Summary of responses to the PRI reporting and assessment tool 2008

Macif Gestion

Organisational Overview
1. What were your organisation's total assets under management as of 31 December 2007 (in millions)?1985
Please select currencyEuro (EUR)
1a. If 'Other' was selected, please specify the other currency hereNo Answer
4. Please provide an overview of your asset mix as of 31 December 2007 (in %):
Listed equity (developed market, active)68
Listed equity (developed market, passive)0
Listed equity (emerging market, active)5
Listed equity (emerging market, passive)0
Fixed income - developed markets5
Fixed income - emerging markets0
Real estate or property0
Private equity0
Hedge fund0
Infrastructure0
Currency0
Commodities0
Cash22
Other (Please specify): 0
5. Please indicate what percentage of your assets are managed internally and what percentage are managed externally (in %):
 
Internal
External
Listed equity (developed market, active)5050
Listed equity (developed market, passive)00
Listed equity (emerging market, active)0100
Listed equity (emerging market, passive)00
Fixed income - developed markets1000
Fixed income - emerging markets00
Real estate or property00
Private equity00
Hedge fund00
Infrastructure00
Currency00
Commodities00
Cash1000
Other (Please specify): 00
6. Please provide the following contact details for your main PRI contact:
URL for webpage outlining the specific services and products your organisation has to assist signatories in fulfilling their commitments to the Principleswww.macifgestion.fr
Principle 1
8. Do you have a statement that makes specific reference to the integration of responsible investment (RI) or environmental, social and governance (ESG) issues within investment decision making and ownership practices?Yes, it is integrated into a broader statement and there is an independent RI/ESG statement
9. In what year were RI/ESG issues first formally addressed in a policy statement (integrated or independent)?1998
10. Has your statement that makes specific reference to the integration of RI or ESG issues been disclosed publicly?Yes
11. Please indicate how this statement that makes specific reference to the integration of RI or ESG issues can be obtained (a URL would be sufficient):http://www.eurosif.org/publications/retail_transparency_guidelines/signatories_responses/france
12. For what percentage of your internal assets under management do you integrate RI/ESG issues into your internal investment decision-making processes? (in %)
Listed equity (developed market, active)50
Fixed income - developed markets100
Cash100
13. To what extent have you integrated RI/ESG issues into your internal investment decision-making processes?
Listed equity (developed market, active)To a large extent
Fixed income - developed marketsTo a large extent
14. For what percentage of your external assets under management are RI/ESG issues integrated into the investment decision-making processes of your external investment managers? (in %)
Listed equity (developed market, active)5
Listed equity (emerging market, active)0
15. To what extent have RI/ESG issues been integrated into the investment decision-making processes of your external investment managers?
Listed equity (developed market, active)To a large extent
Listed equity (emerging market, active)Not at all
16. What proportion of your assets involve screening out or excluding stocks or sectors based on ethical (rather than long-term financial) criteria? (in %)
17. Do you have any staff dedicated to RI/ESG issue analysis and/or implementation?
 
Dedicated
Combined full-time equivalents
Investment analyst00
Research analyst32.5
RI/ESG issue policy advisor00
(proxy) Voting specialist10.5
Engagement specialist00
Portfolio manager32
Other (Please specify): quantitative research 11
18. Which Board committee or other executive body has overall responsibility for RI/ESG issues?There is a steering committee within the MACIF Group comprising independent experts dealing on the ESG themes. This committee occurs quarterly.
19. Do you assess the capabilities of internal investment staff to incorporate RI/ESG issues?Yes
20. Do you assess the capabilities of external investment managers to incorporate RI/ESG issues?Yes
21. Approximately what percentage of your internal non-ESG-specialist investment management staff received RI/ESG training in 2007? (in %)
22. What forms of RI/ESG training or awareness raising have been invested in, encouraged or provided for internal staff (investment and other)?Informal internal training,Formal internal training,Conferences,Professional programs,Regular briefings on key issues,Other (please specify): 'Academic works'
23. Did you support the development of nonproprietary RI/ESG issue-related tools, metrics, analysis or academic research in 2007?To a large extent
24. Please indicate how the results of nonproprietary RI/ESG issue-related tools, metrics, analysis or academic research development you supported can be obtained if they have been disclosed publicly (a URL would be sufficient):Publication is planned in 2008.
25. Have you advocated/supported/ encouraged/participated in RI/ESG issue-related industry-wide training for investment professionals during 2007?Sponsored industry events,Spoke at or attended conferences,Had dialogue or exchanges with peers,Instructed at universities or colleges
26. What was your most significant achievement in 2007 in relation to your implementation of Principle 1?The up-grading of SRI investment processes and the integration of SRI criteria in the reporting
27. What was your biggest barrier in 2007 with relation to your implementation of Principle 1?None
28. Please add any overall comments and clarifications related to Principle 1 here.Enter text response here.
Principle 2
29. To what extent did you employ the following approaches in your 2007 active ownership strategy for listed equities?
(Proxy) votingTo a large extent
Direct engagement conducted privatelyTo a moderate extent
Direct engagement conducted publiclyNot at all
Collaborative engagementTo a large extent
Filing shareholder resolutionsNot at all
Co-filing shareholder resolutionsTo a large extent
Other (Please specify):No Answer
30. To what extent did you employ the following approaches in your 2007 active ownership strategy for all asset classes other than listed equity?
(Proxy) votingTo a large extent
Direct engagement conducted privatelyTo a moderate extent
Direct engagement conducted publiclyNot at all
Collaborative engagementTo a large extent
Other (Please specify):No Answer
31. Do you have a (proxy) voting policy?Yes - disclosed publicly
32. To what extent does your (proxy) voting policy direct action on ESG issues? For each issue, please indicate the extent of direction.
EnvironmentalNot at all
SocialTo a large extent
GovernanceTo a large extent
33. Does your (proxy) voting policy apply to all voting regions (where possible)?Some (please specify regional differences): 'Europe'
34. Please indicate how your (proxy) voting policy can be obtained (a URL would be sufficient):www.macifgestion.fr
35. Do you ensure that voting is done in accordance with your (proxy) voting policy?Yes for all
36. What percentage of total votes cast were against management? (in %)22
37. What percentage of shareholder resolutions relating to environmental, social or governance issues was supported? (in %)
Environmental0
Social28
Governance72
38. Do you conduct (proxy) voting on behalf of your clients?Yes - We can execute client-specific (proxy) voting policies
39. How many shareholder resolutions related to RI/ESG issues did you participate in during 2007?
As lead filer0
As co-filer300
Planning to be lead filer in 20080
Planning to be co-filer in 2008300
40. How were portfolio companies engaged with in 2007? Please check all that apply.Internal staff engaged portfolio companies directly,An external engagement overlay service was employed
41. Do you systematically bring RI/ESG issue-related engagement opportunities to your clients?To a large extent
43. How many portfolio companies did you engage directly/were engaged on your behalf on ESG issues in 2007?
 
Extensive engagement
Moderate engagement
Basic engagement
Environmental000
Social00120
Governance00127
44. What RI/ESG-related issues were addressed in your shareowner engagement initiatives? Please check all that apply.Benefits and compensation,Bribery/corruption,Governance,Health and safety,Labour issues
45. How were RI/ESG issue-related engagement targets and topics identified? Please check all that apply.Client directive,Sector exposure,Risk profile,Focus issue,Ad hoc/reactive,NGO or union campaign
46. Do you set RI/ESG issue-related engagement objectives and attempt to evaluate success?To a large extent
47. Have you sought evidence relating to the effectiveness of your active ownership strategy? Please check all that apply.Satisfactory percentages of (proxy) votes in favour of filed or co-filed shareowner resolutions
48. What was your most significant achievement in 2007 in relation to your implementation of Principle 2?Collaboration within the Euresa network
49. What was your biggest barrier in 2007 with relation to your implementation of Principle 2?Technical problems due to the custodian electronic platform to vote outside the Euro zone.
50. Please add any overall comments and clarifications related to Principle 2 here.Enter text response here.
Principle 3
51. Have you asked that investee companies (or other investment entities) produce standardized reporting on their RI/ESG issue policies, practices or performance (within annual financial reports or other formats)?To a large extent
52. What format of standardized reporting on RI/ESG issue policies, practices or performance have you requested?Integrated with regular financial reports,Standalone corporate social responsibility or sustainability reporting,Global Reporting Initiative (GRI),Carbon Disclosure Project (CDP),Global Framework for Climate Risk Disclosure,Other (please specify): 'website information'
53. Have you provided feedback to investee companies (or other investment entities) on their reporting on RI/ESG issues?To a small extent
54. Have you sought information from companies regarding their adoption of/adherence to norms, standards, codes of conduct or international initiatives related to RI/ESG issues?
AdoptionTo a large extent
AdherenceTo a large extent
55. Which norms, standards, codes of conduct or international initiatives related to RI/ESG issues have you sought information about from companies, with regard to their adoption of/adherence to?UN Global Compact,Ceres Principles,Equator Principles,International Labour Organization standards,OECD guidelines for multinational enterprises,World Economic Forum Principles for Countering Bribery,Universal Declaration of Human Rights,Other (please specify): 'Sector engagement'
56. What was your most significant achievement in 2007 in relation to your implementation of Principle 3?Formalisation of internal SRI analysis outputs
57. What was your biggest barrier in 2007 with relation to your implementation of Principle 3?It remains difficult to access directly to people in charge of CSR within the companies.
58. Please add any overall comments and clarifications related to Principle 3 here.Enter text response here.
Principle 4
59. Are you considering RI/ESG requirements when searching for and selecting the following?
External investment managerYes
Investment consultantYes
Proxy votingYes
Engagement overlayYes
Investment researchYes
Internal operations (for example, purchasing, travel, office space etc.)Yes
Other (Please specify):No
60. Have you linked the following to performance on RI/ESG issues?
Investment monitoringYes
Incentive structure (internal investments)No
Incentive structure (external investments)No
Contractual relationships with external investment managersNot applicable
61. Are the default pension funds or retirement plans offered to your employees also signatories to the PRI?Yes
62. To what extent do you encourage your service providers to become PRI signatories?Not at all
63. To what extent do you encourage your clients to become PRI signatories?Not at all
64. To what extent do you encourage peer organisations to become PRI signatories?To a moderate extent
65. Do you have evidence that you have played a role in the improved integration of RI/ESG issues by external investment managers?Not at all
66. Does your broker evaluation process include an ESG component or do you have a budget to pay cash for ESG broker research?Yes
67. Have you revisited any relationships with service providers in light of RI/ESG issue-related capabilities?Yes
68. Have you engaged in dialogue, lobbying or initiatives pertaining to government policy and/or industry regulations (for example, stock exchanges, accounting standards) related to RI/ESG issues in 2007?To a moderate extent
69. What was your most significant achievement in 2007 in relation to your implementation of Principle 4?On-going SRI promotion through several lobbying activities
70. What was your biggest barrier in 2007 with relation to your implementation of Principle 4?Mainstream reluctance to trust SRI processes
71. Please add any overall comments and clarifications related to Principle 4 here.Enter text response here.
Principle 5
72. Did you use the PRI Engagement Clearinghouse in 2007?Planning to in 2008
73. Did your use of the clearinghouse result in subsequent action or collaboration with other signatories?No Answer
74. Please elaborate on how the PRI Engagement Clearinghouse could be made more useful:to improve our standards
75. To what extent do you participate in the following RI/ESG issue-related collaborative engagement initiatives and/or industry associations? For those not listed, please use the "other" field:Carbon Disclosure Project,Regional social investment organisation (for example SIF or UKSIF),United Nations Environmental Program Finance Initiative (UNEP FI),Other (please specify): 'Euresa / ORSE'
76. Please indicate the three RI/ESG issue-related collaborative engagement initiatives and/or industry associations that you participated in most extensively and indicate how you did so:
Carbon Disclosure ProjectActive member - Informal exchanges within the organisation
Regional social investment organisation (for example SIF or UKSIF)A study is planned for this summer.
Other (please specify)
Participating to workshops
77. What was your most significant achievement in 2007 in relation to your implementation of Principle 5?Increasing engagement with SRI organizations
78. What was your biggest barrier in 2007 with relation to your implementation of Principle 5?None
79. Please add any overall comments and clarifications related to Principle 5 here.Enter text response here.
Principle 6
80. Have you disclosed how RI/ESG issues are integrated into your investment processes?Yes - to clients or beneficiaries and the public
81. Please indicated how this disclosure of how RI/ESG issues are integrated into your investment processes can be obtained (a URL would be sufficient):http://www.eurosif.org/publications/retail_transparency_guidelines/signatories_responses/france
82. To what extent do you disclose your annual (proxy) voting record?Disclose votes and guidance explaining votes
83. Please indicated how your (proxy) voting record can be obtained (a URL would be sufficient):www.macifgestion.fr
84. Do you systematically report (privately and/or publicly) on your RI/ESG issue-related engagement activities, results and progress?To a moderate extent
85. Please indicate how your reporting on RI/ESG issue-related engagement activities, results and progress can be obtained (if it is publicly available, a URL would be sufficient):www.macifgestion.fr
88. Are you undertaking any additional efforts to raise awareness of the PRI and RI/ESG issues amongst stakeholders?To a moderate extent
89. What evidence do you have of the impact on external investment manager practices? Please check those that apply.Proxy voting,Improved communications on ESG,Provision of new research
90. Have you sought to determine what impact your overall RI/ESG issue-related efforts (voting and engagement, investment decision making, disclosure, etc.) have had on corporate behavior or performance?To a small extent
91. Have you sought to determine what impact your RI/ESG issue-related approach has had on the performance of your portfolio?To a moderate extent
92. Have you sought to determine what impact your RI/ESG issue-related efforts, requests and guidance have had on the consideration of RI/ESG issues by your external service providers excluding external investment managers (for example: research providers, consultants, etc.)?To a moderate extent
93. Do you report on progress and/or achievements relating to the PRI or RI, and how would you like to publish your response to this assessment?Please automatically publish our responses to the reporting and assessment tool in full on the PRI website
94. What was your most significant achievement in 2007 in relation to your implementation of Principle 6?Formalisation of our reporting concerning the PRI.
95. What was your biggest barrier in 2007 with relation to your implementation of Principle 6?Enter text response here.
96. Please add any overall comments and clarifications related to Principle 6 here.Enter text response here.
Emerging Markets
97. To what extent have you actively thought about how to integrate RI/ESG issues within investment decision making and ownership practices with regards to emerging markets investments?Not at all
98. Please describe your activities with regards to integrating RI/ESG issues within investment decision making and ownership practices with regards to emerging markets investments.No Answer
99. To what extent do you believe the integration of ESG issues in emerging markets is as relevant as the integration of ESG issues in other markets?No Answer
100. To what extent did you employ the following approaches in your 2007 active ownership strategy in emerging markets?
(Proxy) votingNo Answer
Direct engagement conducted privatelyNo Answer
Direct engagement conducted publiclyNo Answer
Collaborative engagementNo Answer
Filing shareholder resolutionsNo Answer
Co-filing shareholder resolutionsNo Answer
Other (Please specify):No Answer
101. To what extent have you developed a comprehensive RI/ESG engagement capability regarding business activities in emerging markets?No Answer
102. Please list the three most often addressed RI/ESG-related issues in your shareholder engagement initiatives in emerging markets?
1.
2.
3.
103. Have you sought information from companies regarding their adoption of/adherence to norms, standards, codes of conduct or international initiatives related to RI/ESG issues in emerging markets?
AdoptionNo Answer
AdherenceNo Answer
104. Do you take RI/ESG considerations into account when selecting and approving emerging markets external investment managers?No Answer
105. Do your consultants factor RI/ESG issues into their short listing of emerging markets external investment managers?No Answer
106. Do you have evidence that you have played a role in the improved integration of RI/ESG issues by external investment managers investing in emerging markets?No Answer
107. To what extent have you worked together with other investors to improve the effectiveness of implementing the PRI in emerging markets?No Answer
108. Are you undertaking any additional efforts to raise awareness of RI/ESG issues in emerging markets?No Answer
109. Have you sought to determine what impact your RI/ESG issue-related efforts (voting and engagement, investment decision making, disclosure, etc.) have had on corporate behaviour or performance in emerging markets?No Answer
110. Please add any overall comments and clarifications related to the PRI in emerging markets here.No Answer
111. What is your top PRI-related goal/priority for emerging markets in 2008?No Answer
Closing Comments
112. Why did your organisation join the PRI?being involved in sustainable investment since 1998, we consider the PRI as a key factor for a more sustainable approach of economic growth
113. Please describe the benefits you have enjoyed as a result of signing the PRI:We participate and this is already a benefit
114. To what extent do you believe the PRI has succeeded in changing investor behaviour and/or raising awareness or capacity on RI/ESG issues? Do you have any examples you could share?Work is in progress in the SRI world. The PRI raises awareness ; we do not have any precise example to share.
115. What are the top three activities the PRI Secretariat could undertake to enhance and encourage further implementation of the PRI by current and prospective signatories?
1.n
2.n
3.n
116. What are your top three PRI-related goals/priorities for 2008?
1.Set a 100% participation in General Assemblies
2.Launch a study with companies to measure their strategic involvment with sustainabiliy
3.upgrade the selective process of our funds
117. Please rank the six principles from most difficult to implement to least difficult to implement:
Most difficult
1
Principle 3
2Principle 5
3Principle 4
4Principle 6
5Principle 2
Least difficult
6
Principle 1