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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes
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
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.
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
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.
Detailed explanation of the investment manager as to their climate change policy. Acknowledgment of the importance of the subject for their clients.
Exclusion of assets directly exposed to thermal coal for all new investments
Reinforcement of exclusion list (for instance coal related investments) through side letters or amendment of LPA
Climate change management at portfolio companies
For private equity: new indicators related to Climate Change have been added to the annual ESG questionnaire,
A complete survey has been performed in 2017 including these new indicators.
Specific issue with a large Equity ETF which does not use his voting rights
Review of the reason why voting rights weren't exercised and opportunity for a change. Answer yet to be obtained.