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Bpifrance Investissement

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

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. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

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. 補足情報 [任意]

          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

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

添付ファイル

URL/添付ファイル

URL/添付ファイル

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 補足情報 [任意]

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. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

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. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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