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Bpifrance Investissement

PRI reporting framework 2019

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

Implementation processes

LEI 01. Percentage of each incorporation strategy

01.1. Indicate (1) which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities and (2) the breakdown of your actively managed listed equities by strategy or combination of strategies (+/- 5%)

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied
100 %
Total actively managed listed equities 100%

01.2. Describe your organisation’s approach to incorporation and the reasons for choosing the particular ESG incorporation strategy/strategies.

Bpifrance is a public investor (it has two public shareholders), committed to finance all legal sectors of the economy in France. So our exclusion policy is on illegal activities, as regard to the French law and all international treaties the French state has ratified.Other exclusions are for companies whose turnover depends on more than 10% of thermal coal (extraction, production, production of energy) and for tobacco.

Our ESG policy in listed equity is just the same as the one we have in private equity : our goal is to accompany investees in their progress concerning their CSR policy and its implementation.

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

Description

Bpifrance Investissement does not invest in certain business categories (the Doctrine)
• firms dedicated to the financing of infrastructure-building projects (however,
Bpifrance Investissement may invest in the firms involved in building or operating infrastructures);
• companies whose primary activity is land and property development;
• banks and insurance companies;
• media organisations and research institutes, so as to avoid potential conflicts of interest and preserve its neutrality;
• semi-public companies, that moreover may be the subject of financing through the Deposits and Consignments Fund (Caisse des Dépôts).

Nor does it invest in no legal activities (in accordance with French law) (i.e cluster munitions and landmines (on the basis of sector + specific research) are excluded) 

Bpifrance did a commitment not to invest live in quoted shares and titles of debt of companies of which the activity of extraction or electricity production from charbon thermal exceed 10% of the turnover (vs 20% from 2015 to 2019/01/01), and a commitment not to invest in tobacco activities

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

These criteria have been discussed to the formation of the company, and published in the Doctrine of Bpifrance

with the exception of those concerning coal and tobacco

The legal exclusions are defined in accordance withthe ratification of the Oslo and Ottawa treaties by the French State. 


LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

          Activities and products are screened during pre investment period by the different levels, and during the period of detention per a dedicated team
        

05.5. Additional information. [Optional]


LEI 06. Processes to ensure fund criteria are not breached (Private)


(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the ESG factors you systematically research as part of your investment analysis and the proportion of actively managed listed equity portfolios that is impacted by this analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]


LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on a robust analysis.

09.5. Describe how ESG information is held and used by your portfolio managers.

09.6. Additional information.[Optional]


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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