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File 1:Amundi Engagement Report 2017.Pdf Engagement Report 2017 Panorama of our 2017 engagement Engagement Ongoing Engagement for influence engagement through voting 25 companies 193 companies 233 concerned met pre-meeting dialogue Panorama of our 2017 engagement Engagement Ongoing Engagement for influence engagement through voting 25 companies 193 companies 233 concerned met pre-meeting dialogue Engagement for influence Engagement for influence revolves around themes common to several sectors, aiming to understand existing practices, promote the best, recommend improvements, and measure progress. 83 7 companies met, topics since 2013 addressed Access to food and fight against food waste 20% Lobbying 19% Coal 17% Living wage 17% Human rights 11% Child labour 9% Conflict minerals 6% Our 2017 thematics aligned with Sustainable Development Goals (SDGs) THE LIVING WAGE CHILD LABOUR in the textile, food and in the tobacco semiconductor sectors and cocoa production sectors ACCESS TO FOOD AND FIGHT AGAINST FOOD WASTE in the food and food retail sectors Engagement for influence Engagement for influence revolves around themes common to several sectors, aiming to understand existing practices, promote the best, recommend improvements, and measure progress. 83 7 companies met, topics since 2013 addressed Access to food and fight against food waste 20% Lobbying 19% Coal 17% Living wage 17% Human rights 11% Child labour 9% Conflict minerals 6% Our 2017 thematics aligned with Sustainable Development Goals (SDGs) THE LIVING WAGE CHILD LABOUR in the textile, food and in the tobacco semiconductor sectors and cocoa production sectors ACCESS TO FOOD AND FIGHT AGAINST FOOD WASTE in the food and food retail sectors Ongoing engagement Ongoing engagement has a dual purpose: • improve our analysis of the risks and opportunities that businesses face • support companies in the continuous improvement of their sustainable development policy through interviews with management teams. 193 777 interviews topics covered France ................................................................................... 36% Euro ........................................................................................ 28% Europe ex Euro .................................................................... 13% Others ..................................................................................... 11% North America ..................................................................... 8% Japan ....................................................................................... 4% Subjects addressed by criterion in 2017 Energy consumption & Greenhouse gas ENVIRONMENT 33% 13% emissions 12% Environmental strategy 5% Biodiversity, pollution & waste 3% Water SOCIAL 40% 13% Customer-supplier relationship 10% Labour relations & Human resources 10% Product responsability 7% Local communities GOVERNANCE 27% 10% ESG strategy 7% Ethics 5% Board structure & control 3% Remuneration 2% Shareholders right Engagement through voting The 2017 voting season was again marked by the issue of remuneration, as well as by the development of direct dialogue with Boards of Directors and by shareholders’ engagement on climate issues. Engagement with more Votes in more than 2,500 than annual general meetings worldwide 300 companies 2,540 GENERAL MEETINGS AT WHICH WE VOTED 32,443 RESOLUTIONS Europe 46% North America 26% Asia 18% Africa + Oceania 4% South America 6% 233 PRE-GENERAL MEETINGS ENGAGEMENTS Pre-GM alerts .............................................................................................. 37% Issuer initiatives ......................................................................................... 63% 15% VOTES AGAINST RESOLUTIONS Structure of the Board .......................................................................... 38% Remuneration .......................................................................................... 27% Capital transaction .................................................................................. 19% Other ............................................................................................................. 10% Shareholder resolutions .......................................................................... 6% Engagement through voting The 2017 voting season was again marked by the issue of remuneration, as well as by the development of direct dialogue with Boards of Directors and by shareholders’ engagement on climate issues. Engagement with more Votes in more than 2,500 than annual general meetings worldwide 300 companies 2,540 GENERAL MEETINGS AT WHICH WE VOTED 32,443 RESOLUTIONS Europe 46% North America 26% Asia 18% Africa + Oceania 4% South America 6% 233 PRE-GENERAL MEETINGS ENGAGEMENTS Pre-GM alerts .............................................................................................. 37% Issuer initiatives ......................................................................................... 63% 15% VOTES AGAINST RESOLUTIONS Structure of the Board .......................................................................... 38% Remuneration .......................................................................................... 27% Capital transaction .................................................................................. 19% Other ............................................................................................................. 10% Shareholder resolutions .......................................................................... 6% Responsible investment is clearly continuing to gain traction. These last months have been marked by new highlights that mobilised investors, asset managers and international institutions. The success of the One Planet Summit in December 2017, two years after the signature of the Paris Climate Agreement, reaffirmed the mobilisation of players in both public and private finance to accelerate the fight against climate change. The European Commission Action Plan on financing sustainable growth, announced in March 2018, testifies to Europe’s will to reorient financial markets towards a more responsible economy. For there to be sustainable investments, there must obviously be responsible investors, but also issuers engaged in an approach of continuous improvement, aware of the value placed on environmental, social and governance (ESG) criteria. We thus intend to mainstream the consideration of these issues in all of our investment strategies. A broader integration of ESG in investment processes should encourage companies to improve their behaviour and thus their extra- financial ratings. Alongside credit and financial ratings, an issuer’s ESG rating has become a key element in investment decisions. That said, the rating process cannot be reduced to an analysis of metrics. Engagement, combined with a “best-in-class” approach, is often a highly effective catalyst for change and progress. While divestment can sometimes be a necessary solution, it should be used with caution. This 5th edition of the engagement report marks the continuity of Amundi’s active work as part of its responsible investment policy. It reports on the results of our actions to influence issuers. Since 2013, three quarters of the companies met have agreed to be quoted in the report, bearing witness to the trust-based relationship that we have formed with them and to their recognition of the importance of ESG issues for their corporate plan. We also present the results of our voting policy and shareholder dialogue, covering more than 2,500 issuers around the world. Lastly, in this report, we look back on the many collective initiatives with which we are associated. In 2017, Amundi joined the Climate Action 100+ initiative, which aims to enhance financial disclosure and governance in terms of climate, and to limit the emissions of the world’s biggest polluters. We also continued our engagement with the Green Bond Principles, of which we joined the Executive Committee in 2017. In 2017, we also conducted an engagement action with the CDP to encourage companies to respond to the CDP programmes on environmental risk management. As the leading European asset manager, with more than €1,400 billion in assets under management, Amundi intends to continue acting as a driving force to change issuer practices, in response to growing demand from investors and more generally the civil society. Pascal Blanqué Chief Investment Officer Table of contents 05 ENGAGEMENT: REMINDER OF OUR PHILOSOPHY AND OUR PROCESS 06 Our Philosophy 07 Our engagement process 07 Engagement for influence 07 Ongoing Engagement 07 Voting at general shareholders' meetings and pre-meeting dialogue 09 ENGAGEMENT FOR INFLUENCE 11 Engagement for influence 12 The living wage in the textile, food and semiconductor sectors 12 Fighting worker poverty despite the lack of a legal framework 13 The living wage in international conventions 13 The poverty trap: one of the risks of maintaining a low salary level 14 No methodological consensus: an obstacle to the living wage becoming widespread 15 Barriers to the introduction of the living wage 16 Analysis criteria 17 Examples of good practices 19 Trend and areas for improvement 20 Detailed fact sheets 35 Summary ratings table 36 Child labour in the tobacco and cocoa production sectors 36 A vicious cycle that is complicated to break 37 Sectors reviewed 37 Legislation and international initiatives 38 Main analysis criteria 39 Main recommendations made in 2016 and their level of maturity 40 Good practices identified in 2016 41 Summary table
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