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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 » Listed Equity and Fixed Income Strategies

Listed Equity and Fixed Income Strategies

SAM 01. ESG incorporation strategies

01.1. Indicate which of the following ESG incorporation strategies you require your external manager(s) to implement on your behalf for all your listed equity and/or fixed income assets:

Active investment strategies

Active investment strategies

Listed Equity
FI - Corporate (non-financial)

Screening

Thematic
Integration
None of the above

Passive investment strategies

Passive investment strategies
Listed Equity

Screening

Thematic
Integration
None of the above

01.2. Additional information. [Optional]

Externally-managed assets represent less than 5% of AUM, mostly through open funds.
Nevertheless, CDC strives to integrate ESG consideration when selecting, appointing and
monitoring its asset managers.

For listed assets: CDC encourages and monitors the adherence of managers's organizations to the
PRI. It asks them whether they integrate ESG criteria in their investment decisions and if they do,
the investment team asks them to describe their process. It monitors whether they exercice a proxy voting activity and the evolution of the carbon footprint for some portfolios.


Non listed asset: CDC teams monitor ESG integration throughout the investment process:

* fund selection: ESG due diligence questionnaire leads to a formal scoring of ESG integration (reviewed
by the Risk department) for Investment Committee presentation. Notably, we take into account
whether the management company is a PRI signatory, or if it has put in place some ESG training
for its employees, and whether it systematically performs due diligence on ESG matters before
acquiring a company and monitors those indicators throughout the holding phase

* appointment:
ESG requirements during the fund's life, systematically materialized through the Side Letter, since
2010, encompassing the following requirements: exclusion when breach of conventions, corruption,
embargo, cluster bombs, tobacco, prostitution; ESG annual reporting; commitment to encourage
portfolio companies to consider ESG criteria in their activities. Side letters now include thermal
coal exclusion.

* monitoring: annual ESG reports on the management company and the underlying
companies; for some funds bespoke reporting for each new acquisition and exit. We use this data to produce an annual internal reporting, which is used to discuss ESG practices with investee funds.


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