Societe Generale Assurances, the insurance and retirement savings arm of Societe Generale, announced today that it has signed the Principles For Responsible Investment (PRI). According to Societe Generale Assurances, today’s announcement formalizes the firm’s long-term commitment as a responsible investor.
The Principles for Responsible Investment (PRI) were established by a group of investor signatories in 2006, supported by the United Nations, to aid investors in integrating ESG factors into the investment process. To achieve this goal, the PRI group established 6 voluntary and aspirational principles for investors to follow, including the incorporation of ESG issues into the investment process, and into signatories’ own ownership policies and practices. The PRI currently has over 2,300 signatories, representing nearly $90 trillion in AUM.
Philippe Perret, Chief Executive Officer of Societe Generale Assurances, said:
“Around the axis Responsible Insurer, responsible Investor and responsible Employer, the CSR dimension is at the heart of the strategy of Societe Generale Assurances. We attach great importance to sustainable development stakes and to social responsibility on our activities and functioning, in order to propose to our clients and partners, innovative and responsible solution, with positive impact.”
Societe Generale Assurances stated that the firm already integratges ESG factors in its investment policies, including the following commitments made in 2019:
- Matching the assets portfolio with the goals of Paris Agreements and accession to Montreal carbon Pledge, which consists in measuring and make public the carbon footprint of the asset’s portfolio;
- A total disengagement of the thermal coal sector according to a calendar in line with the goals of Paris Agreements: at least in 2030 for companies having assets in EU and OECD countries and in 2040 for the rest of the world (it will be asked to concerned companies to communicate an exit plan aligned with those maturity). Within this gradual disengagement, the criteria for selection of the funds, implemented since 2017, have been reinforced, leading to the cession of more than 290 million euros of assets;
- With nine French institutional investors, the creation, of three investments funds (“Fonds Objectif Climat”) to fight against climatic warming;
- The reinforcement of the “green investments” in the general asset. By the end of 2019, those investments totaled 1.5 billion euros; double the previous year’s figure.
Additionally, in 2019 the company exited all investments linked to the tobacco industry, and signed the Tobacco-Free Finance Pledge.
Mai Nguyen, Deputy Chief Executive Officer of Societe Generale Assurances in charge of Finances, Investments and Risks, said:
“As an institutional investor, we have a major role to play in favor of the environment, the climate, and in a more global manner, for the benefit of civil society. The signature of the PRI confirms our commitment for a responsible finance.”
Fiona Reynolds, CEO of PRI, said:
“We are very happy to welcome Societe Generale Assurances as a signatory of the PRI. As risk managers, insurance companies see more and more the advantages of the ESG integration in their economic models. By joining PRI, Societe Generale Assurances also recognizes the importance of responsible investment for its activities and its clients and we look forward to work with the team on those subjects.”