Carmignac

2nd quarter 2023: our active stewardship illustrated

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As a long-term investor, we engage in regular dialogue with the companies in which we invest to encourage them to improve their practices for taking environmental, social and governance (ESG) criteria into account. Find out how our active approach to stewardship was borne out in Q2 2023:

  • 10
    Engagements held
  • 98%
    Of meetings voted
  • 56%
    Of meetings where Carmignac voted against management at least once

Carmignac is committed to aligning its dialogue strategy with five types of engagement: engagement on severe ESG risks, thematic engagement, impact engagement, engagement on controversial behaviour, and engagement on proxy voting decisions1.



  • Over the second quarter of 2023, we initiated dialogue with investee companies 10 times and covered three types of engagement:

  • Carmignac


  • Carmignac voted at least once against a motion put forward by investee companies’ management teams at 56% of general meetings at which a vote was held:

  • Carmignac

Find out how we specifically engaged with two investee companies during Q2 2023:

Public Power Corporation


Sector: Utilities
Region: Europe

Through managed portfolios, Carmignac holds two bonds linked to ESG constraints (Sustainability-Linked Bonds or SLB) issued by the company2.

TotalEnergies


Secteor: Oil & Gas
Region: Europe

Certain portfolios from the Carmignac range invest in the company’s equities and bonds4.

1For more information, please consult our engagement policy, which is available at:https://www.carmignac.fr/en_GB/sustainable-investment/policies-and-reports.
2As of 31st May 2023 : Carmignac Portfolio Flexible Bond, Carmignac Portfolio Global Bond, Carmignac Patrimoine, Carmignac Portfolio Patrimoine, Carmignac Sécurité, Carmignac Portfolio Sécurité.
3https://carmidoc.carmignac.com/SRIEXP_INT_en.pdf.
4As of 31st May 2023 : Carmignac Portfolio Climate Transition, Carmignac Credit 2025, Carmignac Credit 2027, Carmignac Portfolio Flexible Bond, Carmignac Portfolio Credit, Carmignac Portfolio Global Bond, Carmignac Investissement, Carmignac Portfolio Investissement, Carmignac Patrimoine, Carmignac Portfolio Patrimoine, Carmignac Portfolio Sécurité, Carmignac Sécurité.
5Resolution 16 – Approve Company's Sustainability and Climate Transition Plan; TotalEnergies AGM 25 May 2022.
6Resolution 14 – Approve the Company’s Sustainable Development and Energy Transition Plan, TotalEnergies AGM 26 May 2023.
7Resolution A – Align Targets for Indirect Scope 3 Emissions with the Paris Climate Agreement (Advisory), TotalEnergies AGM 26 May 2023.
8To limit global warming to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C.
9Source: https://totalenergies.com/sites/g/files/nytnzq121/files/documents/2023-05/AG2023_Resultats-des-votes-par-resolution_EN.pdf.
10https://vds.issgovernance.com/vds/#/ODI4OQ==

To find out more on our responsible investment philosophy, please visit our Responsible Investment section:

Responsible Investment
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