AdviserVoiceJean-Jacques Barbéris Archives - AdviserVoice https://www.adviservoice.com.au/tag/jean-jacques-barberis/ Financial planner information & financial planner education/CPD - AdviserVoice Thu, 30 Jul 2026 21:30:31 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 New study reveals what matters more for the population in the fight for equal opportunities https://www.adviservoice.com.au/2023/12/new-study-reveals-what-matters-more-for-the-population-in-the-fight-for-equal-opportunities/ https://www.adviservoice.com.au/2023/12/new-study-reveals-what-matters-more-for-the-population-in-the-fight-for-equal-opportunities/#respond Sun, 03 Dec 2023 20:35:06 +0000 https://www.adviservoice.com.au/?p=92892

Inequalities have been a major issue for years, but the COVID pandemic has pushed this topic to the forefront.

Starting last, the OECD is featuring a series of briefs highlighting key findings from a module on opportunities, supported by Amundi, Europe’s largest asset manager, included in the OECD Risks that Matter Survey 2022.

These briefs explored the importance people give to different aspects of inequality: the role of effort and factors beyond people’s control that shape inequality of opportunity, and the role different actors play in reducing inequality and the type of policies and actions to prioritise.

Jean-Jacques Barbéris, Director of the Institutional and Corporate Clients Division & ESG at Amundi said: “The data collected by the OECD with the support of Amundi across 27 OECD countries reveal people’s widespread concerns about the current level of economic inequality and lack of opportunity in society. The biggest challenge lies ahead, as the vast majority of respondents called for more collective actions to reduce these inequalities and ensure equal opportunity, and also expressed their views on how we could reduce these issues, asking for an active participation of the private sector”.

Romina Boarini, Director at the OECD Centre on Well-being, Inclusion, Sustainability and Equal Opportunity (WISE), said: “Thanks to Amundi’s support, we have been able to collect new data on people’s perceptions of equality, helping to fill evidence gaps on issues that are at the heart of the public debate in many OECD countries. For example, our data has shown that the public and private sectors, as well as civil society and individuals, are seen as having a role to play in tackling inequality and the lack of opportunity. Concerns about inequality also translate into support for a wide range of different policy options and measures, going well beyond taxes and social transfers.”

The key findings on “people’s perceptions of equal opportunity”[1] released last week by the OECD WISE Centre, are showcased in three Policy Insights brief:

Hard work, privilege or luck: exploring people’s views of what matters to get ahead in life

Key takeaways:

  • On average, two out of three respondents believe that more should be done to promote equal opportunities.
  • A majority of respondents (60% on average) believe that hard work is essential or very important in determining one’s social position, while most people acknowledge that it is not the only factor for success.
  • Up to 43% of respondents believe that factors beyond people’s control such as the country in which one’s is born or the fact of having well-educated parents, are key determinants of one’s success.
  • Fate appears to shape low income, but not fortune for high earners: circumstances beyond people’s control (luck) is perceived more important in shaping bad rather than good outcomes.
  • Those valuing hard work accept income disparities as rewards for effort.

Working hand in hand: exploring people’s view on the role of different actors in fighting inequality

Key takeaways:

  • Nearly 70% of respondents are concerned about the current level of economic inequality in society, questioning the distribution of resources. Disparities are not only economic; they go far beyond income and affect all spheres of people’s lives, like citizen’s political power, representation, education, etc.
  • For a large majority of respondents (70%), the responsibility for reducing economic inequality lays at the feet of multiple actors.
  • Clear age divides emerge: young respondents are more likely to back the involvement of local governments, NGOs and fellow citizens. Older respondents (aged 54 years and over) tend to favor more the involvement of the private sector and of wealthy individuals in addressing economic disparities.

Exploring people’s views on what should be done to fight inequality

  • Respondents show strong support for policies focusing on equal opportunities:
    • 46% are in favor of improving education access
    • 52% are supporting the strengthening of the minimum wage.
  • Redistributive measures such as taxing top earners or expanding low-income benefits are endorsed by less than 40%.
  • The action of the private sector is perceived as a key lever:
    • Two-thirds of respondents believe that the private sector can play a meaningful role in reducing income inequality by providing fair wages to their lowest-paid employees.
    • Over 40% of respondents think the private sector should also address wage disparities.
  • Preferences for policy measures vary based on the level of inequality & mobility within a country.
    • In high-inequality contexts, respondents prioritize policies targeting low-income households.
    • In countries with limited intergenerational mobility, respondents lean toward measures targeting top earners, like increasing income taxes on them.
  • Income and age significantly influence preferences.
    • Wealthier respondents tend to prioritize policies strengthening equal opportunities, while support for redistribution decreases with income.
    • Respondents also become more supportive of measures focused on market competition and increasing taxes on top earners when they get older.

———-

]]>

Inequalities have been a major issue for years, but the COVID pandemic has pushed this topic to the forefront.

Starting last, the OECD is featuring a series of briefs highlighting key findings from a module on opportunities, supported by Amundi, Europe’s largest asset manager, included in the OECD Risks that Matter Survey 2022.

These briefs explored the importance people give to different aspects of inequality: the role of effort and factors beyond people’s control that shape inequality of opportunity, and the role different actors play in reducing inequality and the type of policies and actions to prioritise.

Jean-Jacques Barbéris, Director of the Institutional and Corporate Clients Division & ESG at Amundi said: “The data collected by the OECD with the support of Amundi across 27 OECD countries reveal people’s widespread concerns about the current level of economic inequality and lack of opportunity in society. The biggest challenge lies ahead, as the vast majority of respondents called for more collective actions to reduce these inequalities and ensure equal opportunity, and also expressed their views on how we could reduce these issues, asking for an active participation of the private sector”.

Romina Boarini, Director at the OECD Centre on Well-being, Inclusion, Sustainability and Equal Opportunity (WISE), said: “Thanks to Amundi’s support, we have been able to collect new data on people’s perceptions of equality, helping to fill evidence gaps on issues that are at the heart of the public debate in many OECD countries. For example, our data has shown that the public and private sectors, as well as civil society and individuals, are seen as having a role to play in tackling inequality and the lack of opportunity. Concerns about inequality also translate into support for a wide range of different policy options and measures, going well beyond taxes and social transfers.”

The key findings on “people’s perceptions of equal opportunity”[1] released last week by the OECD WISE Centre, are showcased in three Policy Insights brief:

Hard work, privilege or luck: exploring people’s views of what matters to get ahead in life

Key takeaways:

  • On average, two out of three respondents believe that more should be done to promote equal opportunities.
  • A majority of respondents (60% on average) believe that hard work is essential or very important in determining one’s social position, while most people acknowledge that it is not the only factor for success.
  • Up to 43% of respondents believe that factors beyond people’s control such as the country in which one’s is born or the fact of having well-educated parents, are key determinants of one’s success.
  • Fate appears to shape low income, but not fortune for high earners: circumstances beyond people’s control (luck) is perceived more important in shaping bad rather than good outcomes.
  • Those valuing hard work accept income disparities as rewards for effort.

Working hand in hand: exploring people’s view on the role of different actors in fighting inequality

Key takeaways:

  • Nearly 70% of respondents are concerned about the current level of economic inequality in society, questioning the distribution of resources. Disparities are not only economic; they go far beyond income and affect all spheres of people’s lives, like citizen’s political power, representation, education, etc.
  • For a large majority of respondents (70%), the responsibility for reducing economic inequality lays at the feet of multiple actors.
  • Clear age divides emerge: young respondents are more likely to back the involvement of local governments, NGOs and fellow citizens. Older respondents (aged 54 years and over) tend to favor more the involvement of the private sector and of wealthy individuals in addressing economic disparities.

Exploring people’s views on what should be done to fight inequality

  • Respondents show strong support for policies focusing on equal opportunities:
    • 46% are in favor of improving education access
    • 52% are supporting the strengthening of the minimum wage.
  • Redistributive measures such as taxing top earners or expanding low-income benefits are endorsed by less than 40%.
  • The action of the private sector is perceived as a key lever:
    • Two-thirds of respondents believe that the private sector can play a meaningful role in reducing income inequality by providing fair wages to their lowest-paid employees.
    • Over 40% of respondents think the private sector should also address wage disparities.
  • Preferences for policy measures vary based on the level of inequality & mobility within a country.
    • In high-inequality contexts, respondents prioritize policies targeting low-income households.
    • In countries with limited intergenerational mobility, respondents lean toward measures targeting top earners, like increasing income taxes on them.
  • Income and age significantly influence preferences.
    • Wealthier respondents tend to prioritize policies strengthening equal opportunities, while support for redistribution decreases with income.
    • Respondents also become more supportive of measures focused on market competition and increasing taxes on top earners when they get older.

———-

The post New study reveals what matters more for the population in the fight for equal opportunities appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2023/12/new-study-reveals-what-matters-more-for-the-population-in-the-fight-for-equal-opportunities/feed/ 0 Amundi launches first Just Transition for Climate strategy https://www.adviservoice.com.au/2021/04/amundi-launches-first-just-transition-for-climate-strategy/ https://www.adviservoice.com.au/2021/04/amundi-launches-first-just-transition-for-climate-strategy/#respond Sun, 11 Apr 2021 21:40:41 +0000 https://adviservoice.com.au/?p=73515

Anne Chassagnette

Amundi, the leading European asset manager, has launched a new investment strategy within the Amundi Responsible Investing; Just Transition for Climate (“the Fund”). The Fund is an actively managed European fixed income portfolio with a quantifiable objective to support the energy transition while meeting criteria that consider social cohesion.

The Paris Agreement sets out a framework for investors wishing to respond to climate change. Amundi, a pioneer in the development of responsible investment, is fully committed towards a fair green transition which takes into account social criteria.

The Just Transition for Climate fund is the first fund to be:

  • Fully aligned with the energy transition, incorporating an objective to reduce the carbon footprint;
  • Socially inclusive, by integrating a “Just Transition” score[1] incorporating the different social aspects involved in the transition to a low-carbon economy: impact on employees, consumers, local communities and society at large; and
  • Dynamic and forward-looking, through its tailor-made engagement policy to support issuers in their transition in line with the environmental and social objectives of the strategy.

The Just Transition for Climate fund was originally called the Amundi Responsible Investing– Green Bonds, and was launched in 2015 in the wake of the COP21, whose objective was to fight global warming. Transforming the fund into a strategy focusing on the Just Transition is based on a strong conviction: the energy transition must not be to the detriment of social issues.

Quantifying investment impact in favour of the low carbon transition

The investment universe, based on the Bloomberg Barclays Euro Aggregate Corporate index, is composed of 3,122 corporate bonds. This universe is refined using a negative screening based on climate and social criteria to maintain only those issuers that have affirmed a goal of reducing their carbon footprint, do not present an extreme physical risk and for which the ESG rating and Just Transition rating are higher than or equal to E[2] (‘A’ being the highest and ‘G’ the lowest).

The portfolio is designed to invest towards a fair transition with a particular focus on:

  • Climate, by maintaining the carbon footprint 20% lower than benchmark[3] and annual reduction
  • Just Transition seeking to achieve a score above that of the benchmark
  • ESG criteria based on Amundi’s proprietary ESG scoring method with a target score higher than that of the benchmark

Ongoing control and oversight of climate and social indicators ensure that the fund remains on track in line with its objectives. The investment team also carries out monitoring to keep track of engagement objectives announced by issuers.

A financial performance objective

As the investment universe is represented by the Bloomberg Barclays Euro Aggregate Corporate Index, the fund also uses this index benchmark for financial performance. The objective of the management team is to outperform the index by implementing a proven investment process, drawing on Amundi’s efficient analysis system.

The Just Transition Concept

The Just Transition Concept is based on the premise that a transition to a low-carbon and environmentally friendly economy should be acceptable for all, and therefore must address the social dimension of such a transition. These social dimensions are defined as follows:

  • Employees: ensure that employees in industries that are restructuring can find jobs in sustainable businesses and contribute to how these transitions are organised and implemented, that they are protected from the harmful effects of climate change.
  • Consumers: ensure that consumer goods are accessible to all at affordable prices.
  • Local communities: ensure that the costs and benefits of the transition are equitably shared.
  • Societies at large: a just transition allows all stakeholders to fully play their role and participate in constructive dialogue.

To reflect these dimensions, a Just Transition rating system has been designed to attribute scores which measure the performance of issuers relative to their peers on specific social issues. Each dimension is then weighted according to their importance in the social acceptability of the transition toward a low carbon economy. Continuous monitoring and dialogue with issuers ensure that the scores and weightings are adjusted as necessary.

Continuous engagement

In line with Amundi’s long term approach to responsible investing, the fund benefits from a dedicated engagement policy to support companies in their engagement on transparent, credible and ambitious transition objectives, prompting companies to work with employees and stakeholders to ensure the social acceptability of the transition.

The policy is based on:

  1. An annual letter sent to companies in the reference universe to encourage them to produce transition objectives and commit the resources necessary to deploy the various aspects of their transition.
  2. Continuous engagement with the companies in the portfolio on their transition goals.
  3. Fostering research and awareness on the Just Transition with non-profit organisations, international forums and stakeholder associations, and leading universities.

In terms of impact, the strategy will report on the key indicators outlined above, and also include the carbon footprint, the ESG score of the portfolio, the temperature score and the Just Transition rating.

Jean-Jacques Barberis, Head of the Institutional and Corporate Clients division & ESG at Amundi, commented: “Within the Paris Agreement, the concept of a fair transition is central to the transformation to “net zero” economies. There will be no transition if it is not socially acceptable. The social dimension of the transition is therefore becoming increasingly important for investors. The Just Transition for Climate fund is the first attempt to provide investors with a unique solution to measure and integrate the financial risks associated with climate change and use their investments for an inclusive transition in line with the Paris Agreement. The methodology will progressively evolve based on our dialogue with corporates”.

The portfolio holds companies selected for their commitment to environmental and social objectives that live up to the ambitions announced in the Paris Agreement.

Anne Chassagnette Head of CSR at Engie added:,”For several years ENGIE has been committed in a process to reduce its greenhouse gas emissions, in particular by phasing out coal by 2025 in Europe and 2027 in the rest of the world. The group has the ambition to implement a just transition, incorporating an important requirement on the environmental and social aspects of projects as was the case, for example, with the closure of the Hazelwood plant in Australia. Today we welcome the inclusion of ENGIE in Amundi’s Just Transition for Climate strategy, which supports a socially acceptable low-carbon transition.”

The Fund is managed by Alban de Faÿ, Head of Fixed Income ESG investing and Dany da Fonseca, Credit Portfolio Manager, the two Co-Lead Portfolio Managers.

Just Transition for Climate is a French domiciled fund approved by the AMF and currently registered in Germany, Switzerland, Finland, Spain, Denmark, Norway, Sweden, Austria, Belgium, Luxembourg, Iceland, and the UK4. It is part of Amundi’s ESG Fixed Income range, and sits between the recently launched Social Bond fund and the other widely recognized Green Bond solutions (Impact Green Bond, GRECO).

———

[1] Amundi proprietary score based on data from external providers overlayed with the analysis of the internal ESG Analysis team.
[2] Amundi’s ESG process takes a “best in class” approach, taking into account different sectors and regions in order to assess the dynamics in which companies operate. Thus, using internal benchmarks comprising 37 criteria, 11,000 companies are assigned a score based on a scale from A (the highest) to G (the lowest).
[3] For more details, please refer to the Key Investor Information Document or prospectus
]]>

Anne Chassagnette

Amundi, the leading European asset manager, has launched a new investment strategy within the Amundi Responsible Investing; Just Transition for Climate (“the Fund”). The Fund is an actively managed European fixed income portfolio with a quantifiable objective to support the energy transition while meeting criteria that consider social cohesion.

The Paris Agreement sets out a framework for investors wishing to respond to climate change. Amundi, a pioneer in the development of responsible investment, is fully committed towards a fair green transition which takes into account social criteria.

The Just Transition for Climate fund is the first fund to be:

  • Fully aligned with the energy transition, incorporating an objective to reduce the carbon footprint;
  • Socially inclusive, by integrating a “Just Transition” score[1] incorporating the different social aspects involved in the transition to a low-carbon economy: impact on employees, consumers, local communities and society at large; and
  • Dynamic and forward-looking, through its tailor-made engagement policy to support issuers in their transition in line with the environmental and social objectives of the strategy.

The Just Transition for Climate fund was originally called the Amundi Responsible Investing– Green Bonds, and was launched in 2015 in the wake of the COP21, whose objective was to fight global warming. Transforming the fund into a strategy focusing on the Just Transition is based on a strong conviction: the energy transition must not be to the detriment of social issues.

Quantifying investment impact in favour of the low carbon transition

The investment universe, based on the Bloomberg Barclays Euro Aggregate Corporate index, is composed of 3,122 corporate bonds. This universe is refined using a negative screening based on climate and social criteria to maintain only those issuers that have affirmed a goal of reducing their carbon footprint, do not present an extreme physical risk and for which the ESG rating and Just Transition rating are higher than or equal to E[2] (‘A’ being the highest and ‘G’ the lowest).

The portfolio is designed to invest towards a fair transition with a particular focus on:

  • Climate, by maintaining the carbon footprint 20% lower than benchmark[3] and annual reduction
  • Just Transition seeking to achieve a score above that of the benchmark
  • ESG criteria based on Amundi’s proprietary ESG scoring method with a target score higher than that of the benchmark

Ongoing control and oversight of climate and social indicators ensure that the fund remains on track in line with its objectives. The investment team also carries out monitoring to keep track of engagement objectives announced by issuers.

A financial performance objective

As the investment universe is represented by the Bloomberg Barclays Euro Aggregate Corporate Index, the fund also uses this index benchmark for financial performance. The objective of the management team is to outperform the index by implementing a proven investment process, drawing on Amundi’s efficient analysis system.

The Just Transition Concept

The Just Transition Concept is based on the premise that a transition to a low-carbon and environmentally friendly economy should be acceptable for all, and therefore must address the social dimension of such a transition. These social dimensions are defined as follows:

  • Employees: ensure that employees in industries that are restructuring can find jobs in sustainable businesses and contribute to how these transitions are organised and implemented, that they are protected from the harmful effects of climate change.
  • Consumers: ensure that consumer goods are accessible to all at affordable prices.
  • Local communities: ensure that the costs and benefits of the transition are equitably shared.
  • Societies at large: a just transition allows all stakeholders to fully play their role and participate in constructive dialogue.

To reflect these dimensions, a Just Transition rating system has been designed to attribute scores which measure the performance of issuers relative to their peers on specific social issues. Each dimension is then weighted according to their importance in the social acceptability of the transition toward a low carbon economy. Continuous monitoring and dialogue with issuers ensure that the scores and weightings are adjusted as necessary.

Continuous engagement

In line with Amundi’s long term approach to responsible investing, the fund benefits from a dedicated engagement policy to support companies in their engagement on transparent, credible and ambitious transition objectives, prompting companies to work with employees and stakeholders to ensure the social acceptability of the transition.

The policy is based on:

  1. An annual letter sent to companies in the reference universe to encourage them to produce transition objectives and commit the resources necessary to deploy the various aspects of their transition.
  2. Continuous engagement with the companies in the portfolio on their transition goals.
  3. Fostering research and awareness on the Just Transition with non-profit organisations, international forums and stakeholder associations, and leading universities.

In terms of impact, the strategy will report on the key indicators outlined above, and also include the carbon footprint, the ESG score of the portfolio, the temperature score and the Just Transition rating.

Jean-Jacques Barberis, Head of the Institutional and Corporate Clients division & ESG at Amundi, commented: “Within the Paris Agreement, the concept of a fair transition is central to the transformation to “net zero” economies. There will be no transition if it is not socially acceptable. The social dimension of the transition is therefore becoming increasingly important for investors. The Just Transition for Climate fund is the first attempt to provide investors with a unique solution to measure and integrate the financial risks associated with climate change and use their investments for an inclusive transition in line with the Paris Agreement. The methodology will progressively evolve based on our dialogue with corporates”.

The portfolio holds companies selected for their commitment to environmental and social objectives that live up to the ambitions announced in the Paris Agreement.

Anne Chassagnette Head of CSR at Engie added:,”For several years ENGIE has been committed in a process to reduce its greenhouse gas emissions, in particular by phasing out coal by 2025 in Europe and 2027 in the rest of the world. The group has the ambition to implement a just transition, incorporating an important requirement on the environmental and social aspects of projects as was the case, for example, with the closure of the Hazelwood plant in Australia. Today we welcome the inclusion of ENGIE in Amundi’s Just Transition for Climate strategy, which supports a socially acceptable low-carbon transition.”

The Fund is managed by Alban de Faÿ, Head of Fixed Income ESG investing and Dany da Fonseca, Credit Portfolio Manager, the two Co-Lead Portfolio Managers.

Just Transition for Climate is a French domiciled fund approved by the AMF and currently registered in Germany, Switzerland, Finland, Spain, Denmark, Norway, Sweden, Austria, Belgium, Luxembourg, Iceland, and the UK4. It is part of Amundi’s ESG Fixed Income range, and sits between the recently launched Social Bond fund and the other widely recognized Green Bond solutions (Impact Green Bond, GRECO).

———

[1] Amundi proprietary score based on data from external providers overlayed with the analysis of the internal ESG Analysis team.
[2] Amundi’s ESG process takes a “best in class” approach, taking into account different sectors and regions in order to assess the dynamics in which companies operate. Thus, using internal benchmarks comprising 37 criteria, 11,000 companies are assigned a score based on a scale from A (the highest) to G (the lowest).
[3] For more details, please refer to the Key Investor Information Document or prospectus

The post Amundi launches first Just Transition for Climate strategy appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2021/04/amundi-launches-first-just-transition-for-climate-strategy/feed/ 0 Climate and social issues at the heart of Amundi’s engagement and voting policy  https://www.adviservoice.com.au/2021/02/climate-and-social-issues-at-the-heart-of-amundis-engagement-and-voting-policy/ https://www.adviservoice.com.au/2021/02/climate-and-social-issues-at-the-heart-of-amundis-engagement-and-voting-policy/#respond Sun, 21 Feb 2021 20:40:37 +0000 https://adviservoice.com.au/?p=72512

Yves Perrier

Amundi has presented the results of its 2020 voting and engagement policy and outlines the actions that will be carried out in 2021.

During the 2020 campaign, we took part in nearly 4,250 general meetings of European and international companies – a 19% increase from 2019 – and focused our ongoing dialogue with companies and our voting policy on two major issues: the fight against climate change and social inequalities.

Amundi increased its support for shareholder resolutions calling for greater transparency and information on companies’ ESG and climate strategy, notably by voting for 86% of resolutions calling for a better integration of climate objectives. At the same time, the Group engaged in discussions on energy transition and climate change with 472 companies, and on the protection of ecosystems with 378 companies.

Amundi supported 88% of shareholder resolutions relating to executive compensation and 76% of shareholder resolutions that support human, health and social rights. We also voted against executive compensation plans that did not contain ESG indicators, resulting in 31% of negative votes on this issue. We were also particularly vigilant with regard to the amount of dividends paid out, particularly for companies having benefited from state aid. In parallel, we engaged in dialogue with 447 companies on the direct and indirect protection of employees and on human rights.

In 2021, in the run-up to the Glasgow Conference on Climate Change, Amundi’s two priority themes will continue to be energy transition and social cohesion.

Consequently, in addition to the necessary measurement of the carbon dioxide emissions trajectories of the companies in which we invest, Amundi will support resolutions calling for greater transparency on emissions reduction strategies, combined with specific targets. Similarly, we would like an increasing number of companies to make commitments to reduce their emissions in line with scientific objectives: the adoption of targets as part of the “Science Based Target” initiative (SBTi) will therefore be one of our main themes of engagement in 2021.

With regard to executive compensation, Amundi will ensure that it is in line with the company’s performance, at an acceptable level in relation to market benchmarks, and that it fully integrates specific ESG objectives, including annual variable compensation. With regard to dividends, Amundi will pay particular attention to ensuring that the distribution policy does not undermine the company’s long-term investment capacity, weaken its financial strength or lead to a distribution of value-added that is unfavourable
to employees.

“As an asset manager, Amundi has a duty to provide its investor clients with strong, consistent returns over the long term, together with a positive contribution to major social issues and the stability of economies. This responsibility has been particularly heightened in the context of the social crisis resulting from the pandemic, this at a time when the energy transition is barely gathering speed five years after the adoption of the Paris Agreement,” explains Jean-Jacques Barbéris, Head of Institutional and Corporate Clients division & ESG at Amundi.

“Since 2010, Amundi has been a pioneer in responsible investment and in 2018, we marked a new stage in our responsibility towards society with a three-year plan that includes systematically taking ESG performance into account in our shareholder dialogue with issuers and in our voting choices at shareholders’ meetings,” adds Amundi CEO Yves Perrier. “This strategy is applied in three complementary ways: ongoing dialogue with companies, the consideration of ESG criteria in investment decisions, and a voting policy incorporating these criteria”.

On 15th February 2021, Yves Perrier sent a letter to 500 CEOs and chairpersons of internationally listed companies, outlining these two priority issues that will guide Amundi’s voting policy in 2021.

]]>

Yves Perrier

Amundi has presented the results of its 2020 voting and engagement policy and outlines the actions that will be carried out in 2021.

During the 2020 campaign, we took part in nearly 4,250 general meetings of European and international companies – a 19% increase from 2019 – and focused our ongoing dialogue with companies and our voting policy on two major issues: the fight against climate change and social inequalities.

Amundi increased its support for shareholder resolutions calling for greater transparency and information on companies’ ESG and climate strategy, notably by voting for 86% of resolutions calling for a better integration of climate objectives. At the same time, the Group engaged in discussions on energy transition and climate change with 472 companies, and on the protection of ecosystems with 378 companies.

Amundi supported 88% of shareholder resolutions relating to executive compensation and 76% of shareholder resolutions that support human, health and social rights. We also voted against executive compensation plans that did not contain ESG indicators, resulting in 31% of negative votes on this issue. We were also particularly vigilant with regard to the amount of dividends paid out, particularly for companies having benefited from state aid. In parallel, we engaged in dialogue with 447 companies on the direct and indirect protection of employees and on human rights.

In 2021, in the run-up to the Glasgow Conference on Climate Change, Amundi’s two priority themes will continue to be energy transition and social cohesion.

Consequently, in addition to the necessary measurement of the carbon dioxide emissions trajectories of the companies in which we invest, Amundi will support resolutions calling for greater transparency on emissions reduction strategies, combined with specific targets. Similarly, we would like an increasing number of companies to make commitments to reduce their emissions in line with scientific objectives: the adoption of targets as part of the “Science Based Target” initiative (SBTi) will therefore be one of our main themes of engagement in 2021.

With regard to executive compensation, Amundi will ensure that it is in line with the company’s performance, at an acceptable level in relation to market benchmarks, and that it fully integrates specific ESG objectives, including annual variable compensation. With regard to dividends, Amundi will pay particular attention to ensuring that the distribution policy does not undermine the company’s long-term investment capacity, weaken its financial strength or lead to a distribution of value-added that is unfavourable
to employees.

“As an asset manager, Amundi has a duty to provide its investor clients with strong, consistent returns over the long term, together with a positive contribution to major social issues and the stability of economies. This responsibility has been particularly heightened in the context of the social crisis resulting from the pandemic, this at a time when the energy transition is barely gathering speed five years after the adoption of the Paris Agreement,” explains Jean-Jacques Barbéris, Head of Institutional and Corporate Clients division & ESG at Amundi.

“Since 2010, Amundi has been a pioneer in responsible investment and in 2018, we marked a new stage in our responsibility towards society with a three-year plan that includes systematically taking ESG performance into account in our shareholder dialogue with issuers and in our voting choices at shareholders’ meetings,” adds Amundi CEO Yves Perrier. “This strategy is applied in three complementary ways: ongoing dialogue with companies, the consideration of ESG criteria in investment decisions, and a voting policy incorporating these criteria”.

On 15th February 2021, Yves Perrier sent a letter to 500 CEOs and chairpersons of internationally listed companies, outlining these two priority issues that will guide Amundi’s voting policy in 2021.

The post Climate and social issues at the heart of Amundi’s engagement and voting policy  appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2021/02/climate-and-social-issues-at-the-heart-of-amundis-engagement-and-voting-policy/feed/ 0