Christian Carrega : « In the case of the Préfon-Retraite insurance contract, investment decisions comply with an SRI filter »

1. What is the status of SRI in your investment policy?

Since 2011 and the adoption of the Socially Responsible Investment charter, our board of directors has been mobilized to deliver this message to the insurers of the Préfon-Retraite pension plan.

2. What percentage of your assets is invested in SRI?

At the risk of appearing provocative, I do not know how to answer this question because it would mean that some of our assets do not respect an SRI logic. The measurement of such a percentage makes sense through investments in funds that may or may not be tagged SRI. In the case of the Préfon-Retraite insurance contract, investment decisions comply with an SRI filter and insurers that invest directly in securities pay attention to the rating of issuers.

3. How your allocation has changed in recent years in this field?

The last VIGEO EIRIS audit shows a significant improvement in the portfolio’s rating, especially regarding equities with a performance qualified as robust. The increase is approximately 7 points since the first rating in 2011 (53.7 against 47.1).

4. Beyond the rating of your portfolio by Vigéo, do you use other indicators to track your commitment ?

Since 2012 we have published 13 ESG indicators for equities, corporate bonds and sovereign bonds held in our portfolio. These indicators are available on our website at the following address: http://www.prefon.fr/public/Notre-m...

5. Have you any other responsible approaches planned in the future ?

In 2015 we finalized our priorities in terms of engagement and dialogue with issuers. We will make a definitive assessment of those initiaves at the end of the year. In 2017, the board of directors adopted the principles of voting during general meetings held on behalf of the Préfon-Retraite members as a recommendation.

6. As a member of the FIR (Forum for Responsible Investment), do you see a growing enthusiasm among institutional investors for SRI?

The FIR is a multiparty organization, it is important for Préfon to be part of it. One of our directors, who is also a member of Ircantec and ERAFP, is very involved in this matter (Mr Philippe Sebag) and was elected to the board of directors. I could say that the Public Pension Funds (including Préfon), through their directors, are driving these issues. The general public is also very sensitive. I quote the success of the special information evening that we organized in 2016 as an example.