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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

上場株式(LE)および債券(FI)

SAM 01. ESG incorporation strategies

01.1. 以下のESG組み入れ戦略のうち、外部運用会社が組織に代わって上場株式および・もしくは債券資産について導入・実施するよう義務付けているものを明示してください。

アクティブ投資戦略

アクティブ投資戦略
上場株式
債券 - 社債(非金融) ​
スクリーニング
テーマ
統合(インテグレーション)
上記のいずれも行っていない

パッシブ投資戦略

パッシブ投資戦略​
上場株式
スクリーニング
テーマ
統合(インテグレーション)
上記のいずれも行っていない

01.2. 補足情報 [任意]

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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