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Mirova

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]

Mirova is a signatory and member of several PRI committees and networks: 

- The PRI Global policy network
- Engagement on corporate tax responsibility

Mirova also took part in collaborative engagement initiatives led by the PRI (please refer to LEA section for further details), is a signatory of the PRI Montreal Carbon Pledge (http://www.mirova.com/en-INT/news/News/Mirova-signs-Montreal-Carbon-Pledge-19953) 

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]

Mirova is a member of France Invest (previoulsy Association Française des Investisseurs pour la Croissance), which is a group that connects French asset managers. Members of France Invest are actively engaged in financing local growth in France through investing in SMEs.

 

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]

Mirova is a signatory to the initiative, through its parent-Group, Natixis. 

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]

Mirova continued to support the initiative signed in 2017 and opened dialogue continued with 50 companies.

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]

Mirova Natural Capital, subsidiary of Mirova, is a Member of the Global Impact Investing Network, which seeks to promote impact finance internationally.

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]

Mirova is a member of GRESB and a founding member of GRESB Infrastructure, a global sustainability benchmark for infrastructure assets. This new investor-led initiative has partnered with GRESB, the global standard for portfolio-level sustainability assessment in real estate, to develop and establish a consistent global sustainability framework for the infrastructure sector.

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]

Mirova participates in ICMA’s Green Bond Principles, which seeks to create unifying standards for the green bond market through transparency and disclosure. Mirova also participates in the Board and executive committee of the GBP, as well as the working groups “Defining Green / labels”, “Impact Investing” and a working group on social bonds.

Mirova is also a member of the Climate Bonds Initiative. 

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]

Mirova, formerly a member of IIGCC, kept following in 2019 the activities of the Institutional Investors Group on Climate Change, a forum for collaboration  of institutional investors on climate change. 

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]

Mirova is a member of CERES and the Investor Network on Climate Risk. CERES is global organization that acts to motivate businesses to act on climate change. The Investor Network on Climate Risk is a grouping of over 120 institutional investors that address climate change while investing in low-carbon opportunities. Mirova has regularly supported some collaborative engagements organised by CERES. 

          French SIF, Italian SIF, Spanish SIF, UK SIF, US SIF, and EUROSIF through Vice-Presidency of the French SIF
        

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]

Mirova’s Policy and advocacy officer, Laurene Chenevat, is a member of the board and Vice-President of the French SIF (FIR). As such, she contributes to represent the French SIF (FIR) at Eurosif’s board. Ladislas Smia, co-head of ESG research, is an alternate member. 

Mirova also financially supports the FIR’s award of European Research "Finance and Sustainable Development".

In addition to this deep involvement within the FIR,  Mirova is also a member of : the Italian SIF, the Spanish SIF, the UK SIF and the US SIF.

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]

Mirova has been a board member of the investement commission.

Mirova is also a member of the Positive Impact Finance Steering Committee and working group . 

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]

Mirova is a signatory to the initiative, through its parent-Group, Natixis.  

          - Coalition for Private Investment in Conservation, 
- The International Emissions Trading Association (IETA), 
- the International Carbon Reduction and Offset Alliance (ICROA); 
- Insetting Platform
        

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]

Through Mirova-Althelia,  Mirova is a member of:

- The Coalition for Private Investment in Conservation is a coalition of actors from the private sector and NGOs that seeks to address the issue of the lack of investments in conservation efforts, through the identification of possible investments  in this field; 

- The International Emissions Trading Association (IETA) is a non-profit business association, established in 1999 to serve businesses engaged in market solutions to tackle climate change. 

- the International Carbon Reduction and Offset Alliance (ICROA), a non-profit organisation made up of the leading carbon reduction and offset providers in the voluntary carbon market.

- Insetting Platform: The platform gathers companies that share a same approach aiming at balancing the company with its ecosystem through environmental programs, transparency, a rigorous methodology and information sharing. 

          French public label SRI Committee
        

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]

The SRI Label is a French investment label that provides individual and institutional investors with a greater level of clarity on socially responsible investment funds. A committee was created to ensure the good functioning of the label and its development, of which Mirova is a member through Herve Guez, CIO and Director of research. 

          Paris Europlace’s Finance For Tomorrow 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]

Mirova is member of Paris Europlace Finance for Tomorrow initiative, that favors the development of sustainable finance in France.

Mirova actively contributed to its launch in coordinating a dedicated report and Philippe Zaouti, Mirova’s CEO, chaired the initiative until mid-2019. 

Since 2017, Mirova, through its Policy and advocacy officer, was also co-pilot of the public affairs working group. 

          The Technical Expert on Sustainable Finance (TEG)
        

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]

Following the contribution of Philippe Zaouati to the EU High Level Expert Group on sustainable finance, the EU Commission has released its action plan on sustainable finance. In the framework of its implementation, Mirova has been again selected through its expert Manuel Coeslier, portfolio manager, to contribute the EU Commission’s Technical Expert Group (TEG) on sustainable finance, to help define the characteristics of low-carbon benchmarks.


SG 09.2. Assets managed by PRI signatories (Not Applicable)


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

          88 trainings, formations, events have been done in 2019 (concerning green bond, SRI in equity, SRI in general and quizz to check sustainable development knowledge/awareness of clients). 
For example: 
-Informative presentations on ESG issues, regularly held for clients (primarily institutional and employee savings fund clients), particularly during portfolio management committees or FCPE supervisory boards meetings for employee savings funds
-Regular meetings and dialogue with brokers about sustainability issues: Mirova explicitly encourages sell-side analysts to develop and improve their ESG research as part of its engagement process. Mirova has formalized its requirements and takes them into account while assessing sell-side research during the biannual “broker review”:
        

Frequency of contribution

Description

          Mirova supports three university chairs: 

- The Energie et Prospérité (Energy and Prosperity) Chair which was created in 2015 to clarify decisions made by public and private entities steering the energy transition. The research conducted is related to the effects of the energy transition on the economy (growth, employment, debt), different industries (transport, construction, energy production, finance), and their related means of financing. Housed by the Fondation du Risque, the Chair is supported by the ADEME, Air Liquide, the Agence Française de Développement, Caisse des Dépôts, Mirova, Schneider Electric, and the SNCF.

- The Théorie de l’entreprise: modèles de gouvernance & création collective (Company Theory: Corporate Governance & Collective Creation Models) Chair which is directed by Blanche Segrestin at the Centre de Gestion Scientifique at the MINES ParisTech School. The Chair’s research essentially deals with a vision of the company as a collective creation and re-vamping models and mechanisms for fair and solidary governance. Mirova is associated with research articles published by students at the Chair on governance issues.

- In 2018 Mirova initiated a partnership with Yale University on sustainable finance. The aim of the initiative is to bring together three different types of schools: Legal, Business and Forestry with a focus on the quality of data to provide investors and companies with a relevant mapping of environmental “hot spots” for better environmental assessment.
        

Frequency of contribution

Description

          Direct contribution and inputs to some policy papers (such as for the Energy and Prosperity research chair “Adopting a global vision for the energy transition financing”)
        

Frequency of contribution

Description

          Direct advocacy and collaborative engagement actions implemented in different fora favored better transparency and disclosure, in particular, Mirova very proactively advocated for the implementation of climate disclosure guidelines for the financial sector at European level in the framework of the EU Commission High Level Expert Group on sustainable Finance and for all benchmarks in the framework of the  EU Commission Technical Expert Group.
        

Frequency of contribution

Description

          In 2019, Mirova has participated to more than 40 external conferences as a speaker to promote responsible investment. Our CEO Philippe Zaouati was also involved in the closing remarks of the PRI at the september conference in Paris.
        

Frequency of contribution

Description

          Mirova’s RI specialists regularly produce research papers, publicly available on Mirova’s website: http://www.mirova.com/en-UK/p/Library/Publications
        

Frequency of contribution

Description

          Strong involvement in many RI professional bodies, as part of its engagement approach. In addition to its dialogue with issuers, Mirova seeks to regularly share views and ideas with peers to collaboratively enhance transparency, harmonization and professionalization of the RI industry. Mirova gives high priority to white papers and contributes to structural discussions on Responsible Investment, particularly through an active presence in the main dedicated professional RI bodies. Over the last three years, Mirova has significantly expanded its initiatives in this respect and is today represented in the primary organizations that promote Responsible Investment and the adoption of the PRI, to come up with a common extra-financial approach, and therefore to enhance transparency and disclosure of responsible investment practices across the investment industry.
-An active public policy engagement.
        

Frequency of contribution

Description

          Mirova contributes regularly to consultations on sustainable finance (TCFD, European Commission) and contributes directly to some of their working groups (such as the High Level Expert Group or the Technical Expert Group on sustainable finance organised by the EU Commission)
        

Frequency of contribution

Description

          Philippe Zaouati, Mirova’s CEO, writes and regularly publishes articles, notably on the major key social networks such as LinkedIn. In 2019, he published 10 articles directly linked to the promotion of sustainable finance: to support the European Commission Action Plan on its sustainable finance, about impact measurement, about gender equality and the importance to promote women, about blended finance, about labels and finally about the need to build a resilient more sustainable capitalism 

Also, thanks to its renowned RI expertise, Mirova has been featured in 469 press articles in 2019 as well as in 4 op-eds, at both local and international levels. This extensive media coverage is a way of promoting Mirova’s approach, but also more broadly responsible investment practices.

Beyond articles, Mirova released a public report for French Ministries in favor of blended finance in France to foster private financing of the energy and ecological transition "for the creation of France Transition' (see below)
        

Frequency of contribution

Description

          Mirova is a signatory and member of several PRI committees and networks: 

- The PRI Global policy network
- Engagement on corporate tax responsibility

Mirova also took part in collaborative engagement initiatives led by the PRI (please refer to LEA section for further details), is a signatory of the PRI Montreal Carbon Pledge (http://www.mirova.com/en-INT/news/News/Mirova-signs-Montreal-Carbon-Pledge-19953)
        

Frequency of contribution

Description

          Membership of the board of the French SIF and EUROSIF. Laurene Chenevat, policy and advocacy officer, is a member and Vice-President of the French-SIF Board. As such, she represents the French SIF at Eurosif’s  board. 

Mirova is also a member of the US, UK, Spain and Italien SIF and of the The Hong Kong Green Finance Association (HKGFA).
        

Frequency of contribution

specify description

          Developed Finance For Tomorrow (within Paris Europlace), Paris marketplace initiative for sustainable finance
        

Description

          Mirova has been a pivotal player to develop within Paris Europlace (French marketplace association) FInance for Tomorrow, the Paris initiative to organise and promote sustainable finance in Paris and internationnally. Philippe Zaouati has chaired the initiative since its creation in 2017 until mid-2019 and Mirova also co-leads the Policy Commission.
        

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]

In 2018, Philippe Zaouati as the Chair of FInance for Tomorrow and CEO of Mirova, along with Pascal Canfin, General Director of WWF France, was assigned by the French Ministries of the Economy and of the Environment to work on a public report to develop dedicated blended finance tools to accelerate private investment in the French energy transition. This report, for which the Mirova Policy officer was the rapporteur, was submitted to the two ministers in December 2018. Its results are now being analysed to create France Transition, a dedicated initiative to foster collaboration among French public institutions to develop blended finance instruments for targeted transition issues with a lack of financing. 

The report is publicly available on the Finance for Tomorrow and WWF website: https://financefortomorrow.com/2018/12/18/rapport-canfin-zaouati/

In 2019, Prime Minister Edouard Philippe has announced the implementation of the recommendation of the report with the creation of “France Ecological Transition”, currently examined by the two Ministries in charge of finance and of the environment.


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

specify description

          participated in expert groups set up by policy-makers.
        

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

As a front line player in the RI industry, Mirova is committed to engage in favour of responsible and sustainable finance through its advocacy/public policy engagement. Mirova’s engagement approach towards public policy-makers results from its business model and investment philosophy, which actively promote conviction-based investment approaches seeking value creation from economic, environmental and social perspectives.

Since 2016, Mirova has actively conducted advocacy activities, which are fully based on the objectives and principles of its responsible investment policy. Mirova’s advocacy strategy, which promotes responsible investment towards public policy makers, in achieved in several ways (drafting of position papers and other publications, direct dialogue with public authorities, contribution to public consultations,  participation in working groups, involvement in RI professional bodies, participation in conferences/events, sponsorship of academic research, etc.).

Advocacy Goals: The purpose is to develop sustainable finance and to achieve higher standards for the asset management industry, so as to collectively build a finance with positive environmental and social impacts. Advocacy is conducted in order to promote our vision within the responsible investment market. We speak with national and transnational regulatory bodies as well as with RI professional organisations to encourage specific regulations and standards for sustainable finance.

Mirova’s overall advocacy objectives could be summarised as follows: 

- To provide investors with the means to identify the needs of sustainable investment (disclosure);
- To remove the obstacles to the development of the sustainable investment market and to provide the tools needed to do so (labels);
- To strengthen sustainable investment within the financial industry.

Main advocacy actions in 2017 -2018 and 2019: 

Development of sustainable finance

- Membership and very active contribution to the EU Commission’s High-Level Expert Group (HLEG) on sustainable finance works, intermediary and final reports; and close following of the EU Action Plan on sustainable finance; 

- Chairmanship of and contribution to Finance For Tomorrow, the Paris Europlace Green & Sustainable Finance Initiative; that organised in particular the Climate Finance Day;

- Co-lead of the Finance for Tomorrow Policy commission that organises a dialogue among public and private stakeholders on sustainable finance; 

- Advocacy actions at the French level to support an improved governance of French RI public labels (SRI and TEEC) and the coherence of the French approach to responsible investment (with regards to the development of a French Market Authority (AMF) doctrine on responsible investment)

- Advocacy actions at the French level to support the development of RI, green and solidarity investment products through the development of life-insurance

- Technical support to the EU Commission to help develop an EU ecolabel that can be both ambitious and realistic for investment funds on the basis of the EU taxonomy; 

Support to climate action and disclosure

- Selection and contribution of Manuel Coeslierportfolio manager, to the EU Commission’s Technical Expert Group (TEG) on sustainable finance, to help define the characteristics of low-carbon benchmarks.

- Response to public consultations: Task Force on Climate-Related Financial Disclosures (TCFD)

- Support to 6 investors statements and letters for more climate action and TCFD disclosure guidelines (2017); 

Publications

- Drafting of a publication for Finance for Tomorrow explaining the stakes of the HLEG interim report.

- Publication of the Canfin-Zaouati report "for the creation of France-Transition" for the French Ministries of the Economy and of the Environment to develop blended finance tools to foster private investment for the energy transition, especially through dedicated involvement of French public finance institutions; 

- Support university research, with financial support for the Energy and Prosperity Chair.

The above-mentioned advocacy initiatives are described in Mirova’s annual engagement report, available on its website: http://www.mirova.com/en-INT/voting-and-engagement.


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