P.A favorite of the French, life insurance represents a total outstanding amount of 1,900 billion euros, held by 18 million savers. Among the latter, around 5 million have invested in fund shares offered by management companies via “units of account” which are an alternative to traditional “euro” investment. And this for an amount of 500 billion euros.
Therefore, a question arises. Do the managers of these funds demonstrate a commitment commensurate with the sensitivity and presumed convictions of the savers who subscribe? Still too little it seems.
Indeed, to the question: “What place do you give today to environmental and social impacts in your investment decisions? »57% of respondents responded “a very important place” Or ” important “, according to the latest edition of the survey “The French and responsible finance” produced by Ifop for the Forum for Responsible Investment (FIR). And the proportion rises to 59% among people declared to have at least one savings product.
However, during shareholder meetings held during 2023, very few listed companies were called upon to vote on resolutions relating to environmental issues and even fewer to social issues. Within the CAC40, only seven external resolutions have been submitted (four at Orange, one at Engie, one at Crédit Agricole and one at Total), by employees (five) and minority shareholders (two), according to Proxinvest.
Damages
And shareholder engagement is not more active in terms of filing resolutions than in voting. A study by the NGO Reclaim Finance points out a certain form of laxity on the part of the thirty largest asset managers on the planet with regard to fossil fuels. Out of the entire sample, only seven management companies have implemented voting policies aligned with the objectives of the Paris Agreement.
As for participation in compensation disputes following the criminal breaches of certain issuers, our managers never seem to be involved, thus neglecting sometimes substantial, if not certain, financial issues. However, it is a matter of fiduciary obligation, when a violation of the law is suspected or established, as in the Madoff, Orpéa, Rallye-Casino or Renault-Nissan cases, that investment funds seek damages for their subscribers. . harmed by behavior presumed to be harmful and – or – already judged to be criminal.
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