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Edmond de Rothschild Asset Management (France) (EDRAM)

PRI reporting framework 2018

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Promoting responsible investment

SG 09. Collaborative organisations / initiatives

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

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Provided financial support for the initiative and actively implement the PRI

Member of the steering committee of FIR-PRI AWARDS Finance and Sustainability in 2017

Member of the roundtable of the ceremony awards in Berlin at PRI in person, September 2017

Member of the PRI academic network steering committee

Member of the collaborative PRI Methane engagement group.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Both consistent with its fiduciary duty and its will to promote RI/ESG, Edmond de Rothschild Asset Management (France) signed at the fall 2016 the "Global Statement on Investor Obligations and Duties" initiated by UNEP-FI and PRI.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Member of the committee  “integrated reporting”

          FrenchSif (Forum pour l'Investissement Responsable - FIR), Eurosif
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Presidency of the ESG Research Commission of the FrenchSIF

Since 2017:

  • Member elected of the board of the FIR, French Forum for Responsible Investment
  • Co-founder of the working group ‘Asset allocation/ ALM and responsible investment’ of the FIR

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Via our parent company: the Edmond de Rothschild Group

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Via our parent company: the Edmond de Rothschild Group

Since May 2016,  the Head of Sustainability of Edmond de Rothschild Group is an active member elected of  the Board of Directors of the UN Global Compact Swiss Network, also composed of Swiss government members.  She has actively contributed to efforts made by the Board to increase membership of the network, make the network more dynamic and able to provide real value to members in line with their expectations, issues, challenges and contributions to the Sustainable Development Goals.

In 2017, she attended 4 meetings of the Board and contributes to organize several events to boost the swiss network.

          AFG's SRI Commission (Association Française de la Gestion Financière)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

SRI commission member

          Montréal Carbon Pledge
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Following the commitments taken by the Edmond de Rothschild Group during the COP 21, and consistent with its Responsible Investment policy, Edmond de Rothschild Asset Management (France) has shown its commitment by signing the Montreal Carbon Pledge in 2015. Consequently, we are committed to measure progressively and make public annually the carbon footprint of  our investments.  For the year ended 2016, we have extended the carbon footprint coverage to the US equities portfolios and some global equities portfolios, corresponding to 15 open-ended funds and about 80% of the AUM of our overall open-ended equity funds. This indicator is measured by the in-house SRI team from data it collects. This measure has no immediate consequence for a systematic reduction of the relevant portfolios CO2 footprint, but it represents the first step for the integration of carbon risk in the management of our portfolios. It also allows us to raise the awareness of our stakeholders to the carbon issue and, to underline our intention to be transparent. The next update and extension of our carbon footprint measure will be disclosed in the second quarter 2018.

 

          Chair Finance Durable et Investissement Responsable (FDIR)
EFFAS
WICI Europe 
Observatoire de l’Immatériel.
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • Edmond de Rothschild Asset Management (France) brings a financial support to the Chair Finance Durable et Investissement Responsable (FDIR) from the Polytechnique School and Toulouse School of Economics, but also regularly promotes the results of the studies made by the researchers of the chair inside its SRI newsletter published within its web site: Les Chroniques de l'ISR (http://www.edmond-de-rothschild.com/SiteCollectionDocuments/asset-management/ISR%20chronicles/2016-06-EDRAM-FR-Chroniques-ISR.pdf; see http://www.idei.fr/fdir/publications)
  • Among the key involvements of our new RI Director within the RI community as an active representative of Edmond de Rothschild Asset Management (France) in local and global working groups, we can mention for instance:  

          Swiss Sustainable Finance (SSF- http://www.sustainablefinance.ch/)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Edmond de Rothschild Group is an active member of this Swiss initiative dedicated to the mainstreaming of Sustainable Investment, notably as Champion of SSF’s Training work group. The objective of the work group is to develop the training material and other resources necessary to help investment professionals understand Sustainable Investment and integrate it effectively in their day-to-day work.

In 2016, a Memorandum of Understanding was defined between Edmond de Rothschild Group and Swiss Sustainable Finance to enable collaboration on the transformation of the training that was developed by the SSF Training Work Group in 2015 into an interactive e-learning course that is paid for by Edmond de Rothschild and will be given to SSF for free for use by members and the general public through its website.


SG 09.2. Assets managed by PRI signatories (Private)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Several events, conferences and trainings in 2017, for instance: 
o	Several presentations of our RI expertise to clients  in France and Switzerland 
o	A presentation of SRI and CSR in Spain  to the SpainSif members
o	A presentation of our view on integrated reporting at the invitation of the Belgium company Solvay
o	A participation to the decarbonisation workshop at the Responsible Investor Conference in Switzerland
o	A participation and sponsorship  to the French annual “colloque Novethic”
o	etc 


Furthermore, in 2017, the Edmond de Rothschild Group also developed an e-learning course on Responsible Investment in conjunction with Swiss Sustainable Finance, which will help to raise awareness among key players about current main trends and the role that they can play in their daily work. The course will subsequently be available via the Swiss Sustainable Finance website to raise awareness among an ever-growing section of the finance industry.
        

Frequency of contribution

Description

          Compensation of broker reseach:
Regarding our influence on our research service providers, among its general criteria for rating brokers, Edmond de Rothschild Asset Management (France)'s managers assesses the quality of their extra-financial research. Consequently, this assessment has an impact on broker compensation. Meanwhile, Edmond de Rothschild Asset Management (France) uses commission sharing agreements to remunerate independent analysts (e.g., OFG, Proxinvest, who mainly provide governance research). 

Academic research: 
Financial support and shared reflection to the "Chair for Sustainable Finance and Responsible Investment" (http://fdir.idei.fr/publications-2/) co-run for the past seven years by the Ecole Polytechnique and the Toulouse School of Economics. 
For the years 2016-2018, the Chair has defined five high-priority research projects that are also related to the three priority topics that have been defined in the 2014 general assembly meeting and that deal with corporate governance, engagement, and the opportunities and risks in long term investments. These 5 projects are presented in the following link: http://fdir.idei.fr/wp-content/uploads/2011/02/Research_projects_2016.pdf
The conclusions of the research projects led since its creation can be found directly on the Chair’s website : http://fdir.idei.fr/evenements/. In 2017, the Chair FDIR organized 4 workshops on the following subjects: 
-	ESG performance and sovereign bond spreads: an empirical analysis of OECD countries
-	Board Declassification Activism: The Financial Value of the Shareholder Rights Project.
-	 Institutional Investors as Active Owners
-	Ethical asset pricing and the good society
        

Frequency of contribution

Description

          We play an active role at the Presidency of the FrenchSIF (FIR)'s ESG Research Commission and consequently, as the key organiser of ESG research breakfast meetings and, of the FIR-PRI AWARDS Finance and Sustainability starting from 2017. Besides, since 2016, we have taken part in an innovative project linked to financial evaluation of the impact of climate change on companies: Climate Risk for Asset Managers (CRAMs) which was launched by the Swiss start-up Carbon Delta (http://www.carbon-delta.com/), and financed by Climate KIC, the main initiative by the European Union dedicated to climate innovation. Carbon Delta set up this project in close partnership with the Potsdam Institute for Climate Impact Research (PIK), which provides data on the physical impacts of climate change. The advisory group of institutional investors and asset management companies of which we are part, will be tasked with fine-tuning Carbon Delta's methodology through its specific application to a selection of companies monitored by the participants in their analyses and investments. This methodology involves collecting and integrating multiple data sources ("big data") to assess the value at risk (VaR) and the opportunities offered to companies in the context of the "2 degrees" scenario put forward by the Paris Agreement. Aware that companies' carbon footprints give a very limited view of their impact on climate change, and particularly of how they themselves are impacted by climate change, Carbon Delta and PIK set themselves the challenge of evaluating the financial impact of the risks and opportunities across five areas: regulations, technology, extreme weather events, climate trends and the 2 degrees test. 
In this context, the RI team of EDRAM (France) shares data and feedbacks on the added value of the methodology and tools developed  by Carbon Delta and PIK according to the needs of the market.
        

Frequency of contribution

Description

          Edmond de Rothschild Asset Management (France)  SRI open-ended funds provides input and annual updates for the AFG/FIR/Eurosif SRI Transparency Code and 2 of them received the public SRI label. 
Besides, we sent in 2016 a first ESG questionnaire for the asset managers recorded within our Funds’ selection / multi-management activity : this questionnaire is considered as a first step to collect an overview "at a glance" of their RI practices in order to start encouraging them to sign and/or to implement the PRI within their organisation and open up a constructive dialogue on ESG. This questionnaire is updated every two years and is part of an ongoing structured ESG integration process for the long only multi-management activity of Edmond de Rothschild Asset Management.
        

Frequency of contribution

Description

          It is also vital that we promote our RI expertise and explain its specific details to our clients on an ongoing basis. 
In 2017, we used various media in France and Europe to achieve that aim: we held eight press interviews and sent staff to speak at 11 conferences and round tables, the Edmond de Rothschild Group hosted two seminars for clients, and we provided jury members for two ESG awards ceremonies.
        

Frequency of contribution

Description

          In May 2013, Edmond de Rothschild Asset Management (France) launched a new quarterly publication dedicated to SRI/ESG issues, the "SRI Chronicles", publicly available on its website. In 2017, three new issues of the "SRI Chronicles” were published.
        

Frequency of contribution

Description

          Through the dialogue we initiated with the management companies whose funds are referenced as part of our external fund selection expertise, we inform them that Edmond de Rothschild Asset Management (France) is a signatory to the PRI and ask them to indicate if they are also signatories in the ESG questionnaire we send them every two years. For those companies we have identified as not being signatories, we encourage them to sign the PRI at the meetings that we organise with them.
        

Frequency of contribution

Description

          We responded to consultations via the organisation FIR and AFG
        

Frequency of contribution

Description

          8 interviews on responsible investments in different media in France, Italy, Spain
        

Frequency of contribution

Description

          Member of the PRI network steering committee
        

Frequency of contribution

Description

          Board member of the French SIF (FIR)
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

 

 


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

11.2. Select the methods you have used.

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

 

In lobbying on French and European regulations, Edmond de Rothschild Asset Management (France) acts through a collaborative and coordinated approach with other players within the local organisations in which we are one of the members, in particular the AFG (the French Asset Management Association), the Forum for Responsible Investment (FIR).

 

For example in 2017:

Public SRI Label: Following to the appointment in 2016 as one of the members of the Public SRI Label Promotion Committee set up, with the French Association of Asset Management (AFG)  and the French Treasure Department (http://www.lelabelisr.fr/en/about-us), the FrenchSif launched a short video to  promote the SRI label during the French  Responsible Finance Week that took place in october 2017. This video was broadcasted in BFM Business Radio and TV during all the month of October, what is a first time for such a promotion  in a mass media for the SRI  The SRI label supported by the Finance Ministry is a major first in Europe. Its aim is to increase the visibility of SRI products among savers in France and Europe.

Finance for tomorrow : in 2017, AFG & FIR became members of the new initiative launched in june 2017 – “ Finance for tomorrow” by Paris Europlace and the actors of the Paris Financial Center to promote sustainable finance in France and internationally. This contributes to a shift in financial flows towards a low carbon and inclusive economy, in line with the Paris Agreement and the Sustainable Development Goals (https://financefortomorrow.com/en/).

EU Commission’s consultation : In November 2017, the FIR has participated and promoted  the EU Commission’s consultation on institutional investors and asset managers' duties regarding sustainability open the 13th of November 2017 until the 22nd  of January 2018 (https://ec.europa.eu/info/consultations/finance-2017-investors-duties-sustainability_fr#contributions). This consultation was led alongside of the High Level Expert-Group on sustainable finance which published recommendations and suggested clarifying the duties of institutional investors and asset managers to explicitly integrate material ESG factors and long term sustainability. The FIR contribution  is disclosed publicly : http://www.frenchsif.org/isr-esg/wp-content/uploads/ConsultationUE_ResponsabiliteFiduciaire_FIR.pdf

Open letter to the candidates of the French presidential elections: the FrenchSif published the 20 march 2017 this open letter to know more about their position on responsible finance, with a response from the current President elected, Emmanuel Macron


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