27 November 2021

As the largest European asset managers, Amundi invests in many financial securities (stocks, bonds, etc.) issued by large companies around the world. At the center of our commitment to act as a responsible investment manager, we integrate ESG ratings across all our actively managed funds, using a rating methodology comprised of 38 criteria, including governance criteria on ethics and social criteria on local communities and human rights. On top of ESG integration, engagement is a key pillar of our responsible investment strategy. When a controversy occurs on certain practices of the companies we invest in, Amundi undertakes a specific analysis, and in case of severe controversy engages the exposed companies to seek remediation and ensure that appropriate changes are taking place so that the companies’ governance and strategy will prevent these controversies to happen. When the controversy is linked to activities in certain regions or related to risky sectors in terms of environmental or social impacts, we engage to assess the quality of the monitoring and of the risk control.

With respect to indirect exposure to Myanmar through investment in international companies with operation in this country, Amundi has begun engaging with some of the companies mentioned in the report at the time the issue arised, and notably with a French based Oil & Gas company. Our engagement dialogue with this company on its operation in Myanmar began in May 2021 and also focused more broadly on its human rights policy. Our ESG analysis team also spoke to NGOs active in this field. We noted positive and credible steps taken by this company, and we will continue engaging the company on its human rights policy.

More information on our engagement strategy is available in our Responsible Investment Policy document available online.