LBP ALBP AM and Tocqueville Finance share their latest Responsible Investment Report 

Established in accordance with the Energy Climate Law, this 2023 SRI report details our approach as a responsible investor in service of our ambition: “to enhance financial, natural, and human capital and support clients’ sustainable transitions.”  

After a 2022 financial year in which we established the transversal climate and biodiversity environmental ambition of our asset management companies, LBP AM and Tocqueville Finance, 2023 was devoted to rolling it out and to formulating our common policy on social issues. 

Strong Commitments to Climate & Biodiversity 

In climate, we continued the technical work on our tools and data, with the goal of moving towards our ambitious target of aligning 80% of our total assets under management (AuM) with a decarbonation target that is compatible with the objectives of the Paris Agreement as early as 2030. We continued to engage with companies in which we are shareholders to encourage them to develop robust transition plans, and we undertook advocacy to have these plans properly integrated into regulatory corporate disclosure requirements, as well as in standards defining what now constitutes “responsible finance”. 

In biodiversity we deployed our new exclusion and engagement policies and set up new clear and ambitious shareholder expectations for the management of underlying challenges such as water, the circular economy, deforestation and pesticides, as well as a pesticide exclusion policy. We also developed a new indicator for evaluating the quality of companies’ management of their impacts on biodiversity. 
 

Innovative Commitments in Human Rights  

"On an equal footing with climate and biodiversity, protection of human rights is of fundamental and universal importance. As an asset manager, we have taken an innovative, holistic approach in this area, given the retroaction links that exist between environmental and human issues. One example of this is the impact of forever chemicals on the right to good health" declare Emmanuelle Mourey, Chair of the Management Board LBP AM  and Vincent Cornet, Managing Director of Tocqueville Finance. 

In 2023 we expressed our commitment to respecting human rights in laying out our first Human Rights Policy, based on key international standards. It transparently explains how we deploy them throughout our investment strategies through research, selection, engagement and exclusion tools. For this purpose, we conducted numerous enhanced due diligence initiatives and engagements on human rights issues in our portfolios. 
 

Excellence and Ambition Rewarded 

2023 was also a year for strengthening the regulatory framework and market standards on a European and national scale. We believe that an ambitious, clear and consistent foundation is necessary in this area and have accordingly responded to numerous consultations on developments with respect to the French sustainable finance labels, as well as European sustainable finance regulations. To back all of these efforts, LBP AM also strived to evaluate how our integration of environmental, social and governance issues has influenced our funds’ financial performance. Our initiatives, tools and funds have won several prizes, including the Sustainable Finance Prize at the Grands Prix de l’Agefi 2023 and the Digital Innovation Prize awarded by Funds – Option Finance. 

Lastly, we opened a new chapter of growth in 2023, in closing the acquisition of La Financière de l’Echiquier. Out of the deal emerged a European leader in multi-specialist conviction-based management. 
In 2024, we are hard at work on capitalising on our teams’ complementary know-how in sustainability, in order to develop innovative and high-quality services for our clients.