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Bpifrance Investissement

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

Implementation processes

LEI 01. Percentage of each incorporation strategy

01.1. Indicate which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities; and the breakdown of your actively managed listed equities by strategy or combination of strategies.

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied — you may estimate +/- 5%
100 %
Total actively managed listed equities 100%

01.2. Describe your organisation’s approach to ESG incorporation and the reasons for choosing the particular strategy/strategies.

Our strategies are best aligned with our status oh public investor, commited to finance all legal activities, in the service of the collective interest, and strategy as a long term fundamental investor in strategic french and european listed equities.

 

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]

Our screening policy is first our exclusion policy on illegal activities, as regard to the French law and all international treaties the French state has ratified.Other exclusions are for companies whose turnover depends on more than 10% of thermal coal (extraction, production, production of energy) and for tobacco. Then, specific issues are identified depending of the activities of the company


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

Description

As an operational subsidiary of Bpifrance, Bpifrance Investissement is involved in the general interest entrusted to Bpifrance, and adopted the social responsability commitments and priority sets in its CSR policy.

Bpifrance does not invest in certain business categories (the Doctrine)
• firms dedicated to the financing of infrastructure-building projects (however,
Bpifrance Investissement may invest in the firms involved in building or operating infrastructures);
• companies whose primary activity is land and property development;
• banks and insurance companies;
• media organisations and research institutes, so as to avoid potential conflicts of interest and preserve its neutrality;
• semi-public companies, that moreover may be the subject of financing through the Caisse des Dépôts.

Nor does it invest in no legal activities (in accordance with French law) (i.e cluster munitions and landmines (on the basis of sector + specific research) are excluded), or violate the rules on money laundering, corruption, human rights ....

Bpifrance did a commitment not to invest live in quoted shares and titles of debt of companies of which the activity of extraction or electricity production from charbon thermal exceed 10% of the turnover (vs 20% from 2015 to 2019/01/01), and a commitment not to invest in tobacco activities

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

These criteria have been discussed to the formation of the company, and published in the Doctrine of Bpifrance

with the exception of those concerning coal and tobacco

The legal exclusions are defined in accordance withthe ratification of the Oslo and Ottawa treaties by the French State. 


LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure ESG screening is based on robust analysis.

          Board representatives of Bpifrance Investissement are trained in ESG principles (ESG training module is part of the management companie's training and e-learning program)
        

05.5. Additional information. [Optional]

CSR  priorities, specified in the CSR policy, are:

The employment development, in particular for young people
The ecological and energy transition, in particular the optimisation of the energy resources’ use
Governance and management quality, in particular promoting the integration of women
The promotion of women’s entrepreneurship 


LEI 06. Processes to ensure fund criteria are not breached (Private)


(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the proportion of actively managed listed equity portfolios where E, S and G factors are systematically researched as part of your investment analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

For each investment decision, Bpifrance consistently takes into account the ESG non-financial criteria (Environment, Social and Governance) that might have an impact on its investments.

Its responsible investment approach is defined based on international standards and collective commitments from financial investors so as to comply with Bpifrance’s general interest . Bpifrance’s investments are fully part of this general interest mission by enhancing SMEs’ shareholding structure and ensuring their development based on a model ensuring a financial performance in line with market standards combined with the set-up of a sustainable operating model.

During its due diligence phase, Bpifrance Investissement performs a comprehensive ESG review. This phase allows Bpifrance to identify the company’s specificities. These key points identified are subsequently subject to an active dialogue with shareholder and an operational monitoring of potential ESG improvement areas, potentially via the executive board. During the pre-investment phase, this analysis is mainly based on a qualitative approach.  An ESG monitoring tool has been implemented, and the analysis is fully integrated within each investment cas and takes part of the global appreciation of the company; this internal analysis can also be completed by a more complete audit, performed by an external organism. 


LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on robust analysis.

09.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your integration strategy.

09.5. Describe how ESG information is held and used by your portfolio managers.

09.6. Additional information. [Optional]


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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