<ul><li>SRI & Responsible Investment </li></ul><ul><li>at Credit Agricole AM </li></ul><ul><ul><ul><ul><ul><li>Michèle Jar...
Quick glance at Crédit Agricole Asset Management Group <ul><li>In the Top 5 within Continental Europe (1)  </li></ul><ul><...
SRI developments at Crédit Agricole AM <ul><li>A strategic choice </li></ul><ul><ul><li>2000 Dedicated research team </li>...
CAAM Group SRI Assets Total: 2,1 billion euros (as at 30/06/07)
CAAM Group organisation IDEAM dedicated to SRI Employee savings plans Other CAAM Group brands CAAM Group AUM ESG criteria ...
CAAM Group signs the UN PRI <ul><li>An approach in line with corporate aims </li></ul><ul><ul><li>Corresponding to: </li><...
CAAM Group implements the UN PRI <ul><li>Putting PRI into practice </li></ul><ul><ul><li>For practicality and effectivenes...
CAAM Group implements the UN PRI <ul><li>1/ Disseminating sustainability research </li></ul><ul><ul><li>The sustainability...
CAAM Group implements the UN PRI <ul><li>2/ Proxy voting & dialogue with companies </li></ul><ul><ul><li>Since 2003, CAAM ...
CAAM Group implements the UN PRI <ul><li>3/ Taking part in professional organisations  </li></ul><ul><ul><li>CAAM is a mem...
CAAM Group implements the UN PRI <ul><li>4/ Contributing to research </li></ul><ul><ul><ul><li>A committee in charge of ex...
CAAM Group implements the UN PRI <ul><li>5/ Seeking to promote transparency and progress </li></ul><ul><ul><ul><li>CAAM & ...
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SRI & Responsible Investment at Crédit Agricole AM.

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Michèle Jardin, CEO - Credit Agricole Asset Management, IDEAM - France

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  • Challenges for marketing SRI funds to retail investors in France Le manque de normes : l&apos;offre des produits financiers « responsables » sont à responsabilités diverses et variables, processus d’investissement encore opaques sur les raisons de la sélection ou de l’exclusion des titres Méconnaissance générale : question du « marketing de bonne conscience », manque de formation spécifique des circuits de distribution, concepts parfois peu parlants Flou sur les différences entre les portefeuilles classiques et IR What is CA SA doing ? 1/ Only 1 in 10 retail clients invests in mutual funds -&gt; Grow the client base for mutual funds through training of bank branch sales staff (29.000 people !). -&gt; SRI fund is part of « environmental offer » marketed to the CA regional banks 2/ No pension funds &amp; little long term retirement savings - &gt; Grow SRI employee savings in conjunction with French unions Only 14% of the French have heard of SRI -&gt; New study to better understand SRI motivations: -&gt; Why CA retail client have bought a fund ? -&gt; Why CA branch sales staff sold it ?
  • Challenges for marketing SRI funds to retail investors in France Le manque de normes : l&apos;offre des produits financiers « responsables » sont à responsabilités diverses et variables, processus d’investissement encore opaques sur les raisons de la sélection ou de l’exclusion des titres Méconnaissance générale : question du « marketing de bonne conscience », manque de formation spécifique des circuits de distribution, concepts parfois peu parlants Flou sur les différences entre les portefeuilles classiques et IR What is CA SA doing ? 1/ Only 1 in 10 retail clients invests in mutual funds -&gt; Grow the client base for mutual funds through training of bank branch sales staff (29.000 people !). -&gt; SRI fund is part of « environmental offer » marketed to the CA regional banks 2/ No pension funds &amp; little long term retirement savings - &gt; Grow SRI employee savings in conjunction with French unions Only 14% of the French have heard of SRI -&gt; New study to better understand SRI motivations: -&gt; Why CA retail client have bought a fund ? -&gt; Why CA branch sales staff sold it ?
  • SRI & Responsible Investment at Crédit Agricole AM.

    1. 1. <ul><li>SRI & Responsible Investment </li></ul><ul><li>at Credit Agricole AM </li></ul><ul><ul><ul><ul><ul><li>Michèle Jardin </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>CEO of IDEAM (CAAM’s SRI subsidiary) </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>and Head of “S*T*A*R*S” </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Investment Research, Trading, Support </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Crédit Agricole Asset Management (CAAM) </li></ul></ul></ul></ul></ul>TBLI 2007 PARIS
    2. 2. Quick glance at Crédit Agricole Asset Management Group <ul><li>In the Top 5 within Continental Europe (1) </li></ul><ul><li>and N°1 in France in mutual funds (2) </li></ul><ul><li>With € 565.7 bn AUM </li></ul><ul><li>8 investment centres worldwide </li></ul><ul><li>2,237 employees including </li></ul><ul><li>506 investment professials </li></ul>Sources: (1) IPE - Top 400 European Asset Management Leaders, data as at December 2006, issued in June 2007 (2) Europerformance - Investment funds, June 2007
    3. 3. SRI developments at Crédit Agricole AM <ul><li>A strategic choice </li></ul><ul><ul><li>2000 Dedicated research team </li></ul></ul><ul><ul><li>2003 Creation of I.DE.A.M. (SRI subsidiary) </li></ul></ul><ul><ul><li>2006-07 UN Principles for Responsible Investment </li></ul></ul><ul><li>Product launches </li></ul><ul><ul><li>1989 Ethical </li></ul></ul><ul><ul><li>1991-94 Charity </li></ul></ul><ul><ul><li>1998 Corporate governance </li></ul></ul><ul><ul><li>1999-2000 SRI & Sustainability </li></ul></ul><ul><ul><li>2002 Environmental </li></ul></ul><ul><ul><li>2006-07 Thematic </li></ul></ul><ul><li>Certification & committments </li></ul><ul><li>2002 French trade union certification of SRI employee savings products </li></ul><ul><li>2004-05 Investor initiatives: PSG, IIGCC, EITI & CDP </li></ul><ul><ul><li> </li></ul></ul>Expanding the universe of CAAM assets implicated PRI SRI Ethical
    4. 4. CAAM Group SRI Assets Total: 2,1 billion euros (as at 30/06/07)
    5. 5. CAAM Group organisation IDEAM dedicated to SRI Employee savings plans Other CAAM Group brands CAAM Group AUM ESG criteria & their contribution to performance
    6. 6. CAAM Group signs the UN PRI <ul><li>An approach in line with corporate aims </li></ul><ul><ul><li>Corresponding to: </li></ul></ul><ul><ul><ul><li>Our view of our company as a major economic player, with a corresponding fiduciary duty. </li></ul></ul></ul><ul><ul><ul><li>Our clients’ view of us, and our key values of innovation, empathy, reliability, sustainability, passion and sincerity. </li></ul></ul></ul><ul><ul><li>Consistent with Crédit Agricole Group’s emphasis on sustainable development. </li></ul></ul><ul><li>A renewed vision of the asset management business </li></ul><ul><ul><ul><li>The PRI promote both security and innovation in our funds. </li></ul></ul></ul><ul><ul><ul><li>The PRI are a catalyst for dialogue with our clients. </li></ul></ul></ul>
    7. 7. CAAM Group implements the UN PRI <ul><li>Putting PRI into practice </li></ul><ul><ul><li>For practicality and effectiveness, the PRI have been applied initially to CAAM’s Paris business, building upon steps already taken: </li></ul></ul><ul><ul><ul><li>Sustainability research is the main contributor for IDEAM and is used to construct portfolios for SRI employee savings plans. Since 2002 CAAM’s offer of SRI employee savings plans has been certified by the CIES (a committee consisting of 4 out of 5 of France’s main trade unions). </li></ul></ul></ul><ul><ul><ul><li>CAAM Group has been actively voting its proxies at the annual general meetings (AGM) of companies it invests in since 1996. </li></ul></ul></ul><ul><ul><ul><li>CAAM Group plays a prominent role in industry focus groups that address social responsibility issues. </li></ul></ul></ul><ul><ul><li>Five types of action </li></ul></ul><ul><ul><ul><li>Disseminating sustainability research; </li></ul></ul></ul><ul><ul><ul><li>Proxy voting and company dialogue; </li></ul></ul></ul><ul><ul><ul><li>Taking part in professional organisations; </li></ul></ul></ul><ul><ul><ul><li>Contributing to research; </li></ul></ul></ul><ul><ul><ul><li>A commitment to transparency and progress. </li></ul></ul></ul>
    8. 8. CAAM Group implements the UN PRI <ul><li>1/ Disseminating sustainability research </li></ul><ul><ul><li>The sustainability research team, established in 2000, produces fundamental assessments of companies that incorporate economic, social and environmental factors </li></ul></ul><ul><ul><ul><li>Ratings for over 400 MSCI Europe firms. </li></ul></ul></ul><ul><ul><li>ESG criteria are progressively made available to all fund management teams within CAAM Group </li></ul></ul><ul><ul><ul><li>The data processing tool developed by the sustainability research team is being implemented. </li></ul></ul></ul><ul><ul><ul><li>ESG data are progressively being included in conventional databases and fund management tools. </li></ul></ul></ul><ul><ul><ul><li>Co-operation between sustainability and financial research teams is being strengthened, and the input of the + 30 financial analysts is leveraged to disseminate SRI-related questions. </li></ul></ul></ul>
    9. 9. CAAM Group implements the UN PRI <ul><li>2/ Proxy voting & dialogue with companies </li></ul><ul><ul><li>Since 2003, CAAM voting policy has included ESG criteria applying to both French and foreign AGMs. In 2006, CAAM voted: </li></ul></ul><ul><ul><ul><li>At 2,376 shareholder meetings (including 184 in France), opposing resolutions at 57% of AGMs. </li></ul></ul></ul><ul><ul><ul><li>On 17,625 board resolutions, opposing or abstaining on 15,2% of them, including director elections, remuneration, and changes to the capital structure. </li></ul></ul></ul><ul><ul><ul><li>On 605 shareholder resolutions, supporting 68% of them, including corporate governance questions (72%), social issues (22%) and environmental matters (6%). </li></ul></ul></ul><ul><ul><li>Active dialogue with companies: </li></ul></ul><ul><ul><ul><li>Alerts are sent to companies in the case of opposition votes at AGMs. Moreover CAAM Group supports for a number of collective shareholder initiatives, i.e. Carbon Disclosure Project (CDP), Extractive Industries’ Transparency Initiative (EITI), Institutional Investors’ Group on Climate Change (IIGCC). </li></ul></ul></ul>
    10. 10. CAAM Group implements the UN PRI <ul><li>3/ Taking part in professional organisations </li></ul><ul><ul><li>CAAM is a member of EuroSIF, the Forum de l’Investissement Responsable (FIR) and the Observatoire sur la Responsabilité Sociale des Entreprises (ORSE): </li></ul></ul><ul><ul><ul><li>Our sustainability analysts are members of working groups set up by these organisations and also by the French Asset Management Association (AFG), the French Institute of Directors (IFA) and the French Association of Finance Analysts (SFAF). </li></ul></ul></ul><ul><ul><ul><li>Our analysts helped formulate AFG’s corporate governance recommendations and the FIR/AFG transparency code for SRI retail funds. </li></ul></ul></ul><ul><ul><li>CAAM contributes to the organisation of the annual European Social Investment Forum conference and the FIR-MEDEF symposium on sustainability reporting and performance </li></ul></ul>
    11. 11. CAAM Group implements the UN PRI <ul><li>4/ Contributing to research </li></ul><ul><ul><ul><li>A committee in charge of examining ESG factors and their impact on the fund management business was launched in April 2007: </li></ul></ul></ul><ul><ul><ul><ul><li>Chaired by René Carron, president of Crédit Agricole S.A., (CASA) the committee is composed of scientific, cultural and political experts, business leaders and representatives from CAAM and CASA. The committee’s conclusions will be published and shared with CAAM’s clients, employees and French professional organisations. </li></ul></ul></ul></ul><ul><ul><ul><li>The Medici Committee, a forum for reflection and dialogue on sustainable development </li></ul></ul></ul><ul><ul><ul><li>CAAM participates in organising and financing the following: </li></ul></ul></ul><ul><ul><ul><ul><li>The first academic chair in sustainable finance and responsible investment, sponsored by the AFG and piloted by Ecole Polytechnique and Institut d’Economie Industrielle (Toulouse). </li></ul></ul></ul></ul><ul><ul><ul><ul><li>The French SIF European Research award for “Finance and Sustainability” for academic work in this field. </li></ul></ul></ul></ul><ul><ul><ul><li>Brokers' ESG research is already valued by CAAM’s broker rating system. </li></ul></ul></ul>
    12. 12. CAAM Group implements the UN PRI <ul><li>5/ Seeking to promote transparency and progress </li></ul><ul><ul><ul><li>CAAM & IDEAM apply the AFG and FIR transparency code to its SRI funds. </li></ul></ul></ul><ul><ul><ul><ul><li>A report explaining how we are compliant with this code for SRI employee savings plans is available on the CAAM website. </li></ul></ul></ul></ul><ul><ul><ul><li>CAAM created a dedicated responsible finance page on its website in December 2006. </li></ul></ul></ul><ul><ul><ul><li>CAAM launched the Caam itment intranet site in April 2007, dedicated to CAAM’s own sustainability actions. </li></ul></ul></ul><ul><ul><ul><li>CAAM* has commissioned Vigeo to assess its own CSR policies & practices. </li></ul></ul></ul><ul><ul><ul><li>* not including subsidiaries & overseas offices. </li></ul></ul></ul>

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