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LBPAM La Banque Postale Asset Management

PRI reporting framework 2019

You are in Direct - Listed Equity Active Ownership » Outputs and outcomes

Outputs and outcomes

LEA 09. Number of companies engaged with, intensity of engagement and effort

Indicate the proportion of companies from your listed equities portfolio with which your organisation engaged with during the reporting year.
We did not complete any engagements in the reporting year.

Number of companies engaged

(avoid double counting, see explanatory notes)

Proportion of companies engaged with, out of total listed equities portfolio

Individual / Internal staff engagements

48
30

Collaborative engagements

80
7

09.2. Indicate the proportion breakdown of engagements conducted within the reporting year by the number of interactions (including interactions made on your behalf)

No. of interactions with a company
% of engagements
One interaction
2 to 3 interactions
More than 3 interactions
Total
100%

09.3. Indicate the percentage of your collaborative engagements for which you were a leading organisation during the reporting year.

Type of engagement

% Leading role

  Collaborative engagements

09.5. Additional information. [Optional]

In 2018 we engaged with 48 listed companies which are in our equity portfolios. We also engaged with 14 additional issuers that were not invested in our equity portfolios by the end of 2018.


LEA 10. Engagement methods (Private)


LEA 11. Examples of ESG engagements

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

ESG Topic
Company leadership issues
Conducted by
Objectives

Strengthening the balance of powers and improving the structure of executive remuneration at Renault

Scope and Process

After meetings in previous years, LBPAM met again with Renault representatives in Spring 2018 to discuss the issues of leadership and remuneration within the company.

LBPAM questioned the functioning of the board: concentration of powers for the Chairman and CEO (Mr. Ghosn), lack of a substantial answer to the negative vote of shareholders on Say on Pay at the 2016 AGM.

LBPAM sent emails before previous AGMs to share its concerns.

In 2018 Renault offered a meeting to LBPAM to present improvements in its corporate governance, that were a first step in the right direction: nomination of a deputy CEO, increased transparency on the performance criteria, decrease of the targeted total remuneration for the Chairman and CEO.

Changes accelerated dramatically following the arrest of Mr. Ghosn in Japan in Fall 2018.

Investments were frozen for RI strategies until the improvements were announced by the Renault.

Outcomes
ESG Topic
Other governance
Conducted by
Objectives

Understanding the corrective measures taken by Danske Bank following the money laundering scandal

Scope and Process

LBPAM asked a meeting with the company to understand the reasons why the scandal occurred and what were the failures within Danske Bank which led to money laundering. Danske Bank presented the remedies implemented in order to prevent the repetition of such problems: dismissal of employees involved, changes at the top management and at the Board of directors, reduction of activities within the Baltics, strengthening of compliance teams, etc.

The case is closely monitored, and investments are impossible for RI strategies until we have more clarity on the effectiveness of the corrective measures.

Outcomes
ESG Topic
Climate Change
Conducted by
Objectives

Contribution of Total to the energy transition

Scope and Process

LBPAM meets representatives of Total at least once a year, before the AGM. Climate change issues are discussed, in order to understand the climate strategy of the company (investments made to reduce greenhouse gases, transition to a low-carbon business, research and development).

In 2018 we explained to the company the fact that their commitment towards energy transition is not significant enough to make it eligible to our thematic investments.

Outcomes
ESG Topic
General ESG
Conducted by
Objectives

ESG disclosure at Fresenius

Scope and Process

Portfolio managers at LBPAM expressed their interest in investing in Fresenius, a company excluded from RI strategies mainly due to poor ESG disclosure.

We wrote an email to the company with a list of questions related to their ESG practices, and asking the company about its intentions to improve its reporting.

The company was very reactive to our questions and expressed its plan to provide more ESG data in the future, but answers were considered too limited to consider its eligibility to RI strategies. LBPAM will monitor the extension of the ESG reporting of Fresenius over time to review its analysis.

Outcomes

11.2. Additional information. [Optional]


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