September 9th 2021
The 2020 AGM season will remain in the minds of all shareholders. In more than 15 years, the context has evolved, awareness is growing particularly on the impact of the activity of companies on our environment, on their social responsibility, on their role in the city, and in a world where some of them have become actors as powerful as some states.
Laws and decrees have required them to publish extra-financial reports. Long-term investors have put pressure on them, aware that only companies that integrate these criteria will create value. Here too, the law has required major fund managers to report on the way they integrate ESG criteria and the impacts of their management. Shareholder engagement is now finally recognized as the most successful form of SRI by Novethic (July 2020).
But for both companies and investors, the law is not enough. It is intentionality that is at the heart of the matter. We’ve been in tough discussions with Total Group executives for more than 10 years. In recent months, after a demanding meeting, they have decided to propose to the shareholders that the environmental and social responsibility of directors be included in the articles of association. The intentionality of Total’s management team is at work here, and it is committed.
The same is true for asset managers. Here again, it is the intentionality of the investor – and shareholder – that is central. This is what we did again this year when we publicly asked companies in a position to pay dividends to devote part of their income to the creation of support funds for their ecosystem, which has been so weakened by the unprecedented crisis we are experiencing.
In this 2020 edition of its voting and engagement report, Phitrust proves once again this year the importance of the dialogue that the management company maintains with the leadership of major companies.
> Main themes of engagement carried out this year by our SICAV, stages of dialogue and public initiatives with Renault (governance) Vivendi (governance and remuneration), Total (environment), PSA-FCA (merger between equals – governance and conditions of the merger) – Engie (organization of governance) and Vinci (shareholder democracy).
> Lessons to be learned and points of vigilance for the future.
We are exercising our responsibility as shareholders. Particularly today when, in this deep crisis, we must be collectively constructive for the future.
If you would like more information about our shareholder engagement activity, please do not hesitate to contact us.
Since its creation in 2003, Phitrust has been investing in large listed companies to help them evolve their E, S, and G practices (Phitrust Active Investors) – and in innovative social enterprises to give them the financial and human means to change scale and deploy their impact (Phitrust Partners). Two activities, one mission: to exercise our responsibility as a shareholder committed to impact.
Phitrust is a member of the community of mission-driven companies.