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AXA Investment Managers

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Fundraising of infrastructure funds [INF 03 - 04] Pre-Investment (Selection) [INF 05 - 09] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure Monitoring and Operations [INF 12 - 14] Infrastructure Maintenance [INF 15] Outputs and outcomes [INF 17 - 18] Communication [INF 19]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles 

          Head of Responsible Investment

Other description (1) 

          Risks and Compliance

Other description (2) 

          Product development teams

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Based on the proposal discussed and validated within our RI Strategic Committee, the Global Head of Responsible Investment, together with the Head of Core Investment teams works with the Management Board of AXA IM to debate, discuss and decide RI strategy and objectives, as well as the roadmap. The Board of Directors of AXA IM is informed of RI Strategy and regularly discusses it.

The strategy is then translated into specific objectives and initiatives which are part of the target letters of Management Board members, and implemented by several teams across the company – from the central RI team, to investment teams but also sales and marketing with the oversight from the control functions. The implementation of the roadmap is regularly monitored via a robust governance, including a quarterly RI Strategic Committee involving senior executives, and specialised committees which meet at least on a quarterly basis (e.g. methodologies and standards, controversies and engagement, product and promotion, etc.).

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

32 Number

07.4. Additional information. [Optional]

Headed by Matt Christensen, the RI team, composed of 16 experienced RI professionals, has an average of 13 years’ industry experience. This Center of Excellence is in charge for developing and maintaining our RI framework (quantitative solutions, policies, etc.). This RI center of excellence also focuses on thematic research and engagement, corporate governance and voting, as well as on raising awareness and participating to training on ESG topics.

18 RI specialists within the investment teams are able to support the integration of the ESG risks and opportunities in the investment decisions. These investment professionals spend 75-100% of their time on ESG. There are other professionals who are not included but whose ESG work is embedded in their day-to-day routine.

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Investment analysts

Dedicated responsible investment staff

Other role, specify (1) 

          Risks and Compliance

Other role, specify (2) 

          Product development teams

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

Illustrating AXA IM’s commitment to Responsible Investment and Climate concerns, all the RI policies are validated by AXA IM Management Board. In addition, Management Board members have targets related to the integration of ESG and Climate consideration in portfolio management and in the management of our company.

Actions relating to the integration of climate consideration within portfolio management are discussed and validated in our RI strategic committee, with the support and advice from the Climate Taskforce.

Actions relating to the integration of ESG / Climate considerations in the management of our company are discussed within the Corporate Responsibility committee. 

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

Heads of Investment teams are in charge of making sure the Climate Change policy is effectively implemented, but also of encouraging innovation around climate integration (ie. work on methodologies, development of new green products, identification of KPIs to be monitored by portfolio managers on a wide basis)

SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department 

          Head of Responsible Investment

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other role (1) [from SG 07] 

          Risks and Compliance

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other role (2) [from SG 07] 

          Product development teams

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

The Management Board of AXA IM approved that ESG input would be part of the overall performance management system. Therefore, all Heads of Platforms (equity, fixed income, real assets, structured finance, etc.) are asked to show the CEO of AXA IM how they are accounting for ESG during the performance appraisal process. This information is then utilised as part of the variable performance compensation decision making.

As investment teams progress towards ESG integration, attending ESG training is part of their development plan. In addition, most of these investment professionals also have ESG-related objectives and AXA IM's objective is to ensure ESG becomes part of the Remuneration Policy of the company in 2020.

In 2019, a mandatory e-learning on ESG was developed and disseminated across the company to ensure awareness of key issues, as well as of our internal framework.
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