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CDC Group plc

PRI reporting framework 2020

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Fixed income - Engagement

FI 14. Engagement overview and coverage

14.1. Indicate the proportion of your fixed income assets on which you engage. Please exclude any engagements carried out solely in your capacity as a shareholder.

Category
Proportion of assets
Corporate (financial)

14.2. Indicate your motivations for conducting engagement (Corporate, Financial fixed income assets)

Corporate (non-financial)

14.2. Indicate your motivations for conducting engagement (Corporate, non-financial fixed income assets)

14.3. Additional information.[OPTIONAL]

ESG is a consideration in all investments and engagement on these issues is the standard for CDC investments. ESG due diligence identifies priority areas for engagement which is carried out during portfolio monitoring. This enables CDC to better understand the company's ESG strategy and its management capacity while requiring it to report on ESG issues on an ad hoc and annual basis through annual monitoring reports. Where a material ESG issue is identified, CDC will seek to influence and change company practice on this issue through ongoing engagement and, if needed, external expert support.


FI 15. Engagement method

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

15.1. Indicate how you typically engage with issuers as a fixed income investor, or as both a fixed income and listed equity investor. (Please do not include engagements where you are both a bondholder and shareholder but engage as a listed equity investor only.)

Select all that apply
Type of engagement
Corporate (financial)
Corporate (non-financial)
Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

15.2. Indicate how your organisation prioritises engagements with issuers.

Select all that apply
Corporate (financial)
Corporate (non-financial)
Size of holdings
Credit quality of the issuer
Duration of holdings
Quality of transparency on ESG
Specific markets and/or sectors
Specific ESG themes
Issuers in the lowest ranks of ESG benchmarks
Issuers in the highest ranks of ESG benchmarks
Specific issues considered priorities for the investor based on input from clients and beneficiaries
Other

If ‘other’ has been selected, please give a description

Value-add opportunities, specifically around CDC's ESG Strategic Initiatives, including gender, climate change and job quality.​

15.3. Indicate when your organisation conducts engagements with issuers.

Select all that apply
Corporate (financial)
Corporate (non-financial)
We engage pre-investment.
We engage post-investment.
We engage proactively in anticipation of specific ESG risks and/or opportunities.
We engage in reaction to ESG issues that have already affected the issuer.
We engage prior to ESG-related divestments.
Other, describe

15.4. Indicate what your organisation conducts engagements with issuers on.

Select all that apply
Corporate (financial)
Corporate (non-financial)
We engage on ESG risks and opportunities affecting a specific bond issuer or its issuer.
We engage on ESG risks and opportunities affecting the entire industry or region that the issuer belongs to.
We engage on specific ESG themes across issuers and industries (e.g., human rights).
Other, describe

If ‘other’ has been selected, please give a description

Engagement on unforeseen events, serious incidents, and as part of ESG capacity building and other value add opportunities that arise on specific transactions

15.5. Indicate how your organisation ensures that information and insights collected through engagement can feed into the investment decision-making process.

Select all that apply
Corporate (financial)
Corporate (non-financial)
Ensuring regular cross-team meetings and presentations.
Sharing engagement data across platforms that is accessible to ESG and investment teams.
Encouraging ESG and investment teams to join engagement meetings and roadshows.
Delegating some engagement dialogue to portfolio managers/credit analysts.
Involving portfolio managers when defining an engagement programme and developing engagement decisions.
Establishing mechanisms to rebalance portfolio holdings based on levels of interaction and outcomes of engagements.
Considering active ownership as a mechanism to assess potential future investments.
Other, describe
We do not ensure that information and insights collected through engagement can feed into the investment decision-making process.

15.6. Additional information.[OPTIONAL]

The ESG-I team works closely with investment teams and DI, BI, and VCS colleagues throughout the investment decision-making and portfolio management processes. This is done through the methods described above; precise approaches depend on the relationship with the company and whether there are specific high risks or opportunities that are being addressed versus standard ESG engagement.


FI 16. Engagement policy disclosure

16.1. Indicate if your publicly available policy documents explicitly refer to fixed income engagement separately from engagements in relation to other asset classes.

16.3. Additional information [OPTIONAL]

CDC uses a similar approach to all asset classes and investment products. These are outlined on the CDC website, and in our toolkit at toolkit.cdcgroup.com.

Differences in CDC's product types are outlined here: https://www.cdcgroup.com/how-we-invest/investment-strategy/products/


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