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ERAFP - Etablissement de Retraite Additionnelle de la Fonction Publique Pension Scheme

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP joined five PRI-led engagement initiatives by the end of 2013: Corruption (lead investor for 1 company), Employee relations (lead investor for 1 company), Labour standards in the agricultural supply chain (lead investor for 1 company and support investor for 1 company), Corporate tax responsibility (taskforce member and support investor for 2 companies) and Climate change transition for oil and gas (support investor). In 2019, ERAFP was involved in the labour standards in the agricultural supply chain engagement, corporate tax engagement and climate change transition for oil and gas engagement.

In addition, in 2019, ERAFP signed the Investor statement on deforestation and forest fires in the Amazon supported by the PRI

ERAFP also supported the letter signed by Fiona Reynolds which urged to ensure that the SEC preserve the right of shareholders to make their voices heard and the independence of proxy voting advice.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2019, ERAFP has supported the association 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP has followed CDP climate change works during the year

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP has participated to several CFA Institute's conferences in 2019. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP has joined Climate Action 100+ from the beginning of the initiative. ERAFP participates to the engagement as lead investor for 2 companies in Utilities sector and as support investor for 2 companies in auto sector. It regularly participates to different calls (sector level, European level, global level,...) and reports on its actions.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP supports the IIGCC policy programme. In 2019, it has renewed its support for the global investor statement to governments on climate change. 

In 2019, ERAFP has participated in IIGCC's corporate engagement programme on European utilities carbon strategies (lead investor for 2 companies) and on auto sector (support investor for 2 companies) embedded in the Climate Action 100+ initiative coordinated in part by the IIGCC since 2017.

It also participates to shareholder resolutions group. 

Finally, ERAFP is also interested in investor practices programme works

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP has joined the ICCR-led initiative launched in May 2013 which targeted retailers and companies of the garment industry with operations in Bangladesh. The aim of the initiative was to convince them signing the international binding accord which had been set up by the trade union IndustriALL. In 2018, ERAFP has supported ICCR's statements requesting to continue the work of the Accord for Fire and Building Safety while Bangladesh's Justice would like to suspend it. In 2019, ERAFP continues to support for a continuity of the Accord and encourages concerned companies in its portfolio to also support the Accord. 

In 2019, ERAFP also supported the Investor Methane Statement to engage on methane management, disclosure, and the importance of strong U.S. federal methane regulation.

 

          In 2016, ERAFP became a member of "Forum pour l'Investissement Responsable" (FIR). 
ERAFP is also a member of Finance For Tomorrow (FFT)
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP has participated to the "responsible Finance week" organized by FIR, several FIR's conferences and its annual general meeting. 

ERAFP has participated to the Climate and communication commissions of the Finance For Tomorrow led by Paris Europlace

ERAFP also participates to ADEME's (the French environmental agency) works, specifically on ACT initiative

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP is a member of the Portfolio Decarbonization Coalition (PDC).

          Mirova engagement platform
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

ERAFP supports the engagement with companies on hydrocarbon exploration in the Arctic and supply chain working conditions in the textile and IT industries.

In 2019, ERAFP continues to support the Mirova's membership to the Sustainable Apparel Coalition (SAC) and participated to discussions to define a global trusted harmonized textile industry standard for measuring and improving sustainability.

Finally, ERAFP supported a statement led by Mirova to promote gender equality

          ShareAction and Investor Decarbonisation Initiative
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Since 2016, ERAFP has supported Shareaction's initiatives on renewables energy (RE100), energy efficiency (EP100), Electric Vehicles (EV100) and, since 2017, Investor Decarbonisation Initiative (IDI). 

At the end of 2017, the RE100 Investor Group has been renamed the Investor Decarbonisation Initiative (IDI) to broaden the scope of the investor group. The companies are still encouraged to commit to 100% renewable power, double their energy productivity and acquire electric vehicles but also to set bold and credible climate targets based on Science Based Targets Initiative. 

Since the beginning of IDI, ERAFP has signed 44 letters encouraging companies to adopt one of the goals mentioned above

          Global Asset Owners Forum
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

On 14 November 2016, ERAFP formally joined this initiative organised by Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund.
This initiative is designed to encourage the exchange of ideas and insights among the world’s largest public pension funds on environmental, social and governance matters, and to share best practice for the alignment of investors’ and asset managers’ interests.

In 2019, ERAFP follows GAOF works

          European Association of Public Sector Pension Institutions (EAPSPI)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Since 2018, within the EAPSPI, ERAFP has participated to the creation of a members' group to exchange information and experience in all aspects associated with socially responsible investment. In 2019, a session on ESG has been co-animated by ERAFP.


SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

100 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          In 2019, ERAFP provided several training sessions of initiation to SRI and SRI at ERAFP: for employees, for students, for its board, for a group of investors gathered into the European Association of Public Sector Pension Institutions,...
It also supported a training on ESG in the unlisted investments for its board. 
The SRI team participated to a presentation on the energy transition for ERAFP's employees.  
Finally, ERAFP proposes some educational videos on its website on "ERAFP and SRI" and "ERAFP and climate".
        

Frequency of contribution

Description

          In November 2016, ERAFP helped to fund Carbone 4’s new tool designed to measure the physical risks associated with climate change impacts to which asset portfolios are exposed. At the end of 2017, Carbone 4 published a methodological guidebook : http://crisforfinance.com/wp-content/uploads/2017/11/CRIS-Guidebook_Publicversion_Nov2017.pdf
More generally, by its annual contribution to FIR, IIGCC, ACGA, PRI... ERAFP contributes to SRI research on various issues.
        

Frequency of contribution

Description

          In 2019, ERAFP answered to several surveys/questionnaire for academia. ERAFP is regularly requested to explain its SRI approach for students thesis or academic works. For instance, ERAFP organized a meeting with PRI, Vivid Economics and Energy Transition Advisors on the Inevitable Policy Response.
Moreover, ERAFP continues to support the Toulouse School of Economics work on different issues linked to long term investment and climate change.
        

Frequency of contribution

Description

          In 2019, ERAFP has actively participated to the SRI working group within the European Association of Public Sector Pension Institutions (EAPSPI) to exchange information and experience in all aspects associated with SRI.
ERAFP also continues to support TCFD's reporting. 
Requesting a bi-annual complete ESG review to its asset managers on their managed portfolio, ERAFP encourages also by this way the transparency and disclosure of responsible investment practices.
Participating to some awards as the PRI Awards or Climate-related reporting international awards, ERAFP also tries to encourage other investors to disclose.
        

Frequency of contribution

Description

          ERAFP's representatives, including management and operational levels, regularly spoke publicly to promote responsible investment in 2019. 
ERAFP's CEO is involved to promote SRI. For instance, he gave an interview for one company of ERAFP's portfolio about the integration of Climate at ERAFP. He also participated to panels as the one organized by the Financial Market Authority (AMF) on the question: performance, risk and impacts ?
Moreover, ERAFP's CIO spoke on a panel at the conference "Finance and Climate" organized by Option Finance on 2019 
The Head of SRI but also the head of asset manager's selection, former Head of SRI, spoke also at several events.
        

Frequency of contribution

Description

          In each of its requests for proposals to select asset managers for a mandate, ERAFP asks to candidates if they are PRI signatories or not. ERAFP thinks that it is a way to encourage asset managers to become PRI signatories as it is a criteria for selection.
        

Frequency of contribution

Description

          ERAFP often answers to RI related consultations. 
For instance, it answered to Novethic's survey analysing Climate and ESG reporting of French Asset Owners (https://www.novethic.com/fileadmin//user_upload/tx_ausynovethicetudes/pdf_complets/Novethic_2019_173-Shades-of-Reporting-Season3.pdf)
In 2019, ERAFP also answered to the French Sustainable Real Estate Observatory's (OID) survey
For several years, ERAFP answered to IPE awards' questionnaire on ESG and Climate categories
        

Frequency of contribution

Description

          ERAFP contributed to several publications in the media. 
For instance, Head of SRI has answered to public interviews in 2019 as for the media "Les Echos".  
ERAFP's CEO also contributed to different articles. 
For instance, he promoted ERAFP's disengagement of Tobacco and signature of Tobacco-free Finance Pledge (https://www.next-finance.net/L-ERAFP-signe-le-Tobacco-Free) and disengagement of coal (https://www.ipe.com/frances-erafp-introduces-climate-divestment-criteria/10034575.article)
He gave several interviews as for AGEFI, Les Echos or Instit Invest, IPE in which he promotes SRI
(For instance: https://www.institinvest.com/fr/investissements/erafp-nous-allons-elargir-notre-exposition-limmobilier-au-private-equity-et)
        

Frequency of contribution

Description

          In addition to its participation to PRI's collaborative initiatives, ERAFP tries to be an active supporter of PRI, mainly on the PRI francophone network.
        

Frequency of contribution

Description

          ERAFP participates to "Finance for tomorrow", an initiative of "Paris Europlace" representing the French Finance market, to promote sustainable finance.
ERAFP is an active member of the EAPSPI's RI working groups and participates to the French association for Asset owners (AF2I) ESG commission, the Responsible Investment Forum (FIR)
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

ERAFP also published press reviews on its SRI engagements and promotes SRI on several social networks as Twitter

and a twitter: https://twitter.com/_erafp_?lang=fr

In 2019, ERAFP has also signed the French public investors Charter to promote SDG's.


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

ERAFP is engaged with policymakers/regulators mainly through its strong participation within the IIGCC to promote IIGCC's view on the need for a clearer and more ambitious framework to tackle climate change. 

In 2017, at the occasion of the One Planet Summit organized in Paris, ERAFP signed a charter with the other French public asset owners committing to insure investments consistent with the Paris Agreement Goals. In 2018 and 2019, ERAFP has reported on its actions for implementing the charter's principles. 

In 2019, ERAFP signed a Charter promoting SDG's alongside the same French public investors. 

In the United States, in 2019, ERAFP supported a statement led by the ICCR to maintain regulation on methane emissions. It also signed a letter, led by the PRI, to preserve the rights of shareholders, mainly to file ESG resolutions.


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