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0 3,000 6,000 ● Number of Meetings. |
Meetings Voted in line with Management. |
Meetings with at least one Against/Abstentions ● |
● |
1 Jan - 30 Sep 2018 1 Jan - 30 Sep 2017 5,251 2,976 2,275 5,055 2,995 2,060 3% ESG Opportunities & Risks 15% |
Capital Issues 2% |
Transactions 1% 36% Board Issues 1% Diversity. |
Business Reorganisation / M&A |
2% |
4% |
Acccounts & Auditors. |
Other 7% 4% |
Articles of Association 25% |
Remuneration. |
Related Party Transactions. |
Climate Related Resolution. |
Vote against Management Topics Voting Trend 43% |
Number of meetings voted where AXA did not fully support management proposals |
35 AXA GROUP 2019 Climate Report June 2019 3. Risk Management. |
Climate Change, a Critical Issue for Engagement Addressed through Discussions, Voting and Resolutions. |
In addition to multiple ESG and Climaterelated meetings with the management of portfolio companies, the importance AXA IM places on climate change is reflected in the votes in General Meetings in favour of climate-related resolutions – when these exist, which is still infrequent (AXA IM observed only 36 shareholder pro... |
Social Issues – An Underlying Factor Influencing the Whole ESG Performance of a Company. |
Social issues are also an engagement priority for AXA IM. Highlights of 2018 voting activities include closing gender pay-gaps, promoting diversity, and highlighting human rights issues. For instance, AXA IM voted in favour of a shareholder resolution to close gender pay-gap at the AGM of a major actor in the social me... |
Sustainability-Related Memberships and Partnerships. |
AXA actively supports various initiatives related to climate change, ESG and sustainability more generally. These include the following: |
United Nations Global Compact – Launched in July 2000 by UN Secretary General, the Global Compact seeks to encourage businesses, UN agencies, the labor market and NGOs to work together to integrate 10 universal principles on human rights, labor, the environment and the fight against corruption. |
UN PRI – AXA Group and both of its investment management subsidiaries, AXA IM and AB Global, are members of the United Nations Principles for Responsible Investment (UN PRI), joining in 2007 and 2011 respectively. The UN PRI, launched in 2006, is a major collective initiative that seeks to promote responsible investmen... |
UN PSI – The UN Principles for Sustainable Insurance is a major international coalition of the insurance industry. The PSI was launched during the “Rio+20” UN conference in 2012. AXA is one of 27 founding signatories. Signatories of these principles commit to integrating environmental, social and governance criteria in... |
Climate Finance Leadership Initiative: the CFLI, which was launched in September 2018 by the UN Secretary General, and is presided by Michael Bloomberg, seeks to develop standardized and securitized investments at scale to tackle climate change. |
I. |
A global sustainability framework and initiative of the United Nations Environment Programme Finance Initiative. |
PSI Principles for Sustainable Insurance. |
Shareholder proposals on climate-related matters oberved by AXA 36. |
Only |
36 AXA GROUP 2019 Climate Report June 2019 3. Risk Management. |
Alliance of CEO Climate Leaders: a group of 50 CEOs set up by the World Economic Forum (Davos) to actively engage in global efforts to create market opportunities for tackling climate change. Its goals are to promote strong climate action including a commitment to reduce carbon emissions, support the TCFD, support lowc... |
IDF: AXA’s Chairman presides over the Insurance Development Forum since 2018. The IDF is a public- private partnership that brings together insurers, reinsurers and brokers, together with the World Bank and the United Nations Development Program. By optimizing and extending the use of insurance and Risk Management capa... |
TCFD: AXA co-presided (2015-2017) the global industry-led Task Force on Climate Related Financial Disclosures (TCFD), set up by the Financial Stability Board (FSB) as well as Michael Bloomberg. The TCFD provides guidance on how to disclose climate change risk and opportunities. |
EU High-Level Expert Group on Sustainable Finance: a senior AXA executive presided (2016-2018) the EU High Level Expert Group on Sustainable Finance, developing recommendations on sustainable finance which formed the basis for the European Commission’s “Action Plan on Financing Sustainable Growth”. |
NGO partnerships: ❯ C40: in October 2018 AXA partnered with C40 to produce a public report on how cities’ understanding of infrastructure interdependencies informs their climate adaptation planning. The aim of the report is to help cities better manage climate risk; ❯ UN Habitat: our 2016-2019 partnership with the UN a... |
AXA has also joined or supported many Investor and Insurance-led coalitions over the years in the fields of ESG, RI and CR: IIGCC, Montreal Carbon Pledge, Science Based Targets, RE100, Caring for Climate Carbon Pricing Leadership Coalition, CDP, ORSE, EpE, BSR, Finance for Tomorrow, “Kyoto statement” of the Geneva Asso... |
Institutional Investors Group on Climate Change |
37 AXA GROUP 2019 Climate Report June 2019 3. Risk Management. |
ESG and Climate-Related Products. |
AXA Investment Managers Products. |
AXA IM offers various ESG related products to its retail clients as well as sustainable thematic funds which targets more explicitly societal outcomes granting them access to a broad spectrum of asset classes and thematic funds. |
These ESG related products include 13 Core Responsible Investment Funds such as AXA Trésor court terme, Label Euro Obligations, Label Europe Actions, and AXA Eurozone RI which are all classified under the French SRI label. |
AXA IM’s thematic funds cover a range of sustainable themes from human capital management to gender inclusion. The funds offered include: AXA World Fund Global Green Bonds; AXA World Fund Global Factors which is a systematic global equity fund, tilting portfolio construction towards high quality ESG scores and optimizi... |
AXA WF Global Green Bonds Fund. |
The AXA Warming Potential Global Green Bonds fund was launched in November 2015 to provide its investors with access to the green bond market. |
The AXA Warming Potential Planet Global Green Bonds fund contributes to financing the energy transition underway and combines both financial and environmental criteria. |
Within the Global Bonds universe, the fund is invested mainly in green bonds, which can offer the same returns as a comparable conventional bond plus the added benefit of enabling projects with environmental benefits in a transparent manner. |
A X A I M ’s a p p roa c h i n teg rate s environmental analysis into the traditional assessment approach of the bond manager by analyzing the following in a complimentary manner, from its ESG track record and quality, to its demonstrable environmental benefits of projects financed and to its use of bond proceeds, the ... |
AXA France. |
Savings Products. |
AXA France offers 100% SRI collective savings and pension products to companies for their employees. |
The majority of AXA France group savings products are based on AXA IM SRI Funds. AXA France likewise offers SRI funds to its retail customers, such as AXA WF Framlington Human Capital, AXA Euro Responsible Values, Agipi Sustainable, etc. as well as ESG-managed funds (which may be AXA IM funds or thirdparty funds) like ... |
In 2018, AXA France launched the Perspectiv’Allegro offer. This product enables clients to invest in companies that are at the heart of social and environmental challenges, such as climate change, longevity, well-being, or changes in lifestyles. |
All the underlying funds are evaluated on their financial performance and ESG practices and include labelled platforms (based on official French savings labels). |
ESG labelled products sold by AXA France 3.3 million. |
Perspectiv’Allegro accounts for 55% of these funds in Unit-Linked accounts, invested in equities and debt (including green bonds). The remaining 45% is invested in euros funds which integrate AXA’s responsible investment screening which eliminates coal, oil sands, tobacco and unsustainable palm oil sectors. Finally, a ... |
“Assurance Citoyenne”, a Genuine “ESG Integration” Approach to Retail Savings Products. |
AXA France created in 2015 the “Assurance Citoyenne” label that ensures all insurance contracts benefit clients as well as positively impact society. This label is based on an assessment toolkit built in collaboration with a panel of external stakeholders and audited by an independent third party. This label’s four key... |
38 AXA GROUP 2019 Climate Report June 2019 3. Risk Management. |
Unit-Linked Products. |
AXA integrates ESG into mainstream Unit-Linked offers and develops thematic products with high ESG/Climate impact. AXA has launched a global initiative to embed ESG criteria into Unitlinked offers in Europe and Asia. Starting in 2019, AXA entities in these regions will implement both an internal ESG target for the info... |
Parametric Insurance Offers: “AXA Climate” |
AXA Global Parametrics, renamed “AXA Climate” in May 2019, offers parametric insurance products which help uninsured communities facing the consequences of adverse weather events. Indeed, AXA’s parametric team leverages the latest advancements in data science and technology to support populations in emerging markets th... |
Other Retail and P&C Commercial Lines Products. |
In the Commercial Lines business, AXA XL underwriters have significant expertise and capacity for insuring clients in the energy industry, with a strong focus on renewable energy, and an explicit exclusion of coal and oil sands-related business (above). Some local AXA entities also develop motor and car fleet insurance... |
ESG and Climate-Related Communications. |
Group Investments & AXA IM. |
A New E-Learning Tool. |
AXA and AXA IM developed a 1-hour in-house e-learning training module to provide all members of the investment teams worldwide with both AXA’s vision of responsible investment and concrete information about RI governance, policies, external commitments and, an exercise in building a portfolio with a high ESG performanc... |
AXA France. |
AXA France distributes commercial brochures which include a focus on the meaning of Article 173 for AXA’s institutional clients and corresponding commercial offers. The Épargne Retraite Entreprise team also conducts dedicated commercial events (morning meetings, supervisory tips, onsite customer presentations) as well ... |
To meet the expectations of individual investors, AXA France trains and inform its sales representatives and employees on responsible savings, Group initiatives, SRI news and customer expectations via internal channels. At the end of 2018, 650 employees had completed the training. of ESG is also integrated into all the... |
Lastly, AXA France has developed a partnership with the FNH (Fondation pour la Nature et l’Homme) to co-build communications platforms through conferences, awareness videos, etc. |
39 AXA GROUP 2019 Climate Report June 2019 3. Risk Management. |
Academic Research. |
Research projects supported 597. |
Total funding invested to date €147m. |
The complete list of projects supported by the AXA Research Fund is available on www.axa-research.org. |
Another avenue of climate risk mitigation is fostering solutions outside of AXA. The AXA Research Fund supports academic projects led by top-tier researchers all over the world in the fields of Health, Climate and Environment, New Technology and SocioEconomic issues. |
The Fund provides researchers with the means and freedom to complete their work successfully. The awarding of grants is based on strict academic criteria through a transparent and rigorous selection process which is overseen by an independent Scientific Board. AXA’s support to scientific research goes beyond funding: t... |
As of December 31, 2018, the AXA Research Fund supported a total of 597 research projects led by researchers of 58 nationalities in 36 countries and a total project funding of €146.6 million. 208 environment and climate-related research projects have been supported, totaling approximately €40 million. The topics covere... |
Examples include the following: |
AXA Chair in Biosphere and Climate Impacts, Prof. Colin Prentice, Imperial College London, United-Kingdom. This AXA Chair advocates for a cross boundary and integrative approach to global climate change science, which bridges a persistent rift between chemical, physical climate science and biological science. Its objec... |
AXA Chair in African Climate Risks, Prof. Mark New, University of Cape Town, South Africa. African countries are among the most vulnerable to climate change. High levels of poverty, underinvestment in infrastructure and technology, increasing ecosystem degradation, and weak governance systems aggravate the burden of cl... |
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