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BNP Paribas Asset Management

PRI reporting framework 2020

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Global Head of Sustainability
        

Other description (1)

          Investment compliance and risk department.
        

Other description (2)

          ESG Champions
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

BNP Paribas Asset Management's Sustainability Centre is the engine for our approach to sustainable investment. It provides investment teams with research, analysis and data at company and sectoral levels, and it also supports teams in their efforts to fully integrate sustainability-related risks and opportunities into investment strategies. This is achieved by our ESG research analysts, whose insights are informed by a variety of external data and research sources, and who also provide a range of educational opportunities to colleagues across the organisation.

The Sustainability Centre is responsible for developing and implementing the firm's Global Sustainability Strategy and Policy, ESG Integration Guidelines, Stewardship Policy, Responsible Business Conduct Policy and product-based exclusions, as well as the firm's ambitious targets on issues such as the energy transition, the environment and equality. It plays a crucial role in measuring, tracking and reporting on BNPP AM's impact and progress on sustainability.

The Sustainability Committee is an integral part of the Global Investment Committee. and its role is to validate new initiatives and engagements, support consistent & effective ESG integration across strategies, decide on issuers’ inclusion or removal from the “exclusion list” or “watch list”, monitor progress on engagement initiatives with issuers from those lists and define and monitor KPIs for investments & sales to assess progress toward Sustainability.

- In August 2018, Jane Ambachtsheer joined BNPP AM as Global Head of Sustainability; she oversees the firm's ambitious approach to sustainable investment. This is empowered by the firm's Sustainability Centre, which undertakes innovative research and policy development, guides BNPP AM's investment stewardship and industry engagement activities, and supports investment teams in accessing, integrating and reporting on ESG factors. On the business side, Jane is responsible for BNPP AM's Corporate Social Responsibility ('CSR') approach, ensuring the firm's day-to-day activities reflect the high standards it expects from companies. Jane is a member of BNPP AM's Global Investment Committee and Business Management Committees, and reports to the Head of Investments. She is a member of the Financial Stability Board's Task Force on Climate-related Financial Disclosures.

- Helena Vines Fiestas joined the firm in 2011 and has sixteen years’ experience of working in responsible business and sustainable investment.  She leads public policy and stewardship activities as well as the development of BNPP AM’s policies on Sustainability for BNPP AM. As Deputy Head of Sustainability, Helena plays a critical role in the design, development and implementation of BNPP AM’s Global Sustainability Strategy. She was appointed to the Technical Expert Group on Sustainable Finance whose role is to assist the European Commission in the development of EU taxonomy and the implementation of the EC Action Plan. She also represents BNPP AM in the EFAMA committee on Stewardship and ESG, is a board member of the Institutional Investors Group on Climate Change (IIGCC), and a sits on a number of additional committees, including the Sustainable Stock Exchanges Green Finance Advisory Group,  PRI Policy Reference Group and the Technical Advisory Group of the LSE-led Transition Pathway Initiative. 

- Sheila ter Laag is head of ESG specialist team within the Sustainability Centre, she is in charge of communicating with clients and externally on the Centre's innovative research, policy, investment stewardship and industry engagement activities, as well as supporting investment teams in integrating and reporting on ESG factors.

- Mark Lewis is head of sustainability research at BNP Paribas Asset Management, having joined in January 2019. Previously, he was Managing Director and Head of Research at the Carbon Tracker Initiative (April-December 2018 he was Managing Director and Head of European Utilities Research at Barclays (2015-18), Chief Energy Economist at Kepler Cheuvreux (2014-15), and Managing Director and Global Head of Energy Research at Deutsche Bank (2005-13). He was also a member of the Financial Stability Board's Task Force on Climate-related Financial Disclosures from May 2016 to April 2018.

- ESG Champions: have been appointed to support the embedding of our global sustainability agenda and ESG integration in investment processes and strategies. They are the link between the Sustainability Centre and the investment teams and keep abreast of relevant ESG market developments, as well as updates to our ESG research methodology, exclusion policies and stewardship activities. They attend monthly ESG Champions calls and complete specific sustainability certification, thereby enhancing the firm's overall capacity on ESG issues. As of end 2019, there were more than 65 ESG Champions across investment teams. Furthermore, to complement our Investment ESG Champions community, in early 2020, we launched a network of ESG Champions within our Global Client Group, bringing together members from our global client-facing operations. The members also meet monthly to keep informed of emerging sustainability issues, market and regulatory developments and act as sustainability champions within their teams.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

25 Number

07.4. Additional information. [Optional]

The ESG specialist team is responsible for coordinating ESG integration inside BNP Paribas AM. They coordinate a community of ESG champions in all investment centres worldwide. They work closely with the ESG Research team and all the investment centres to ensure the ESG scores and research are disseminated to all BNP Paribas AM's investment centres. Each ESG champion ensures the team understands and implements BNP Paribas AM UNGC and sector policies, as well as fostering the inclusion of ESG research in their fundamental research.

and sector policies, as well as fostering the inclusion of ESG research in their fundamental research.

ESG Champions have been appointed to help promote sustainable investment within each team, and to liaise with the Sustainability Centre. Trainings are organised centrally, both for the ESG Champions as well as across investment teams, as we work to enhance the firm's overall capacity on ESG issues. We have an ambitious programme to embed sustainability at the heart of our investment culture. Our approach to investment research benefits from the insights from our sustainability experts, our investment teams, and our third party research providers.

 

 


SG 07 CC. Climate-issues roles and responsibilities (Private)


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

The Board of Directors is explicitly in charge of CSR Promotion (see page 45 of 2019 URD). It is trained regularly (see page 50 of the same document). The Board of Directors is given a presentation on the CSR strategy at least once a year (please refer to page 518 of 2019 URD).

Moreover, a dedicated Board Committee – the Corporate Governance, Ethics, Nominations and CSR Committee (CGEN) – is in charge of monitoring CSR issues (Group's contribution to economic, sustainable and responsible development). For instance, in 2019, the CGEN examined the Group’s social and environmental responsibility report, in particular the materiality matrix listing the 21 most significant non-financial issues for the Bank’s stakeholders, including climate change and energy transition that are identified as crucial issues (see on page 57). This Committee coordinates across the BNP Paribas entities to ensure regular training, coordination and consistency is achieved across the various boards and entities in the Group.

For a detailed view of CSR governance at BNP Paribas, please refer to slide 22 of the annual CSR Investor presentation below:

https://invest.bnpparibas.com/sites/default/files/documents/20190528_bnp_paribas_and_the_exercise_of_its_csr_-_vdef.pdf

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department

          Global Head of Sustainability
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other role (1) [from SG 07]

          Investment compliance and risk department.
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other role (2) [from SG 07]

          ESG Champions
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.


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