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Lyxor Asset Management

PRI reporting framework 2020

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Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LYXOR has participated to the UNPRI research paper: "Spotlight in responsible Investment in private debt" which presents the core concepts of responsible investment and how ESG factors are implemented in investment decisions as well as investor stewardship in this particular asset class. This paper, published in 2019, aims to promote better understanding of the rationale for responsible investment in the context of private debt investments.

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Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

The Group Société Générale attaches great importance to its extra-financial ratings and strives to obtain ratings that best reflect its CSR actions by ensuring the quality and transparency of the data provided.

Every year, Societe Generale’s CSR achievements are subject to extra-financial reporting, verified by statutory auditors. The Group’s CSR approach is also evaluated by extra-financial ratings agencies. These ratings help the bank to benchmark its efforts compared to its peers.

Regarding climate change related disclosure, CDP remains important but our efforts were put on our first TCFD report, published in June 2019: https://www.societegenerale.com/sites/default/files/documents/Document%20RSE/climate-disclosure-societe-generale-tcfd-report-june.pdf ..

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2018, LYXOR has joined the Climate Action 100+, an international initiative led by investors in order to systemically engage important greenhouse gas emitters and other companies, across the global economy, that have significant opportunities to drive the clean energy transition and to help achieving the goals of the Paris Agreement.

The choice of the climate change issue as first thematic engagement is in continuity with LYXOR's policy for Socially Responsible Investments. LYXOR actively participates to calls & meeting with investors/and issuers

The initiative aims to secure commitments from boards and senior management to (among others) implement a strong governance framework which clearly articulates the board’s accountability and oversight of climate change risk and opportunities, and to enhance disclosures in line with the TCFD recommendations.

In 2019, LYXOR has reinforced its participation to the Climate Action 100+ initiative and his involved into 4 engagements cases. As the engagement campaigns were already started when LYXOR joined the initiative, the asset management company does not have the opportunity to position itself as a leader investor. [MSL1] 

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2019, LYXOR has joined the Green Bond Principles and the Sustainable Bonds Principles (working group of the International Capital Market Association), a working group that set voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Green Bond market by clarifying the approach for issuance of a Green Bond.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

At Société Générale level : the group is member of IRRC since 2018 and has published two Integrated reports

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

At SG Group Level : Société Générale was one of the founding signatories of the Principles for Responsible Banking, launched by UNEP-FI. The group also joint the Collective Commitment to Climate Action of the UNEP-FI last September. We are continuously participating to UNEP-FI workshops in this context, both on risk management and positive impact related issues.  

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

At SG Group Level : In 2003, the Group signed the UN Global Compact, under which businesses agree to commit to ten general principles. Société Générale is also a member of the CNDD (National Council for Sustainable Development), an organisation made up of representatives of civil society, which makes recommendations concerning sustainable development to government and international bodies.

Société Générale has been COP (Communication on Progress) Advanced for 2 years now. 

At LYXOR AM level : 

  • LYXOR has also implemented an exclusion list, that is integrated in some LYXOR’ sustainable investment solutions, which excludes companies associated with serious and repeated breaches of UN Global Compact Principles. 
          French Asset Management Association (AFG)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Our organization is involved in discussions conducted at domestic and European level within our sector associations (AFG, PRI) via dedicated working groups on Responsible Investment.

LYXOR is a member of the AFG’s Technical committees on:

• International Commission,

• Responsible Investment,

• Corporate Governance to contribute to spread good governance practices among AFG members

For example; within these bodies, LYXOR notably participated in the 2019 AFG recommendations on corporate governance.

Within the context of the EC Action Plan “Financing Sustainable Growth”, LYXOR has participated to a recommendation paper. This paper aims to serve as input in the initiative to be launched end of Q2 2018 by the Commission for harmonizing benchmarks comprising low-carbon issuers then publish a report on the design and methodology of the low-carbon benchmark by Q2 2019.

In 2019, LYXOR has notably participated in the AFG Guide to developing a coal strategy for asset management companies– published in March 2020.

Technical committees and working groups feed the work of AFG's commissions, board of directors and strategic committee. They serve as a "Think Tank" for the profession.

 

          Climate Bonds Initiative
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LYXOR has joined the Climate Bond Initiative 's partners program, to contribute to further build the French climate finance leadership and demonstrate our commitment to helping investors embrace ESG challenges.  

LYXOR has decided to set up a partnership with the Climate Bonds Initiative (CBI), for this fund in order to benefit from its knowledge and robust process in asset selection. 

In 2019 Lyxor upgraded it's partnership level with the Climate Bond Initiative in order  to provide its investors with an enhanced level of market intelligence on the green bond market and deeper analyses of its investment products, while supporting some of CBI's Research publications and contributing to market education on green bonds by involving CBI in various client events.

In 2019 Lyxor supported CBI's Report on Green Bond pricing in the primary market, analysing the book cover, issue premiums, spreads and performance of the largest green bond issuances in the market.

Lyxor also commissioned CBI's first Green Bond Investor Survey, conducted with 48 of the largest Europe-based fixed-income asset managers. The purpose of the survey was to identify the drivers which could encourage investors to buy more green bonds and support market growth.

 

 

 

 


SG 09.2. Assets managed by PRI signatories (Private)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          The LYXOR SRI Team organizes several internal training sessions on the theme of Responsible Investment.
Those sessions have been set up to present the state of the art, the challenges, new opportunities of Responsible Investment. LYXOR offers to answer these questions. 
These sessions are open to all LYXOR employees included investment managers and LYXOR staff can exchange :
• By learning how each of LYXOR staffs, in their area and at their level of responsibility, can have a real impact on our clients.
• By actively involving staff members in LYXOR's transformation effort;

LYXOR also broadcasts learning videos on ESR and Responsible Investment topics, you will find the two last videos on the following links: 

Avec les changements climatiques, le sablier coule et ne s’arrête pas : 
https://www.agefi.fr/asset-management/actualites/video/20191015/changements-climatiques-sablier-coule-ne-s-arrete-284907

Lyxor Minute : Vote & Engagement https://www.lyxor.com/lyxor-minute-vote-et-engagement

For specific clients, Lyxor conducts ESG workshops to advise them in regards with ESG integration in their Investment portfolio.
        

Frequency of contribution

Description

          Research papers :

•	Integration of ESG in asset allocation (Benjamin Bruder, Yazid Cheikh, Florent Deixonne, Ban Zheng , October 7, 2019) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3473874

•	Open Innovation / Datathon,  https://www.lyxor.com/lyxor-poursuit-sa-demarche-dopen-innovation-et-lance-un-datathon-finance-positive

•	Spotlight on Responsible Investment in Private Debt https://www.unpri.org/private-debt/spotlight-on-responsible-investment-in-private-debt/4048.article
        

Frequency of contribution

Description

          AGEFI Interview  : 
https://www.agefi.fr/asset-management/actualites/video/20191015/changements-climatiques-sablier-coule-ne-s-arrete-284907

Other events / Participation
Agefi Hebdo, Paris , Rountable with Aviva, Fidelity, Robeco, BNY, November 2019
Fund Investment Forum, Brussels, Lyxor workshop on ESG, October 2019
SGSS, London, Rountable SGSS with UNPRI, Sustainalytics, SG - SRI Client Seminar, June 2019
Mondo Investor, Roma, Rountable + Interviews Mondo Investor ESG Event , May 2019
        

Frequency of contribution

Description

          Press Articles

•	Investir Durable #2 https://www.linfodurable.fr/finance/etf-esg-quand-la-gestion-indicielle-se-met-au-vert-10755

•	Investir Durable #4 : https://www.linfodurable.fr/magazines/investir-durable-4-isr-immobilier-un-marche-en-construction_16-12-2019 « Une Politique Climat qui place les enjeux climatiques au coeur de notre stratégie d’investissement responsable » Florent Deixonne. (Mars2020)

•	Strengthening Governance, Interview Florent Deixonne (November 19):  : https://www.proxyinsight.com/wp-content/uploads/dlm_uploads/2019/11/Proxy-Monthly-November-2019.pdf

•	SRI, DATA AND BIAS: FUND MANAGERS' BERMUDA TRIANGLE https://www.securities-services.societegenerale.com/en/insights/views/news/sri-data-and-bias-fund-managerse-bermuda-triangle/

•	Passive funds actively sponsor sustainability:  https://wholesale.banking.societegenerale.com/en/about/news-press-room/news-details/news/passive-funds-actu/

•	https://www.lyxoretf.co.uk/en/instit/market-insights/blog/why-lyxor-is-an-active-passive-manager

•	Are electric utilities’ governance and strategies fit for the energy transition? October 2019, LYXOR – ROBECO SAM
https://www.lyxor.com/en/are-electric-utilities-governance-and-strategies-fit-energy-transition
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

Press release :

https://www.lyxor.com/en/lyxor-adopts-sustainable-approach-sovereign-bond-management-integration-esg-criteria

https://www.lesechos.fr/finance-marches/gestion-actifs/un-etf-obtient-le-label-transition-energetique-et-ecologique-pour-le-climat-999733

https://www.allnews.ch/content/corporate/lyxor-place-les-enjeux-climatiques-au-c%C5%93ur-de-sa-strat%C3%A9gie


SG 11. Dialogue with public policy makers or standard setters (Private)


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