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Bpifrance Investissement

PRI reporting framework 2017

Export Public Responses

You are in Direct – Private Equity » Overview


PE 01. Breakdown of investments by strategy (Private)

PE 02. Typical level of ownership

02.1. Indicate the level of ownership you typically hold in your private equity investments.

02.2. Additional information. [Optional]

PE 03. Description of approach to RI

03.1. Provide a brief overview of your organisation’s approach to responsible investment in private equity.

Before investing, an ESG report has to be done. It takes into account the most meaningfull items as regard tot the company's activity, on four thematics and :

- Governance :Transparency and balance, Anticipation
- Human resources: Employment and social policy, Management of jobs and skills, Diversity and equality of opportunity, Well-being at work, Climate and social dialogue
- Environment : Environmental policy and management system, Energy and greenhouse gas(gases), Inputs and waste, Control of other environmental impacts
- Stakeholders : Long-lasting and ethical relations with the suppliers, Quality and customer satisfaction, Relations with the other external stakeholders

It also takes into account  the four priorities of Bpifrance priorities: 1- the development of employment, and more particularly foryoung people, 2- The ecological and energy transition transition to a low carbon economy) , and more particularly the optimization of the use of energy resources, 3- The quality of the governance and of the management, in particular by promoting it the integration of the women, 4- The promotion of the feminine entrepreneurship.

2 or 3 axes of progress are defined and discussed with the entrepreneur, and will be monitored during the period of detention. 

PE 04. Investment guidelines and RI

04.1. Indicate if your organisation’s investment guidelines for private equity refer to responsible investment.

04.2. Describe how your organisation’s investment guidelines outline your expectations on staff and portfolio companies’ approach towards ESG issues [Optional].

Here are abstracts of our "procédure d'investissement direct", (applicable to all our direct investments) :

- (...)   l’ensemble des sujets ISR/ ESG font partie intégrante de la note d’investissement : « état des lieux » concernant la prise en compte par la Société de ses impacts environnementaux, sociaux et sociétaux, et la qualité de sa gouvernance et de son management, et identification des axes d’amélioration envisageables dans ces domaines. Ces axes d’amélioration seront in fine décidés en accord avec la Société...Ils feront l’objet d’un suivi régulier (au moins annuel) pendant la durée de l’investissement.(...)

la décision du Comité doit... préciser la marge de manoeuvre laissée à l’Equipe ainsi que les éventuelles conditions suspensives à sa décision, notamment si les due diligences ne sont pas réalisées et/ou finalisées lors dudit Comité ou si le Comité a demandé à ce qu’un point soit creusé ,...

(...) Les due diligences peuvent couvrir également les aspects ISR / ESG, soit au travers des différents audits précités, soit au travers d’un audit spécifique.

(...) Pacte d’actionnaires devant notamment intégrer  minima une clause ISR / ESG.