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CNP Assurances

PRI reporting framework 2020

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ESG incorporation in actively managed fixed income

Implementation processes

FI 01. Incorporation strategies applied

Indicate (1) Which ESG incorporation strategy and/or combination of strategies you apply to your actively managed fixed income investments; and (2) The proportion (+/- 5%) of your total actively managed fixed income investments each strategy applies to.
SSA
100 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (financial)
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
100 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (non-financial)
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
0 Thematic + integration strategies
100 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%

01.2. Describe your reasons for choosing a particular ESG incorporation strategy and how combinations of strategies are used.

SSA : The ESG screen excludes non-democratic countries, those where freedom is infringed as rated by Freedom House, and countries poorly rated by Transparency International.

We do not invest in tax havens and countries under embargo.

Corporate :

For our screening strategy, we exclude anti-personnel mines and cluster munition manufacturers. We exclude companies that do not respect the Global Compact and we do not invest in mining companies companies that derive more than 10% ( since the end of 2018) of their turnover from coal as well as utilities with over 15% of coal-sourced power plants. We no longer invest in the companies most involved in the development of new coal power plants. We also exclude countries that are considered as sensitive (see SSA).

CNP Assurances has made contributing to the environmental and energy transition a strategic priority. In late 2019, the Group devoted €2,000 million in green bonds..

 

01.3. Additional information [Optional].


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. Indicate how you ensure that your ESG research process is robust:

03.2. Describe how your ESG information or analysis is shared among your investment team.

03.3. Additional information. [Optional]

Since 2011, a quarterly portfolio scoring was set up with our asset managers and their SRI research team. One of the asset manager provides us with controversies on the worst rated issuers, and the result of the dialogue with these issuers. CNP Assurances compares the information with the other asset managers and makes the decision to exclude or limit. We do not notify.

We have two information providers that work on the same perimeter. They regularly update their methodology and ratings.


(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income

Since 2008, CNP Assurances has excluded manufacturers of cluster munitions and anti-personnel mines. Since 2012 , bonds have been excluded or limited on the basis of issuer compliance with ESG and Global Compact principles. We also exclude SSA and corporate bonds from countries that we consider as sensitive (level of democracy and freedom , perception of corruption, tax heaven, non-cooperative states and territories, known as NCSTs, and embargoed states, countries subject to counter measures by the FATF. We exit coal of our portfolio :

CNP Assurances has set two limits. Excluding the acquisition of new financial assets: companies mining coal or producing coal-based energy when more than 10% ( since the end of 2018) of their revenue is derived from thermal coal. Exclusion from the portfolio of financial assets: companies mining coal or producing coal-based energy when more than 20% of their revenue is derived from thermal coal and also committed to no longer investing in the companies most involved in the development of new coal power plants.
 

04.3. Additional information. [Optional]


FI 05. Examples of ESG factors in screening process (Private)


FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Checks
Negative/exclusionary screening

06.2. Additional information. [Optional]


(B) Implementation: Thematic

FI 07. Thematic investing - overview (Private)


FI 08. Thematic investing - themed bond processes

08.1. Indicate whether you encourage transparency and disclosure relating to the issuance of themed bonds as per the Green Bonds Principles, Social Bond Principles, or Sustainability Bond Guidelines..

          In our mandate, asset managers analyse bonds and conclude if they disburse bond proceeds as described in the offering documents.
        

08.2. Describe the actions you take when issuers do not disburse bond proceeds as described in the offering documents.

Our AM are in charge of following the bond proceeds.

08.3. Additional information. [Optional]


FI 09. Thematic investing - assessing impact

09.1. Indicate how you assess the environmental or social impact of your thematic investments.

          we ensure that our asset managers apply our SRI Policy.
        

09.2. Additional information. [Optional]


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