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Ircantec

PRI reporting framework 2019

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Head of External Asset Management
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

On the basis of CDC proposals, the Board of Trustees of our organization is responsible for oversight of our RI activities. The Board sets out the Responsible Investment Charter which outlines conditions for implementation of ESG criteria in all of our investments as well as a structured engagement policy. Our investment principles, while targeting long term return, must comply with our sustainable development approach. Both are presented in the SRI charter. We further define our active ownership pursuant to ESG criteria through our Voting Policy and Engagement Policy.

As fiduciary manager of our scheme, the CDC provides feedback on a regular basis regarding the implementation of ESG criteria in the management of our investment portfolio.

The accountability of our board is reflected by our communication of our RI achievements to our beneficiaries through newsletters, but mostly through our annual reporting and a specific ESG & Climate report, both published on our website, which must include information regarding the implementation of ESG criteria in our investment policy and the means used to contribute to the energy and ecology transition pursuant to French law (notably "article 173-VI"). 

We also use a service provider (Vigeo Eiris), which is in charge of assessing the ESG quality of the global portfolio and presenting the resulting to the board in order to readjust the ESG objectives.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

3 Number

07.4. Additional information. [Optional]

There are 3 staff members amidst our fiduciary manager who are dedicated to the implementation and controlling of our Responsible Investment policy.

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SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or head of department

Dedicated responsible investment staff

External managers or service providers

07.6 CC. For board level roles for which have climate-related issues oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

The Board of Trustees, based on its roadmap 2016-2020 and CDC proposals, is responsible for oversight of climate-related activities. 

During the technical and financial steering committee, our services providers present their outcomes to the board of trustees. That concerns the analysis of extra-financial risks (Vigeo-Eiris) and the carbon footprint and energy transition contribution of the portfolio (I Care, Beyond Ratings).

As fiduciary manager of our scheme, the CDC provides feedback on a regular basis on the development of the climate strategy, organized around 4 axis : invest and measure; be involved; finance; and communicate.

The annual ESG & Climate report displays our dedicated indicators (on carbon footprint compared to benchmarks, stranded assets, alignment with 2° C scenario, etc...).

Ircantec is also conducting initiatives with asset managers and peers in order to improve the inclusion of climate-related issues in investment processes and decisions.

The accountability of the Ircantec board is enforced through communications on website, newsletters for beneficiaries, and annual reporting's.

07.7 CC. For the management-level roles that assess and manage climate-related issues, provide further information on the structure and process involved.

Several services providers (I Care, Beyond Ratings) are under contract to analyse the climate and environmental compatibility of investments and advise Ircantec on their strategy. They produce a range of measures used by Ircantec and CDC staff to develop its annual Climate and ESG report and put the scheme in the right tracks of the energy and environmental transition.

CDC staff (management-level) is in charge of the implementation of the climate-related strategy under the oversight of the Board of Trustees. The pension scheme follows a philosophy of "decarbonizing the economy" rather than "decarbonizing the investments" by investing in best-solution and best-in class companies to tackle climate change, and divesting from highly-carbon assets (exit of coal industry under specific thresholds in 2016 for instance). Infrastructure and private equities investments have also been fuelled towards energy transition and green business, and a green bonds segregated fund has been recently set up to adjust the monitoring of such assets.

07.8 CC. Explain how the organisation engages external investment managers on the TCFD recommendations and its implementation.


SG 08. RI in performance management, reward and/or personal development (Private)


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