2017: Adoption of simple voting rights in the company by-laws
Specializing in corporate governance issues, Phitrust is the only independent French management company to assume its role as an active, responsible and long-term shareholder directly with the managers of large companies.
Our commitment
Individuals and legal entities want to make their voices heard by companies and push their convictions on the environment, society and ethics. By acting as citizens, consumers … and responsible investors.
Active and constructive shareholder engagement is the means to act concretely on corporate governance and influence their strategic decisions, their environmental and social practices.
Why act on the strategic governance of large companies?
We are convinced of the growing and central matter that corporate governance is. Balanced governance, respectful of the consideration of the interests of each of the stakeholders, guarantees the long-term success of a business and the confidence it inspires. Good governance offers more chances for success in environmental and social dialogue.
> Unique expertise in active and constructive shareholder engagement
> A proven track record
> An ability to mobilize the investment community thanks to our independence
> A strategy of long-term investors, far from short-term activism
> Expertise of whistleblower and relay to public debate
| Products | NAV | 2023 | Monthly factsheet | KIID |
|---|---|---|---|---|
| Phitrust Active Investors France (C) | NAV319.05 | 2023+11,79% | Monthly factsheet | KIID |
| Phitrust Active Investors France (A) | NAV158.95 | 2023+12,87% | Monthly factsheet | KIID |
| Phitrust Active Investors France (D) | NAV213.14 | 2023+13,01% | Monthly factsheet | KIID |
| Phitrust Active Investors Europe (C) | NAV92.90 | 2023+2,43% | Monthly factsheet | KIID |
| Patrimoine Active Investors | NAV106.01 | 2023+0,66% | Monthly factsheet | KIID |
Our investment strategy
Phitrust Active Investors is a pioneer in shareholder engagement in France, promoting the best practices of listed companies in terms of governance, respect for the environment and social cohesion, and thus reconciling financial performance with positive impact of companies on society.
Phitrust manages a range of mutual funds and open-end investment companies which are invested in European equity markets on behalf of institutional and private investors. Phitrust has implemented management, quantitative and qualitative methodologies, based on commitment and impact that favour companies which have good Environmental, Social and Governance (ESG) practices and are willing to improve them by accepting dialogue with shareholders. Phitrust dialogues with companies listed on the CAC 40 and Eurostoxx indices, actively participates in their Annual General Meetings and exercises its voting rights.
3500+
private initiatives presented to executives and boards of directors
46
public initiatives (oral and written questions in annual general meetings)
45
external resolutions filed since 2004
> 50%
Phitrust resolution acceptance rate
16
years of constructive dialogue with the heads of European listed companies
Engagement methodology
INVESTING IN COHERENCE WITH ITS VALUES
Phitrust engages actively with companies in its portfolios with the aim to making progress in controversial areas and improving their governance, environmental and societal practices.
This commitment is reflected in the dialogue with the executive management of the emerging companies and active participation in shareholders meetings that may include registering resolutions on controversial issues.
Principles of engagement
RESPONSIBLE AND COMMITTED SHAREHOLDERS
We have adopted the principles published by major international investors and the associations of which we are members, including the International Corporate Governance Network (ICGN) and the French Asset Management Association (AFG).
We focus our shareholder engagement policy around the three ESG themes: Environment, Social and Governance.
Our voting policy
Our voting policy is implemented in line with our principles. We participate or are represented at all the Annual General Meetings of the companies in which we invest.
Public offering imposes on companies a duty of transparent communication and fair treatment of their shareholders for the medium and long term, and to submit accounts at the annual general shareholders meeting. Shareholders can then collectively support or reject the resolutions presented.
After having defined with each of our investors a voting policy corresponding to its principles, Phitrust makes a recommendation to those who wish to participate in resolutions or amendments that have been previously discussed with each company.
These initiatives may include changes to be made by the board of directors (incentive initiatives) or a change in statutes (change initiatives).
The 45 resolutions filed by Phitrust
2005: Deletion of the statutory clause limiting voting rights
2006: Deletion of the statutory clause limiting voting rights
2007: Deletion of the statutory clause limiting voting rights
2008: Deletion of the statutory clause limiting voting rights & Suspension of the benefit for the Chairman and the CEO of any new shareholder incentive plan
2009: Suppression of the compensation of non-executive chairman
2013: Modification of the governance structure into Supervisory and Management Board
2007: Deletion of the statutory clause limiting voting rights
2018: Modification of the age limit in the statutes from 95 to 75 for the CEO in order to obtain the separation of the posts of Chairman of the Board and of CEO.
2019: Appointment of Wendy Evrard Lane and Jesper Brandgaard as independent Directors
2005: Deletion of the statutory clause limiting voting rights
2006: Deletion of the statutory clause limiting voting rights
2007: Deletion of the statutory clause limiting voting rights
2015: Maintaining simple voting rights
2011: Publication in Renault’s management report of information about the compensation of corporate officers for any consolidated company (Nissan)
2013: Modification of the governance structure into Supervisory and Management Board
2014: Modification of the governance structure into Supervisory and Management Board
2019: Early termination of the mandate of Mr. Patrick Thomas as member of the Board of Directors of the company
2008: Deletion of double voting rights
2009: Supression of the compensation of non-executive chairman
2005, 2006, 2007: Deletion of the statutory clause limiting voting rights
2008, 2010, 2011: Separation of duties between Chairman and CEO
2012, 2013, 2014: Modification of the governance structure into Supervisory and Management Board
2004: Deletion of the statutory clause limiting voting rights
2005: Deletion of the statutory clause limiting voting rights
2006: Deletion of the statutory clause limiting voting rights
2007: Deletion of the statutory clause limiting voting rights
2005: Deletion of the statutory clause limiting voting rights
2006: Deletion of the statutory clause limiting voting rights
2007: Deletion of the statutory clause limiting voting rights
2009: Compensation of non-executive chairmans
2011 : Amending the by-laws to obtain information in the Management Report about oil sands mining
2016 : Publication of an annual report on the energy transition strategy
2007: Deletion of the statutory clause limiting voting rights
2015: Maintaining simple voting rights
2019: Resolution requesting the early termination of the mandate of Yannick Bolloré as a member of the Supervisory Board. Reverse governance: he is CEO of the operational subsidiary Havas and Chairman of the Supervisory Board
The ICGN is a non-profit organization aiming to improve the standards of corporate governance globally. The network promotes best practices, encourages leadership development, and educates its members on emerging topics in corporate governance.
Phitrust has been a member of the International Corporate Governance Network (ICGN) since 2004.
French Asset Management Association represents and promotes the interests of the French asset management industry, both for collective and for discretionary portfolio management. The association represents the business, financial and corporate interests of members, the entities that they manage (collective investment schemes) and their customers. French Asset Management Association leads debate and discussion within the industry.
Phitrust is a member of the AFG Governance Commission.
Ethos, Swiss Foundation for Sustainable Development, was created in February 1997 by two Geneva-based pension funds and is currently composed of 139 institutional investors. Its purpose is to promote the consideration of sustainable development principles and corporate governance best practice in investment activities.
Ethos supports Phitrust in its shareholder engagement initiatives in Europe and participates in the Technical Committee of the FCP Phitrust Active Investors Europe.
Proxinvest is an independent financial and governance research company specializing in proxy voting advisory services. It provides its services exclusively to investors, large and small, using only methods that uphold the interest of all shareholders. Proxinvest and Phitrust joined forces in 2003 to create Proxy Active Investors, a shareholder engagement open-end investment company. Pierre-Henri Leroy, Chairman of Proxinvest, chairs the Technical Committee of the SICAV and advises Phitrust in its voting policy.
The ECGS network offers coverage of the 500 largest European stocks based on a common framework of governance principles and voting policy. All exclusively working for investors, ECGS partners are the most well-known advisory firms in their home markets. Phitrust has entered into strategic partnership agreements wit to identify the most important governance issues.
Socially responsible investment consulting
For Phitrust, any investment strategy has to be defined according to the financial objectives you have set for yourself, as well as the ESG impact objectives that you have defined elsewhere.
We can help you to:
■ define the extra-financial principles and criteria that you would like to include in your investment strategy;
■ identify the impact on your investment policy if these criteria were already incorporated into your existing strategy;
■ measure associated risks to your investment strategy if these principles were not respected;
■ define the constraints to include in your specifications for the implementation of your investment strategy;
■ measure the results of the implementation of these principles and their impact, positive or negative;
■ choose fund managers with strategic plans that meet your objectives.
News
![[Press Release] With 2 new investments and 9 reinvestments in 2022, Phitrust confirms its positioning as an investor in social impact](https://www.phitrust.com/wp-content/uploads/2019/09/Phitrust-Investir-pour-agir300-1-300x175.png)
[Press Release] With 2 new investments and 9 reinvestments in 2022, Phitrust confirms its positioning as an investor in social impact
Discover our investments and reinvestments of 2022!
[Press Release] Phitrust Active Investors France publishes its 2022 Voting and Engagement Report.
Phitrust publishes its 2022 voting and engagement report.
[Press Release] Stellantis, Carlos Tavares : an excessive remuneration?
The Stellantis General Meeting to be held by videoconference in the Netherlands on 13 April 2022 prompts our opposition on several points and confirms the concerns and doubts we expressed when the PSA/FCA merger was announced in 2019.