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LBPAM La Banque Postale Asset Management

PRI reporting framework 2019

You are in Direct - Listed Equity Incorporation » Outputs and outcomes

Outputs and outcomes

LEI 12. How ESG incorporation has influenced portfolio composition

12.1. Indicate how your ESG incorporation strategies have influenced the composition of your portfolio(s) or investment universe.

Describe any reduction in your starting investment universe or other effects.

For RI equity funds, issuers rated from 1 to 5 integrate the eligible universe. All issuers rated from 6 to 10 are excluded. Moreover an exclusion committee can decide to exclude an issuer when there is a violation of the UN Global Compact principles.

=> The percentage reduction is around 50%.

For mandates with ESG screening: At quarterly meeting, LBPAM flags investment companies having a poor ESG rating. Based on this analysis, the client can decide whether or not to sell shares.

=> The percentage reduction is below 10%.

Specify the percentage reduction (+/- 5%)

50 %

Describe any alteration to your investment universe or other effects.

LBPAM Responsable Actions Environnement is a thematic fund focused on environmental issues.

The initial universe is composed of companies providing solutions to environmental challenges (climate change, resource depletion , etc.), by managing environmental resources, developing clean technologies or improving environmental protection - for at least 20% of their revenues. These companies belong to one of the following clusters:

  • Green building
  • Circular economy
  • Renewable energy
  • Eco-solutions and services
  • Sustainable transport and mobility.


An ESG screening is applied to this initial universe to measure the level of exposure to ESG risks of companies and their ability to manage these risks. Major ESG issues under review are the following :

  • Economic and energy transition
  • Local development
  • Sustainable management of resources
  • Responsible governance.

=> The percentage reduction is 20%, in order to let portfolio managers with enough constituents to build the portfolio.

12.2. Additional information.[Optional]


LEI 13. Examples of ESG issues that affected your investment view / performance

13.1. Provide examples of ESG issues that affected your investment view and/or performance during the reporting year.

ESG factor and explanation

We have a theme to our RI Equity Strategy called Sustainable agriculture and nutrition. The purpose is to select companies that contribute to resolve health problems related to nutrition but also enhance environmental and social pratices in agriculture.

ESG incorporation strategy applied Thematic

Impact on investment decision or performance

In this context, we have invested in 2018 in Total Produce. Total Produce is one of the world’s largest and most accomplished fresh produce providers. Fruits and vegetables are universally promoted as healthy. For Total Produce, the delivery of premium quality, safe, traceable produce to the consumer is a priority. They also believe that it is through co-operation across the supply chain and the equitable distribution of returns, that the fresh produce consumer can best be served. Moreover, they help growers to reduce their environmental impact.

Within this theme, we were already invested in Naturex that is specialised in natural ingredients and that have a transparent approach in its supply chain or in Wessanen, a food company with a focus on organic products.

ESG factor and explanation

Transport systems have significant impacts on the environment, accounting for more than 20% of world energy consumption and carbon dioxide emissions.

Sustainable Transport and Mobility is one of the themes the RI Team privilege within its RI Equity Strategy to promote cleaner vehicles or public transportation and modal shift.

ESG incorporation strategy applied Thematic

Impact on investment decision or performance

For that reason, we have invested in Alstom in 2018.

Alstom is a French transport Company specialized in the development and marketing of systems, equipment and services for the railway sector. Alstom has a strong ESG performance. Furthermore, modal shift from road to rail can contribute to reduce carbon emissions linked to transportation.

ESG factor and explanation

Sustainable transport and mobility is one of the themes the RI Team privilege within its RI Equity Strategy to promote cleaner internal combustion engine vehicles, electric or hybrids cars.

By contrast, we have reinforced the share of auto suppliers that provide eco-friendly systems.

ESG incorporation strategy applied Screening|Thematic

Impact on investment decision or performance

For that reason, we have invested in Plastic Omnium in 2018. The company has developed a Selective Catalytic Reduction (SCR) technology that reduces NOx emissions from diesel vehicles by up to 95%. Furthermore, the company has also developed plastic exterior body parts 30% lighter than metal that result in a reduction in emissions from CO2 up to 5g/km. It is also developing fuel storage solutions to hybrid vehicles and focuses its R&D efforts on clean propulsion systems which employ hydrogen.

ESG factor and explanation

Renewable Energy is one of the themes that the RI Team privilege within its RI Equity Strategy to promote the energy transition. Renewable Energy is crucial to fighting climate change.

ESG incorporation strategy applied Thematic

Impact on investment decision or performance

For that reason, we have participated in the IPO of Neoen in October 2018. The French company develops, finances, builds, and manages renewable energy power plants such as solar, wind and biomass. Neoen is a responsible company with a long-term vision. The company is aiming for more than 5 GW of capacity in operation and under construction by 2021.

ESG factor and explanation

Circular economy is one of the themes that the RI Team privilege within its RI Equity Strategy to promote recycling, waste management or water treatment.

ESG incorporation strategy applied Thematic

Impact on investment decision or performance

For that reason, we have invested in Stora Enso Oyj in 2018. Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper globally. Their products, in many cases, provide a low-carbon alternative to many products made from fossil-based or other non-renewable materials like plastics. Stora Enso differentiates itself from most of its sector peers by adopting strong oversight programs in its operations and supply chain regarding Social, Environmental or Human Rights issues.

13.2. Additional information.[Optional]


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