December 2010
FLASH INFO Responsible Investor Award The FRR wins the third Responsible Investor Award For the 3rd consecutive year, Natixis Asset Management and Amadeis(1), in partnership with the daily newspaper Les Échos, presented the Responsible Investor Award (Prix de l'Investisseur Responsable) at a ceremony attended by some hundred participants. Every year, this award recognizes institutional investors who, by their actions, have distinguished themselves through their responsible approach to investment. This year the Responsible Investor Award was won by the Fonds de Réserve pour les Retraites(2) (FRR or French Pension Trust), in recognition of the significant transparency demonstrated by the FRR in the implementation of its investment strategy.
Pascal Voisin, CEO of Natixis Asset Management
Opening the event, Pascal Voisin, Chief Executive Officer of Natixis Asset Management, reiterated the pioneering role(3) played by Natixis Asset Management in Socially Responsible Investment (SRI) and its commitment in this area: “Responsible investment is the fruit of a meeting between commitment and expertise: the commitment of investors looking to reconcile their values and their actions, and the expertise developed by the Natixis Asset Management teams in this type of investment. It gives us real satisfaction to witness the growth of SRI.”
10 contenders, 4 finalists, 1 winner 10 contenders were in the running for the Responsible Investor Award 2010, a competition open to institutional investors, pension and insurance funds, insurers, public institutions, companies, foundations, (etc.). Following a first review of the applicants, four finalists were identified: AG2R La Mondiale(4), Vauban Humanis(5), CNP Assurances(6) and the Fonds de Réserve pour les Retraites. Each finalist had the opportunity to present its method during a final presentation. This year, the award was won by the Fonds de Réserve pour les Retraites (FRR) which thus succeeds AGRICA Epargne (2009 winner) and the Etablissement Français de Retraite Additionnelle de la Fonction Publique (2008 winner).
The 2010 Responsible Investor Award was won by the FRR
(1) Amadeis is an independent asset management consulting firm which advises institutional investors on their investment strategies. [For further information: http://amadeis.pagesperso-orange.fr]. (2) FRR: the Fonds de Réserve pour les Retraites Françaises is a public body that was created to serve the pay-as-you-go pension system. [For further information: www.fondsdereserve.fr]. (3) Launched in 1984, this Natixis Impact Nord-Sud Développement SICAV was one of the first to be aimed at investors wanting to participate actively in the development of countries in the southern hemisphere through the investment of savings from northern hemisphere countries. This pioneering fund incorporated a commitment to promoting development within a classic investment process [More information: www.am.natixis.com]. (4) AG2R La Mondiale: interprofessional insurance and estate planning group. Specialized in personal insurance: provident schemes, health, savings, pensions. (5) Vauban Humanis Group: social protection group comprising five institutions: 2 supplementary pension schemes (Agirc-Arrco), 1 providence scheme and 2 healthcare mutuals. (6) CNP Assurances: insurance company that develops manages and distributes life insurance contracts (Pension and Provident savings schemes, both individual and collective) notably via the French Post Office, Caisse d’Epargne and CNP Trésor networks.
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Tribute paid to a responsible investment strategy In recognizing the Fonds de Réserve pour les Retraites (FRR), the jury paid tribute to the commitment and actions of this responsible investment fund since its creation in 2003. In 2010, the FRR notably put the emphasis on the transparency of its ESG (Environmental, Social/Societal, Governance) strategy which was reflected in the publication of a comprehensive responsible investment report and its support for initiatives such as the CDP – Water Disclosure Project 2 and the Emerging Market Disclosure Project 3. The FRR also extended its SRI investment scope to corporate bonds in the euro zone and the United States, thereby increasing the funds allotted to the SRI approach by around €2 billion. Lastly, the FRR pursued the development of its commitment to shareholder activism towards companies presenting extrafinancial risks.
Board, in accepting the award. "We have three main rules of engagement. First of all, our strategy is public, which requires consistency between what we say and what we do. Our second rule is ex post accountability through a report that includes a number of specific performance indicators. Lastly, we actively participate in French and international research on responsible investment." Going forward, Antoine de Salins identified a number of major challenges: "as a responsible investor, we need to question, in particular, the validity of our performance monitoring tools and extra-financial practices. The second challenge concerns the emerging markets. Are our screening tools adapted to our determination to capture part of the growth in these countries? Finally, we need to ensure that the investors and asset managers effectively share the same investment philosophy."
"The FRR is developing a clear, flexible and modest approach", stressed Antoine de Salins, a member of the FRR Management
A jury of recognized personalities, chaired by Louis Schweitzer "This award reflects the profound conviction that there is a correlation between the behavior of economic players and their performance, and that development is only possible when it is also sustainable". Louis Schweitzer, Chairman of the 2010 Jury
The 2010 jury, comprised of individuals with indepth awareness of responsible investment issues, was chaired by Louis Schweitzer, former President of Halde(4). The other members of the jury were: Philippe Chalmin, Professor at Paris-Dauphine University and founder of CyclOpe, Matt Christensen, Chief Executive Officer of Eurosif, Daniel Lebègue, President of the French Institute of Directors (IFA), Corinne Lepage, lawyer and President of Cap 21, Maria Nowak, President of the Association Pour le Droit à l’Initiative Economique (ADIE) and Frédéric Picard, CEO of EuroPerformance. (4) French Equal Opportunities and Anti-Discrimination Commission (Haute Autorité de Lutte contre les Discriminations et pour l’Egalité : HALDE). [For further information: www.halde.fr]
The 2010 winner and jury
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About... Natixis Asset Management Natixis Asset Management is the European expert of Natixis Global Asset Management. Based in Paris, it is among the top European asset managers with EUR 304 billion under management and around 670 employees as of 30 September 2010. Natixis Asset Management provides a full range of products and investment solutions in all asset classes for institutional investors, companies, distributors and banking networks. A recognized pioneer with 25 years experience, Natixis Asset Management is also one of the leading SRI managers in France and in Europe. n www.am.natixis.com Amadeis Amadeis is an independent consulting firm specializing in asset management, advises institutional investors on how to
optimize their investment returns through the establishment, implementation and monitoring of their investment strategies. n http://amadeis.pagesperso-orange.fr Les Échos Founded in 1908, Les Échos is France's leading national daily newspaper specializing in finance and the economy. It reports on and analyzes all the national, regional and international events having an impact on business life. Circulation stood at 127,631 copies in 2009 (source: OJD 2009), with the daily readership totaling more than 705,000 (source: Epiq 2008-2009). Les Échos currently has an editorial team of nearly 200 journalists with 12 foreign correspondents and a network of some fifty regional correspondents. n www.lesechos.fr
Members of the jury...
Louis Schweitzer, Chairman of the jury - former President of Halde Louis Schweitzer is Chairman of the Supervisory Boards of AstraZeneca and AB Volvo and a Board director of BNP-Paribas, L’Oréal, and Veolia Environnement. He is also Chairman of the Supervisory Board of Le Monde and a Board member of a number of general interest bodies. Between April 2005 and March 2009, Louis Schweitzer was Chairman of the Renault Board of Directors, having been Renault’s Chairman and Chief Executive Officer since 1992. Louis Schweitzer joined Renault in 1986 before becoming Finance Director and Director of Planning in 1989, Deputy CEO in 1989 and CEO in December 1990. Louis Schweitzer was President of Halde (Haute Autorité de Lutte contre les Discriminations et pour l'égalité), the French Equal Opportunities and Anti-Discrimination Commission, between 2005 and 2010.
Philippe Chalmin - Professor at Paris-Dauphine University and founder of CyclOpe As Professor of economic history at Paris-Dauphine University and a member of the Council of Economic Analysis reporting to the French Prime Minister, Philippe Chalmin works on ethics and morality issues when applied to the corporate world and advises a number of financial institutions on Socially Responsible Investment.
Matt Christensen - Executive Director of Eurosif Matt Christensen is Executive Director of Eurosif and a member of the European Commission Coordination Committee to explore the evolution of sustainable development in the European Union. He was formerly European Director at the UK media company, The Motley Fool, focused on matters linked to personal finance and investment. He also advised FTSE 100 companies as a strategy consultant with Braxton Associates and Deloitte Consulting in London and Paris. He is a Non-Executive Director of three investment funds. He holds Masters degrees from the Wharton School (MBA) and the University of Pennsylvania (MA – International Political Economy).
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Daniel Lebègue - President of the French Institute of Directors (IFA) Director of the Treasury (1984-1987), then Chief Executive Officer of BNP and, finally, Vice-Chairman (1987-1996), Daniel Lebègue was Chief Executive Officer of the Caisse des Dépôts et Consignations between 1998 and 2002. He is currently President of the French Institute of Directors (IFA), the French section of Transparency International, ORSE (Study Center for Corporate Social Responsibility), the IDDRI (French Sustainable Development and International Relations Institute) and Epargne Sans Frontières, and Co-chairman of Eurofi. Daniel Lebègue is a Board Director and Chairman of the Audit Committees of Technip and Scor. He is a graduate of the Institut d'Etudes Politiques of Lyon and of the Ecole Nationale d'Administration.
Corinne Lepage - Lawyer, President of Cap 21 A Member of the European Parliament and the first vice-Chair of the Parliament’s Committee on Environment and vice-Chair of Modem, Corinne Lepage is also a lawyer and holds a Doctorate in Law. She teaches in a number of schools and universities and, notably, the Paris Institut d’Etudes Politiques. She is the author of several books, of which the most recent is "Vivre Autrement " published by Grasset, a reflection on ecological economics and sustainable development.
Maria Nowak - President of ADIE (Association Pour le Droit à l´Initiative Economique) Maria Nowak spent her career at the French Development Agency where she was, notably, Director of Politics and Research. During the 1980s she became involved in the development of microcredit by launching the first programs in Central and Eastern Europe, together with a similar program in France. In 1997, she founded the Microfinance Center for Central and Eastern Europe and the NIS countries, of which she is the first President. In April 2003, she set up the European Microfinance Network. Between 2000 and 2002, she was a Special Advisor to Laurent Fabius, the then French Minister of the Economy, Finance and Industry. As the author of several books, she has won numerous prizes and awards.
Frédéric Picard - Chief Executive Officer of EuroPerformance Frédéric Picard is Chief Executive Officer of EuroPerformance, the fund measurement and performance agency within the Telekurs Financial Group. EuroPerformance develops high-added-value tools used for the analysis of performance and risks across a broad spectrum of European funds and publishes numerous awards and rankings in France and elsewhere in Europe.
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