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CNP Assurances

PRI reporting framework 2018

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Investment policy

SG 01. RI policy and coverage

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

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.3a CC. Describe how your products or investment strategy might be affected by the transition to a lower-carbon economy.

Our investment strategy is to align our portfolio with the Paris Agreement : in line with its commitment to the Montreal Carbon Pledge in May 2015, CNP Assurances measures and publishes the carbon footprint of its financial portfolio, starting with the portfolio of directly held listed equities.

Keen to facilitate the transition to a low-carbon economy, CNP Assurances has set itself the goal of reducing the end-2014 level by 20% by 2020, and reinforce the goal in 2018 to reduce it by 47% by 2021.

CNP Assurances engage with companies to encourage them to set emission reduction targets, and to strengthen their climate strategy.

It invests in environmental technologies and renewable energies and greenbond: thanks to advances made as part of its low carbon strategy, CNP Assurances reached a year in advance its target of tripling financial assets for the Energy and Ecological Transition (TEE) between 2014 and 2017. Also, CNP Assurances, considering the urgency of the climate issue, decided to intensify its action by setting new ambitions in December 2017: it commits to allocate, by 2021, 5 billion € to new investments in favor of the Energy and Ecological Transition including “green” infrastructures, greenbonds, but also highly energy-efficient buildings and forests.  

01.3b CC. Describe how climate-related risks and opportunities are factored into your investment strategies or products.

Risk :

Exclusions since 2015, all companies mining coal or producing coal-based energy when they derive more than 15% of their revenue from thermal coal.

In listed equity portfolio, the development of a carbon risk and opportunity approach combining a range of resources since 2015. In 2015 has set itself the goal of reducing the listed equities carbon footprint from the end-2014 level by 20% by 2020  and by 47 % by 2021.

CNP Assurances’ objective is that, by the end of 2018, the management of directly held equities will be aligned with indices that strongly weight the contribution to the energy and ecological transition, implemented in partnership with La Banque Postale Asset Management (LBPAM) and Mirova (Natixis Investment Managers).

Opportunities :

At 31 December 2017, CNP Assurances had €35 million invested in private equity funds in the clean energy, clean industry and cleantech sectors. Direct and indirect investments in renewable energy infrastructure, sustainable mobility, and water and waste treatment represented a total of €1,041 million at 31 December 2017, including the Meridiam Transition fund. This fund, created at the end of 2015 with management company Meridiam, funds innovative development projects related to the energy transition, local services such as heating systems or energy from recovered waste, electricity and gas grids, and innovative renewable energy. 

An additional €1,362 million is invested directly in green bonds funding specific environmental projects.

01.4. Describe your organisation’s investment principles and overall investment strategy, and how they consider ESG factors and real economy impact.

Principles: Secure the commitments made to policyholders and above all offer a steady, optimised performance year after year;

Be a long-term investor and responsible shareholder;

Contribute to economic development by providing the necessary stability allowing public and private players in all business sectors to pursue their growth plans

 

In the belief that taking ESG criteria into account in the assessment of an investment contributes to value creation and optimises the yield-to-risk ratio over time, CNP Assurances has over the last ten years gradually deployed a responsible investor strategy covering all of its assets. This management approach reflects the Group’s commitments to the Global Compact.

CNP Assurances lays down and shares the four principles of the Global Compact that guide the integration of these criteria into the management of its financial assets in accordance with methods tailored to each asset class.

In addition to complying with national regulations, CNP Assurances adheres to international agreements signed by France. For instance, in accordance with the Ottawa and Oslo conventions, CNP Assurances excludes manufacturers of anti-personnel mines or cluster munitions from its portfolios.

It also excludes speculation on agricultural commodities from its investments.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]


SG 02. Publicly available RI policy or guidance documents

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

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Indicate if your organisation’s investment principles, and overall investment strategy is publicly available

02.4. Additional information [Optional].

Extracts of the report of the board of Directors 31/12/2016:   

Asset class-specific RI guidelines :49-53p                                               

Screening / exclusions policy:49p and 51p                                          

Proxy voting policy:51p                                           


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Committees meet different directions to define the principles of investment rules (SRI committee, Investment Committee). A service is dedicated to control the application of investment rules. The investment strategy is presented to the Board.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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