Phitrust engages actively with companies in its portfolio with the aim to making progress in controversial areas and improving their governance, environmental and societal practices.
This engagemet is reflected in the dialogue with the directors of the listed companies and active participation in annual general meetings that may include the registration of resolutions on controversial issues. Phitrust believes in dialogue that allows for constructive collaboration with the directors of listed companies. The initiative process takes place every year in three stages, the first two stages not being known to the general public..
The selection of initiatives
■ Definition and revision of the principles adopted by the UCITS
■ Analysis of environmental, social and quality of governance strategies of portfolio companies
■ Proposal of one or more initiatives per company by the Fund Technical Committee
Presentation of initiatives to the companies
■ Sending a letter to the presidents of the portfolio companies
■ Meeting with the directors about the different initiatives proposed
■ Analysis of responses from directors on these proposals
Participation in the annual general meeting
■ Decision of the investors represented on the Board of the open-end investment company of the public shares to be implemented within the companies
■ Mobilisation of the investor community and publicity campaign about the project
■ Shaping the initiative in accordance with the legal provisions
■ Attending annual general meeting: presentation and voting on the resolution, written questions, oral questions
Phitrust has put at Carrefour’s AGM agenda several written questions concerning Governance issues.
In addition to Phitrust’s campaign on the « Science Based Targets » initiative, in which Carrefour and Renault are both committed, the Mutual fund (SICAV) Phitrust Active Investors France has submitted several written questions to the board of directors concerning the governance of both companies.
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.