Athough we don't publish our investment policy, what we made public is our ESG assessment framework. You can find it at: https://www.mapfre.com/statics/juntasgenerales/2020/Integrated_report_2019.pdf, pages 62 to 65. Below, you can find an excerpt:
MAPFRE has its own ESG analysis framework that is reviewed periodically to incorporate best practices in this area. It also has a qualified SRI working group and, in addition, it has an Investment Risk Committee, which periodically analyzes the composition of the portfolios, its ESG evaluation and analyzes any controversies that may arise.
Within the scope of the SRI, the investment team has the following functions:
Regularly issues ESG reports, which are analyzed by the SRI team prior to their presentation by the Risk Committee.
Constant monitoring in order to alert on any controversies or risks in the ESG field that may arise during the normal course of operations, and to inform the Risk Committee.
The investment team is responsible for applying any grounds for exclusion approved by MAPFRE.
In the case of management delegation, the company that is managing the portfolios shall be informed so that the exclusions are applied, with the time limit of their implementation being determined by common agreement.
MAPFRE’s Corporate Investment Area is responsible for ensuring that the organization complies with the established responsible investment principles and submits an annual report to the Sustainability Committee, which is the most senior part of the aforementioned area.
With regard to SRI strategies, MAPFRE supports the implementation of the integration strategies as a priority, although it does not rule out the use of other strategies such as exclusion, engagement, best-in-class or proxy-voting strategies.
In 2019, MAPFRE agreed to not invest in electricity companies that generate over 30 percent of their revenue from coal-produced energy. It incorporates this exclusion rule into its SRI framework, which reinforces the Group's climate strategy.
Furthermore, in 2019, MAPFRE joined Spainsif, (a prestigious forum in the area of sustainable and responsible investment in Spain) also becoming a member of its board of directors.
MAPFRE Asset Management also holds ISO 14001 and 50001 certification.