This report shows public data only. Is this your organisation? If so, login here to view your full report.

CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

Export Public Responses
Pdf-img

You are in Direct - Listed Equity Active Ownership » Engagement

Engagement

Overview

LEA 01. Description of approach to engagement

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate whether your organisation has a formal engagement policy.

01.2. Attach or provide a URL to your engagement policy.

01.3. Indicate what your engagement policy covers:

01.4. Provide a brief overview of your organization’s approach to engagement

Caisse des Dépôts is an active shareholder.
It exercices its voting rights at the shareholder meetings for all the companies in which it owns
securities, following its guidelined and assisted in this task by an Expert Governance Committee
realizing internal analysis of voting guidelines implementation.
It enters into a regular bilateral dialogue with the companies in which it is a shareholder. This
engagement policy is part of the broader RI Charter, and some engagement topics are detailled in governance guidelines and climate change policy: http://www.caissedesdepots.fr/sites/default/files/medias/institutionnel/investissement_respon
sable/group_climate_finance_policy_0.pdf

01.6. Additional information [optional]


LEA 02. Reasoning for interaction on ESG issues

02.1. Indicate the method of engagement, giving reasons for the interaction.

Type of engagement

Reason for interaction

Individual/Internal staff engagements
Collaborative engagements

Please specify why your organisation does not engage via collaborative engagements.

CDC favors bilateral engagement. Nevertheless, due to the significance of the initiative and allocation in new geographies for direct equities where climate change is a significant issue and CDC has less lever, CDC joined Climate Action 100+ in December 2017.

As the initiative is structuring itself in 2017, this will be reflected in 2018 reporting.

Service provider engagements

Please specify why your organisation does not engage via service providers.

CDC portfolio managers engage directly, to ensure consistency of the engagement, voting and investment decisions. 

 

02.2. Additional information. [Optional]

In 2017 the Group has not directly participated in collaborative engagement initiatives, but joined
the Climate Action 100+ initiative in december 2017.


Process

Process for engagements run internally

LEA 03. Process for identifying and prioritising engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

03.1. Indicate whether your organisation has a formal process for identifying and prioritising engagement activities carried out by internal staff.

03.2. Describe the criteria used to identify and prioritise engagement activities carried out by internal staff.

03.3. Additional information. [Optional]

We seek to engage with all companies on their AGM resolutions prior to these resolutions being
published by them. We identify the top contributors to the carbon footprint of our portfolio and we
engage them on their reduction targets. Beyond these points, engagement topics are decided on a
case by case basis.


LEA 04. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

04.1. Indicate if you define specific objectives for your engagement activities.

04.2. Indicate if you monitor the actions that companies take during and following your engagements activities carried out by internal staff.

04.3. Indicate if you do any of the following to monitor and evaluate the progress of your engagement activities carried out by internal staff.

04.4. Additional information. [Optional]


General processes for all three groups of engagers

LEA 09. Share insights from engagements with internal/external managers

09.1. Indicate if insights gained from your engagements are shared with your internal or external investment managers.

Type of engagement

Insights shared

Individual/Internal staff engagements

09.2. Additional information. [Optional]

CDC portfolio managers are responsible for all engagement activities, therefore insights are directly
taken into account in analysis, investment and voting decisions. Some governance engagement
issues are treated jointly with the internal voting analysts, ensuring a complete alignement and use
of information collected for the evaluation and voting decisions.


LEA 10. Tracking number of engagements

10.1. Indicate if you track the number of your engagement activities.

Type of engagement
Tracking engagements

Individual / Internal staff engagements

10.2. Additional information. [OPTIONAL]


Outputs and outcomes

LEA 11. Number of companies engaged with, intensity of engagement and effort

11.1. Indicate the amount of your listed equities portfolio with which your organisation engaged during the reporting year.

Number of companies engaged

(avoid double counting, see explanatory notes)

Proportion (to the nearest 5%)
Specify the basis on which this percentage is calculated

Individual / Internal staff engagements

89 Number of companies engaged
80 Proportion (to the nearest 5%)

Specify the basis on which this percentage is calculated

11.2. Indicate the proportion of engagements that involved multiple, substantive and detailed discussions or interactions with a company during the reporting year relating to ESG issue.

Type of engagement

% Comprehensive engagements

 

 

Individual / Internal staff engagements

11.5. Additional information. [Optional]


LEA 12. Engagement methods

12.1. Indicate which of the following your engagement involved.

12.2. Additional information. [Optional]


LEA 13. Companies changing practices / behaviour following engagement

13.1. Indicate whether you track the number of cases during the reporting year in which a company changed its practices, or made a formal commitment to do so, following your organisation’s and/or your service provider's engagement activities.

Do you track number of companies that changed or made a formal commitment to change in the reporting year following your organisation’s and/or your service provider's engagement activities?

13.2. Indicate the number of companies that changed or made a formal commitment to change in the reporting year following your organisation’s and/or your service provider's engagement activities.

Number of companies
% of total portfolio

Individual / Internal staff engagements

2
% of total Portfolio

13.3. Additional information [Optional].

Our engagement activities can have contributed to 2 companies improving their climate approach.

One has published a 2°C action plan, another has joined the Science Based Target initiative.


LEA 14. Examples of ESG engagements

14.1. Provide examples of the engagements that your organisation or your service provider carried out during the reporting year.

ESG factors
ESG issue
          resolutions
        
Conducted by
Objectives

The objective is to improve the content of resolutions put forward at AGMs and to better understand the background of some resolutions before voting.

Scope and Process

Meetings or conference calls with companies' teams in charge of general assemblies, aiming at covering as many companies in portfolio as possible

Outcomes

Some resolutions have been changed for the current year or the companies have announced to us that they would take our comments into account next year.
Negative votes on some resolutions.

ESG factors
ESG issue
          carbon footprint
        
Conducted by
Objectives

To understand companies' carbon targets and to discuss their responses to CDP's survey on climate change strategy

Scope and Process

Majority of holdings in terms of contribution to the carbon footprint, through meetings, emails or conference calls

Outcomes

Follow up of CDC's commitment on carbon footprint reduction.
It is an opportunity to challenge and confirm the disclosed carbon footprints used to calculate the portfolio's carbon footprint

14.2. Additional information. [Optional]


Top