CNP Assurances’ corporate governance principles are the cornerstone of its responsible investment policy. They are defined by senior management and shaped by its position as a long-term minority shareholder. The core objective is to protect the rights of minority shareholders who are investing to support the investee's long-term growth. Shaped in part by investor concerns, these principles are pragmatically applied to all companies in the portfolio, taking into account each one's characteristics, industry and regulatory environment.
Three main governance issues have been identified during the 2019 voting campaign:
Transparency and quality of information: CNP Assurances is especially vigilant about the rotation of external auditors and the support of companies towards more transparency.
Compensation: CNP Assurances appreciates transparency, exhaustiveness of information and consistency with the performances of the company in the long term. More specifically under the “say on pay” and the compensation policy, CNP Assurances is attentive to the evolution of executive compensation in view of the sector practices and of the average compensation in the company.
As part of its climate approach, CNP Assurances has decided to support every resolution related to the Energy and Ecological Transition (TEE) as long as they are part of an approach to combat climate change, consistent with the company’s strategy. Moreover, if the company does not contribute or insufficiently to the TEE, CNP Assurances sanctions the executive’s compensation.