ERAFP also incorporates ESG analysis and engages with issuers for corporate fixed income. The management of corporate fixed income is fully delegated to asset managers selected by ERAFP but they have to apply ERAFP's SRI rules including ESG best in class and engagement with issuers. Applying best in class, asset managers exclude a part of universe reference on ESG basis. Moreover, they have to dialog with issuers for the improvement of their ESG performance and disclosure.
In 2019, asset managers report that on the companies engaged, a dozen changed or made a formal commitment to change. Some engagement on the corporate bonds portfolio have participated to reinforce the confidence in bond performance and, conversely, sometimes participated to sold as the engagement was not successful