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

PRI reporting framework 2020

You are in Indirect – Manager Selection, Appointment and Monitoring » Listed Equity and Fixed Income Strategies

Listed Equity and Fixed Income Strategies

SAM 01. ESG incorporation strategies

01.1. Indicate which of the following ESG incorporation strategies you require your external manager(s) to implement on your behalf for all your listed equity and/or fixed income assets:

Active investment strategies

Active investment strategies

Listed Equity
FI - Corporate (financial)
FI - Corporate (non-financial)

Screening

Thematic
Integration
None of the above

Passive investment strategies

Passive investment strategies
Listed Equity

Screening

Thematic
Integration
None of the above

01.2. Additional information. [Optional]

ERAFP requests from all its selected asset managers to comply with its SRI guidelines. 

For active investment strategies, when it selects its asset managers, ERAFP ensures that they are able to implement ERAFP's SRI guidelines. They have to be able to assure that issuers are evaluated on the basis of ERAFP's framework, which is based on 5 main ESG values organised into 18 criteria (that could be adapted according to ERFAP's asset classes' specificities), and that best issuers in each sector are selected based on this evaluation.  

Moreover, ERAFP evaluates asset managers' capacity and experience in leading shareholder engagement in order to improve ESG practices. It also tests the asset managers' capacity to monitor controversies and report on investments' ESG impacts. 

For its passive mandate managed by Amundi, ERAFP applies its two ESG's filters based on Vigeo's rating on the Scientific Beta's universe before they apply the decarbonisation filter.

ERAFP expects that its SRI requirements are applied in all asset classes it invests including Real Estate, Infrastructure or also Private Equity. It also expects that for all geographic area. ERAFP integrates its ESG requirements as soon as its selection process. For instance, for its Real Estate mandates, ERAFP requests the implementation of a "dynamic best in class". That means that asset managers have to select assets according to their initial SRI quality but also according to their SRI potential quality. In order to select the best ESG issuers, asset managers must rate each real estate asset on the ERAFP SRI framework basis. This framework is based on the main 5 ERAFP SRI values common for all asset classes but has been adapted for Real Estate specificities. For instance, within the value "Good Governance and transparency", one of the criteria evaluated is "sustainable cooperation with occupants and local residents"; within the value "Social Progress", one of the criteria evaluated is "comfort and well-being of occupants"; within the "Environment" value, the criteria "limitation of energy consumption" is evaluated.


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