Groupe BPCE

InfluenceMap Score
C
Performance Band
74%
Organisation Score
48%
Relationship Score
Sector:
Financials
Head​quarters:
Paris, France
Brands and Associated Companies:
Natixis, Natixis Investment Managers, Mirova
Official Web Site:
Wikipedia:

Groupe BPCE appears to be a leader in advocating for regulation on sustainable finance, although all of this engagement appears concentrated with two subsidiaries, Natixis and Mirova. The organization does not appear to have disclosed a group-wide position on the issue.

Mirova has consistently stated support for systemic reform to achieve a sustainable finance system and has supported a role for finance in meeting the goals of the Paris Agreement. Mirova has also supported ambitious regulation on sustainable finance, including the EU's Action Plan.

Mirova and Natixis appear to have been particularly engaged in promoting the taxonomy in 2018-2019, with Mirova supporting the policy in newsletters, on social media, and in consultations. During 2021, Mirova, and particularly Mirova’s CEO, has been highly supportive of the taxonomy in social media, consistently warning against lowering its ambition. Natixis has also supported the policy on its website, in consultations and in media interviews, including clear support for rigorous science-based criteria and support for the expansion of the taxonomy to cover environmentally harmful activities. However, in a dedicated report on the Taxonomy, Natixis appeared to advocate for broadening of the transition definition, which could lead to a less stringent classification system.

Mirova stated active support for the EU Ecolabel in a 2019 newsletter, and reiterated its support for an "ambitious" label in a 2019 ESMA consultation and in a website article in 2021. However, in a 2021 newsletter, it did argue that the Ecolabel in its current status would not add value. In 2019/2020 Mirova stated support for the EU's climate benchmarks and ESG disclosure on all benchmarks on social media, although in a 2019 dedicated report, it did state that the usability and scalability of EU Climate Benchmarks depended on the balance “between ambition and pragmatism”. In response to the Commission in 2020, Mirova also supported the verification of the EU Green Bond Standard and a number of ESG labels suggested by the Commission (e.g. ESG investment fund, broader ESG benchmarks). However, in feedback to the European Commission on the benchmarks regulation in 2020, Natixis expressed concern at the lack of differentiation of stringency between the two proposed categories of benchmark and suggested that data availability was a concern for some of the proposed ESG disclosures. Natixis also suggested that the thresholds for the EU Green Bond Standard should not be too stringent to avoid reducing uptake in feedback to the European Commission's Technical Expert Group (TEG) in 2019 and on its website in 2020.

In 2019, Mirova appeared to be actively supporting incorporating ESG factors into fiduciary duty and has strongly supported related policies including the investors' disclosures regulation, on social media and in interviews, and the integration of ESG preferences in the advice investment firms give to clients, in consultation responses. In 2020, Natixis also opposed the US Department of Labor's rollback which limited fiduciaries' ESG investing and Natixis Investment Mangers advocated in a 2021 website article for the US Department of Labor to increase its ambition in the integration of ESG into fiduciary duties.

Mirova also appeared to support the EU’s SFDR regulation in a 2021 website article and newsletter. However, Natixis Investment Managers did argue that the SFDR text could be confusing and be interpreted in different ways.

Mirova’s CEO stated support for the Green Supporting Factor in a website article in 2020. Natixis also appeared to support the inclusion of ESG factors into prudential regulation in a 2020 website article.

At the group level, Groupe BPCE does not appear to disclose any positions on sustainable finance policies. Subsidiary Mirova has a clear disclosure of its sustainable finance policy engagement in its Engagement Reports. Natixis and Natixis Investment Managers do disclose some positions in website articles, but no dedicated disclosure. Groupe BPCE has disclosed some information on engagements with trade associations, but lacks a dedicated disclosure or further details on indirect influence. Mirova has listed its trade association's memberships and sustainable finance policy positions in broad terms, but has not referenced specific policies. There does not appear to be any disclosure on this from the rest of the financial group.

QUERIES
DATA SOURCES
22NSNSNSNSNS
11NSNSNS1NS
11122NSNS
12NS-12NSNS
1111211
02NS11NSNS
11NS122NS
1NS000NSNS
0NANANANANANA
-1NANANANANANA
Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
49%
 
49%
 
45%
 
45%
 
42%
 
42%
 
41%
 
41%
 
52%
 
52%
 
56%
 
56%
 
48%
 
48%
 
47%
 
47%
 
49%
 
49%

How to Read our Relationship Score Map

In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.