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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.3a CC. 低炭素経済への移行によって貴社の製品や投資戦略がどのように影響を受けるかを説明してください。

The 2 ° C international target is included in all Caisse des Dépôts Group equity portfolios through the commitment to reduce the carbon footprint of CDC's portfolios by 20% between 2014 and 2017.


Indeed, this reduction target is in line with the carbon target of the European Union, submitted in its "Nationally Determined Contribution" (NDC's).

Work is also underway to refine the analysis of the alignment of equity portfolios with this objective. For instance, CDC excludes investment in companies exposed to more than 20% to thermal coal.


Investing in Transition assets enabled CDC to issue an Inaugural Green Bond in March 2017 (500 million EUR for 5 years) to accompany the ecological and energy transition in three sectors: real estate, generation of renewable energy for electricity and heat, and site rehabilitation / soil decontamination.
A specific reporting framework has since been elaborated for the Green Bond assets, including on avoided emissions of CO2, number of households supplied with green energy, direct employment sustained, and energy performance/energy savings (for real estate assets in construction and renovation).

01.3b CC. 気候関連のリスクと機会が投資戦略や製品にどのように反映されているかを説明してください。

By establishing targets on portfolios' decarbonation, coal divestment and investing in the low carbon economy, CDC is integrating climate-related risks and opportunities in it's investment strategy. We could also mention that the reporting on Green Bond assets includes the total volume of avoided
CO2 emissions.
In 2017, CDC realised it's first climate stress test. It was conducted with two scenarios (+2°C and +4°C).

01.4. 組織の投資原則および全体の投資戦略、ならびに、ESG 要因および実体経済の影響をどのように考慮に入れているのかについて説明して下さい。

CDC's Responsible Investment Charter sets out the guiding cross-divisional principles for the public
institution and its subsidiaries as responsible investors.
The principles cover the Group's responsible financing policy, its implementation by asset
management teams, and the processes for internal mobilization, external promotion and related
transparency. The key principles, i-e, systematic ESG integration, dialogue in a long term
perspective, and exclusion as part of an active approach to ethics, were drawn up and are applied
with regard to the Group's identity as a long-term investor serving the general interest. They are
intended to progressively apply to all its investment activities.
Thematic guidelines are added for themes of specific importance, such as governance guidelines,responsible tax guidelines and climate guidelines. The later develops specific commitments
regarding impacts on the environment: exclusion of thermal coal, investments dedicated to the
financing of the energetic and ecological transition, reinforcing shareholder engagement and
reducing the carbon footprint of its listed equity portfolios.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。


SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.3. 組織の投資原則および全体の投資戦略が公表されているかどうかについて明示して下さい。

02.4. 補足情報 [任意]

The Green Bond Investment Framework - Fundamental principles of the issuance. The Green Bond Issuance Report (2017, publicly available: http://www.caissedesdepots.fr/green-bond-issuance-report ) contains additionnal information on the investment approach contributing to the environmental and energy transition.

 


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

The Group has an ethical code, which is signed by all employees joining the institution. CDC
directors receive a dedicated training on managing conflict of interests.
Furthermore our asset management subsidiaries comply with related regulation. In particular, they
have a procedure in place to prevent conflict of interest and track occurence cases. A list of
"prohibited" listed shares is regularly udpated according to ongoing dealflow and portfolio holdings.
Potential conflicts of interests are overseen by the Compliance officers.

03.3. Additional information. [Optional]

CDC Group does not provide sell-side research or corporate banking services.


SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、ポートフォリオ対象企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

          Processes are in place in some asset class for identifying incidents, such as external provider for
listed equities and fixed income, specific reporting clauses for external private equity funds. For
external funds, this clause cannot lead CDC to management the incident, which remains under the
fund managers' responsibility. 
In addition, CDC directors in Supervisory/ Executive Board are required to regularly monitor and report on incidents occurring in investee companies. The reporting chain of communication includes the wide dissemination to the internal entities within the CDC (Direction for Internal and Financial Risk Control).
        

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