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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

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

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. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

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) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

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. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

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. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

          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. 補足情報 [任意]

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) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

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. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]


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


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