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Bpifrance Investissement

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

Bpifrance Investissement devotes a significant share of its equity interventions, to the seed, venture capital, development capital and transmission capital, or into funds geared towards profitable companies from social and solidarity economy but which, in particular because of their status, attracts few traditional investors.

All of its operations are guided by the following principles:

  • Bpifrance Investissement intervenes in order to have a knock-on effect on private investment throught public funds via minority stakes,
  • Bpifrance Investissement is a patient shareholder, adapting its investment horizon, and can accept that the profitability of its investments materializes over a longer time horizon than most private investors.
  • Bpifrance Investissement serves the public interest. In addition to the necessary financial performance, its investment decisions are made with regard to the impact projects on the competitiveness of the French economy analysed with a multi-criteria analysis grid, incorporating extra-financial criteria such as contribution to innovation, ESG practices and corporate governance the effects on employment and the development of the territory etc.
  • In some cases, Bpifrance Investissement can take action on the distressed capital segment which aims at helping the recovery of companies in difficulty

 

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

Thematic guidelines and commitments have been added : measure of carbon footprint of listed companies, financing of ecological and energetic transition, Bpifrance is committed not to invest in quoted shares and titles of debt in companies whose turnover exceeds 10 % in the activity of extraction of coal or electricity production from coal thermal, and another commitment not to invest in tobacco activities (2017). Bpifrance Investment sensibilizes and also accompanies its partners (asset managers, companies…) in an initiative of progress in these domains.

Bpifrance is part of the the Caisse des dépôts' Group and shares its commitments towards Climate change issues. It signed the " Charter of public investors for Climate" in 2017, the charter "Assessing Low Carbon Transition" in 2018 and  the "Charter of public investors for SDG" in 2019.

01.6. Additional information [Optional].

          1 - Risks of misalignment with 2° target through coal financing :  in 2015, Bpifrance set stringent limits on the investments in companies linked to thermal coal. In 2018, it announced that it lowers the threshold from where it excludes investments in a company, from 20% (previous limit) to 10% of turnover in 2019.

2 - Transition and misalignement risks through carbon exposure : Bpifrance measures sets the carbon footprint of its listed equity since 2015.
3- Environment risks and opportunities (within Climate) are analysed in a step by step approach before investing; for companies for which these issues are significant, the portfolio managers endeavour to discuss ESG issues, including climate risks & opportunities,  during their meetings with portfolio managers of, in order to encourage them to progress in this area, 
Moreover, the annual ESG surveys encompasses questions about evaluation by companies of climate risks and opportunities. The risk department is also seeking to improve how climate risks are integrated into its credit risk ratings. 

4 - Investing in the transition to a low carbon economy
        

SG 01 CC. Climate risk (Private)


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

URL/Attachment

URL/Attachment

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

URL/Attachment

02.3. Additional information [Optional].

please also consult the annual report of Bpifrance SA : https://www.bpifrance.fr/Espace-Investisseurs and https://www.caissedesdepots.fr/bilan-investissement-responsable-2018

 


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Bpifrance has an ethical code, which is signed by all employees joining the institution.

Furthermore our asset management subsidiaries comply with related regulation. In particular, they have a procedure in place to prevent conflict of interest and track occurence cases.

Potential conflicts of interests are overseen by the Compliance officers.

 

 

 

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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