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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories

08.1. Describe how you ensure that best RI practice is applied to managing your assets

Measures

          The annual ESG reporting can be used as a basis for a dialogue encouraging improved RI practices
and better reporting :
-Encourage PRI signature
-Ask for better RI reporting
-Ask for inclusion of RI criteria in investment process
-Ask for ESG engagement with companies
        

Measures

          During due diligence phase of PE or infrastructure funds, an ESG scoring performed and directly
used in investment decision: we do not invest in a fund scored below 5/10.
        

08.2. Additional information. [Optional]

For private equity, CDC engages with GPs to encourage them to sign up to PRI and be more proactive in their own monitoring of ESG issues with portfolio companies


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          climate change
        
Conducted by
Asset class
Scope and process

Climate change for material compagnies, notably in the voting policy : monitor the vote made by the investment managers at the general assembly and request of further explanation in case of a negative vote. 

Outcomes

Detailed explanation of the investment manager as to their climate change policy. Acknowledgment of the importance of the subject for their clients.

Topic or issue
          Coal
        
Conducted by
Asset class
Scope and process

Exclusion of assets directly exposed to thermal coal for all new investments

Outcomes

Reinforcement of exclusion list (for instance coal related investments) through side letters or amendment of LPA

Topic or issue
          Climate change management at portfolio companies
        
Conducted by
Asset class
Scope and process

For private equity: new indicators related to Climate Change have been added to the annual ESG questionnaire, 

Outcomes

A complete survey has been performed in 2017 including these new indicators. 

Topic or issue
          voting
        
Conducted by
Asset class
Scope and process

Specific issue with a large Equity ETF which does not use his voting rights

Outcomes

Review of the reason why voting rights weren't exercised and opportunity for a change. Answer yet to be obtained. 

09.2. Additional information.


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