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Edmond de Rothschild Asset Management (France) (EDRAM)

PRI reporting framework 2018

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the roles present in your organisation and for each, indicate whether they have oversight and/or implementation responsibilities for responsible investment.

Roles present in your organisation

          Head of RI
        

Other description (1)

          Compliance and Risk, Financial Engineering
        

Other description (2)

          Marketing, Product Management
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Edmond de Rothschild Asset Management 's Responsible Investment Strategy 2017-2020 is defined by the company's Executive Board, in close collaboration with the Sustainable Development Department of the Edmond de Rothschild Group as part of the holistic strategic thinking around the group's Asset Management business.

From an operational standpoint, Edmond de Rothschild Asset Management (France)'s Responsible Investment Strategy 2017-2020 is driven by the Executive Board and implemented by a Responsible Investment Committee headed by the CIO. The permanent members of this committee include investment professionals, the representatives of support functions (eg,members of the investor relations teams, compliance and internal control officers) and, ad-hoc members from  7 Project Groups who actively  contribute to the implementation of a 2017-2020 RI roadmap.

This RI project-oriented dynamic has allowed to strengthen the collaborative work between different teams involved in and responsible for the achievement of our strategic objectives related to our expertise of responsible investment.

 

Focus on EdR Global AM’s Responsible Investment Steering Committee

Mission:

  • Drive implementation of the 2017-2020 RI Strategy, its operational priorities and actions for progress.
  • Set up thematic Project Groups to implement the RI strategy
  • Monitor roadmap implementation, search for solutions and potential arbitrage
  • Implement and monitor internal RI dashboard on the progress of projects and the KPIs
  • Definition of roadmap’s annual priorities for action, which will be submitted to the AM COMEX
  • Organisation of interaction with the EdR Group and the entities of its business lines
  • Contribution to the communication and internal promotion of the RI approach

 

 7 Thematic Project Groups in 2017

  • Vocation: These Project Groups stem from the Responsible Investment Steering Committee as part of the implementation of the actions for progress defined in the roadmaps (e.g. Climate / Carbon Project Group)
  • Leadership/Project manager, Steering and coordination: an RI correspondent, a permanent member of the Responsible Investment Steering Committee
  • Composition: RI Correspondents from the Operational Departments (customised mix depending on the type of project) recommended by the Project Manager.

 

Concerning the external managers, two categories can be distinguished:

  • the 4 asset management firms for which we delegate the management of three of our open-ended funds and one dedicated fund: these four partners are accountable to implement at this stage our negative screening approach related to the exclusion of companies whose business is related to cluster bombs and anti-personnel mines - in compliance with an internal policy applicable to all Edmond de Rothschild Asset Management (France)'s funds (managed in house or sub-advised)
  • the asset management firms for which at least one fund is currently approved for investment within Edmond de Rothschild Asset Management Funds selection / Multi-Management activity: for this category, as we are an investor among others within their funds, we cannot impose the implementation of an ESG incorporation policy but we are asking for a qualitative information related to their responsible investment practices in order to open a constructive dialogue with them..

 

Teams directly involved in ESG analysis and the management of SRI funds

Edmond de Rothschild Asset Management (France) opted to integrate expert resources in terms of SRI investment and analysis in its management teams so as to foster exchanges between the teams and facilitate a broader integration of ESG issues in stock analysis. This team, fully integrated within the management company, consists of three investment professionals fully dedicated to SRI analysis and management:

• Jean-Philippe Desmartin, 24 years’ experience of which 18 in RI, Head of RI

• Clémence Moullot, 10 years’ experience, RI Analyst/Fund manager

• Marouane Bouchriha, 3 years’ experience, RI Analyst/Fund manager

 

In addition, the RI team benefits from the support of 7 RI correspondents integrated in the other management teams: 4 fund managers-analysts in the European Equities team, 1 fund manager-analyst in the US & International Equities team, 1 fund manager-analyst in the Corporate Debt team and a seventh RI correspondent within the Asset Allocation & Sovereign Debt team.

These 7 RI correspondents are more particularly tasked with fostering exchanges with the Responsible Investment team, encouraging joint work and facilitating the dissemination and integration of extra-financial issues in the stock analysis in the portfolios managed by their respective teams.

In addition, the Internal Control and Compliance department of Edmond de Rothschild Asset Management (France) conducts an annual audit of the ESG investment process and analysis methodology applied to our RI funds, notably by checking the existence of company fact sheets for each stock held in the portfolio sheets, as well as internal ESG ratings.

Finally, EdRAM (France) has also set up a Voting and Engagement Committee, attended by the Chairman of the Executive Board or one of his representatives, the Chief Investment Officer, the heads of investment of the various geographic regions, the Head of Compliance and Internal Control, Middle Office representatives and a fund manager from the SRI team. This committee, which convenes at least twice a year, ensures compliance with the voting policy and rules on any evolutions and updates, notably stemming from new resolutions and changes in legislation.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

11 Number

07.4. Additional information. [Optional]

In 2017, the RI dedicated team is composed of 11 people against 10 in 2016:

3 RI equity portfolio managers (PM) and ESG analysts,

5 RI correspondent equity PM,

1 RI correspondent corporate debt PM,

1 RI correspondent sovereign debt PM and ESG analyst.

  • 1 RI Funds selection / Multi-Management PM and ESG analyst

SG 07 CC. Climate-issues roles and responsibilities

07.1 CC. Indicate the roles in your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for climate-related issues.

Roles present in your organisation

          Head of RI
        

07.1a CC. For the board level roles or for which you have climate-related issues oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Starting 2018, the climate issue will be discussed at least once a year during supervisory board. The management of EDRAM (France) will focus on the most material issues.

The executive committee is in charge of the steering and follow up of the climate roadmap of the asset management company.The CIO is responsible for this steering.

07.1b CC. For the management-level roles which assess and manage climate-related issues, provide further information on the structure and process involved.

The RI steering committee, headed by the CIO, reports to the executive committee. It is responsible for applying the RI issues including the climate one.

The RI team has developed its own tools to measure the carbone risks (carbon foortprint, green impact) with internal and external data. The team will follow the improvement of data availability and methodology, notably on scope 3, to update its measurement tools.  

We have developed an internal proprietary model using the TCFD methodology to identify the risks and opportunities related to climate change. The roadmap will be updated in 18-24 months .


SG 08. RI in performance management, reward and/or personal development (Private)


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