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Regulatory information

Politique ESG

Préambule

Convaincu que le secteur financier a la responsabilité d’orienter les capitaux investis vers les entreprises qui contribuent positivement aux enjeux du développement durable, Promepar AM a défini une politique ESG qu’elle déploie dans l’ensemble de sa gestion.

L’analyse extra financière des émetteurs dans lesquels nous investissons complète en effet l’analyse financière en nous apportant des indicateurs importants non lisibles dans les bilans financiers, en particulier sur la qualité de la gestion de la société, sur ses engagements, ses implications et ses impacts en matière de développement durable.

Pour respecter les principes du développement durable, un émetteur d’actions ou d’obligations doit intégrer à ses activités des préoccupations sociales et environnementales. Cela se matérialise par la définition d’une politique RSE (Responsabilité Sociétale des Entreprises) claire et ambitieuse, transparente et disponible pour l’ensemble de ses parties prenantes.

Pour un investisseur, évaluer la politique RSE d’un émetteur revient à l’analyser au regard de critères financiers et extra financiers, communément appelés critères ESG pour Environnement – Social – Gouvernance, mais aussi au regard des Objectifs du Développement Durables définis par l’ONU

Notre politique ESG

Voting policy

Introduction

Promepar AM has been the asset management company of Bred Banque Populaire Group since 1974.

Our job is to add value and grow the capital entrusted by our clients, while seeking to optimally manage the associated risks.

Our Equity or Diversified mutual funds give voting rights to our portfolio managers.
Just like ongoing dialogue between investors and issuers, voting rights contribute to the development of Corporate Social Responsibility (CSR) and the application of Environmental, Social and Governance (ESG) criteria in their activities and for all their stakeholders.
As shareholders, we therefore consider it not just a right but also a duty to concern ourselves with the strategic, financial, operational and ESG aspects of the businesses in which we invest. This stance is reflected in our voting policy, in accordance with Articles 314-100 to 314-104 and 319-21 to 319-25 of the AMF General Regulations.

This document describes the conditions in which PROMEPAR AM intends to exercise its voting rights. It contains :

  • Promepar AM’s voting procedure
  • Promepar AM’s voting policy
  • Promepar AM’s voting record for the year


Our voting policy

Voting record

General Meeting Voting Record - Season 2020

Responsible Engagement Overlay

Selection and assessment of order execution and research entities

Regulatory framework

This procedure explains in detail how the brokers and market platforms used by PROMEPAR Asset Management are selected for the execution of orders and/or provision of financial research. It allows the portfolio management company to comply with the regulatory provisions introduced by the texts listed below.

RecueilArticlesDescription
AMF General RegulationsArticle 321-100
Articles 321-114 et 115
Best Selection obligations for UCITS management companies
Commission Delegated Regulation (EU) of 19
December 2012
Articles 25 à 29Best Selection obligations for AIF management companies
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016Articles 65Best Selection obligations for portfolio management companies providing portfolio management mandate or RTO services
Delegated Directive (EU) of 7/04/2016Article 23Financial research for portfolio management mandate purposes
  AMF Position-
Recommendation 2014-07 of 05/08/2014
Guide on Best Execution


Selection and assessment of order execution and research entities

Brokerage fee report - Management of mutual funds and mandates

Introduction

In accordance with the provisions of Article 314-82 of the AMF General Regulations, PROMEPAR AM is required to report the conditions under which it called on third parties to provide investment decision-making and order execution services in 2020.

When an asset management company uses investment decision support and order execution services on behalf of its UCITs and the intermediation fees paid to market intermediaries (also called ” brokers “), represented for the previous financial year an amount greater than € 500,000, it is preparing a document entitled “Report on intermediation costs”.

In 2020, PROMEPAR AM paid less than € 500,000 to market intermediaries and therefore does not publish this report.

Conflicts of interest management policy

Conflicts of interest management policy

PROMEPAR Asset Management places a premium value on fairness and the priority of its clients’ interests.

In accordance with the law, PROMEPAR Asset Management has established a policy aimed at preventing and managing conflicts of interest liable to arise during the provision of investment services or related services, or a combination of such services, to one or more clients.

A conflict of interest is a situation in which several parties have an opposing interest on a given deal or transaction. Conflicts may arise between the interests of :

  • the company and a client
  • an employee and a client
  • two entities of the BRED Banque Populaire Group
  • two clients

The conflicts of interest prevention system enacted by PROMEPAR Asset Management involves the implementation of organisational measures and administrative procedures for processing and verifying transactions, with the aim of :

  • detecting situations giving rise, or liable to give rise, to conflicts of interest
  • preventing conflicts of interest
  • establishing and maintaining an appropriate conflicts of interest management policy
  • establishing procedures to implement the principles of fairness in the execution of orders placed with brokers, particularly in terms of allocation of assets or financial instruments
  • establishing and maintaining a register of activities for which conflicts of interest have arisen or are liable to arise
  • notifying clients when, for a specific transaction, the measures undertaken were not sufficient to reasonably ensure that the risk of a detrimental impact to the client’s interests could be avoided

This policy takes into account that PROMEPAR Asset Management belongs to the BRED Banque Populaire Group.

PROMEPAR Asset Management ensures that its staff meet their professional obligations in the course of exercising their duties, as well as the regulatory provisions applicable to said duties.

If, despite the precautions taken, conflicts of interest liable to prove detrimental to the client’s interests could not be avoided, PROMEPAR Asset Management’s procedures call for appropriate measures to be sought and undertaken in each situation.

However, should such measures prove unable to avoid the risk of a detrimental impact to the client’s interests with virtual certainty, PROMEPAR Asset Management will clearly inform the client in sufficient detail, before acting on the client’s behalf, of the general nature or source of the associated conflicts of interest, in order to allow the client to make an informed decision.

Complaint review procedure

Complaint review procedure

In accordance with the provisions of Articles 318-18 and 321-40 of the AMF General Regulations, and of Article 26 of the Commission Delegated Regulation (EU) of 25/04/2016, clients or unit/shareholders are notified if their complaints and claims may be addressed either to their portfolio manager or to General Management :

  • By post, attn Chief Executive Officer – PROMEPAR AM – Tour Franklin – La Défense 8 – 92042 Paris la Défense Cedex
  • By e-mail to promepar.assetmanagement@bred.fr
  • Or by fax at +33 (0)1 40 90 28 60

BRED clients may also contact BRED’s Quality Division :

  • BRED Banque Populaire, Direction de la Qualité – 18, Quai de la Rapée – 75012 Paris – Tel: + 33 (0)1 40 04 71 15

We undertake to send you a letter acknowledging receipt within 10 business days of receiving your complaint, and to answer your complaint within 2 months of that same date. If you are dissatisfied with the handling of your complaint, you may contact the AMF (for portfolio management mandates) or the ACPR (for life insurance vehicles) ;

  • By post, attn. AMF Ombudsman – Autorité des Marchés Financiers – 17, place de la Bourse – 75082 Paris Cedex 02
  • By post, Autorité de Contrôle Prudentiel et de Résolution – DCPC/SIR – 61, rue Taitbout – 75436 Paris Cedex 09

Remuneration policy

Background information

Promepar AM manages UCITS and AIFs and is therefore subject to both the UCITS V and AIFM directives.

Promepar Asset Management is a subsidiary of BRED. BRED’s remuneration policy applies to Promepar AM’s employees, in accordance with the CRD IV Directive, in particular.

The ESMA Guidelines, reiterated by the AMF (Positions DOC-2016-14 and DOC-2013-11), state that in the case of a portfolio management company belonging to a credit institution, subject to Directive CRD IV, there will be several overlaps in terms of remuneration policy but in the event of an inconsistency, the portfolio management company’s policy should comply with the provisions of the UCITS V Directive. This principle applies to the alignment of the employee’s interests with those of unitholders, particularly for any deferred variable portion of the employee’s pay.

The Board of Directors of Promepar AM has approved the principles of the Promepar AM Remuneration Policy and assumes responsibility for ensuring that the portfolio management company complies with UCITS V. In accordance with the principle of proportionality, the company does not have its own Remuneration Committee.

Identified staff, within the meaning of UCITS V: General Management, Portfolio Managers, RCCI (Head of Compliance and Internal Control” and Rick Controller.


Our remuneration policy

Principles

The objective of the remuneration policy is to promote the alignment of interests between the portfolio management company, its investors and its employees, along with sound and effective risk management. It does not encourage excessive risk-taking.

Variable remuneration is discretionary, based on individual performances (achievement of annual or multi-year targets set by the manager, realistic short and MLT financial or non-financial targets, satisfactory behavior in terms of  risk management, including sustainability and compliance,  and compliance management results, observation of laws, regulations and internal procedures) and collective performances (level of AuM, net inflows, investor satisfaction, internal client satisfaction). The principles of Promepar AM’s remuneration policy are based on fairness, engagement, competitiveness and cost discipline.

Variable remuneration may be nil.

The variable remuneration granted to the two executive managers and to employees is reviewed and validated by the Chairman of the Board of Directors of Promepar AM and by the Human Resources Division of BRED. Annual measures concerning the RCCI and Risk Controller are also subject to validation by the Head of Risks and Compliance of BRED Group.

In the event either Promepar AM or BRED generates a negative financial performance, or if the strength of BRED’s financial position is compromised, no variable remuneration is granted, and only Promepar AM’s Supervisory Board can decide otherwise. Employees who leave the company (excluding cases of transfers within BRED Group or Groupe BPCE, retirement, no-fault dismissal or death) waive any bonuses (deferred or non-deferred) not already paid out at the date of their departure. Payment is made, however, in cases of internal transfers within Groupe BPCE, retirements, no-fault dismissals or death.

Any guaranteed variable remuneration, where it exists, only applies upon hiring and is limited to one year.

The portfolio management company has not established a discretionary pension policy (including for departures). The portfolio management company prohibits any coverage of pay changes incurred by payment instruments.

The company has requested to apply the proportionality principle under UCITS V to its employees, in order to limit deferred payment in financial instruments to variable remuneration exceeding €100k.

For identified staff receiving individual variable remuneration of more than €100k, 50% is paid in cash in the grant year in respect of the previous fiscal year, and 50% is deferred and payable in financial instruments in instalments of one-third over three years no earlier than 1st October of the three years following the grant year.

The financial instrument used by Promepar is cash, indexed to an indicator, which may be specific to each employee and comprises a basket of units in funds managed by the company. Each individual indicator is reviewed and validated by the Chairman of the Board of Directors of Promepar AM. In line with the practices in force at the BRED Group, indexing is capped at the interest rate paid out on BRED cooperative shares over the period of deferred payment under consideration. Final vesting of each deferred portion is subject to the aforementioned performance and financial solidity criteria, and to the individual’s continued employment with the company.

Normative and sectoral exclusion policy

Information on the processing of personal data

Introduction

This information sheet is intended to inform you in a transparent way about the processes we are likely to implement throughout the banking or investment management relationship, with regard to our customers, prospects or natural persons intervening in the context of a relationship with a client such a proxy, a legal representative, a guarantor, a designated contact, an attendant or an actual beneficiary…

  1. Who collects your personal data ?
  2. How do we obtain personal data about you ?
  3. Who accesses your data ?
  4. Why are we processing your personal data ?
  5. How long are your data kept ?
  6. How do we ensure the security and confidentiality of your data ?
  7. Where is your data stored ?
  8. Our prospecting actions
  9. Implementation of specific treatments based on a specific technology
  10. Your rights
  11. How to exercise your rights ?

Information on the processing of personal data

Rapport RTS 28 sur les cinq premiers intermédiaires de marché en gestion sous mandat

Contexte réglementaire

L’article 27 de directive 2014/65/UE du Parlement européen et du Conseil du 15 mai 2014 (directive MIF 2) et l’article 65 du règlement délégué (UE) 2017/565 de la commission du 25 avril 2016 imposent à Promepar Asset Management (1) d’établir et de publier une fois par an, pour chaque catégorie d’instruments financiers (actions et instruments assimilés, produits indiciels cotés) le classement des cinq premières entreprises d’investissement en termes de volumes de négociation auxquelles elle a transmis des ordres de clients au cours de l’année précédente et (2) de transmettre des informations synthétiques sur la qualité d’exécution obtenue.

Ce rapport ne concerne que les ordres transmis par Promepar Asset Management à des intermédiaires pour le compte de ses clients, dans le cadre de son activité de gestion sous mandat.

Politique d'exécution

Promepar Asset Management prend toutes les mesures suffisantes et raisonnables pour obtenir le meilleur résultat possible pour ses clients en gestion sous mandat et favoriser l’intégrité des marchés. La politique de sélection et d’exécution est disponible sur notre site internet.

Rapport RTS 28 sur les cinq premiers intermédiaires de marché en gestion sous mandat en 2019

Rapport RTS 28 sur les cinq premiers intermédiaires de marché en gestion sous mandat en 2020