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Service Provider Reporting Framework 2017

You are in Strategy and Governance » Responsible investment policy

Responsible investment policy

SG 01. Responsible investment policy

01.1. Describe how your organisation’s philosophy incorporates environmental, social and governance factors, and the link to your business offerings.

          INDEFI is committed to sustainable development and deeply believes in the positive impact of responsible investment. The Group’s beliefs are translated in its business model, both across its organization and within its business offerings.
Innovation is at the core of INDEFI’s business strategy. Since 2010, INDEFI has developed a dedicated ESG offering and supports its clients in the definition and implementation of responsible investment strategies during the different stages of the investment cycle.
INDEFI is aware of the importance of including environmental, social and governance principles into day-to-day operations. INDEFI’s consultants are considered as the Group's most important assets and incentives are deployed to attract and retain key talents. In addition, INDEFI is engaged with environmental issues and deploys good practices in its social and corporate governance strategies.

01.2. Indicate whether you have policies that formalise the incorporation of your beliefs in your business offerings.

01.5. Additional information [OPTIONAL]

Within its ESG offering, INDEFI advises and asists its clients in:

  • the definition of ESG/RI policy
  • the membership to ESG/RI/Sustainable Development initiatives
  • the incorporation of ESG criteria in the different stages of the investment cycle (pre-investment, holding and exit)
  • the monitoring and valuation of ESG related opportunities
  • the definition of climate strategies aiming at assessing investors' environmental impacts, risks and opportunities
  • the reporting on ESG/RI/CSR issues both for investors and porfolio companies

INDEFI implements relevant ESG initiatives as a part of its organisational philosophy. INDEFI's ESG initiatives focus on social resource management and include:

  • awareness campaigns on condidentiality and conflicts of interest
  • initiatives aiming at integrating new employees, including orientation, training and an integration pathway that is currently under development.
  • concrete actions to promote well-being at work (involving employees in the conception of INDEFI's work-place, providing weekly running classes)
  • talent management initiatives (trainings, annual reviews, internal development opportunities)
  • a competitive remuneration which consists of a fixed wage and a variable remuneration based on performance objectives
  • redistribution of created value through profit-sharing schemes, which can be considered as a best practice given INDEFI's size

Regarding environmental initiatives, INDEFI implements waste sorting and recycling (paper and coffee capsules).

SG 02. Publically available policies (Not Applicable)

SG 03. Norms used to develop policies (Not Applicable)

SG 04. Policy offerings to clients

04.1. Indicate whether you offer any of the following policies to clients.

Off the shelf
Asset class-specific RI guidelines
Sector-specific RI guidelines
Screening/exclusions policy
Engagement policy
(Proxy) voting policy
RI guidelines set out within the Investment Policy Statement (IPS)
RI guidelines set out in a freestanding RI policy
Multi-year RI implementation project plan
Conflict of interest management policy
Stockbroker allocation policy
Securities lending policy
Other, please specify (1)
Other, please specify (2)
Other, please specify (3)
None of the above

04.2. Provide a brief description of the key elements, any variations, or exceptions applying to these policies.

RI guidelines and ESG Charters typically include:

  • The vision and level of engagement on RI/ESG of each investor. 
  • Milestones in the development of the RI strategy of each investor.
  • Main guidelines for the integration of ESG criteria in investment decisions within the different stages of the investment cycle (pre-investment, selection, holding and exit).

SG 05. ESG/RI in business offerings

05.2. Describe the resources that your organisation allocates to ESG/RI offerings where these form only a supplementary ESG/RI service.

Business area


Describe the resources allocated to ESG/RI offerings

1.5 FTE within the ESG business line.

Advisory and Consultancy

Describe the resources allocated to ESG/RI offerings

4.5 FTE work for our ESG business line.

SG 06. Outsourcing of services (Private)

SG 06.2. Outsourcing of services (Private)

SG 07. Providing training/education

07.1. Indicate whether you provide training/educational services on ESG/RI. Tick all that apply.

07.2. Describe the main components of your training/educational services on ESG/RI and any variations depending on the group you provide training/education to.

INDEFI performs trainings to Investment Manager teams to raise awareness on the integration of ESG criteria.

Main components of ESG trainings services include:

  • Presentation of institutional investors requests on ESG criteria 
  • ESG integration tools and techniques (ESG questionnaires, ESG materiality assessment tools, etc.)
  • Specific laws or initiatives (PRI, French law on Ecological Transition for example)
  • General trainings on ESG to raise awareness on the integration of ESG criteria in investment decisions.
          INDEFI regularly organises conferences to raise awareness on RI/ESG or climate matters.

07.2. Describe the main components of your training/educational services on ESG/RI and any variations depending on the group you provide training/education to.

Conferences on RI/ESG are proposed to a wide public of financial investors and to the general public. 

Main components are:

  • integration of ESG/Climate Strategies within the differents stages of the investment cycle
  • ESG/RI trends and evolutions of the regulatory framework 

SG 08. Level of involvement in collaborative organizations and/or initiatives

08.1. 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.

Collaborative Organisation/Initiative

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

          French Private Equity Association - AFIC

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


08.2. Additional information. [OPTIONAL]

During the first trimester 2017, INDEFI adhered to the French Sustainable Investment Forum (FIR). 

SG 09. Applying, advancing and promoting the PRI principles

09.1. Describe how your organisation applies, advances and promotes the PRI Principles.

INDEFI applies, advances and promotes UN PRI Principles:

  • We encourage our clients to become signatories of the PRI and assist them in the incorporation of ESG issues into investment analysis and decision making processes. 
  • We provide tools aiming at improving the level of disclosure of ESG indicators at portfolio companies (those tools include ESG comprehensive questionnairies and reporting tools). In addition, we encourage our clients to define ESG roadmaps for portfolio companies and to monitor the evolution of ESG indicators.
  • We promote acceptance and implementation of the principles within the investment industry by organizing public conferences, deploying trainings on ESG issues and systematically advising our clients to become UN PRI signatories.
  • We participate in sectoral workshops aiming at enhancing effectiveness in the implementation of the PRI (namely, at the French Private Equity Association). 
  • We are proactivelly participating in the first reporting exercise for service providers and intend to share our feedback on this first experience.
  • We assist our clients in their own PRI reporting processes.

09.2. Highlight whether there are any ways that your organisation would like to engage further with the PRI. [OPTIONAL]

INDEFI will like to further participate to PRI working groups and to organise conferences/workshops aiming at promoting RI/ESG integration. 

We will continue to promote PRI principles and to encourage our clients to become UN PRI signatories. 

SG 10. Actions taken to promote responsible investment

10.1. Indicate which of the following actions your organisation has taken to promote responsible investments, independently of collaborative initiatives.

10.2. Additional information. [OPTIONAL]

During 2016, in addition to ESG advisory services, INDEFI continued to deploy relevant actions to promote responsible investment among its clients and general public:

  • INDEFI actively participated in the creation of CF News' ESG directory which presents the ESG strategy of French private equity funds.
  • INDEFI organized a conference on ESG and climate strategies in the context of the French emerging regulatory framework (French energy transition law).
  • Within its annual market study on the French institutional investment market, INDEFI included a specific section on the integration of ESG criteria to respond to the French energy transition law.
  • The second issue of INDEFI's Newletter was entirely dedicated to ESG promotion. 

SG 11. Long term trends

11.1. Indicate which of the following long-term trends are addressed in your product outputs.

11.2. Explain how this long term trend affects your product outputs.

Financial Investors will need to take into account climate risks within their investment strategies and INDEFI hopes to become their strategic partner on climate issues. Indeed, since 2016, INDEFI has been deploying a business offering on climate change which consist in three pillars:

  • Assist clients to properly assess and address climate risks (physical and transition risks) of their portfolio companies.
  • Calculate carbon footprint of investment porfolios and define strategies to reduce their environmental impact.
  • Estimate investment portfolios' contribution to energy and ecological transition (identify products and services which may have a positive impact in the fight against climate change).

In addition, INDEFI is convinced of the importance of estimating the financial impact of climate change on investment portfolio. In that sense and in collaboration with its partners, the Group has been developing an innovative methodology to assess the financial impact of climate change on porftolio companies.

SG 12. Business certifications/accreditations (Private)

SG 13. Interaction with asset owners

13.1. Indicate whether you interact with asset owner clients.

13.2. Indicate the typical frequency and type of interactions with your asset owner clients.

Type of interaction


13.3. Tick boxes across level of employment of investor contact (C-level, PM etc.) and subject areas typically addressed with the contact(s).

Level of employment

Subject area(s)

          Integration of ESG and Climate related matters.
Respond to specific demands of asset owners.

Subject area(s)

          Integration of ESG and climate related matters. 
Respond to specific demands of asset owners.

SG 14. Aligning approach with investor goals

14.1. Describe how you align your organisation’s philosophy on and approach to ESG/RI with investor goals.

          The Group supports financial investors in the definition of their ESG charters and helps them to define roadmaps in accordance with their goals and level of engagement.

14.2. Additional information. [OPTIONAL]

SG 15. ESG recommendations not aligned with investor goals

15.1. Describe what steps you take, if any, when your ESG recommendations are not in line with investor goals.

          INDEFI advocates on ESG recommendations, when in conflict with investors goals, we try to provide more information to our clients to assist with decision making. However, the client (financial investor) has the final voice regarding financial or business decisions.

15.2. Additional information. [OPTIONAL]

SG 16. Seeking feedback from clients

16.1. Indicate whether you seek feedback from clients on your RI/ESG services and product offerings

16.2. Describe how you use this feedback on your RI/ESG services and product offerings.

The Group is engaged in a process of continuous improvement and service offering is continuously evolving to adapt to clients demands and to the developments of the regulatory framework.

INDEFI asks for client feedback on a regular basis. For ESG analysis of portfolio companies, INDEFI systematically ask for client comments, final reports include feedback both from portolio companies and from investment managers. 

SG 17. Managing conflicts of interest

17.1. Indicate whether your organisation has a policy for managing potential conflicts of interest.

17.2. Describe how you manage potential conflicts of interest.

INDEFI defines policies for managing potential conflicts of interest upon client request.

17.3. Describe how you ensure that company employees do not derive any personal gain from the use of information collected during your work process.

INDEFI's Management regularly raise awareness on confidentiality. Strict data management policies are deployed within the company.

In addition, INDEFI's work contracts systematically include confidentiality clauses.