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BNP Paribas Asset Management

PRI reporting framework 2020

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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]

We described our targets and achievements related the six's Principles for Responsible Investment in our Global Sustainability Strategy (page 18 and 19)
https://docfinder.bnpparibas-am.com/api/files/1FC9FC6C-0DA8-468E-90B3-016DDB5CD270

 

 

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]

We are a member of the Asian Corporate Governance Association (ACGA) as we participate in the annual conference and the ACGA Investor Discussion Group to discuss Asian consultation initiatives as well as others corporate governance discussions. With the arrival of a new resource heading stewardship activities in Asia, we expect to be more active in this sphere through local participation in country delegations and member meetings.

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]

Jane Ambachtsheer, Global Head of Sustainability Centre of BNPPAM sits on the board of the CDP.

BNP Paribas AM is a signatory of CDP.

 

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]

Jane Ambachtsheer, Global Head of Sustainability Centre of BNPPAM sits on the board of the CDP.

BNP Paribas AM is a signatory of CDP.

 

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]

Jane Ambachtsheer, Global Head of Sustainability Centre of BNPPAM sits on the board of the CDP.

BNP Paribas AM is a signatory of CDP.

 

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]

BNPP AM is particularly active in terms of this initiative, and leads or co-leads the CA100+ dialogue with 7 European companies and 2 Asian companies targeted by this initiative. BNPP AM also provides support to investors engaged in dialogue with a number of companies targeted by this initiative in Europe and the USA and co-leads a sub-initiative tackling climate related corporate lobbying.

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]

BNPPAM is a member of the Investment Committee

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]

Commitment taken by BNP Paribas Group to support EITI, especially for its corporate investment banking activities

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]

BNP Paribas AM is a member of the Benchmark Committee since 2014. We are involved in the conception and development of the methodology and the promotion of the questionnaire among the companies of the real estate sector.

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]

Member since July 2016

We are active in two working groups (WG) on “reporting” and “definitions”. We have been particularly active in the development of the impact reporting framework for waste and water projects. The aim is for issuers to use these reference frameworks when reporting back on the impact of green bonds issued.  We are also active members of the “definitions” WG.  The aim of this working group is to agree upon a taxonomy that will help identify green projects and/or assets.

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]

BNP Paribas AM is a co-founder of IIGCC.  BNP Paribas AM sits on the board of IIGCC, and chairs the Climate Disclosure Sub-group and co-chairs the Property Working group. We also actively participate in the Corporate (Carbon Asset Risk Initiative) and Policy programmes.

 

Along with the Church of England and AP7, we launched a set of investor expectations on corporate climate lobbying, seeking to ensure corporate lobbying efforts through trade associations are aligned with the Paris Agreement. The statement was then used to launch a corporate engagement effort.

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]

We are a signatory and actively collaborate in one of their initiatives in forced labour supply chain.

In partnership with the Interfaith Center on Corporate Responsibility and other institutional investors, we engaged with three electronics companies that received the lowest rankings on KTC’s (Know the Chain ) most recent ICT sector benchmark, a useful tool for measuring corporate efforts to combat forced labour.

 

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]

We are an active member of the "Shareholder rights" committee which seeks to protect minority shareholder rights - in both widely-held and controlled companies. It seeks to influence policymakers and other stakeholders relating to shareholder rights on behalf of ICGN members.

We have been involved in this committee on several viewpoints on "Differential share ownership structures", "Differential rights" or on "vote confirmation", available here: https://www.icgn.org/policy/committees/shareholder-rights

 

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]

BNPP AM is a member of the Investor Network / CERES. In 2019, we worked with Ceres and Boston Trust Walden to bring our European corporate lobbying effort to the United States. In September, we were a lead signatory on a letter to the largest corporate greenhouse gas emitters in the United States, on behalf of two hundred institutional investors managing USD 6.5 trillion.

The letter presented our collective expectation that companies align their lobbying efforts with the Paris Agreement, and that misalignments with trade association lobbying be constructively and transparently addressed. Since that time, more than half of these companies provided substantive responses or acknowledged receipt and welcomed dialogue.

In December, we took an additional step and crafted a new shareholder proposal, which we submitted to four companies that either did not respond to our letter, or provided an inadequate response and play a particularly important role in influencing the direction of future U.S. public policy to address the climate crisis: Exxon Mobil, Chevron, Delta Airlines and United Airlines. We are serving in a lead role with all four companies.

 

 

          French SIF
        

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]

We are member of the retail commission.

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]

BNP Paribas Asset Management participates in a research project on biodiversity in collaboration with UNEP World Conservation Monitoring Centre.

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]

BNP Paribas Group is a signatory. BNP Paribas AM has integrated the UN Global Compact principles as a requirement for all the companies we invest in.

          AFG (French Association of Asset Managers)
        

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]

At the AFG, Frédéric Janbon, CEO of BNP Paribas Asset Management is member of the Strategic Committee.

BNP Paribas Asset Management is also member of the Board of Directors

          Montreal Carbon Pledge and Portfolio Decarbonization Coalition
        

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]

          Climate Bonds 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]

We are an active member of the Climate Bonds Initiative, an investor-focused not-for-profit initiative, promoting large-scale investment in the low-carbon economy.

Our role as a partner of the Climate Bonds Initiative is to support actions centred on growing robust and sustainable green bond and climate bond markets that contribute to climate action and low carbon investment.

As a partner we assist in developing initiatives to grow investment in climate finance solutions, participate in different market development committees & help define policy agendas for sector, country & sub-national green bond development programs

We head the AFG's ESG integration working group and the AFG's working group dedicated to the updating of the SRI Transparency code to comply with the French article 173.

 

          TECHNICAL EXPERT GROUP AT THE EUROPEAN COMMISSION - MEMBER
TRANSITION PATHWAY INITIATIVE (TPI) 
SUSTAINABLE STOCK EXCHANGES INITIATIVE (SSE) 
GLOBAL NETWORK INITIATIVE (GNI)
        

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]

Technical Expert Group (TEG) : Our Global Head of Stewardship and Policy is a member of the TEG at the European Commission.

Transition Pathway Initiative (TPI) :BNP Paribas AM has supported since inception, and is a member of the Technical Advisory Group of TPI (please see http://www.lse.ac.uk/GranthamInstitute/tpi/about/technical-advisory-group/).

Sustainable Stock Exchanges (SSE) :BNP Paribas AM is a member of the SSE Technical Green Finance Advisory Group (please see http://www.sseinitiative.org/wp content/uploads/2017/11/SSE-Green-Finance-Guidance-.pdf).

Global Network Initiative (GNI) :  We joined the Global Network Initiative, a multi-stakeholder organization addressing government threats to freedom of expression and privacy in the digital sphere, and joined the board of directors as a representative of the organization's investor constituency. Also for the Exxon proposal – We signed an investor letter to the SEC, asking the Commission to deny the company's request to exclude our shareholder proposal from its proxy statement. Both GNI and the SEC letter were early in 2019.

 

 


SG 09.2. Assets managed by PRI signatories (Private)


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

          At BNP Paribas Asset Management we firmly believe that it is our responsibility as an Asset Manager to share our investment expertise with our clients. We know that learning is a continuous process and that our clients will want to develop their knowledge of investment themes, different asset classes, or related subjects such as risk control or regulatory issues. 
Our Investment Academy provides unique access to training sessions in 30 locations around the world, in 10 different languages and using a comprehensive e-learning platform with over 150 tutorials.
        

Frequency of contribution

Description

          BNP Paribas Asset Management (‘BNPP AM’) is a sponsor of the Global Research Alliance for Sustainable Finance and Investment (‘GRASFI’), the network of leading research universities around the world established to promote rigorous and impactful academic research into sustainable finance and investment. 
High-quality academic research can inform developments in both the theory and practice of sustainable finance and investment, helping to align the financial system with global environmental sustainability.  This is a necessary condition for the implementation of the Paris Climate Change Agreement and the United Nation's Sustainable Development Goals.
        

Frequency of contribution

Description

          The members of the ESG research team of BNP Paribas AM also participate in educational sessions or ESG training courses or as part of financial courses and masters: AFI and IESE in Spain, at SciencesPo in Paris, at the Paris V Rene Descartes University, at the Panthéon-Sorbonne University and at the Gustave Eiffel Business School, all in Paris. Jane Ambachtsheer, Global Head of Sustainability, is an Adjunct Professor at the University of Toronto and a Research Affiliate at the University Oxford Smith School of Enterprise and the Environment
        

Frequency of contribution

Description

          In 2019, we participated in the AMPERE Club related to the reporting on "Article 173", the French law relating to reporting on the energy transition, dedicated to institutional investors, the objectives were the elaboration of a common template matrix for French asset managers in order to meet institutional investors needs in terms of regulatory reporting on ESG Investments. 
In 2017 we piloted a working group within the French Association of Asset Managers (AFG) to develop a set of recommendations for updating the Transparency Codes for SRI funds. The recommended guidelines were adopted by EUROSIF at the beginning of 2018 as the new reporting standards for responsible finance. We believe they can contribution to meet the ambitions of the recently communicated European Commission Action Plan for Sustainable finance.
        

Frequency of contribution

Description

          BNPP AM employees have frequent speaking slots at sustainable investment investments, panels, forums and conferences. It is part of our engagement to promote responsible investment in the Asset Management Industry and beyond.
        

Frequency of contribution

Description

          As an example, in a white paper, published in August 2019, Mark Lewis (Head of Sustainability  Research) introduces the concept of the Energy Return on Capital Invested (EROCI), focusing on the energy return on a USD 100 billion outlay on oil and renewables where the energy is being used to power cars and other light-duty vehicles (LDVs).
        

Frequency of contribution

Description

          We work alongside other investors and financial stakeholders in a series of initiatives directed at promoting sustainable investment and building a more sustainable and resilient financial system. Promoting the adoption of the PRI is part of our Global Sustainability Strategy (https://docfinder.bnpparibas-am.com/api/files/1FC9FC6C-0DA8-468E-90B3-016DDB5CD270) page 18-19.
        

Frequency of contribution

Description

          We have responded to multiple public consultations including the EC consultation on Ecolabel, ESMA Consultations on UCITS and AIFM, and on integrating sustainability risks and factors in MiFID II. Our public responses can be found on the EU website or, in the case of Group responses, at https://group.bnpparibas/principales-positions-publiques-reglementation-bancaire-financiere
        

Frequency of contribution

Description

          In 2019, we wrote or contributed to various articles worldwide (Financial Times, Pensions & Investments, IPE, Global Capital, Environmental Finance, and ESG Magazine).
We also participated in media interviews. 
In our Investors’ Corner blog: We published the following ESG articles on our Investors’ Corner blog:
	Time to put climate action back on track		
	COP25 meeting to take further steps in climate change fight		
	Investing in sustainable growth: Energy transition		
	Should green bonds be considered an asset class? What is an asset class?		
	Adopting ESG practices in Asia Pacific: adapting to the local set-up		
	Green bonds are making a dent, but there is further to go		
	How the energy transition will cloud the oil industry outlook		
	Towards a sustainable finance system: further yet to go		
	Assessing ESG factors when investing in EM debt		
	The circular economy: a change for the better as well as an investment opportunity
	Policymakers respond to growing urgency of sustainability issues		
	Investing for tomorrow – applying ESG principles to emerging market debt		
	Are companies about shareholder or stakeholder value?		
	Is software a significant theme for emerging markets?		
	Paris welcomes ‘PRI in Person’ responsible investment conference		
	BNPP AM details engagement with issuers, regulators and public policymakers		
	Is there a cost to sustainability?		
	Putting sustainable investing at the core in Asia		
	Wells, Wires, and Wheels – EROCI and the Tough Road Ahead for Oil		
	What does ‘green’ mean? The EU’s taxonomy spells it out		
	The rise of sustainable investment in Asia Pacific – good stewardship is key		
	Taking clean air action so that the masks can stay off		
	Dutch, Hong Kong issues shine a light on growing green bond market		
	Alternative fixed income: en route to the mainstream		
	Preserving world forests: a crucial sustainable development aim		
	The PRI’s drive to bring sustainability to capital markets		
	Webcast – The road to electrification: electric vehicle potential in EM		
	The EU taxonomy: the metric system of the 21st century		
	Responsible infrastructure investment: more than just renewable energy		
	Sustainable investing: we are not just bystanders		
	Coal usage in the European Union		
	Sustainable investing: this is how you do it		
	Sustainable investing makes a real difference		
	Is sustainability profitable?		
	Don’t fall behind: water, the great investment opportunity		
	Europe’s push on sustainable finance: it matters		
	GRASFI: Pooling academic resources to take sustainability up a level		
	2019 One Planet Summit showcases African innovation		
	German energy policy is making headlines, but the real news happened in 2007
        

Frequency of contribution

Description

          BNP Paribas AM is a member of the following PRI Advisory committees: 

	Ceres/PRI – Investor expectation statement on deforestation in cattle supply chains
	Ceres/PRI- Investor expectation statement on deforestation in soybean supply chains
	PRI - Fixed Income Engagement Sub-Committee
	PRI - Investor statement to G20 for the phase out of fossil fuel subsidies and public finance of fossil fuel
	PRI - Plastics Investor Working Group
	PRI - Policy Reference Group
	PRI - Statement on ESG in credit ratings
	PRI & CERES Investor Initiative for Sustainable Forests
	PRI engagement on methane risk in oil & gas sector
	PRI Investor Working Group on Sustainable Palm Oil
	PRI/UNEP FI/The Generation Foundation - Global Statement on Investor Obligations and Duties
        

Frequency of contribution

Description

          Helena Vines Fiestas, Deputy Global Head of Sustainability, and Head of Stewardship and Policy at BNP Paribas AM sits on the board of IIGCC. She also sits on the advisory committees of: - Technical Advisory Group of TPI (please see http://www.lse.ac.uk/GranthamInstitute/tpi/about/technical-advisory-group/). - SSE Technical Green Finance Advisory Group (please see http://www.sseinitiative.org/wp-content/uploads/2017/11/SSE-Green-Finance-Guidance-.pdf). - Experts Committee of Access to Medicine Index. Felipe Gordillo, senior analyst, sits on the Investment -PRI Fixed income Engagement subcommittee. He also sits on the Benchmark committee of the Global Real Estate Sustainability Benchmark (GRESB), an industry-driven organization committed to assessing the sustainability performance of real estate portfolios. Thibaud Clisson sits on the Scientific Committee of Euronext Low-Carbon 100 Europe ® Index and on the monitoring committee of ACT (Assessing Low Carbon Transition) project for SMEs run by Ademe. Michael Herskovich, Head of Corporate governance, sits on: - The ICGN shareholder rights committee - The Corporate Governance" committee at the French Association of Asset Managers (AFG) - The "Investment committee" at Eumedion (Netherlands).
        

Frequency of contribution

specify description

          Promoting ESG investing in Asia,
        

Description

          BNPP AM is a very active sustainable investor in Asia and won multiple ESG investing awards, see below
Asset Class Performance Award
Global Emerging Markets Debt (3 Years)


Country Awards

A.  Indonesia
Best Islamic Fund House

Best Islamic Product


B. Korea
Best Institutional House 
(Shinhan BNP Paribas AMC)

C. Malaysia
Best ESG Manager

Islamic Institutional House of the Year


Regional Awards
Best ESG Manager in Asia

Best Impact Investing Manager

Best Application of ESG (ASEAN)

Best ESG Manager (ASEAN)
        

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]


SG 11. Dialogue with public policy makers or standard setters (Private)


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