treaties the French state has ratified.

Please note that Bpifrance applies the politics "coal" of the Group Caisse des dépôts

Our ESG policy in listed equity is just the same as the one we have in private equity : our goal is to accompany investees in their progress concerning their CSR policy and its implementation.

03.3. Where assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]


LEI 04. Type of ESG information used in investment decision

04.1. Indicate what ESG information you use in your ESG incorporation strategies and who provides this information.

Type of ESG information

Indicate who provides this information  

Indicate who provides this information 

04.2. Provide a brief description of the ESG information used, highlighting any differences of sources of information across your ESG incorporation strategies.

The information we use comes from documents provided by the companies themselves, and from meetings we have with its managers. For some, we also have ESG audits in the companies

04.3. Indicate if you incentivise brokers to provide ESG research.

04.5. Additional information.[Optional]


LEI 05. Information from engagement and/or voting used in investment decision-making (Private)


(A) Implementation: Screening

LEI 06. Types of screening applied

06.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

Description

Bpifrance Investissement does not invest in certain business categories (the Doctrine)
• firms dedicated to the financing of infrastructure-building projects (however,
Bpifrance Investissement may invest in the firms involved in building or operating infrastructures);
• companies whose primary activity is land and property development;
• banks and insurance companies;
• media organisations and research institutes, so as to avoid potential conflicts of interest and preserve its neutrality;
• semi-public companies, that moreover may be the subject of financing through the Deposits and Consignments Fund (Caisse des Dépôts).

Nor does it invest in no legal activities (in accordance with French law) (i.e cluster munitions and landmines (on the basis of sector + specific research) are excluded) 

06.2. Describe how the screening criteria are established, how often the criteria are reviewed and how you notify clients and/or beneficiaries when changes are made.

These criteria have been discussed to the formation of the company, and published in the Doctrine of Bpifrance

The legal exclusions are defined in accordance withthe ratification of the Oslo and Ottawa treaties by the French State. 


LEI 07. Processes to ensure screening is based on robust analysis

07.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

          Activites and products are screened during pre investment period by the different levels, and during the period of detention par a dedicated team
        

07.2. Additional information. [Optional]


LEI 08. Processes to ensure fund criteria are not breached (Private)


(C) Implementation: Integration of ESG issues

LEI 10. Review ESG issues while researching companies/sectors

10.1. Indicate if E, S and G issues are reviewed while researching companies and/or sectors in active strategies.

ESG issues

Coverage/extent of review on these issues

Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

10.2. Additional information. [Optional]


LEI 11. Processes to ensure integration is based on robust analysis (Private)


LEI 12. Aspects of analysis ESG information is integrated into (Private)


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