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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG issues [LEI 08 - 10] Outputs and outcomes [LEI 12 - 14]
Direct - Listed Equity Active Ownership
Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14] (Proxy) voting and shareholder resolutions [LEA 15 - 24] Overview [LEA 15] Process [LEA 16 - 20] Outputs and outcomes [LEA 21 - 24]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 13] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 07] (C) Implementation: Integration [FI 11 - 13] Outputs and outcomes [FI 18 - 19]
Direct – Private Equity
Overview [PE 01 - 02] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Pre-investment (selection) [INF 05 - 09] Selection, appointment and monitoring of third-party operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Outputs and outcomes [INF 17 - 18]
Assurance
Assurance [CM1 01.1 - 01.7]
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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

成果および結果

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

08.1. 組織では、RIに関するベストプラクティスが保有資産の運用に確実に適用されるようどのようにして万全を図っているその内容を説明してください

方策 

          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

方策 

          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. 報告年度において、運用会社の選定、指名やモニタリングプロセスの過程で、ESG問題がどのように対処されているかを示す事例を挙げてください。

トピックまたは問題 
          climate change
実行者
資産クラス
対象範囲およびプロセス

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. 
結果

Detailed explanation of the investment manager as to their climate change policy. Acknowledgment of the importance of the subject for their clients.
トピックまたは問題 
          Coal
実行者
資産クラス
対象範囲およびプロセス

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

Reinforcement of exclusion list (for instance coal related investments) through side letters or amendment of LPA
トピックまたは問題 
          Climate change management at portfolio companies
実行者
資産クラス
対象範囲およびプロセス

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

A complete survey has been performed in 2017 including these new indicators. 
トピックまたは問題 
          voting
実行者
資産クラス
対象範囲およびプロセス

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

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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