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Mirova

PRI reporting framework 2020

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Outputs and outcomes

LEA 09. Number of companies engaged with, intensity of engagement and effort

Indicate the proportion of companies in your listed equities portfolio with which your organisation engaged during the reporting year.
We did not complete any engagements in the reporting year.

Number of companies engaged

(avoid double counting, see explanatory notes)

Proportion of companies engaged with, out of total listed equities portfolio

Individual / Internal staff engagements

185
90

Collaborative engagements

164
85

09.2. Indicate the breakdown of engagements conducted within the reporting year by the number of interactions (including interactions made on your behalf).

No. of interactions with a company
% of engagements
One interaction
2 to 3 interactions
More than 3 interactions
Total
100%

09.3. Indicate the percentage of your collaborative engagements in which you were the leading organisation during the reporting year.

Type of engagement

% leading role
  Collaborative engagements

09.5. Additional information. [Optional]

Thanks to its extensive and ambitious engagement approach, that relies on an in-house RI Research team made up 11 ESG analysts, Mirova targeted 291 companies through individual dialogue (among which 185 held in its equity portfolios) and more than 1,000 companies were targeted by Mirova's collaborative engagement in 2019 (among which 164 were held in its equity portfolios). While, carrying out engagement initiatives, Mirova primarily engages in dialogue with issuers held in portfolio, but can also targets a wider universe depending on the addressed issue. However, 2019 was an extraordinary year for Mirova as it launched a collaborative engagement with regards to women empowerment in companies particularly to encourage companies to sign and adhere to the UN’s Women Empowerment Principles. This engagement targeted all companies found in the MSCI World index which consists of more than 1,000.

As regards individual engagement, the dialogue was undertaken as part of their ESG analysis, or while analysing AGMS resolutions. Over 389 meetings (or others forms of direct contacts e.g. calls, site visits, emails) were held to this end.

Individual dialogue carried out by the in-house RI Research team is systematically comprehensive and takes several forms: meetings, roadshows, letters/emails, calls, etc. (please refer to LEA.12 for further details).

Collaborative dialogue carried out by Mirova as lead investor through its engagement platform is also comprehensive and includes a close monitoring of targeted companies (for further details about the modus operandi, please refer to LEA.05 and LEA.06, and the themes addressed are described in LEA.13).

Mirova also joins other collaborative initiatives led by RI professional bodies or by other investors, whenever relevant, i.e. if the theme is compatible with Mirova's vision, objectives and priorities in terms of sustainability.

Further information about the ESG topics covered by individual and collaborative engagement is provided in LEA.13, and more details are disclosed in Mirova's annual engagement report, publicly available on its website:

http://www.mirova.com/en-INT/voting-and-engagement

In addition to its above-described dialogue carried out as a shareholder, it should be specified that Mirova has also set up a specific strategy focused on green bonds, which represent a large part of its Fixed Income portfolios (for further information, please refer to FI section, Q. FI.18, FI.19 and FI.20).


LEA 10. Engagement methods

10.1. Indicate which of the following your engagement involved.

(specify)

          Investor statements, participation to industry initiatives, stakeholder's meeting
        

10.2. Additional information. [Optional]

All of Mirova's engagement activities draw on the extensive ESG analysis performed by its in-house RI Research team. Engagement with management of investees companies can take several forms depending on the kind of dialogue (individual/collaborative) and the desired result:

-Individual engagement activities carried out as part of the analysis: 100% of our engagement actions resulted in an email sent to the companies. For the vast majority, these emails are followed by a conference call, a meeting with the company or a site visit.
-Individual engagement activities carried out as part of the exercise of voting rights: M
ost of our engagement actions were conducted through meetings and conference calls. For all companies within the engagement scope, Mirova systematically sent emails to inform the companies of the way it would vote and to remind them of the principal areas of potential improvement on environmental, social, and governance issues.
-Collaborative engagement under Mirova's initiative: these initiatives took the form of an investor letter sent to the Chairman signed by Mirova and other investors (e.g. Women Empowerment Principles investor letter).

Mirova's RI research team also takes part sometimes in specific roadshows and/or in-site visits to operations, so as to supplement their insight while assessing companies' ESG practices, as part of the engagement process.

 


LEA 11. Examples of ESG engagements (Private)


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