BPCE_REGISTRATION_DOCUMENT_2017

SOCIAL, ENVIRONMENTAL AND SOCIETAL INFORMATION A range of services to meet the challenges facing our customers

Mirova: a subsidiary specializing in responsible investment Mirova is the asset management affiliate of NAM specializing in responsible investment. Through its conviction-based strategies, Mirova’sgoal is to combinelong-termvalue creationwith sustainable development. Mirova manages € 9 billion, divided up among four investmentareas: listed equities, fixed income, infrastructure financing and solidarity-based investment. Prevention of climate change is a major issue, one that is largely reflected in Mirova’s strategies.The company provides individual and professional clients alike with investment strategies capable of mobilizing funds in favor of projects offering solutions to these problems. This ambition is implemented through its various offers: development of topical equity strategies on the environment, introduction of environmental themes in multi-themed strategies, investmentin renewableenergy infrastructureprojectsin Europe, and support for the development of green bonds. Mirova has also developed carbon footprint measurement tools, employed in particular to monitor the carbon impact of its strategies.In addition, it systematically incorporates climate-related issues in its engagement approach and supports transparency initiatives such as certifications. Mirova innovated in 2017 by expanding into a new high-impact asset class: in September 2017 it finalized the acquisition of a 51% stake in Althelia Ecosphère, an asset management company specializing in impact investing, thus underscoringits ambition to become the European leader in natural capital investment. Social and governance criteria are also central to Mirova’s investor approach. The company offers equity strategies driving employment, supports the social bond market and includes social and governance criteria in the investment filters applied to all asset classes. In the infrastructure segment,Mirovafinalizedthe fund-raisingphase of the BTP Impact Local fund. This investment fund is dedicated to small-scale regulated infrastructure projects in France and implementsa strategy of long-termsupport for SMEs, ISEs and local authorities. The fund has received the support of leading private-sector investors, including the Banque Populaire banks and the Caisses d’Epargne, longstanding supporters of regional development. Finally, Mirova is committed to promoting sustainable finance by participatingin various financial center bodies, including Finance for Tomorrow, the European Commission’s High Level Expert Group on Sustainable Finance, and UNEP-FI’s Positive Impact Finance initiative.

under management analyzed using environmental, social and governance (ESG) criteria. Potential SRI investments include 4,200 securitiesfrom around the world. The CommittedSRI filter selects the highest-rated 50% of companies, while the Responsible SRI filter excludes the lowest-rated 30%. Ecofi Investissementsapplies the following two-step SRI investment process: an assessmentof an issuer’sESG performance,based on assessment ● criteria used in particular by Vigeo (e.g. greenhouse gas emissions policy, frequency and severity rates of workplace accidents, percentage of women in managing bodies), which overweights quantitative results indicators and “Touche ECOFI” indicators, in line with Crédit Coopératif Group values (balance of powers, responsible relations with customers and suppliers, fiscal responsibility and diversity/equal opportunity); an assessment of ESG controversies involving the issuer. This ● secondfilter excludesor reducesinvestmentsin companiesinvolved in significant incidents (pollution, corruption, money laundering, violation of human rights, etc.). This SRI process is rounded out by a strict voting and dialog policy. Ecofi Investissementshad voted on a total of 5,202 resolutionsby the end of 2017, 42% of which it voted against, at 340 different Annual GeneralShareholders’Meetings. Ecofi’s solidarity-based investment funds offer a broad range of solidarity-based products, open-ended “90/10” funds, dedicated company investment funds and multi-company investment funds, funds with thematic strategies applied to the solidarity-based allocation, etc.. With assets under management totaling € 340.3 million, Ecofi Investissements is now the eighth largest solidarity-basedasset manageron the Frenchmarket, and among the leaders by number of solidarity-based companies financed. At December 31, 2017 it had financed 70 solidarity-basedcompanies, for a total of € 34.48 million. Four CAC 40-listed companies use Ecofi Investissements for their solidarity-basedand SRI employee savings plans: Schneider Electric, Orange,AXA and Renault. Banque Palatine’s SRI approach By incorporatingESG criteria in the analysis and investment choices of three SRI-certified thematic funds (Palatine Or Bleu, Palatine Actions Défensives Euro, Palatine Entreprises Familiales ISR), Banque Palatine is better able to identify the risks and opportunities associatedwith a given company,but also to combat global warming (management of climate-related risks and funding of the green economy). In 2017, all three funds received the new government-recognizedSRI certification, replacing the certification created by Novethic, received since 2009.

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Ecofi: assets for the future

Ecofi Investissementsis a Crédit Coopératifsubsidiarythat applies an SRI filter to 70.1% of its investments,with over € 5.7 billion in assets

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Registration document 2017