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CNP Assurances

PRI reporting framework 2018

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

Implementation processes

LEI 01. Percentage of each incorporation strategy

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

01.1. 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 200%

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

Our core business is life insurance. To provide an annual return to our policyholders, financial management is benchmarked. The Best-in-class approach is the one that best meets this constraints.

We have a screening strategy that includes the exclusion of the anti-personnel mines and cluster munitions industries. More globaly we also exclude companies that do not respect the Global Compact principles.

We established a list of sensitive countries in which we do not invest, for risks of non democratic, non liberty, corruption or tax heavens

In our climate strategy, we also do not invest in coal industry: since 2015 we do not hold any shares or more bonds listed companies which carry more than 25% of their turnover in a thermal coal-related activity.

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

Our core business is life insurance. To provide an annual return to our policyholders, financial management is benchmarked. The Best-in-class approach is the one that best meets this constraints.

We have a screening strategy that includes the exclusion of the anti-personnel mines and cluster munitions industries. More globaly we also exclude companies that do not respect the Global Compact principles.

We established a list of sensitive countries in which we do not invest, for risks of non democratic, non liberty, corruption or tax heavens

In our climate strategy, we also do not invest in coal industry: since 2015 we do not hold any shares or more bonds listed companies which carry more than 25% of their turnover in a thermal coal-related activity.


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


(A) Implementation: Screening

LEI 04. Types of screening applied

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

Type of screening

Screened by

Description

Since 2008, CNP Assurances has excluded manufacturers of cluster munitions and anti-personnel mines. We exclude companies that do not respect the Global Compact principles, countries that we listed as sensitives and companies that derive more than 15% of their turnover from coal as well as utilities with over 15% of coal-sourced power plants (and 25% for titles already held by CNP Assurances).

Screened by

Description

Equities have been monitored on a quarterly basis since 2006 with ESG analysts at Natixis AM and since 2009 at LBPAM. Constructive dialogue is engaged with investee companies whenever a problem is revealed during the quarterly screening process via our asset managers or during the lead-up to General Meetings. This process is repeated year after year, given the long investment horizons.

When dialogue fails to produce results, other increasingly severe measures may be taken, from not making any follow-up investments to selling the entire stake.

 

04.2. 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.

The screening is established with the rating for each company conducted by the SRI team of our asset managers. This rating is submitted quarterly by each asset manager. It explains the evolution of the new analysis and compared with the financial and SRI benchmark. We do not disclose the details of this screening to our policyholders.


LEI 05. Processes to ensure screening is based on robust analysis

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

          The analysis is done by 2 differents ESG research team (one for each of our asset managers) and they also use extra-financial agency ratings.
        

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.5. Additional information. [Optional]

The ESG research teams is present at the quaterly comitee and explain its analysis.


LEI 06. Processes to ensure fund criteria are not breached (Not Completed)


(C) Implementation: Integration of ESG issues

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate which ESG factors you systematically research as part of your investment analysis and the proportion of actively managed listed equity portfolios that is impacted by this analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

CNP assurances asks the ESG research team of its asset managers to always review the E, S and G issues. They provide analysis and separate rating on these three criterias.
 


LEI 09. Processes to ensure integration is based on robust analysis (Private)


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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