Shareholder Impact

Our engagement

mains

PHITRUST, AN ENGAGED INVESTOR…

 

Shareholder engagement for investors means to dialogue and engage with companies as to improve their understanding of their governance, as well as environmental and social issues. This engagement is reflected in a long-term investment, a direct and constructive dialogue with the directors and the exercise of voting rights in annual general meetings.

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… NOT AN ACTIVIST

 

Shareholder activism refers to the practices of investors seeking to generate a financial profit in the short term by influencing the governance and modifying the strategy of a company, by taking a significant stake in its capital. Their dialogue with the directors is rather one-sided.

Our funds

Products Morningstar NAV 2018 Monthly factsheet KIID
Phitrust Active Investors France (C) Morningstar
NAV241.99 2018+3,71% Monthly factsheet KIID
Phitrust Active Investors France (A) Morningstar
NAV122.75 2018+3,46% Monthly factsheet KIID
Phitrust Active Investors France (D) Morningstar
NAV172.80 2018+1,52% Monthly factsheet KIID
Phitrust Active Investors Europe (C) Morningstar
NAV88.33 2018+2,85% Monthly factsheet KIID
Patrimoine Active Investors Morningstar
NAV114.12 2018+0,10% 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.

Engagement themes

Fairness between shareholders:
respect of the “one share – one vote” principle


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No measures
protecting the firm’s capital


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Separation of management functions


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Executive compensations


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Business ethics


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The 39 resolutions filed by Phitrust

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).

Our network

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

Phitrust encourages CAC 40 Companies to join the “Science Based Targets” initiative

Phitrust encourages CAC 40 Companies to join the “Science Based Targets” initiative

Phitrust, along with the investors of the Phitrust Active Investors France fund, has sent written questions to the executive boards of 34 companies listed on the CAC40 index in preparation of their 2018 Annual General Meetings, encouraging their participation in the Science Based Targets initiative.

2018: what is the mission for companies?

2018: what is the mission for companies?

The government has launched a mission on “business and general interest”. Jean-Dominique Senard and Nicole Notat have two months to submit their report containing proposals to redefine the role and missions of companies

2017, a milestone for shareholder engagement in France

2017, a milestone for shareholder engagement in France

Proxinvest published its 21st Report on General Meetings and Shareholder Activism. Since its founding in 1995, Proxinvest has never witnessed such a contentious proxy season in France.

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