This document aims to report on Mirova's 2019 dialogue with companies and policy makers 
to contribute to the development of more sustainable practices. 
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Mirova Engagement Report  
2019

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Mirova’s investment philosophy is based on our belief 
that sustainable development is a profitable source of 
innovation. Our strategy aims to provide our clients 
with consistent medium and long-term financial 
performance. An investment strategy built on 
sustainable development not only yields financial 
benefits, but also has a positive overall effect on both 
the economy and long-term performance. Our 
ambitious engagement policy amplifies this positive 
effect and helps to deepen Mirova’s understanding of 
sustainable development and how it affects our 
society. 
 
As a responsible investor, Mirova aims to have the 
largest positive impact possible, hence our proactive 
approach to engagement. Mirova actively opens 
dialogues with economic and political policymakers to 
create an environment conducive to responsible 
investment. Increasingly, Mirova is measuring the 
results of these exchanges to see if they’ve resulted 
in improved corporate practices and increased 
transparency. 
 
Our extensive engagement efforts allow us to use our 
expertise in many different sectors to encourage 
companies to adopt objectives which are in line with 
the UN Sustainable Development Goals (SDGs). As 
demonstrated by our publications, Mirova is capable 
of identifying key risks and investment opportunities 
in each sector, as well as how these elements relate 
to the SDGs. In 2019, we encouraged companies not 
only to improve transparency in relation to their 
sustainability efforts, but also to improve their overall 
practices: for example, by developing solutions for 
ESG issues. Concerning green bonds, integrity must 
be maintained in the market regarding the type of 
projects financed and the reporting quality on green 
bonds.

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Table of Contents 
Mirova’s Engagement Strategy .......................................................... 4 
1. 
Engagement approach .............................................................................................. 4 
2. 
Engaging in dialogue with companies ....................................................................... 5 
3. 
Engaging in dialogue with market regulators ............................................................. 5 
I. 
Individual Engagement ................................................................ 6 
1. 
Summary and Key Figures ........................................................................................ 6 
2. 
Listed Equities ........................................................................................................... 7 
3. 
Thematic Focus ....................................................................................................... 26 
4. 
Influence through the Exercise of Voting Rights ...................................................... 28 
5. 
Improving Green and Social Bonds ......................................................................... 30 
6. 
 Responsible Infrastructure ...................................................................................... 33 
II. Collaborative Engagement Initiatives ........................................ 35 
1. 
Goals ....................................................................................................................... 35 
2. 
Mirova’s Approach ................................................................................................... 35 
3. Summary and Key Figures ........................................................................................... 36 
5. 
Other Collaborative Engagement Initiatives............................................................. 40 
6. 
PRI Engagement Platform Initiatives ....................................................................... 47 
III. Advocacy ................................................................................... 50 
1. 
Summary and Key Figures ...................................................................................... 50 
2. 
Advocacy at Mirova ................................................................................................. 51 
3. 
2019 Specific Activities ............................................................................................ 52 
4. 
Financial Centre Considerations .............................................................................. 55 
5.Support for University Chair .......................................................................................... 56 
Promoting our vision of sustainable finance in the US ..................................................... 57 
Appendices ...................................................................................... 58 
1. 
Individual Engagement Process .............................................................................. 58 
2. 
Collaborative Engagement Process ................................ Erreur ! Signet non défini. 
3. 
Sustainable Development Goals ............................................................................. 61

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Mirova’s Engagement Strategy 
1. Engagement approach 
As an active investor, sustainable development is at the core of Mirova’s investment strategy 
and ensures that our investments positively contribute to the achievement of the Sustainable 
Development Goals (SDGs)1. Our engagement approach, both directly and indirectly, 
promotes better environmental, social, and governance practices and seeks to create long-
term value for every stakeholder of the society.  
Figure 1: Mirova's Engagement Approach 
 
Source: Mirova, 2019 
 
 
 
1 List and details of the Sustainable Development Goals available in Appendix 3. 
By using their influence, investors can prompt companies to make specific 
operational and strategic changes to maximize shareholder value by limiting 
risks and increasing the opportunities associated with an investment, among 
others. As a responsible investor, Mirova also considers the broader societal 
and environmental outcomes of each investment and encourages companies 
it invests in to continuously improve their practices.

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Mirova has developed a two-pronged approach to share its investment vision. On the one 
hand, it engages with companies, on the other hand, with market regulators.  
2. Engaging in dialogue with companies  
 
Engagement with individual companies 
Mirova’s Responsible Investment (RI) analysts engage in dialogue with the 
companies which represent the bulk of Mirova’s equity and fixed-income investment 
portfolios. This type of engagement aims not only at encouraging companies to adopt better 
ESG practices, but also at promoting the development of solutions to key environmental and 
social challenges in every sector via dedicated products and services.  
‘’360+ meetings held ‘’~290 companies targeted 
 
Collaborative engagement  
Mirova partners with fellow investors and civil society representatives to identify 
controversial practices at the industry and company levels and to promote 
greater transparency on these issues. Collaborative engagement involves dialogues with 
companies, and, when necessary, requires changes in the companies’ practices.  
As part of this strategy, in 2014 Mirova launched a Collaborative Engagement Platform, 
gathering its experts and client representatives. The goal of this platform is to create a tool 
which can be used to influence companies and financial organizations to adopt better 
practices through close interaction. 
‘’23 initiatives supported ‘’~3002 companies engaged with 
‘’1 initiative launched on Gender Equality 
3. Engaging in dialogue with market regulators  
Advocacy 
Mirova shares its investment vision in order to improve standards and 
regulations across the entire financial sector and to encourage sustainable 
investment and long-term-oriented practices. Mirova is committed to promoting the 
adoption of regulations (including legislative changes, standards, and labels) and 
practices which encourage sustainable investment, catalyser of long-term value 
creation. 
‘’30 industry forums and associations 
 
2 Includes double counting as some companies may be targeted by two collaborative engagements.

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I. Individual Engagement 
1. Summary and Key Figures 
 
 
 
 
 
 
 
 
 
3 In other words, in 2019, Mirova contacted 291 companies from every sector covered to discuss their ESG performances and practices. 
LISTED EQUITIES  
291 companies targeted3 
 
 
THEMATIC FOCUS  
288 companies targeted by 
our Employement in France 
strategy 
 
 
VOTING  
22.8% average opposition 
rate in 2019 vs. 31.5% in 2018 
 
 
GREEN AND SOCIAL 
BONDS  
63 issuers targeted 
 
 
RESPONSIBLE 
INFRASTRUCTURE   
11 projects subject to 
engagement

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2. Listed Equities 
ENGAGEMENT BY SECTOR 
Throughout the year, Mirova’s SRI Research team engages in dialogue with companies which 
are part of Mirova’s equity funds’ portfolios to encourage improvement in their ESG practices. 
This dialogue focuses on both sustainable development risks and opportunities (Figure 2).  
The topics related to sustainable opportunities can be divided into two categories:  
- 
The development of Green and Social products: Mirova encourages companies 
to increase the proportion of products and/or services with sustainable value added 
in their portfolios. 
- 
The Environmental and Social Benefits of products and services, which focuses 
on increasing sustainability benefits associated with existing products and/or 
services.  
Engagement focusing on key risks can also be split into two categories:  
- 
Social risks: The topic is itself divided into 7 subcategories (consumer health, health 
and safety, human resources, human rights, responsible marketing, restructuring 
and supply chain); 
- 
Environmental risks which can be further divided into 5 subcategories (biodiversity, 
climate change, supply chain and resource scarcity). 
 
Figure 2: Interactions allocation by theme for each macrosector in 2019 
 
Source: Mirova, 2019 
 
In addition to addressing issues tailored to each company, we also focus on the few following 
broader issues.  
Governance of sustainability: It includes advocating for the adoption of sustainability-related 
practices at the highest decision-making levels. Indeed, we continue to push for the creation 
of sustainable development committees on boards, the introduction of extra-financial criteria 
for determining executive compensation, the publication of an audited and certified Corporate 
Social Responsibility (CSR) report, and transparency on tax payments. 
Pay Equity: In order to ensure an equal value distribution among all stakeholders, Mirova 
interacts with companies about their methods and practices for measuring the level of equity 
in the share of the value created.  
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Buildings & Cities
Consumption
Energy
Finance
Health
ICT
Mobility
Resources
Sustainability Opportunities
Environmental Risks
Social Risks

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Measuring SDG Contributions to better understand the impacts of company’s activity on 
different environmental and social issues.  We encourage companies to develop quantitative 
indicators that will better measure their contributions to the SDGs. For companies with 
significant carbon footprints, we recommend using a life cycle-based analysis which takes into 
account both the direct and indirect impacts of products and services on GHG emissions, as 
well as carbon emissions avoided.

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BUILDINGS AND CITIES 
 
The sector encompasses companies involved in Building Equipment, 
Infrastructure, Construction Materials and Real Estate. The Buildings and Cities 
sector faces serious sustainable development challenges related to climate 
change, as well as to a fundamental Human Right: housing. Our engagement 
actions with this sector primarily consist in finding solutions to these challenges. 
For example, companies can provide solutions through building optimization 
which enables to reach of the best energy efficiency performance possible and to 
create a durable, decent, and accessible pool of housing assets.  
All companies within the sector are exposed to a similar set of direct environmental 
and social risks. They are expected to respect international labor laws and to 
mitigate the negative impact of their supply chains on local ecosystems. Indeed, 
mining, building materials manufacturing and building construction all carry 
important environmental footprints. 
 
 
Engagement in review 
‘’9 companies targeted in 2019  
 
Companies in the “Buildings and Cities" sector are now widely aware of climate risks and 
have strengthened their efforts to reduce the carbon emissions resulting from their 
activities, either from building materials manufacturing or regarding the energy efficiency 
of the buildings they own.  
Beyond those improvements, we encourage industry players to go further by including  a 
full life cycle analysis of their activities into their investment decision-making processes. 
Thus, we have actively engaged with property developers and owners on specific topics 
such as land artificialization or public transport accessibility. Indeed, real estate companies 
have a key role to play in order to mitigate the sector's environmental footprint, and 
especially to limit urban sprawl. To do so, they are encouraged to focus their development 
or acquisition activities on already artificialized areas.  
Buildings accessibility is also an essential part of the carbon footprint analysis of the assets 
in portfolio. As an example, the emissions associated with passenger transportation to a 
shopping center represent the bulk of the building's carbon impact. For this reason, we 
encourage the sector’s companies to integrate such considerations into their investment 
decision-making process. As such, companies are prompt to favor assets with public 
transportation access and to support the deployment of soft mobility solutions (through the 
installation of a bicycle parking or EV charging stations for instance).  
While companies in the sector tend to have relatively advanced practices regarding the 
reduction of their direct emissions, few of them communicate beyond this first scope of 
responsibility. Indeed, property companies essentially communicate on the perimeter 
falling under their direct scope of action. This scope is often limited to the theoretical 
consumption of the building at the acquisition time or to the consumption of the common 
areas under their management. However, most of the building’s energy consumption 
results from the leasable areas, on which they have a limited leverage on. We encourage 
real estate companies to initiate a constructive dialogue among owners, managers and

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tenants offering systematic monitoring and management support of the various 
consumption items (electricity, heating, water). The ultimate goal is to share best practices 
and to optimize the overall consumption of the building.  
Finally, we do promote transparency on the actual scope of reporting in order to be able 
to assess the accurate performance of the company in reducing its environmental impact. 
 
Figure 3: Engagement on Sustainable Risks and Opportunities in the Building sector in 2019 
 
Source: Mirova, 2019 
 
Engagement in Action : Icade 
 
For several years, Mirova and Icade have had constructive discussions regarding the 
group's sustainable development practices. Now considered as a strategic priority, these 
issues have reached the company's highest management bodies.  
 
In 2019, we participated in an investor consultation aiming at helping the company to 
improve its reporting practices and to better understand investors' expectations regarding 
sustainable development issues. Mirova agreed on the relevance of the priority issues 
defined by Icade, such as biodiversity preservation, the impact of the company’s activities 
on climate change, the development of a circular economy strategy or the improvement of 
territorial cohesion and inclusion. Indeed, these issues are considered as highly relevant 
for the sector. Concerning biodiversity preservation, Icade demonstrated advanced 
practices compared to its peers. Additionally, an accessibility criterion in soft mobility 
solutions has been integrated in its investment decision-making process.  
Yet, in order to challenge the company, Mirova recalled the necessity of transparency on 
reporting scopes, particularly regarding the buildings’ energy performance. Mirova also 
encouraged Icade to pursue its efforts in the operational activities certification, which will 
enable the company to attest on the actual performance of the managed property holdings 
once occupied. Finally, Mirova supported Icade's efforts on the implementation of a 
constructive dialogue among the owner, manager and occupants of real estate assets. 
Such a dialogue would enable each stakeholder to be held responsible for their actions 
and to optimize the energy building performance as a whole. 
 
 
 
 
 
 
Biodiversity 
Climate Change 
Pollution 
Supply Chain 
(environment) 
Resources 
Health & Safety 
Human Rights 
Supply Chain (social) 
0
1
2
3
4
5
Materiality of the topic
Number of interactions
Engagement on sustainability risks
High
Low
Environmental risk
Social risk
3
3
Engagement on sustainable 
opportunities 
(Nb of interactions)
Development of green and social
products
Environmental and social benefits of
products

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CONSUMPTION 
 
 
The sector encompasses companies involved in Food and Beverages, HPC and 
Retail and Apparels. In terms of opportunities, companies in the industry can play 
an active role by creating products offering their consumers access to a more 
sustainable lifestyle such as healthy and nutritious food and beverages or certified 
ecological and/or social products. Companies can also use marketing tools to 
inform their consumers of how they can use their products in a more sustainable 
way and further encourage sustainable behavior. 
Considering that most companies externalize their production, most of 
environmental and social impacts occur along the supply chain, from harvesting 
raw materials to manufacturing finished products. Companies in the retail sector 
usually employ a tremendous number of workers, generally low-skilled and 
therefore highly prone to labor rights controversies. As such, companies are 
expected to implement fair working policies and record responsible practices, 
respecting, at least, the association and collective bargaining fundamental rights. 
Furthermore, companies in this sector should be transparent on the necessary 
processes implemented to ensure their products are safe for consumption. 
 
 
Engagement in review 
‘’20 companies targeted in 2019  
In 2019, we engaged with companies to continue enforcing the improvement of social and 
environmental benefits of their products. For example, Food producers can improve the 
nutrition profile of the product, and Home and Personal Care companies can strengthen 
the biodegradability of their products or packaging. In the food industry, the shift towards 
more sustainable eating habits continued in 2019 resulting in the slowdown in the 
consumption of animal-based products. Indeed, consumers are increasingly looking for 
plant-based proteins, and flexitarianism is gaining ground, not only to address health 
concerns, yet also to reduce one’s environmental footprint. Alongside, consumers are also 
actively looking for Home and Personal Care products impacting the environment on a 
lesser extend.  
Our engagement supports companies to further cater these consumer demands, as we 
continue to be firm believers that sustainable development issues will continue to mold 
consumer preferences and buying habits. Our engagements also put emphasis on how 
companies can further encourage sustainable living practices through their marketing and 
product placement policies. From an environmental and social risk perspective, the 
engagement focused mainly on risks occurring along the supply chain. We have witnessed 
more commitments from companies to fully trace their key raw materials, yet efforts need 
to be accelerated. As such, we continue to engage with companies to source more 
sustainable raw materials and to increase the traceability of their key raw materials. We 
continue to engage with companies with regard to sustainable agriculture as most 
companies’ current commitments could address more the ongoing environmental 
challenges. We would expect more commitments concerning animal welfare and living 
wages as well as more concrete actions towards resource scarcity and ecosystem 
destruction issues. Ensuring living wages and minimizing the environmental impact were 
also an important topic discussed with retail companies.

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Engagement in Action: Danone 
Mirova met Danone representatives on several occasions in 2019. During these meetings, 
several topics were discussed, such as Danone promotion of regenerative agriculture 
throughout their supply chain, the progress towards B-corp certification at the group level, 
the increase in their revenues from plant-based products or the decrease in their use of 
single-waste plastics in their packaging. During one specific session, we focused on the 
crucial issue of biodiversity. Indeed, Mirova launched a joint initiative with other investors 
which aims at developing a measuring tool to assess the impact of our investments on 
biodiversity. To do so, we worked with CDC Biodiversité and we tested our Global 
Biodiversity Score (GBS) on companies from our portfolio, including Danone. The two-
way discussion with Danone allowed us to better understand the company’s actions and 
strategy to limit its impact on biodiversity. At the same time, the interaction increased 
awareness among Danone representatives on the biodiversity which is coming under 
increasing scrutiny, especially by investors, and the type of information required.  
 
 
In terms of direct operations, we encourage the use of recycled materials in the products 
manufacturing and in their packaging. Other engagement topics involved ensuring the 
effective implementation of responsible Human Resources policies, and this, across all 
geographies the company is involved in. We also started engaging more with companies 
on the policies and initiatives implemented to ensure gender equality. Finally, promoting 
transparency on sustainability practices and encouraging audits of their sustainability 
reports alongside their financial reports remain an important part of our engagement 
actions. 
 
Figure 4: Engagement on Sustainable Risks and Opportunities in the Consumption sector in 2019 
 
 
 
Source: Mirova, 2019 
As we constantly strengthen the sustainability of our brands, in addition to their connection to 
and impact on local ecosystems, we highly value open dialogue and engagement with investors 
such as Mirova who aims at reconciling financial performance with positive environmental and 
social impact 
 
Cécile CABANIS, EVP CFO, Strategy, Tech&Data, Cycles&Procurement, Danone  
Biodiversity 
Climate Change 
Pollution 
Supply Chain 
(environment) 
Resources Scarcity 
Consumer Health 
Health & Safety 
Human 
Resources 
Human Rights 
Responsible 
Marketing 
Supply Chain 
(social) 
0
2
4
6
8
10
12
Materiality of the topic
Number of interactions 
Engagement on sustainability risks
Environmental risk
Social risk
High
Low
4
6
Engagement on sustainable 
opportunities
(Nb of interactions)
Development of green and social
products
Environmental and social benefits of
products

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ENERGY 
 
The Energy sector encompasses companies involved in exploration and  
production of fossil fuels, electric and gas utilities, renewable energy equipment 
manufacturers, and industrial conglomerates. Because of the link between these 
companies’ activities and the global energy system, many are uniquely able to 
take advantage of the opportunities arising from a lower-carbon economy. 
However, they are also exposed to environmental risks, namely spills, greenhouse 
gas emissions and pollution, as well as health and safety risks linked to the 
inherent danger of their activities.  
 
 
Engagement in review 
 ‘’8 companies targeted in 2019  
 
For companies in the Energy sector, much of our engagement is focused on encouraging 
a decarbonization strategy in line with avoiding the most severe effects of climate change 
(aligning emissions reductions with a <2°C of climate scenario). We also address the risk 
management practices essential for sustainable operations company-by-company. 
Utilities companies are among the most positively exposed to opportunities related to the 
energy transition due to the substitutability of fossil fuels. Alignment with a 2°C scenario 
therefore means a near-complete decarbonization of their electricity mixes, so we 
encourage concrete short- and long-term emissions reductions targets, installing 
renewable energy systems to replace emissive generation assets, and committing to not 
increase fossil-fired capacity going forward. Risk management for utilities is focused on 
reducing pollutant emissions (NOx, SOx, effusive, and particulate matter) and – especially 
for companies with substantial transmission/distribution activities – implementing health 
and safety management programs. Fossil fuel producers have fewer options for 
substituting their products with more environmentally sustainable ones. As a result, we 
encourage them to set emissions reductions objectives for both their direct activities and 
for the use of their products. These objectives imply a diversification in their business 
activities (to renewable energy or low-carbon electricity generation, for example) so to 
reduce their output of coal, oil, and/or gas. For companies operating in high-risk areas, we 
reiterate the necessity to preserve local flora and fauna via reducing spills and limiting 
operations in sensitive biodiversity zones, extending worker health and safety programs 
to both company employees and contractors, and respecting the rights of local 
populations.  
Energy efficiency will play a key role in climate change mitigation; thus we encourage 
industrial equipment producers to pursue efforts to improve the environmental impacts of 
their products. For industrial conglomerates with very diverse products, we particularly 
support reporting practices that allow us to better understand how the company’s products 
address the Sustainable Development Goals. Finally, we encourage companies involved 
in project development, operation, and/or maintenance to proactively ensure that 
environmental and social due diligence is performed appropriately throughout 
development, and that high health and safety standards are upheld during operation.

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 Engagement in Action: Iberdrola 
As a company primarily involved in power generation, transmission, and distribution, the 
extent to which Iberdrola contributes to the Sustainable Development Goals is largely tied 
to the fuels it uses to generate electricity. With renewable energy comprising over 40% of 
the company’s total generation, Iberdrola already has a relatively good climate 
performance both on an absolute basis and relative to its peers. Nevertheless, we were 
hopingto get a sense of the rationale regarding its long-standing decarbonization efforts 
in order to to better understand the company’s culture around sustainability as well as the 
possible strategic evolutions to come.  
We had the opportunity to have a one-on-one meeting with the CEO of Iberdrola in 2019, 
who immediately made it clear that the company’s leadership has a stable long-term vision 
that includes a strong focus on avoiding regulatory, reputational, and litigation risks 
associated with negative environmental impacts from its core businesses. He indicated 
that investors have become more and more focused on environmental and social risk 
management. This led to a conversation about how the company manages environmental 
and social risks in the context of its large projects, as the company has been exposed to 
controversy in regard to large hydropower projects in Brazil. Although its stake in these 
projects is relatively small, we discussed the extent to which Ibderdrola could potentially 
improve screening of potential investments and suppliers, and/or insist on the application 
of its sustainability principles in a broader context.  
Finally, we discussed governance matters (namely succession planning and governance 
of sustainability) and came out of the meeting feeling that it was productive and 
informative. Several weeks later, Iberdrola announced ambitious new decarbonization 
targets. And while Mirova clearly cannot claim any responsibility for Iberdrola’s 
environmental target-setting, we do belive that investor dialogue plays an important role 
in encouraging companies to create and announce these types of targets, and more 
generally, to capture sustainability opportunities and better mitigate their environmental 
and social risks.  
 
 
Figure 5: Engagement on Sustainability Risks and Opportunities in the Energy sector in 2019 
 
 
 
 
Source: Mirova, 2019  
Biodiversity 
Climate 
Change 
Pollution 
Supply Chain 
(environment) 
Resources 
Scarcity 
Health & Safety 
Human Rights 
Supply Chain 
(social) 
0
1
2
3
4
Materiality of the topic
Number of interactions
Engagement on sustainability risks 
High
Low
Environmental risk
Social risk
 Iberdrola has shown that decarbonization and profitability are fully compatible. 
 
Ignacio Galán, CEO, Iberdrola 
2
2
Engagement on sustainable 
opportunities
(Nb of interactions)
Development of green and social
products
Environmental and social benefits of
products

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FINANCE 
In 2019, our engagement with the financial sector remained mainly collaborative through 
the development of our advocacy activities (details available page 51, III. Advocacy).  
At an individual level, Mirova increasingly engages with issuers from the financial sector 
to improve transparency on methodologies of integration of key sustainability issues in 
their investment or lending strategies and guidelines. For instance, we requested further 
disclosure on the share of financing directly contributing to the UN Sustainable 
Development Goals from the sector’s companies. Developing climate finance has been at 
the top of our agenda. To do so, we need to evaluate how financial institutions are still 
supporting the fossil fuel industry or, on the contrary, to evaluate up to what extent they 
are involved in financing renewable energy and energy efficiency projects and players. As 
climate change becomes increasingly tangible and starts to impact citizens’ lives, the role 
played by insurers to develop bespoke insurance products to prevent new risks and 
protect against them is also key.  
Access to financial means and insurance protection for the Base of the Pyramid is also an 
important aspect to improve safety nets and to reduce inequalities. Exclusion from basic 
financial services does not only concern developing countries. In fact, the complicated 
macroeconomic situation in developed countries, such as rampant unemployment rate, 
has de facto excluded a significant portion of the population from access to financial 
services. Banks must address this social issue both nationally and internationally by 
offering differentiated products to at-risk populations and by partnering with organizations 
that provide aid to this clientele. We are engaging with financial institutions to improve the 
integration of the issue into their business model.  
 
 
The financial sector encompasses companies involved in banking, investment 
management and insurance sectors. Despite the heavy public criticism the 
companies received for excessive risk-taking and a short-term focus in the wake 
of the latest financial crisis, the financial sector remains a key player in the market 
economy and its role to advance the transition towards a low-carbon economy is 
pivotal. Banks and investors can directly contribute to primary sustainable 
development issues. As a keystone in capital allocation, banks and investors can 
play a major role in financing the energy transition and sustainable development 
solutions as well as directing capital flows towards low-carbon sectors. Financial 
sectors’ companies can also contribute to reducing poverty by providing universal 
access to financial and basic insurance services. 
Alongside these opportunities, banks and insurers must win the public opinion’s 
and the other stakeholders’ trust back by behaving with indisputable ethics, by 
managingtheir clients responsibly, by promoting ambitious Human Resource 
practices, and by ensuring the resilience of their business models to future 
challenges such as digitization and regulation.  
 
 
Engagement in review 
‘’15 companies targeted in 2019

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Regarding banks, the management of ESG risks and business ethics remains the bulk of 
our engagement actions. In 2019, examples of banks with a solid business ethics 
reputation have found themselves weakened by several cases of misconduct, fraud or 
money laundering. Through our engagement, we aim at better understanding how these 
companies ensure the implementation of a sufficient level of control in an increasingly 
regulated environment (for example on Know Your Customer Procedures).   
 
Figure 6: Engagement on Sustainability Risks and Opportunities in the Financial sector in 2019 
 
 
 
 
Source: Mirova, 2019  
Engagement in Action: MasterCard  
In 2019, Mirova engaged with MasterCard on various ESG topics, notably on the issue of 
customer privacy, which is critical to their business. We tried to better understand their data 
privacy management practices at the group level and the amount spent on cybersecurity-
related expenses. In addition, we also engaged in more recurrent issues such as CSR related 
performance remuneration. Mastercard confirmed that they do not use data unless authorized 
by customers and that aggregated data are anonymized. The answers were seen as overall 
satisfactory but will continue to be monitored by our IT analyst. Moreover, in terms of 
sustainable benefits of products, we would expect better disclosure with regards to the number 
of Wanda' customers and the list of partnerships. Additionally, within the debit segment, 
separation between debit and prepaid cards would be relevant. 
 
 
 
 
Climate 
Change 
Resources 
Scarcity 
Human 
Resources 
Human Rights 
Restructuring 
0
1
2
3
4
5
6
7
Materiality of the topic
Number of interactions
Engagement on sustainability risks
High
Low
Environmental risk
Social risk
6
8
Engagement on sustainable 
opportunities
(Nb of interactions)
Development of green and social
products
Environmental and social benefits of
products

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HEALTH 
In 2019, we continued our engagement with pharmaceutical and biotech companies on 
two important issues affecting the sector: “access to medicine” and transparent pricing. As 
health disparities across regions are increasing despite a positive overall outlook of the 
global average life expectancy, we consider access to health care as the top priority for 
companies across the entire medical sector, especially those involved in the development 
of medical products. In addition, drug pricing remains a hot topic due to increasing reforms 
in the sector, driven by the United States, that aim at reducing healthcare expenses. While 
we recognize that pharmaceutical and biotech companies drive medical innovation and 
are only partly responsible for increasing healthcare costs, we note that transparency 
around drug pricing and increases is still below expectations. Thus, we seek better 
practices and firm engagements focusing on achieving broader access. On the 
environmental side, we encourage pharmaceutical and biotech companies to further limit 
the negative impacts of drugs on the environment, both through manufacturing and 
through product consumption and disposal, in order to contribute to tackling the increasing 
burden of antimicrobial resistance. As a result, supply-chain engagement remains relevant 
across the sector.   
Regarding medical service providers, and particularly companies within inpatient care, we 
focused our 2019 engagements on Responsible Marketing and Climate Change. 
Numerous controversies regarding practices around patient mistreatment and persisting 
conflicts between companies and the workforce have prompted our increased attention 
towards companies providing elderly care.  
Finally, medical device manufacturers continue to be exposed to the risk of product safety 
coupled with unethical marketing practices. Thus, we continued to engage on improving 
transparency around best practices regarding marketing practices and business ethics, as 
well as quality and safety procedures in product manufacturing and strong supply-chain 
risk management. 
 
 
The health sector encompasses companies involved in several areas of medicine: 
from companies involved in the development of medical products and equipment, 
to those managing healthcare facilities as well as providers of specialized 
services. These companies face sustainability risks stemming from manufacturing 
safety to business ethics, which includes marketing practices, pricing policies, and 
anti-corruption policies. However, the sector is also poised to contribute to several 
SDGs, by promoting good health and well-being where the burden of disease is 
the highest also among low-income populations. 
 
 
Engagement in review 
‘’17 companies targeted in 2019

Mirova Engagement Policy and Report - 2019 
 
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Engagement in Action: Astrazeneca 
In 2019 we pursued our dialogue with Astrazeneca around their key sustainability 
challenges. While in our previous exchanges we pushed the company to focus on specific 
areas such as access to medicine, anti-microbic resistance and drug pricing; in 2019, we 
shifted our focus to improving the link between corporate social responsibility and business 
strategy, and how this is reported.  
We noted that Astrazeneca communicates on a number of initiatives through case studies 
and discloses impact indicators relative to the number of patients reached by its access 
programs. However, it remains unclear how these initiatives fit within the company’s 
overall portfolio and business development strategy. As a pharmaceutical company with 
a broad product range spanning from cardiovascular diseases to oncology, Astrazeneca 
has a significant role to play in tackling the global burden of disease. Some  low-income 
countries are hard to tackle due to the lack of existing infrastructure for pursuing therapies. 
Howeverother emerging markets with large medical needs can effectively increase the 
adoption of treatment through patient access programs. such asChina, for example, where 
the company fosters the penetration of its lung cancer therapies among underserved 
patient populations. In addition, Astrazeneca has put educational programs in place in 
some African countries to reduce the risk of cardiovascular diseases, for which they 
provide therapies.  
While we praised the company for the development of these access programs and 
increased communication around those, we pressed for a stronger link between these 
initiatives and the overall company’ strategy, while also putting in place more performance 
indicators and targets to monitor progress. The company was very receptive with regard 
to our suggestions and showed commitment towards improvement.  
 
 
 
 
 
Figure 7:  Engagement on Sustainability Risks and Opportunities in the Health sector in 2019 
 
 
 
Source: Mirova, 2019 
Biodiversity 
Climate 
Change 
Pollution 
Supply Chain 
(environment) 
Resources 
Scarcity 
Consumer Health 
Health & Safety 
Human Resources 
Human Rights 
Responsible 
Marketing 
Restructuring 
Supply Chain 
(social) 
0
2
4
6
8
10
12
Materiality of the topic
Number of interactions
Engagement on sustainability risks
High
Low
Environmental  risk
Social risk
 At AstraZeneca, we recognize the strong connection between the health of our patients, our business, 
our employees, and the planet. Our sustainability strategy focuses on three priorities which are 
interconnected and impact one another; Access to Healthcare, Environmental Protection and Ethics and 
Transparency. 
 
Katarina Ageborg, Executive VP, Sustainability and Chief Compliance Officer, President AstraZeneca AB, Sweden 
16
7
Engagement on sustainable 
opportunities 
(Nb of interactions)
Development of green and social
products
Environmental and social benefits of
products

Mirova Engagement Policy and Report - 2019 
 
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ICT  
 
 
 
The Information and Communication Technologies sector encompasses 
companies involved in several areas of technologies, from companies specialized 
in electronic components and devices to those developing software as well as 
providers of services, telecommunication operators or media companies. These 
companies face sustainability risks stemming from safety and human rights in the 
manufacturing process to products’ responsibility, which includes data security 
and privacy, quality of content, toxic and hazardous substances, energy efficiency, 
etc. However, the sector can also contribute to various SDGs, both directly, by 
bringing access to information and banking to the under-served; and indirectly, by 
enabling sustainable solutions in other industries (solar energy, sustainable 
agriculture, smart cities, etc.). 
 
 
Engagement in review 
‘’19 companies targeted in 2019  
After several years of engagement, many companies in the ICT sector publish regular 
detailed reports regarding the incorporation of responsibility into their strategies. Our 
dialogue with these companies now focuses on the quality of the information published 
and on the importance of providing evidence of their exposure to sustainable solutions, 
either by providing a breakdown of their revenue by end-use or final market, or by 
quantifying the environmental and social benefits generated by their activities (number of 
users, avoided emissions, etc.). This is especially crucial as most companies in the sector 
provide solutions which positive impacts’ are only accountable when used by clients.  
Companies in the ICT sector are highly exposed to key challenges concerning human 
health, safety, and welfare as well as to challenges in regard to the preservation of our 
planet. Certain areas of risk, such as mineral traceability and the compliance of suppliers 
with social standards, are difficult to mitigate despite their severity. Mirova continues to 
ask companies to provide an overview of their production chain which highlights their 
major suppliers, both in terms of spending, and in terms of exposure to social and 
environmental risks. We encourage companies to describe their auditing procedures 
(target setting, methodology, tools, etc.), to detail the results (by category and level of 
severity) and to explain their responses (corrective action, termination of contract, etc.). 
We are aware of the difficulties involved in managing a supply chain and the importance 
of securing long-term relations with suppliers, thus we recommend that companies join 
industry-wide initiatives (Responsible Business Alliance, Joint Audit Cooperation, etc.). 
Both companies and suppliers benefit from these initiatives: the former gain leverage and 
efficiency in the mitigation of their risks, while the latter obtain a single, clearer framework 
as well as tools to reach the required compliance level.  
Standard industry practices regarding the privacy of Internet users and the quality of 
advertising content are largely insufficient. We continue to remind companies of the 
importance of these issues and the need to adopt better practices. More specifically, with 
regards to privacy, we encourage companies to adopt practices that are at least at the 
level of the European Union regulation (General Data Protection Regulation 2016/679) for 
all users across the globe, even for non-EU citizens. We also highlight the necessity for 
ICT companies to disclose the governmental requests they receive, including topics as 
well as number and type of response provided in line with the applicable regulations.

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As technologies shift rapidly, ICT companies are intrinsically submitted to high pressure 
and led to significantly restructure their workforce, as evidenced by the ongoing transition 
to cloud-based services. Additionally, ICT has created jobs with higher psychosocial risks 
(content moderator, hotline, etc.). Moreover, many companies in the industry have a 
significant share of their employees located in countries with lower labor laws. For these 
reasons, and as transparency on these aspects continues to be limited in many cases, 
responsible restructuring and proactive support to social dialogue across the entire 
workforce are recurring topics in our engagement efforts.  
Finally, while companies within the ICT industry may be providing sustainable solutions, 
the sector as a whole is still generating a growing number of electronic devices whose 
energy consumption, composition, and disposal pose problems. Thus, we have chosen to 
focus our engagement on topics such as evaluating carbon footprints (optimization of 
products’ energy efficiency, renewable sourcing of data centers, reduction of carbon-
intensive content, etc.), substitutions for harmful substances (brominated flame retardants, 
benzene, arsenic, mercury, and lead as well as PVC, phthalates, etc.), and recycling 
electronic waste (proportion of recyclable materials, identification of appropriate recycling 
lines, non-reexportation of electronic waste, etc.) in our discussions with companies. 
Companies tend to adopt better practices in these areas with time. We continue to expect 
significant improvements in the future. 
Engagement in Action: Orange  
Over the past years, Orange has been very responsive, showing proactiveness in 
understanding Mirova’s approach to sustainability and our expectations from ICT 
companies, both in terms of impact and transparency. More specifically, we encouraged 
the company to provide more granular information on their activities in emerging markets, 
in order to identify the share of revenues resulting from solutions that generate social 
benefits with greater certainty. During our 2019 dialogue, Orange representatives detailed 
the group’s activities in great length, providing data such as revenue breakdowns, number 
of users or number of countries covered to help materialize their exposure. This helped us 
refine our analysis and confirm our sustainability opinion on the company.  
Figure 8:  Engagement on Sustainability Risks and Opportunities in the ICT sector in 2019 
 
 
 
Source: Mirova, 2019 
8
12
Engagement on sustainable 
opportunities 
(Nb of interactions)
Development of green and social
products
Environmental and social benefits of
products
Biodiversity 
Climate 
Change 
Pollution 
Supply Chain 
(environment) 
Consumer Health 
Health & Safety 
Human Resources 
Human Rights 
Responsible 
Marketing 
Restructuring 
Supply Chain 
(social) 
0
2
4
6
8
10
12
14
16
Materiality of the topic
Number of interactions
Engagement on sustainability risks
High
Low
Environmental risk
Social risk

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Regarding sustainability risk management, we have also been raising our expectations, 
asking more detailed information and advanced practices from ICT companies and from 
those in our portfolios like Orange. Our dialogue has proven constructive, as the French 
telecommunication company’s strategy is robust and detailed on many key issues. In 
2019, the group provided convincing responses on various specific questions regarding 
supply chain management, carbon assessment and footprint reduction, exposure to 
internet & freedom issues, etc. In 2019, we notably encouraged Orange to provide greater 
details on their exposition to data privacy risks and the respect of their users’ rights, as 
well as on their efforts with the GNI to limit unlawful governmental interference. In line with 
our past constructive dialogue, we expect Orange’s future reports to detail the group’s 
efforts on the topic.

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 MOBILITY 
Mirova encouraged companies to: 
– 
Reinforce their positioning on ecological transition solutions (goals, means 
implemented, challenges to overcome) and increase transparency on 
investments and the share of revenue related to these solutions;  
– 
Improve their practices to cope with sustainability risks related to the global 
activity’s impacts on the environment, transport safety, human capital for both 
employees and suppliers,responsible sourcing and conception including in-depth 
thoughts regarding best environmental and social solutions.  
Since 2018, we have also focused on the electrification of transportation, which is now 
unavoidable to effectively address climate change as well as resources and pollution 
issues, whether regarding the opportunities or the risks-related perspective. Regarding 
opportunities to seize, we continuously engage with companies to identify the key 
components/triggers in value chains to accelerate the deployment of mobility based on 
battery electric vehicles or fuel cell electric vehicles. We prompt companies to be clear on 
their added value in the electric mobility segment. Concerning emerging issues such as 
new materials in the supply chain, especially regarding batteries and electric engines, but 
also the reduction of the carbon footprint related to the production of electric vehicles , 
Mirova encourages vehicle makers to be fully transparent on their sourcing policies 
(technologies substitution, recycling, collaborations with metal and mining industries, 
strategy country-by-country) and actions (audits, due diligence, contractual clauses) 
deployed to mitigate the associated risks. Moreover, considering the current radical 
technological breakthrough, the expertise required in the automotive industry drastically 
changed with rising demand of electrochemistry, composite materials and ICT knowledge. 
Thus, it is essential to understand how companies will adapt employees’ skills and know-
how to this major technological shift. 
Finally, companies that are active in the defense sector must ensure that military products 
are neither exported nor re-exported to non-democratic countries or those where 
democratic practices are deemed insufficient. 
 
 
The mobility sector encompasses companies involved in vehicle manufacturing 
and vehicles equipment manufacturing (road vehicles, trains, ships, aircraft). 
Mobility is a crucial aspect of human development. Moving goods and people 
facilitates access to goods and services and, more globally, the functioning of 
society. However, these displacements have impacts on climate change, air 
quality, consumption of fossil resources, biodiversity and the health of populations. 
Today, mobility remains a privilege unequally distributed among populations. The 
sector must reconcile access to mobility for the greatest amount of people while 
reducing the environmental and social impacts related to transport. Companies 
can be support the ecological transition as well as access to mobility solutions.  
 
 
Engagement in review 
‘’19 companies targeted in 2019

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Engagement in Action: McPhy 
As previously explained, Mirova aims to invest in companies with strong added value in 
the development of electric mobility, both for passenger and freight transport. Today, these 
companies today primarily address road and rail transportation modes,but they should 
undoubtedly have a role to play in air and marine transportation modes in a more distant 
future. Currently, electric mobility technologies are developed in two perspectives : one 
based on batteries and the other held by the low carbon hydrogen vector. In this second 
segment, there are three key subsectors: electrolysis to transform water (H2O) into 
hydrogen (H2) in stations; embedded H2 storage to safely transport hydrogen and finally 
the fuel cell manufacturing to retransform hydrogen into electricity in vehicles. In order to 
make fuel cell electric mobility a competitive alternative, these segments are still in 
progress to improve their efficiency and reduce the associted costs. Some companies, 
waiting for the breakeven point or having just achieve it, are in this race. Our ambition is 
to contribute to the robustness of this sector that we consider a holder of environmental 
and economical opportunities, by accompanying companies, both by becoming 
shareholders and by challenging their ESG practices to improve it. Some large groups 
were already invested by Mirova’s funds. In 2019, for example, investments have been 
made in two companies. First, in Michelin, which have created alongside Faurecia a 
company focused on fuel cell technologies called “Symbio A Michelin Faurecia Company”. 
Secondly, in Alstom which is the most active player in rail transport to integrate fuel cell 
electric trains in the coming years, notably in Germany and France or in Air Liquide which 
is currently changing its strategy to reinforce its exposition to H2 from water electrolysis, 
and recently acquired 19% of Hydrogenics, an electrolyzer producer. In addition, Mirova 
also invested in McPhy, a small French company created in 2008 that develops and 
supplies hydrogen production, storage, and distribution equipments for hydrogen energy, 
zero emission mobility, and industrial hydrogen markets worldwide. With only 95 
employees and an activity directly addressing environmental issues, McPhy did not seem 
to meet the needs to develop an elaborated sustainability strategy until now, as ESG risks 
related to its operational activities remained manageable. Nevertheless, Mirova already 
opened the discussion with the management team around their H2 strategy, and we will 
focus on environmental and social practices in the next months to assist the company in 
becoming a sustainability leader both  from a product and practices perspective. 
 
Figure 9:  Engagement on Sustainability Risks and Opportunities in the Mobility sector in 2019 
 
 
 
Source: Mirova, 2019 
5
7
Engagement on sustainable 
opportunities
(Nb of interactions)
Development of green and social
products
Environmental and social benefits of
products
Climate Change 
Supply Chain 
(environment) 
Resources 
Scarcity 
Health & Safety 
Human 
Resources 
Human 
Rights 
Restructuring 
Supply Chain 
(social) 
0
1
2
3
4
5
6
7
8
Materiality
Number of interactions
Engagement on sustainability risks
High
Low
Environmental risk
Social risk
 Electrolysis technologies are increasingly present to produce hydrogen without fossil fuels. There is still 
a long way to go in this area because we have to convince industrial giants to switch to other modes of 
production. Mid-sized companies like McPhy provide innovative solutions and boost the sector. 
 
François le Naour, vice-chairman of Afhypac

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RESOURCES 
 
 
The Resources sector includes waste & water industries that are well positioned 
to address the challenges of water stress and resource security, and to contribute 
to the development of a circular economy. It also includes chemicals, the “industry 
of industries”, the key to most sustainable technologies required for the 
environmental transition, hence capable of supporting many SDGs. The sectors 
of agriculture and forestry are at the heart of land use conversion causing 
ecosystems degradation ; so the fight against deforestation, unsustainable 
forestry and conventional agriculture accounts for many opportunities to develop 
innovative solutions allowing to decrease pressure on biodiversity – increasing 
yields sustainably, the share of certified forestry operations, etc.  
In terms of risks, all these sub-sectors tend to be heavily industrial, and therefore 
highly exposed to environmental and safety risks within their operations. 
Moreover, product toxicity remains another major issue, mainly for chemicals and 
agrochemicals. In addition, many players of these industries are exposed to high 
risks in their supply chains: ingredients companies purchasing from agricultural 
operations, but also paper & packaging dependent on forestry operations, are only 
two examples. Lastly, metals & mining is a sector particularly exposed to ESG 
risks, as it is very strongly linked to critical impacts on the environment as well as 
major social risks, notably regarding human rights. 
 
 
Engagement in review 
‘’15 companies targeted in 2019  
In 2019, we conducted very focused engagements in order to dig more into some detailed 
topics with targeted companies. The correlations between responsible supply chains and 
business constraints were investigated, with the issues of related possible opportunities 
for companies and the economic rationale behind sustainable sourcing in mind. Some 
interactions were also focused on pollution, notably on the question of how ecosystems 
could be better preserved by industries heavily connected to them. Lastly, on risk 
management, issues related to health and safety were addressed in different contexts: 
companies from different industrial sectors, displaying poor trends in this area, were asked 
for complementary information for us to better understand the management of this issue.

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Engagement in Action: Symrise 
As a company eager to better integrate sustainability within its operations as well as its 
communication, Symrise launched in 2019 a project aiming at identifying its most material 
ESG topics. To this end, Symrise wanted to ensure the voices of its main stakeholders 
were heard. Since Mirova is a Responsible Investor of Symrise, and given the constructive 
dialogue in place for years, Mirova was invited to participate in this initiative. We took the 
opportunity to express and explain our approach on sustainability, and to present our 
opinion on the most material issues for Symrise. In a nutshell, issues related to the 
company’s supply chain were largely discussed. Indeed, these issues are both numerous 
and critical for a player like Symrise: the company has a role to play to ensure responsible 
practices upstream, and is heavily dependent on its sourcing channels, making these non-
financial topics highly important for operational matters in addition to the environmental 
and social rationale. Overall, our participation in the consultation exercise allowed to 
strengthen our mutual understanding of our respective key objectives and constraints, and 
to ensure Mirova’s expectations as a Responsible Investor were taken into account in the 
company’s sustainability roadmap and priorities. 
 
 
 
 
Figure 10:  Engagement on Sustainability Risks and Opportunities in the Resources sector in 2019 
 
 
 
Source: Mirova, 2019 
4
3
Engagement on sustainable 
opportunities 
(Nb of interactions) 
Development of green and social
products
Environmental and social benefits of
products
Climate Change 
Pollution 
Supply Chain 
(environment) 
Health & Safety 
Supply Chain 
(social) 
0
1
2
3
4
5
Materiality of the topic
Number of interactions
Engagement on sustainability risks
High
Low
Environmental risk
Social risk

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3. Thematic Focus 
 JOB CREATION 
 
Each year, Mirova opens dialogues with a number of companies in order to better understand 
their outlooks on job creation in France. Although transparency regarding staff distribution is 
not mandatory, data on this topic helps us to expand the Fund’s investment universe.  
In addition to data transparency, there must be a clear connection between a company’s 
strategy and human capital management in order for us to fully understand the company’s 
approach. Our discussions with companies regarding the IED strategy’s objectives allow us 
to maintain a constant dialogue about improving employment prospects. 
Figure 11: Engagement on Job Creation per Sector in 2019 
(% of all interactions related to Job Creation)  
 
Source: Mirova, 2019 
 
Buildings & Cities; 
10.40%
Consumption; 
14.77%
Energy; 15.77%
Finance; 7.05%
Health; 10.07%
ICT; 16.44%
Mobility; 12.08%
Resources; 
13.42%
Although employment is a major concern in France, the issue is rarely taken into 
account when managing portfolios. Since its launch in 1994, the Insertion 
Emplois Dynamique (IED) strategy has sought to address this issue through 
solidarity financing, which makes up 5 to 10% of the Fund’s portfolio, as well as 
through listed stocks, which make up around 90% of the portfolio, by investing in 
companies likely to create jobs in France. 
‘’288 companies targeted on  
their Employment Strategy in France

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GOVERNANCE : CROSS SECTOR ISSUES 
Similar governance issues affect almost all sectors. As in previous years, Mirova chose to 
emphasize on the following issues in 2019.  
Responsibility and Representation in Governance  
▪ 
The Nomination Committee is responsible for selecting applicants: Mirova expects 
specific explanations of these choices.  
▪ 
A balanced representation of the company’s strategic stakeholders on the Board: 
Mirova maintains that employee representatives should be present on the Board, even 
in markets where there is no such regulatory requirements.  
Fair Remuneration for Stakeholders  
▪ 
Aligning stakeholder remuneration with real value creation: Aligning stakeholders’ 
long-term interests with those of the company should result in a positive correlation 
between shareholder remuneration (dividends and share repurchases), executive 
compensation (total), employee remuneration (payroll), and even public authority 
remuneration (through the payment of taxes).  
▪ 
Balancing remuneration in the company: stakeholders can only collaborate 
efficiently if their contributions are recognized and compensated. The companies 
which Mirova invests in should have distribution and remuneration mechanisms in 
place which are governed by the principle of equity. We encourage companies to 
include employee representatives on compensation committees and to announce 
changes in payroll, particularly changes regarding managers’ remuneration.   
 
Taking Environmental and Social Issues into Account in Governance  
▪ 
Inclusion of environmental and social criteria in remuneration policies: Through 
dialogue with companies which are  part of its portfolios, Mirova seeks to understand 
how the CSR strategy is integrated into remuneration mechanisms, to evaluate the 
pertinence of the criteria used to consider issues faced by the company, and to 
regulate monitoring.  
▪ 
Taking CSR issues into account at the Board level: we encourage companies to 
create a CSR Committee in the Board, or any other equivalent structure, dedicated 
to these issues.  
▪ 
Verification and certification of extra-financial information: Mirova would like to see 
audited and certified information on environmental and social performance included 
in the annual report. 
 
 
‘’270 companies targeted by our 
engagement on Governance of Sustainability

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4. Influence through the Exercise of Voting 
Rights 
In order to promote the creation of sustainable value for all its stakeholders, Mirova has 
drafted a Voting Policy in line with its sustainable investment strategy.  
In 2015, Mirova began an in-depth, critical examination of the stakes of traditional 
governance, aiming to define a governance model based on an entrepreneurial and 
sustainable company vision. This examination laid the groundwork for a new voting rights 
policy based on a new governance model. This governance model is based on four main 
pillars: 
▪ 
The development of a long-term shareholder base to support a company’s 
sustainable growth strategy; 
▪ 
The creation of governing bodies that serve all stakeholders and address CSR 
issues; 
▪ 
The introduction of a compensation policy which is not only fair to all stakeholders, 
but which also incorporates environmental and social considerations into the criteria 
for determining incentives and aligning interests; 
▪ 
Increased transparency and a better quality for both financial and extra-financial 
information thanks to the implementation of an audited reporting system 
incorporating sustainable development challenges as well as financial issues. 
This approach is based on the work conducted by the academic chair of Mines ParisTech on 
the subject: “Théorie de l’entreprise. Modèles de gouvernance et création collective” (Theory 
of the Firm. Models of Governance and Collective Creation). Mirova has supported this work 
since 2015. 
 
Figure 12 : Mirova’s Voting results per geography 2019 
(Nb of resolutions) 
 
 
Source: Mirova, 2019 
RESOLUTIONS OPPOSED IN 2019  
‘’22.8%- the average opposition rate4 for 2019  
The percentage of resolutions that Mirova voted against or abstained from is lower this year 
in  Europe (18%) than in North America (25%) or in Asia (26%) thanks to a general 
improvement in practices from several companies, notably regarding a fairer distribution of 
value among all stakeholders and an increased transparency on extra-financial information. 
Indeed, while the “Distribution of value” and “Transparency of information” themes both 
accounted for 22% of resolutions submitted in Europe in 2019, the opposition rates both 
 
4 Average opposition rate per company

Mirova Engagement Policy and Report - 2019 
 
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decreased to 52% (vs. 98% and 70% in 2018, respectively). However, while the opposition 
rate decreased in Europe regarding the “Balance of power” theme, it increased substantially 
in Asia and in North America due to a lack of balance in the representation of the company’s 
strategic stakeholders on the board (e. g. overboarding, no gender equality, no employee 
representative on the board). 
 
Figure 13: Mirova’s Opposition rate per topics in 2019 
(Nb of companies) 
 
Source: Mirova, 2019 
60%
28%
71%
55%
11%
25%
72%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Balance of
power
Bylaws
amendments
Distribution of
value
Financial
structures
GM-related
issues
Shareholder
resolutions
Transparency
and quality of
information
Gobal
Europe
Americas
Asia

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5. Improving Green and Social Bonds  
 
Mirova’s engagement approach towards green, social, and sustainability bonds is 
based on the conviction that the consideration of extra-financial criteria during the 
investment process is essential for creating long-term value. By investing in 
sustainability bonds, Mirova can select entities and projects to invest in which will 
allow to capitalize on the opportunities created by the transition towards a more 
sustainable economy, while ensuring that Environmental, Social, and Governance 
criteria are taken into account. 
‘’63 companies engaged with 
MARKET STATUS IN 2019 
The sustainability bond market is still new and its practices varied, particularly in terms of 
transparency. Throughout the year, we continued our dialogues with current and potential 
issuers about how to improve transparency in the market and how to move towards impact 
reporting. We also informed issuers of our expectations and worked on the promotion of 
an established sustainability bond market that would be both well structured and 
creditable.As the green bond market has now been active for a few years, more green 
bond reports are being published. In 2019, we continued to engage with issuers on 
improving the quality of reporting and the impact indicators used. Topics included clarifying 
what reporting entails, as clarity might be lacking regarding the inclusion of all issuer’s 
green assets activities or just those funded by green bonds. We also discussed the topic 
of impact reporting as well as output indicators and methodologies used. For  the issuers 
that were new to the market, we focused on project selection criteria in order to ensure 
that potential projects would positively contribute to achieving various SDGs. 
2019 was an eventful year as other sustainability-related bonds started to entered the 
market – most notably transition bonds and sustainability-linked bonds. As the market 
continues to grow, such innovations will sprout in an attempt to include as many kinds of 
issuers as possible. While Mirova encourages innovation, caution is required to ensure 
integrity and credibility of the green, social and sustainability bond market. It is still too 
early to forecast the evolution of the market, but Mirova will continue to engage with 
issuers and other players to ensure that the credibility and integrity that we have worked 
hard to establish remain intact.

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ENGAGEMENT APPROACH  
Figure 14 : Engagement Approach for Green and/or Social Bonds 
 
 
Source: Mirova 2019 
Use of proceeds: We recommend that issuers clearly indicate in the prospectus that 
proceeds from the bond issuance will be used to finance projects that create added 
environmental or social value. We strongly emphasize the need for clarity and quality in 
principles for allocating funds. The project selection criteria need to be clear and sufficiently 
restrictive to ensure that the projects financed will have positive environmental and/or 
social effects.   
Mitigation of ESG Risks: We encourage issuers of sustainability bonds to communicate 
the ESG risk reduction strategies associated with the project being financed. This is 
particularly important for projects that could have potential negative consequences if the 
environmental and/or social risks are not well managed.  
Impact Measurement: We encourage issuers to improve the way they measure the 
environmental and/or social impact of projects. We also encourage issuers to publish the 
methodologies they use to quantify these impacts so that we can better understand the 
overall impact. 
Transparency and Quality of Reporting: We encourage issuers to be very transparent 
regarding the traceability of funds raised by issuing sustainability bonds. To this end, we 
request that reports detailing financed projects be published at least annually. We strongly 
encourage companies to have these reports audited by an external third party.  
Figure 15 : Number of interactions in 2019 on Green/Social bonds 
 
Source: Mirova, 2019 
Use of 
proceeds
Mitigation of 
ESG risks
Impact 
measurement
Quality of 
reporting
0
5
10
15
20
25
30
35
40
Issuance of a Green Bond
Governance of the Bond
Use of Proceeds
Project Selection Criteria
Second Opinion
Mitigation of ESG Risks
Third Opinion
Reporting & Impact Indicators
Number of interactions

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Engagement in action: ERG 
Mirova had several occasions to talk and meet with ERG throughout 2019. As a newcomer 
to the public bond market, ERG decided to make their inaugural public bond issuance a 
green bond. The company is currently in the process of shifting their business model from 
an important fossil fuels exposition towards a major player in renewable energy. This 
strategic decision was welcomed because it helped us flag the company as a potential 
investment. Our exchanges with the company have been fruitful and insightful as it has 
allowed ERG to better understand Mirova’s expectations as an investor, particularly on 
reporting. It has also allowed Mirova to better understand the challenges ERG faces in 
deploying their renewable energy projects.  Such dialogues are important for Mirova as it 
provides us with a clearer picture of the work that the issuers are carrying out and the 
challenges they face.

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6.  Responsible Infrastructure 
 
Mirova endeavors to prioritize projects that capitalize on opportunities created by 
the economic transition towards a more sustainable society while ensuring that 
environmental and social risks are managed. Our research team first examines 
whether a project will help to achieve relevant Sustainable Development Goals 
and then evaluates the environmental and social risks inherent to the project’s life 
cycle. 
Mirova’s engagement approach regarding infrastructure projects is based on the conviction 
that financing energy transition infrastructure is an efficient and tangible way to address 
sustainability issues in the real economy. However, in order to highlight the environmental or 
social benefits of a project for investors, Mirova needs concrete figures: long-term job creation 
for each project, CO2 emissions avoided for renewable energy projects, percentage of 
energy consumption reduced for energy efficiency projects, number of kilometers of 
additional lines for rail projects, etc. This practice of taking into account environmental and 
social criteria in the infrastructure asset class is still in its nascent stages. To encourage this 
approach, we engage with project leaders.  
Integration of these issues into investment decisions for infrastructure projects is based on 
several factors: 
1. 
Seeking out tools to finance the energy and societal transition, which requires targeting 
projects with high social and/or environmental value-added impacts, 
2. 
Supporting public entities as they progressively integrate sustainable development 
criteria into calls for tender, and 
3. 
Increasing responsible investment’s impact with vehicles that facilitate the improvement 
of traceability between the funds and the environmental and social benefits they create. 
In 2019, Mirova continued to employ its infrastructure fund analysis method using the 
following engagement process: 
Figure 16: Engagement Process for Infrastructure projects 
 
Source: Mirova, 2019 
Given the recent emergence of these issues, we have identified improvement areas for all 
projects in terms of transparency and performance evaluation. The amount of information 
provided is sometimes insufficient for certain indicators. As a responsible investor, we wish 
to encourage our partners to increase the amount of information collected as well as the level 
of transparency of these indicators.  
This approach is employed both directly, by project heads, and indirectly, through common 
initiatives with other investors. When we analyze projects, key topics for engagement are

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systematically defined. Once the investment is made, Mirova and those responsible for the 
project discuss these topics to find ways of improving the project together. When a project is 
evaluated by a committee, a request for further transparency accompanies the project’s 
analysis. This request, which is tailored to each project, is transmitted to the  companies 
involved so they can improve the gathering and broadcasting of environmental and social 
information. 
In 2019, we specifically engaged on the following topics to increase awareness on their 
importance from a responsible investment perspective: 
- 
Integration of ESG criteria in the supplier selection process, covering both social and 
environmental practices of suppliers; 
- 
Increased transparency on local community consultation processes; 
- 
Minimizing accidents, incidents, or other health and safety issues during construction 
through the implementation of a robust health and safety management system that 
covers both workers and contractors with regular reassessments, audits, and 
reporting;  
- 
Ensuring the absence of environmental incidents during construction and operation; 
- 
Close monitoring of environmental mitigation and compensation measures identified 
in the environmental impact assessment to ensure effective implementation; 
- 
Enhanced transparency on environmental and social risk management during 
project operation and maintenance; 
- 
Responsible management of the project’s end-of-life, including waste management 
and recycling.  
 
Engagement in Action: Dana 
In 2019, Mirova invested in Dana, a portfolio which includes 6 biogas facilities relying on 
waste from agriculture and agro-industry as inputs. Following a site visit, Mirova highlighted 
key focus areas that should be continuously monitored during operation & maintenance 
phases. More specifically, while appropriate policies and procedures have been implemented 
by the company in charge of O&M, Mirova encouraged the staff to carefully respect the health 
and safety instructions and systematically wear safety equipment including toxic gas 
detection equipment in order to avoid toxic gas inhalation leading to possible fatalities. The 
company in charge of the operation and maintenance of the facilities agreed with Mirova’s 
recommendation and committed to implement a health and safety dedicated reporting.  
In addition to providing renewable energy, the process output of each facility provides 
fertilizer supply for local farmers that can be substituted for chemicals fertilizer. However, the 
sustainability of the output fertilizer highly depends on the input nature, which can also include 
industrial oils. Therefore, Mirova insisted on the importance of controlling the level of toxicity 
of the output digestate that should be completed through pre-export digestate analysis along 
with extensive soil analysis on the digestate receiving plots (both to detect pollutants and to 
control the amount of nitrogen introduced).  While the company agreed with the relevance of 
such a procedure, it had already deployed a similar mechanism to monitor the environmental 
impact of the output fertilizer before spreading and will continue to do so.  
Overall, the company appreciated getting a responsible investor’s point of view regarding the 
way it conducts its activity and remains willing to pursue its fruitful dialogue with Mirova.

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II. Collaborative Engagement 
Initiatives 
Collaborative engagement consists in identifying controversial practices within an industry 
or group of companies and engaging in a dialogue to request increased transparency and, if 
needed, a change in practices. In order to strengthen the influence of responsible investors, 
engagement is undertaken in collaboration with others. The goal is to inspire issuers to make 
specific and measurable changes within a determined timeframe. Engagement can also be 
conducted to influence industry associations and/or public policies. 
1. Goals  
– Making companies eligible for investment, specifically those which have been excluded 
from Mirova’s sustainable investment universe and/or that of its clients until now due to 
poor environmental and/or social practices (e.g. engagement with the oil sector to push for 
portfolio decarbonization). 
– Improve transparency and/or companies’ practices regarding controversial subjects, so 
that companies remain eligible for investment (e.g. opening a dialogue about a company’s 
supply chain to encourage it to adopt better practices in  addressing human rights issues). 
2. Mirova’s Approach  
1. Mirova’s Collaborative Engagement Platform  
In 2014, Mirova launched its own collaborative engagement platform, comprised of experts 
from Mirova’s research team and representatives from clients and investors interested in 
collaborative engagement.  Since then, Mirova has launched four engagement initiatives via 
this platform which address specific issues thatrequire greater engagement on the part of 
investors. Over the years, Mirova has promoted the engagement objectives of these 
initiatives, including improved corporate practices and changes in the sectors involved. 
 
2. Other Collaborative Initiatives 
Other investors also create collaborative engagement initiatives. When the subject of the 
initiative is coherent with Mirova’s strategy and identified priorities, Mirova signs engagement 
letters and open declarations from other investors. 
 
3. PRI Initiatives 
Finally, Mirova is a member of one of the PRI investors working groups whose goal is to 
improve industry-wide practices. In 2019 Mirova supported 4 PRI-led initiatives.

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3. Summary and Key Figures 
 
COLLABORATIVE ENGAGEMENTS LED BY MIROVA  
Gender Equality  
▪ 
In October 2019, Mirova initiated an investor coalition to support the UN Women’s 
Empowerment Principles and achieve Gender Equality.  
▪ 
Since November 2019, Mirova  engaged with several companies on this specific 
topic, encouraging them to improve gender diveristy at all management levels and 
to sign the 7 Women Empowerment Principles. Beyond the signing, Mirova will 
support the implementation of the relevant policies under these principles. 
 
Supply Chain    
ICT Sector  
▪ 
Since 2014, Mirova and its partners have sought to encourage IT companies to 
adopt practices ensuring that their supply chains are more sustainable. 
▪ 
In 2019, Mirova continued to develop ties with partners and supported industry 
initiatives, while consistently sending companies feedback on their practices and 
expected improvements. 
 
Textile Sector  
▪ 
In 2014, Mirova began encouraging companies to espouse higher levels of 
transparency in their supply chain management. 
▪ 
In 2019, Mirova continued its efforts to increase transparency regarding textile 
supply chains and to ensure that practices were in line with investor expectations 
through its work with the Sustainable Apparel Coalition (SAC).   
 
OTHER COLLABORATIVE ENGAGEMENT INITIATIVES 
‘’21 initiatives supported 
‘’12 environmental themes 
‘’8 social themes 
‘’3 corporate governance themes

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Collaborative Engagements led by Mirova  
GENDER EQUALITY  
 
Although women represent nearly half of the world’s population, they continue to 
face challenges and have access to fewer assets and opportunities than men. 
While the past 25 years – since the adoption of the Beijing Declaration and the 
Platform for Action adopted at the Fourth World Conference on Women in 1995 – 
have seen significant progress, the adoption of the United Nations 2030 Agenda 
for Sustainable Development, reflects the need for further progress notably 
regarding a stated goal to “Achieve gender equality and empower all women and 
girls” (SDG 5).  
Furthermore, women’s underrepresentation in leadership positions in the private 
sector is increasingly considered as an urgent challenge, not only from a fairness 
and equality perspective, but also because it impedes financial performance. 
While it is difficult to prove causality, extensive research has found a strong 
correlation between thoughtful workplace diversity and corporate financial 
performance. 
 
Engagement Activities in 2019 
 
As investors, we are convinced that gender equality contributes to increased benefits to 
society and the economy while enabling better financial performance. We believe that a 
company that promotes and takes decisive action towards gender equality is a company that 
will create value, not only for investors, but for all its stakeholders. It is thus an important 
criterion integrated into our investment strategies. For these reasons, we have integrated the 
issue of gender equality into our line of investment solutions. Furthermore, in October 2019, 
Mirova initiated - and has been leading since then - an investor coalition to support the 
Women’s Empowerment Principles and achieve gender equality. This statement, co-signed 
by 66 investors representing more than 4 trillion euros in asset under management, has 
received the support of UN Women and the UN Global Compact. 
By signing the coalition, investors reaffirmed their increasing attention to gender equality and 
women’s empowerment in their investment decisions; and strongly encouraged business 
leaders to take corporate action to promote gender equality in their companies by signing the 
Women’s Empowerment Principles. It was also the occasion for investors to call for 
companies to pay specific attention to Principle 7 of the WEPs (see the principles below): 
foster the implementation of gender equality performance measurement tools and improve 
transparency on their actions and outcomes. 
The statement has been disseminated to more than 1 600 global companies. With this joint 
statement Mirova and the investors signatories reaffirmed their increasing attention to gender 
equality and women’s empowerment in their investment decisions. Consequently, we strongly 
encouraged business leaders to take corporate action to promote gender equality in their 
companies by signing the Women’s Empowerment Principle, and called on companies to 
foster the implementation of gender equality performance measurement tools and improve 
transparency on their actions and outcomes. As a result, Mirova received more than a hundred 
responses from the targeted companies including directly from CEOs with a commitment to 
address the issue and increase transparency on gender diversity.

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Women’s Empowerment Principles:  
- 
Principle 1: Establish high-level corporate leadership for gender equality; 
- 
Principle 2: Treat all women and men fairly at work – respect and support human 
rights and nondiscrimination; 
- 
Principle 3: Ensure the health, safety and well-being of all women and men 
workers;  
- 
Principle 4: Promote education, training and professional development for 
women;  
- 
Principle 5: Implement enterprise development, supply chain, and marketing 
practices that empower women;  
- 
Principle 6: Promote equality through community initiatives and advocacy; 
- 
Principle 7: Measure and publicly report on progress to achieve gender equality.  
SOCIAL RISKS IN THE SUPPLY CHAIN   
 
Social problems throughout the supply chain can present serious risks for 
companies. In the wake of certain events (suicides at Foxconn in 2010, Rana 
Plaza collapse in 2013), it has become clear that despite efforts to improve the 
situation, social problems are still present in these industries. These events 
highlight the urgent need for immediate and continuous action by governments, 
civil society, and the companies themselves. 
Launched in 2014, the engagement aims to work with the textile and ICT industries to move 
towards a more sustainable supply chain that respects human rights and provides its workers 
with proper working conditions. After two years of discussions with companies, results 
showed that while the companies have implemented the necessary mechanisms to 
encourage suppliers to adopt more responsible practices, minor and major controversies 
continue to unveil. This indicated the need for more systemic and collaborative measures 
that would require the participation of all players involved. To have a real impact on their 
supply chains, textile and ICT industries need to move forward together and coherently.  
Meetings were then held in 2016 with industry-wide initiatives: the Sustainable Apparel 
Coalition for the textile industry and the Responsible Business Alliance (RBA, formerly EICC) 
for the ICT industry, to see how investors can play a proactive role in motivating the two 
industries to progress towards a more sustainable supply chain. 
Figure 17: Engagement Process in Supply Chain initiative 
 
Source: Mirova, 2019

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Mirova became the first investor member of the Sustainable Apparel Coalition (SAC) in 2017 
to be a contributing part of their Transparency Roadmap to 2020. While the RBA has not yet 
decided how they want to include stakeholders, Mirova has been able to communicate its 
transparency expectations from the sector through its participation in different conferences. 
In 2019, Mirova continued to develop its ties and work with industry initiatives, while 
consistently sending companies feedback on their practices and the expected improvements.  
Textile  
Since joining the Sustainable Apparel Coalition (SAC) in 2017, Mirova continues to work with 
the SAC towards their roadmap to transparency for 2020. Mirova is currently part of the Brand 
Module and the Transparency Stakeholder Working Groups.  
The Brand Retail Module (BRM) is a transparency module aimed for brands (such as some 
companies in which Mirova is invested in) to show their progress in their sustainability 
journey. The questions asked in this module are currently being updated. The process started 
already 2017 when Mirova had provided initial feedback. In 2018, Mirova consolidated 
investor feedback for the BRM and provided it back to the SAC who in turn integrated it into 
the module. At the beginning of 2019, the SAC and Mirova had a kick-off meeting to discuss 
the organization of an Investor Consultative Group that would be launched within the year. 
The goal of the consultative group would have been to ensure that publicly available Higg 
BRM data can be used by the investor community for ESG integration and engagement, and 
to create an engagement plan for 2020 to encourage brands to disclose their Higg BRM data 
publicly. In Spring 2019, the final version of the BRM was submitted to vote to the SAC 
members. Unfortunately, the validation did not take place due to insufficient quorum. This 
delayed the timeline as it meant spending more time to have the BRM finalized and approved 
by its members. This also meant that the Investor Consultative Group project has been 
shelved until further notice. Consequently, this engagement will be put on hold until further 
notice. We will wait until the SAC gives us further updates with regards to the approval of the 
BRM before deciding to continue with this engagement.    
ICT  
Considering our difficulties in initiating dialogue with certain companies, in 2016, we decided 
to adopt a new strategy. Rather than contacting the company directly, we would try to 
communicate our messages through our participation to the Responsible Business Alliance 
which include companies outside the ICT industry that are exposed to similar issues (e.g. 
electric vehicles). We subsequently wrote a letter to Rob Lederer (Executive Director), on 
behalf of the platform, outlining our engagement’s purpose.  
The RBA continues to set the standards and to develop the tools supporting a responsible 
management of the supply chain throughout the ICT value chain. It counts over 140 
members, among which Apple, Samsung Electronics and Microsoft. Since 2017, we have 
been active on multiple occasions, participating to events, acting as speaker at a session 
with the board and holding various conference calls with RBA representatives.  
In 2019, the RBA invited us to act as a panelist during its annual conference in Brussels. We 
used this occasion to outline the importance of responsible supply chain management, 
highlighting the key indicators we use, the type of practices we expect and the level of 
practices below which companies are non-eligible to our funds. We also had the opportunity 
to share in greater length with some members that attended the venue, answering specific 
questions from companies and other organizations.

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5. Other Collaborative Engagement Initiatives 
 
 
 
Access to Nutrition Index (ATNI)  
 
Launch Date: 
2014 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equities and Fixed-Income 
 
Participation: 
Follower 
 
Lead Organization: 
Access to Nutrition Index 
Background and Objectives 
Companies that are globally applying strong nutrition policies 
and practices are in a better position to reduce risks of 
increasing food and beverage industry regulation and to take 
full advantage of changing consumer trends towards healthier 
living habits. The Access to Nutrition Foundation concludes 
that while some companies have taken positive steps since 
the last ranking in 2013, the food and beverage industry is 
moving far too slowly. Good nutrition policies and practices 
are integral to food & beverage companies' overall business 
and financial performance as well as long-term sustainability. 
The objective of this engagement is to determine with the 
companies how they integrate findings and recommendations 
of the ATNI into strategic performance on nutrition practices. 
Activities in 2019 and Next Steps 
As a result of the engagement, Abbott agreed 
to take the investor’s recommendations and 
comments back to teams/management for 
further consideration. Abbott also agreed to a 
follow-up dialogue in the fall for updates, and 
to maintain the discussion. 
Amazon Deforestation Divestment Pledge 
 
Launch Date: 
2019 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
Finance for Tomorrow 
 
Background and Objectives 
As part of the implementation of the New York Declaration on 
Forests, whose 5th anniversary was celebrated in 2019, this 
initiative aims at mobilizing the financial sector in favor of the 
prominent topic of deforestation and land degradation without 
further ado, as entire forests could have disappeared by as 
soon as 2030.  
The purpose of this common initiative is to gather 
commitments from all kinds of financial actors to divest 
deforestation and land degradation in the Amazon, and to 
invest in land restoration and sustainable land management 
in the Amazon at the Summit, in order to trigger a major 
enhancement of supply chains’ sustainability.  
Activities in 2019 and Next Steps  
In 2019, Mirova signed the statement.  
Signing this initiative entails to commit to 
integrate ambitious social and environmental 
due diligence, in relation with deforestation 
and 
land 
degradation 
issues, in 
their 
investment strategies and to invest to support 
redirection of financial flows towards land 
restoration and sustainable land management 
models, such as agroecology - including 
agroforestry 
- 
and 
sustainable 
forest 
management.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Environmental 
 
Social 
 
Governance

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Antibiotics Overuse in Livestock 
 
Launch Date: 
2016 
 
Country Focus: 
UK & US 
 
Asset Class Coverage: 
Equities and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
FAIRR Network 
 
Background and Objectives 
The antibiotics stewardship engagement is currently in its 
third and final phase, supported by 74 investors representing 
$3.4 trillion in combined assets. This engagement is focused 
on 20 global fast food sector and restaurant companies.  
We are asking companies to : 
a) establish a comprehensive antibiotics policy to phase out 
routine, prophylactic use of antibiotics across all livestock, 
poultry, seafood, dairy and egg supply chains; 
b) specify clear targets and timelines for implementation; 
c) increase transparency by reporting on the implementation, 
including mechanisms to measure and audit the use of 
antibiotics in supply chains. 
Activities in 2019 and Next Steps 
The engagement letters were sent to the 
targeted companies in mid-August 2018.  
The initiative received a 90% response rate, 
with meetings organized with two companies. 
These responses and meetings will directly 
inform the briefing report which will highlight 
company progress to date including best 
practice. The formal engagement ended in 
May 2019, as the companies entered the 
stage of implementation based on the 
engagement 
conversations. 
FAIRR 
will 
continue to monitor their progress and update 
their assessments.  
Climate Action 100+ 
 
Launch Date: 
2017 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equities and Fixed-Income 
 
Participation: 
Supporter 
 
Lead Organization: 
AIGCC, Ceres, IGCC, 
IIGCC, PRI. 
 
 
Background and Objectives 
The Climate Action 100+ has been launched at the One 
Planet Summit and is backed by 225 investors (totaling $26.3 
trillion in AuM). Climate Action 100+ is supported and co-
ordinated by five partner organizations: Asia Investor Group 
on Climate Change (AIGCC); Ceres; Investor Group on 
Climate Change (IGCC); Institutional Investors Group on 
Climate Change (IIGCC); and Principles for Responsible 
Investment (PRI). It builds upon the collaborative investor 
engagement pioneered since 2012 by the four organizations 
that together form the Global Investor Coalition on Climate 
Change.  
The initiative aims to secure commitments from the boards 
and senior management to:  
1) implement a strong governance framework which clearly 
articulates the board’s accountability and oversight of climate 
change risk and opportunities;  
2) act to reduce greenhouse gas emissions across their value 
chain, consistent with the Paris Agreement’s goal of limiting 
global average temperature increase to well below 2-degrees 
Celsius above pre-industrial levels;  
3) and provide enhanced corporate disclosure in line with the 
final recommendations of the Task Force on Climate-related 
Financial Disclosures (TCFD) to enable investors to assess 
the robustness of companies’ business plans against a range 
of climate scenarios. 
 
Activities in 2019 and Next Steps  
We continued to support the initiative signed 
in 2017, which focused on 50 companies, and 
we specifically followed the engagement with 
Renault, Air France and Engie. Going 
forward, the initiative aims at developing a 
benchmark 
to 
improve 
usefulness 
for 
investors.

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Engagement on social media 
 
Launch Date: 
2019 
 
Country Focus: 
New Zealand and Australia  
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
NZSUper 
Background and Objectives 
During the tragic shooting in a mosque in Christchurch, New 
Zealand, on the 15th of March, a video of the event had been 
broadcasted live on Facebook. The event triggered criticism 
on social media’s ability to prevent such posts and to react 
quickly. 
In reaction, the New Zealand Crown-owned investors have 
announced plans for a global collaborative engagement with 
three social media companies: Facebook, Alphabet and 
Twitter. They are asking for strengthened controls to prevent 
such live streamings and their spreading. 
 
Activities in 2019 and Next Steps  
Letters urging the three social media 
companies to strengthen controls to prevent 
such events were sent soon after the 
shooting. 
Similarly 
to 
previous 
related 
engagement and despite some interesting 
progresses from these companies on content 
management, none of them responded. As a 
consequence, no constructed dialogue could 
be opened. 
NZSuper is preparing new open letters and is 
expecting to benefit from the Christchurch 
anniversary momentum and the press (FT 
and WSJ to relay). Mirova will sign these 
letters again.  
 
Exxon Mobil Letter 
 
Launch Date: 
2019 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
IIGCC 
Background and Objectives 
An investors’ coalition, representing $9.5 trillion in assets 
under management, requested Exxon to disclose its short-, 
medium- and long-term greenhouse gas targets aligned with 
the GHG emissions reduction goals in its Annual Report and 
to pursue efforts to limit the increase in global average 
temperature to 1.5°C.  
The significance of this issue to Exxon investors is evidenced 
by a steady stream of engagement with the Company for the 
past several years. As the impact of climate change and GHG 
emissions have become more tangible on society and 
portfolios, we want to ensure that our companies in portfolio 
are aligned with long-term demands regarding climate 
change mitigation. 
Activities in 2019 and Next Steps  
In 2019, Mirova signed the letter which has 
now been made public. However, Exxon 
Mobil has sought no-action relief. 
 
Global Investor Statement to Governments on Climate Change 
 
Launch Date: 
2014 
 
Status: 
Open 
 
Country Focus: 
G20  
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
FAIRR Network  
Background and Objectives 
Global warming will increase the likelihood and intensity of 
natural disasters that will jeopardize investments and citizens. 
Strengthening investor confidence is necessary to further 
invest in the low-carbon economy to keep global warming 
under 2 degrees compared to pre-industrial levels. 
The initiative, launched in 2014, aims to push nations to 
implement policy measures to achieve their nationally 
determined contributions. They will also ask governments to 
develop focused and targeted long-term climate plans to be 
in line with the Paris Agreement’s goal. 
Activities in 2019 and Next Steps  
Given that the policies asked in the previous 
statement have not been achieved, IIGCC 
decided to roll over the statement in 2019 and 
to send a cover letter to G20 governments. 
The statement was showcased during the 
COP25 (2-13 of December) and Climate 
Action Summit (23rd of September).

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ICCR Bangladesh Investor Initiative 
 
Launch Date: 
2019 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity 
 
Participation: 
Signatory 
 
Lead Organization: 
ICCR 
Background and Objectives 
Mirova has been supporting the ICCR's Bangladesh Investor 
Initiative since it was created in 2014 as a reaction to the Rana 
Plaza tragedy. The main goal of this initiative is to hold 
companies to the standards of the Bangladesh Accord.  
2019 was a decisive year for the Accord since it corresponds 
to its expiration date. The Bangladeshi government thought it 
was the right time to remove the Accord and let government-
run agencies continue their work.  
Believing that such a decision without a precise transition plan 
would be detrimental for the progress made by the Accord 
and for the future working conditions of factory workers, ICCR 
launched an Investor Statement urging the Government to 
rethink their decision. Moreover, signing the investor 
statement also entailed engaging with our portfolio’s 
companies to improve their understanding of  the implications 
of the change in control while ensuring at least equal workers’ 
safety. 
Activities in 2019 and Next Steps  
Mirova signed the ICCR investor statement.  
The government decided to give the Accord 
on Fire and Building Safety an extension of its 
operations beyond the original agreement.  
 
Investor Decarbonization Initiative 
 
Launch Date: 
2018 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equities and Fixed-Income 
 
Participation: 
Signatory  
 
Lead Organization: 
ShareAction 
 
 
 
 
Background and Objectives 
Since a 1.5C pathway became the new standard to limit 
global warming, it became necessary for every actor of the 
economy to set strong targets in terms of greenhouse gas 
emissions reduction to be set on that pathway.  
As a continuation of the broad engagement through the 
RE100 initiative back in 2017, the Investor Decarbonization 
Initiative stems from the understanding that with the 
ratification of the Paris Agreement, the recommendations of 
the Taskforce on Climate-Related Financial Disclosures 
(TCFD) and increasing scrutiny from institutional investors, 
companies are facing mounting pressure to address climate-
related risks. Changes in technology and regulation are also 
providing new climate-related business opportunities. The 
initiative thus aims to secure commitments from companies 
to:  
1) set science-based targets in line with the goals of the Paris 
Agreement;  
2) set complementary energy targets in support of the 
development and delivery of science-based targets;  
3) get a clear and unified engagement agenda to drive 
meaningful corporate commitments to decarbonization;  
4) devise a mechanism for investors to contribute to 
Sustainable Development Goals 7 (Affordable and Clean 
Energy) and 13 (Climate Action). 
Activities in 2019 and Next Steps  
In 2019, Mirova signed different initiatives: 
RE100, EP100 and EV100; and letters have 
been sent to the 35 targets identified as 
laggards in their categories.

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Investor Letter on Alphabet’s Board oversight on societal impacts 
 
Launch Date: 
2019 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity 
 
Participation: 
Signatory 
 
Lead Organization: 
Nei Investments  
Background and Objectives 
Given Alphabet’s size and the broad systemic influence its 
products and services have on society and individuals alike, 
the company’s internal decisions can have far-reaching 
consequences. As mismanagement of this responsibility can 
result 
in 
significant 
business 
risks 
and 
risks 
for 
stakeholders;comprehensive board oversight of such risks, 
including human rights impacts related to data privacy, 
freedom of expression and artificial intelligence, is required. 
The lead investors and many other investors have made 
meaningful attempts to engage Alphabet on these issues, but 
the company has not comprehensively addressed the 
investors’ concerns. 
Activities in 2019 and Next Steps  
In November 2019, Mirova signed the investor 
statement and is now waiting for the 
company’s reply.  
Investor Statement on Methane Emissions in Oil & Gas 
 
Launch Date: 
2019 
 
Country Focus: 
US 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
IIGCC 
Background and Objectives 
The Environmental Protection Agency (EPA) proposed a 
rollback of its regulation on methane emissions as a GHG for 
the Oil and Gas industry, a decision led by the Trump 
Administration. Loosening the regulation on methane could 
lead to economic uncertainty, as standards had proven to 
make the American industry more competitive, and legal 
uncertainty as well as overshadowing proactive measures 
from industry leaders like Shell, BP, Exxon and Equinor. 
Industry leaders have already publicly stated their support for 
a US regulation, including BP, Shell and Exxon. However, not 
the whole industry is proactive, and a rollback of the 
regulation is likely to increase material risks for these 
companies through increased methane emissions. Also, 
natural gas might suffer from this deregulation and not be 
perceived as a low carbon energy source for the future. 
The objective is to get 30+ oil and gas companies to submit 
comments to the EPA to support direct regulation and 
upholding the scientific consensus on oil and gas methane 
emissions’ impact, as well as urging trade associations and 
industry groups to do the same. 
Activities in 2019 and Next Steps  
In 2019, Mirova and Ostrum signed the 
Statement which has now been made public.

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Lobbying in Food and Beverage Industry 
 
Launch Date: 
2019 
 
Country Focus: 
US 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
ICCR  
Background and Objectives 
The Lancet Commission on Obesity recently acknowledged 
the consensus around the necessity to restrain the influence 
of lobbying in order for the government to implement policies 
serving public health. Lobbying is currently hampering 
progress in this field. Indeed, the U.S. Department of 
Agriculture and the U.S. Department of Health and Human 
Services recently rejected their own expert panel’s advice to 
limit consumption of sugary beverages and processed meats. 
The decision was taken despite evidence of their harm to 
public health and, in part as the result of the industry’s 
influence. Transparency on lobbying activities in this sector is 
also insufficient for investors to assess companies’ practices. 
Therefore, the ICCR initiated a coalition letter to be sent to 
major Food and Beverage companies to urge them to:  
a) lobbying only in favor of public health (or not at all) and; 
b) to disclose lobbying activities, financial supports or 
membership to lobbying organizations. 
Activities in 2019 and Next Steps  
Mirova signed the letter which was sent out to 
the companies in August.  
 
Meat Sourcing 
 
Launch Date: 
2019 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity 
 
Participation: 
Signatory 
 
Lead Organization: 
FAIRR Network 
Background and Objectives 
Animal proteins have a significant environmental footprint on 
three key areas: GHG emissions, water consumption and 
land degradation. These externalities impact companies 
involved in buying and selling animal protein-based products 
with reputational, operational and market risks. Analyses 
have shown that even the most prominent commodity 
suppliers are not properly managing these risks. Without a 
clear strategy to mitigate meat sourcing’s environmental 
impacts and a more forward-looking approach, companies 
endanger their supply security, financial growth and, even 
global food security.  
The engagement calls for the development of a supplier policy 
on animal protein sourcing that integrates its impacts on the 
environment, the publication of quantitative, time-bound 
targets and associated metrics to reduce the companies' 
impacts, as well aspublic disclosure on progress and a 
scenario analysis in line with TCFD recommendations. 
Activities in 2019 and Next Steps  
Letters were sent to the targeted entities 
(Chipotle, Wendy's, Domino's, McDonald's, 
Restaurant 
Brands 
International, 
Yum! 
Brands) and discussions will be held with the 
companies.  
Roundtable on Sustainable Palm Oil (RSPO)  
 
Launch Date: 
2018 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Supporter 
 
Lead Organization: 
Ceres 
 
 
Background and Objectives 
Back in 2015, many organizations supported a letter - backed 
by global investors - urging the Roundtable for Sustainable 
Palm Oil (RSPO) to implement a no deforestation, no peat, 
and no exploitation standard. While the RSPO has made 
progress, it still lacks a clear and enforceable standard 
ensuring sustainability. In 2018 the RSPO “Principles and 
Criteria (P&C)” standard was up for a formal review for the 
first time since 2013 and the next standard formal review is 
scheduled in 2023. Ceres coordinated an investor sign-on 
letter to close the remaining gaps in the proposed standard 
and advocate for strong auditing and enforcement practices 
to ensure that the RSPO’s P&C are put into practice as 
intended. 
Activities in 2019 and Next Steps  
In 2019, Mirova signed the Statement and 
made it public with a press release on April 3, 
2019.

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Sustainable Protein  
 
Launch Date: 
2016 
 
Status: 
Open 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
FAIRR Network  
 
Background and Objectives 
  
The initiative is asking companies to strengthen their 
disclosure on the company’s strategy and tracking and 
reporting on protein diversification, with a focus on alignment 
with a 2°C scenario, in line with TCFD recommendations.  
 
The third phase of the sustainable protein engagement was 
supported by 74 investors representing over $5.3 trillion in 
combined assets. This engagement is focused on retailers 
and manufacturers, and in this phase has expanded to 25 
companies.  
 
Activities in 2019 and Next Steps  
 
The engagement letters were sent to 25 target 
companies in mid-August 2018.  
Between 
2018 
and 
2019, 
22 
written 
responses were received out of the 25 target 
companies (88% response rate). Additionally, 
9 meetings with companies to discuss their 
responses 
and 
approach 
to 
protein 
diversification 
in 
greater 
detail 
were 
organized.   
Phase 4 of the engagement will occur over the 
year 2020.  
Thirty Percent Coalition 
 
Launch Date: 
2019 
 
Country Focus: 
US 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Supporter 
 
Lead Organization: 
US NGO 30% Initiative 
Background and Objectives 
The Thirty Percent Coalition, founded in 2011, is a pioneer 
advocating for diversity in the corporate boardroom. The 
mission of the Thirty Percent Coalition is to promote gender 
diversityconsidering also the origin, on corporate boards. 
Board diversity has been broadly identified as one of the 
leading measurements on which there is a compelling 
correlation with improved shareholder value and company 
performance. 
The investors represented by the Coalition gather more than 
$3.5 trillion in assets under management and continue to 
have a major impact.  
Activities in 2019 and Next Steps  
Mirova continued  to engage with the Coalition 
with a large number of US-based companies 
on behalf of the broader investor community.  
 
The Coalition drives demand with action-
oriented strategies advocating for companies 
to increase the number of women on their 
boards. To date, clear and identifiable results 
have 
been 
achieved 
— 
following 
the 
Coalition’s Institutional Investors' initiatives, 
more than 180 companies have appointed a 
woman to their board and, in many instances, 
a woman of color.

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Tobacco-Free Finance Pledge 
 
Launch Date: 
2019 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity& Fixed Income  
 
Participation: 
Signatory 
 
Lead Organization: 
Nei Investments  
Background and Objectives 
With seven million deaths worldwide each year and a forecast 
of one billion deaths this century due to tobacco-related 
illnesses, global and multi-stakeholder collaboration is 
needed to tackle the devastating impact of tobacco on 
society, as well as on the environment.  
The objectives of the Tobacco-Free Finance Pledge are: 
a) to highlight the leadership of financial institutions which 
have implemented tobacco-free finance policies;  
b) to encourage others to follow; 
c) to encourage the finance sector to play an active role in 
addressing global priorities; 
d) raise awareness among financial institutions of the 
essential role the finance sector must play to assist effective 
tobacco control; 
e) to ensure a tobacco-free world, de-normalize financial and 
corporate associations with tobacco companies.  
 
The objective is also to encourage financial institutions to 
reflect on and reconsider their business relationships with the 
tobacco industry in light of the global tobacco epidemic the 
transition towards tobacco-free finance policies, prioritize 
tobacco on the corporate agenda as a product and industry 
distinct from any other with no safe level of use and no 
opportunity for effective engagement. 
Activities in 2019 and Next Steps  
In 
2019, 
Mirova 
signed 
the 
investor 
statement.  
 
6. PRI Engagement Platform Initiatives  
 
Corporate Tax Responsibility  
 
Launch Date: 
2017 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Supporter 
 
Number of Engagements 
as Co-Lead Investor:  
2 
Background and Objectives 
 
Aggressive corporate tax planning may represent a major loss 
for countries and their population and may result in negative 
financial and reputational implications for companies. Greater 
corporate transparency across areas such as tax policy, 
governance and financial information would help investors to 
better identify these risks. The gathering momentum for tax 
reforms across jurisdictions offers a great opportunity to 
initiate a collaborative engagement on responsible corporate 
tax.  
This engagement provides opportunities for investors to 
engage with high-risk companies to enhance corporate 
income tax disclosure and encourage the development of 
responsible 
corporate 
tax 
strategies 
and 
relevant 
implementation. 
Activities in 2019 and Next Steps  
Various exchanges with the companies 
continued in 2019.  
Novo and Coloplast calls happened in 
November 2019, while Amazon has been 
pretty unresponsive.

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Investor Statement on Amazon fires 
 
Launch Date: 
2019 
 
Country Focus: 
Brazil  
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Signatory 
 
Lead Organization: 
PRI_Ceres IISF 
 
Background and Objectives 
As investors, we see deforestation and the associated 
impacts on biodiversity and climate change as systemic risks 
to our portfolios and see the reduction of deforestation as a 
key solution to managing these risks and contributing to 
efficient and sustainable financial markets in the longer term. 
Considering the growing risks due to increased deforestation 
in Brazil, Bolivia and other Amazonian countries, we therefore 
urgently request stronger efforts from companies and  clear 
communication 
on 
their 
commitments 
to 
eliminate 
deforestation within their operations and supply chains, 
including by:  
1- 
Publicly disclosing and implementing a commodity-
specific no deforestation policy with quantifiable, 
time-bound commitments covering the entire supply 
chain and sourcing geographies;  
2- 
Assessing operations and supply chains for 
deforestation risks and reducing this risk to the 
lowest possible level;disclosing this information to 
the public;  
3- 
Establishing 
a 
transparent 
monitoring 
and 
verification system for supplier compliance with the 
company’s no deforestation policy; 
4- 
Reporting annually on deforestation risk exposure 
and management, including progress towards the 
company’s no deforestation policy. 
Activities in 2019 and Next Steps  
In 2019, Mirova signed the statement.  
Investor Statement on Sustainable Cattle and Soy  
 
Launch Date: 
2017 
 
Status: 
Closed  
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equities and Fixed-Income 
 
Participation: 
Supporter  
 
Lead Organization: 
Ceres & PRI 
 
Background and Objectives 
Known previously as “Deforestation in Cattle and Soy”, the 
initiative started from an investor statement in 2017 
highlighting major risks related to cattle-driven deforestation 
in the supply chain. Deforestation driven by soft commodities 
is a major source of emissions in this sector, and soybean 
production is the second-largest soft commodity driver of 
tropical deforestation. Globally, more than one million square 
kilometers are now dedicated to growing soybeans. While we 
recognize the crucial role of agriculture and soybean 
production to economic development and the livelihoods of 
farmers, we are also concerned that the environmental and 
social issues associated with unsustainable soybean 
production could have a material impact on companies 
sourcing the commodity.  
We expect companies to demonstrate commitment to 
eliminating deforestation within their entire soy and cattle 
supply chain.  
Activities in 2019 and Next Steps  
In 2019, Mirova signed the investor statement 
and has thus supported open dialogue with 
companies throughout the year.

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Water Risk in the Agricultural Supply Chains 
 
Launch Date: 
2018 
 
Country Focus: 
Global 
 
Asset Class Coverage: 
Equity and Fixed-Income 
 
Participation: 
Supporter 
 
Background and Objectives 
In 2014, the first phase of the engagement focusing on water 
risks in the agricultural supply chain was launched. The 
objectives of this phase were to improve the disclosure of 
water risks affecting agricultural supply chains and to improve 
the risk management practices of such areas.  
The first phase of the engagement was closed in 2017 with a 
public closure benchmark being the result. Following the 
engagement, 84% of the companies agreed to improve their 
disclosure on managing water risks in the agricultural supply 
chains. Nevertheless, there is still room for companies to 
improve.  
Activities in 2019 and Next Steps  
Phase 2 was launched in 2018 and continued 
over 2019, building upon the outcomes of 
phase 1 and focusing on the laggard 
companies. Indeed, the objective is to take 
their performance up to the level of their 
leading peers. Food, beverage, apparel, retail 
and agricultural products companies will be 
encouraged 
to 
identify, 
implement 
appropriate mitigation measures and disclose 
on water risks in agricultural supply chains.

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III. Advocacy 
1. Summary and Key Figures 
Advocacy is conducted to promote our vision within the responsible investment market. 
We speak with national and transnational regulatory bodies as well as with RI professional 
organizations to encourage specific regulations and standards for sustainable finance. 
GOALS  
Mirova promotes the development and structuring of a financial market that better serves 
the needs of society by financing a more sustainable economy.  
More specifically, Mirova:  
 
- 
Provides investors with the means to identify the opportunities of sustainable 
investment (disclosure from issuers and the financial sector); 
- 
Removes the obstacles and provides the tools to foster the development of the 
sustainable investment market (comparable, high-quality and recognized 
standards and labels); 
- 
Strengthens 
sustainable 
investment 
within 
the 
financial 
industry 
(encouragement to develop and offer sustainable financial products). 
MIROVA’S APPROACH  
 
1. 
Contribution to sustainable finance fora and initiatives 
▪ Membership and very active contribution of Mirova to the EU Commission’s High-Level 
Expert Group (HLEG) on sustainable finance’s work, intermediary and final reports; 
contribution to the European Technical Expert Group; (TEG) advising the EU 
Commission for the creation of low-carbon market benchmarks 
▪ Chairmanship (1st semester 2019) and contribution to Finance for Tomorrow, the Paris 
Europlace Green & Sustainable Finance Initiative; 
▪ Contribution to varied sustainable finance fora in France, Europe and internationally 
to support the development of a high-quality sustainable finance market.  
 
2. 
Papers, positions and support to research 
▪ Drafting of the EU Technical Expert Group reports on low-carbon benchmarks; 
▪ Testing the draft EU ecolabel features and making suggestions to the EU Commission 
▪ Responding to public consultations especially on European regulations (EU 
taxonomy of sustainable assets, EU green bond standard, ESG integration in MIFID II, 
UCITS and AIFMD); 
▪ Contributing to the reflexion of the French SRI market and the needs for an evolution 
of the French public SRI label; 
▪ Supporting academic research, with financial support to the Energy and Prosperity 
Chair.

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2. Advocacy at Mirova 
HOW IT WORKS 
Since 2016, Mirova has developed an advocy strategy tailored to its responsible 
investment policy and aimed at promoting a regulatory and marketplace environment 
favorable to the development of sustainable finance.  
This work includes:  
1. 
Drafting and/or contributing to dedicated publications and public reports, interacting 
directly with public authorities and contributing to conversation at the French, 
European, and international levels (responding to public consultations, participating 
in work groups, etc.) and 
2. 
Supporting professional responsible investment organizations and their objectives as 
well as academic research.  
Mirova publishes its advocacy goals, in addition to its responses to public consultations, 
on its website. Mirova is registered on the European Union’s Transparency Register and 
on the French Transparency Register (Répertoire des représentants d’intérêt de la Haute 
Autorité pour la Transparence de la Vie Publique - HATPV). 
Figure 18: Mirova’s Adovcacy Engagement Objectives 
 
Source: Mirova, 2019 
As a leader in the European responsible investment market, Mirova is 
committed to developing sustainable finance and a strong responsible 
investment market through advocacy. Mirova’s engagement approach for 
regulatory bodies is driven by its investment philosophy, which promotes strong 
commitments to combine economic, environmental, and social value creation. 
The primary goal of Mirova’s advocacy is to contribute to the development and 
structuring of a sustainable finance industry that has positive impacts on the 
environment and on our society.

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3. 2019 Specific Activities 
In line with our goal to promote sustainable finance and a new kind of corporate governance, 
Mirova supports various research initiatives. In 2019 Mirova continued to contribute to the 
reflections of regulators and market players on the development of appropriate tools and 
frameworks to promote sustainable finance, with specific contributions at the EU and French 
levels.  
EUROPEAN COMMISSION ACTION PLAN ON FINANCING 
SUSTAINABLE GROWTH 
In December 2016, the European Commission unveiled the composition of a High-Level 
Expert Group on Sustainable Finance (HLEG), which has been working on recommendations 
to draft a comprehensive EU strategy on sustainable finance throughout 2017. The group 
consisted of 20 leaders across civil society groups, the financial sector, and academia. 
Philippe Zaouati, CEO of Mirova, was selected as one of these experts, confirming Mirova’s 
leading role in sustainable finance.The recommendations of this group were released in 
January 2018 and have strongly inspired the EU Commission Action Plan on Financing 
Sustainable Growth published in March 2018. Mirova has strongly supported this initiative and 
has been following closely its implementation by EU regulators. 
In particular, Mirova has been selected through its expert Manuel Coeslier, portfolio manager, 
to contribute to the EU Commission’s Technical Expert Group (TEG) on Sustainable Finance, 
to help define the characteristics of low-carbon benchmarks. Several issues have been under 
close scrutiny, in particular in order to ensure that the EU Action Plan does not only prevent 
greenwashing but also demands transparency and changing behaviors from the financial 
sector as a whole, and to make sure the tools and standards developed would be relevant 
enough to be used by asset managers and investors.  
In 2019, Mirova has contributed mainly on two issues:  
1) Drafting the EU TEG report on low-carbon benchmarks, the final version of which was 
released in September 2019 and its conclusions have been integrated in the EU regulation on 
benchmarks, so as to create two categories of low-carbon benchmarks;  
2) Contributing to the reflexion on a draft EU Ecolabel for financial products and in 
particular for investment funds; Mirova has put forward its experience with the French Greenfin 
label to help define guidelines for the EU ecolabel that are both ambitious and realistic, taking 
into account the specificities of each asset class. In particular, Mirova has run some tests 
during the Summer 2019 on the greenest of its funds to evaluate the challenges associated 
with the implementation of the EU taxonomy and of certain “greenness thresholds”.  
Mirova has also contributed to responding to public consultations, in particular on the EU draft 
project of European taxonomy for green asset, the EU draft project of an EU green bond 
standard and the integration of ESG factors in several pivotal EU texts: MIFID, UCITS and 
AIFMD.  
Finally, Mirova, by signing the letter targeted to Ministers working on the EU Sustainable 
Finance Action Plan, have supported the following requirements in what regards ESG 
disclosures:  
- 
A requirement for all asset owners and investment intermediaries to disclose how 
they take sustainability risk into account and integrate them into their investment 
strategies or advice to clients (as appropriate);  
- 
A requirement to disclose clear information on the potential risks and benefits of 
doing so, including the potential effect on the prospective return of investment 
strategies, at least at a qualitative level;  
- 
A requirement to disclose and substantiate how any stated sustainability targets are 
achieved.

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CONTRIBUTING TO THE REFLEXION OF THE FRENCH AND 
EUROPEAN SRI MARKET 
In 2019, the board of the French Sustainable Investment Forum (FIR) has been renewed. 
Mirova had the great honor to be re-elected as a member of the board with Laurene Chenevat, 
Advocacy Officer, also designated as Vice-President, and Ladislas Smia, Head of ESG 
Research as an alternate member. Mirova has therefore been active in all the French SIF 
activities and developments throughout 2019.  
In particular, with a vice-presidency focusing on European Affairs, Mirova has continued to 
help represent the French SIF at the board of Eurosif (European sustainable investment 
forum), which is currently reflecting on the future of its organization at the EU level to promote 
responsible investment.  
Mirova has also been particularly active to contribute to the reflexion on the future of the 
French SRI label:  
- 
Contributing actively during the Spring 2019 to elaborating the French SIF’s position 
on the evolution of the French SRI public label: the label needs to improve both its 
content and stringency, on the one hand, and its governance, on the other hand;  
- 
Reacting to the publication of the French Market Authority (AMF)’s doctrine on 
authorized denominations of responsible investment funds; Mirova has supported 
the idea that the French SRI public label should remain the sole norm in order to 
preserve the coherence and readability of the market, and should be strengthened 
in order to respond to citizens’ expectations. 
CANFIN-ZAOUATI REPORT FOR THE CREATION OF 
FRANCE TRANSITION 
In July 2018, Philippe Zaouati, CEO of Mirova and Chairman of Finance for Tomorrow, and 
Pascal Canfin, Executive Director of WWF France, were assigned a mission to produce a 
report for the French Minister of the Economy, Bruno Lemaire, and for the French Minister of 
the Environment, Nicolas Hulot (later François de Rugy). The objective was to explore the 
opportunity to further develop in France derisking financial instruments (guarantees, equity, 
quasi-equity…) that enable public financing to foster private investments and financing for 
sustainability.  
The report was drafted by two rapporteurs, Laurene Chenevat, Mirova’s advocacy officer, and 
Guilain Cals, Economist at ADEME (French public institution to support the energy and 
ecological transition), under the supervision of Philippe Zaouati and Pascal Canfin. It was 
formally submitted to the Ministers and two Secretaries of State in December.  
The report supports the development of a “green Juncker Plan” for France through a dedicated 
budget (French and European if possible) and the strengthened collaboration of several public 
finance institutions under a common brand and initiative named “France Transition”.  
The report is publicly available on the websites of Finance for Tomorrow and WWF France. 
In May 2019, French Prime Minister Edouard Philippe has announced the implementation of 
the recommendation of the report with the creation of “France Ecological Transition”, currently 
examined by the two Ministries in charge of finance and of the environment. 
CHAIRMANSHIP OF FINANCE FOR TOMORROW (PARIS 
EUROPLACE) 
In November 2016, Paris EUROPLACE – the Paris marketplace association whose objective 
is to strengthen and promote Paris as a financial center – published the Green and 
Sustainable Finance Initiative, a report coordinated by Mirova. With this report, Mirova sought

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to illustrate the weight of the financial marketplace in Paris in sustainable finance, and what 
measures can be implemented to advance it further. The report’s 15 recommendations led to 
the creation of Finance for Tomorrow, the Paris initiative for sustainable finance. Since its 
creation, the initiative was chaired by Philippe Zaouati, CEO of Mirova, until June 2019 when 
he passed the baton for a new Chairmanship. Mirova has remained involved, co-heading the 
Permanent Policy Commisison, which contributes to foster public-private dialogue on 
sustainable finance.

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4. Financial Center Considerations  
Participation in projects and associations with professional and international organizations: 
  
Sustainable Finance Fora, INTERNATIONAL  
CERES 
Member of CERES and the Investor Network on Climate Risk. CERES is a global organization that acts to motivate businesses to act on 
climate change. The Investor Network on Climate Risk is a grouping of over 120 institutional investors that address climate change while 
investing in low-carbon opportunities. 
PRI 
Signatory of the Principles for Responsible Investments, which seeks to promote responsible investment practices internationally. Mirova 
commits itself to respect and assure its commitment to the 6 principles. Signatory organizations are obliged to respond to an annual 
questionnaire and to publish a follow-up report. 
UNEP FI 
Member of the Investment Committee of the UNEP Finance Initiative, which seeks to bring together the financial sector and the United 
Nations Environment Program. Mirova participates in the “Positive Impact Finance” workgroup.  
UN Global 
Compact 
Mirova's parent company Natixis is a signatory to the UN Global Compact. The UN Global Compact is an initiative that encourages firms to 
implement sustainable and socially responsible practicies, as well as report on their implementation.  
Hong Kong 
Green Finance 
Association 
Mirova's parent company BPCE (via the network of Banques Populaires) is a signatory to the Hong Kong Green Finance Association 
(HKGFA). HKGFA brings the expertise of financial institutions and green businesses in Hong Kong.  
CPIC 
Member of the Coalition for Private Investment in Conservation, which is a coalition of actors from the private sector and NGOs that seeks to 
address the issue of the lack of investments in conservation efforts, through the identification of possible investments in this field. 
GIIN 
Through its subsidiary Althelia, Mirova is a member of the Global Impact Investing Network, which seeks to promote impact finance at the 
internationally. 
US SIF 
Member of the US Forum for Sustainable and Responsible Investment, a group that advocates developing sustainable and responsible 
investment throughout all asset classes. 
Sustainable Finance Fora, EUROPEAN   
Technical 
Expert on 
Sustainable 
Finance (TEG) 
Following the contribution of Philippe Zaouati to the EU High Level Expert Group on sustainable finance, the EU Commission has released its 
action plan on sustainable finance. In the framework of its implementation, Mirova has been again selected through its expert Manuel 
Coeslier, portfolio manager, to contribute the EU Commission’s Technical Expert Group (TEG) on sustainable finance, to help define the 
characteristics of low-carbon benchmarks. 
EUROSIF 
Mirova’s policy and advocacy officer represents the French Social Investment Forum at the EUROSIF board.  
Spain SIF 
Member of the Spainsif, which is an association that aims to promote sustainable and responsible investment in Spain, whose main mission 
is to encourage the integration of environmental, social and good governance criteria into investment policies.  
Italian SIF  
Member of the Italian Sustainable Investment Forum, which has the mission to promote the awareness and the strategies linked to 
sustainable investments, with the aim to encourage the integration of environmental, social and governance criteria into financial products 
and processes.  
UK SIF  
Member of UKSIF, which is the UK's network for sustainable and responsible financial services.  
EVPA 
Member of the European Venture Philanthropy Association (EVPA), an initiative with gathers organizations interested in or practicing venture 
philanthropy (VP) and social investment (SI) across Europe. 
Sustainable Finance Fora, FRANCE 
SRI Label 
Committee 
The SRI Label is a French investment label that provides savers and investors with a greater level of clarity on socially responsible 
investment funds. The committee is in charge of assuring the well functioning of the label and its evolution. 
Paris 
EUROPLACE  
Finance For 
Tomorrow 
Member of Finance for Tomorrow. Paris Europlace is a French association whose objective is to promote and develop Paris as an 
international center of finance. Through the "Paris Green and Sustainable Finance Initiative", the group is actively working to promote the 
development of sustainable finance in France. 
FIR 
Member of the French Social Investment Forum (“Forum français de l’Investissement Socialement Responsable”). Mirova participates on the 
board of the FIR (Vice-President) as well as the research committee. 
AFG 
Member of the Association Française de la Gestion Financière, which brings together players in the French asset management industry and 
promotes their interests. The association is also dedicated to the promotion of ESG issues through the work of a dedicated committee, of 
which Mirova is a member. 
FINANSOL 
Memver of Finansol, an association that works with the promotion, defense and analysis of solidarity finance in France. 
Green Bonds 
ICMA - GBP 
Member of the Green Bond Principles. Mirova participates in the Executive Committee of the group and co-chairs the working group on Social 
Bonds. Mirova is also part of the Impact Indicators working group.  
CBI 
Member of the Climate Bonds Initiative, an organization that seeks to develop the green bond market in order to reduce the cost of capital for 
projects fighting climate change. 
Non-listed Investments 
GRESB 
Member of the Global Real Estate Sustainability Benchmark, a global association that provides members with extra-financial data in order to 
properly assess real estate and infrastructure assets.  
Figure 19: Associations and Forums Mirova Collaborates With

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France Invest 
Mirova is a member of the Association Française des Investisseurs pour la Croissance, which is a group that connects French asset 
managers. Members of France Invest are actively engaged in financing local growth in France through investing in SMEs. 
Low-Carbon Investments 
CDP 
Signatory, through Natixis, of the Carbon Disclosure Project, which seeks to improve the quality of carbon/climate information disclosed by 
issuers. 
IETA 
Through its subsidiary Althelia, Mirova is a member of the International Emissions Trading Association (IETA) is a non-profit business 
association, established in 1999 to serve businesses engaged in market solutions to tackle climate change.  
ICROA 
Through its subsidiary Althelia, Mirova is a member of the International Carbon Reduction and Offset Alliance (ICROA), a non-profit 
organization made up of the leading carbon reduction and offset providers in the voluntary carbon market.  
Insetting 
Platform 
The platform gathers companies that share a same approach aiming at balancing the company with its ecosystem through environmental 
programs, transparency, a rigorous methodology and information sharing. Mirova is a member of the platform through or subsidiary Althelia.  
Natural Capital & Biodiversity Initiatives 
CDC 
biodiversité 
B4B+ 
Member of CDC Biodiversité B4B+ Club, which seeks to co-design and experiment biodiversity impact measurement methodologies (Global 
Biodiversity Score). 
Act4Nature 
Member of Act4Nature, a European platform dedicated to the conservation of biodiversity and natural capital. Members of this platform take 
concrete actions to contribute to the protection of landscapes, biodiversity, soils and marine resources. 
Tropical 
Forest Alliance 
Through its subsidiary Althelia, Mirova is a member of the Tropical Forest Alliance, a multistakeholder partnership platform supporting the 
implementation of private-sector commitments to remove deforestation from palm oil, beef, soy, and pulp and paper from their supply chains. 
 
Source: Mirova, 2019 
5.Support for University Chair  
Mirova supports a university chair on the “Theory of the Firm. Models of Governance & 
Collective Creation”. (Théorie de l'entreprise. Modèles de gouvernance & Création 
collective). This Chair is directed by Blanche Segrestin at the Centre de Gestion Scientifique 
at the MINES ParisTech School. The Chair’s research essentially deals with a vision of the 
company as a collective creation and revamping models and mechanisms for fair and solidary 
governance. Mirova is associated with research articles published by the chair’s students on 
governance issues. The chair added a new field of research as of October 2015: shareholder 
engagement. 
Published studies include: 
▪ 
Refonder l’entreprise (Reforming the Company) (B. Segrestin and A. Hatchuel, 
2012), which received various awards including the 2013 Prix Syntec for the best 
work in applied management research, 
▪ 
L’entreprise, point aveugle du savoir (The Company, a Blind Spot) (co-directed by 
B. Segrestin, B. Roger, and S. Vernac), and  
▪ 
La Société à Objet Social Etendu, un nouveau statut pour l’entreprise (The 
Company as a Comprehensive Social Object, A New Status) (B. Segrestin, K. 
Levillain, S. Vernac, A. Hatchuel, 2015). 
SPONSORING YALE UNIVERSITY 
In 2018, Mirova began a partnership with Yale University related to sustainable finance. The 
aim of the initiative is to bring together three different schools: Legal, Business and Forestry 
and to provide investors and companies with a map of environmental “hot spots” for better 
environmental assessment, with a focus on data quality. As of now, three different projects 
have been identified:  
Project 1: Measuring the environmental and social impact of companies and investments on 
a local scale (e.g. CO2 emissions, water use, etc.). This project includes an input/output 
model and a report on the resources available for mapping companies’ impacts. The 
methodology is drawn from the Product Social Impact Life Cycle Assessment (PSILCA) and

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is applied to the environmental impact. The goal is to help companies with their due diligence 
and the investors with their engagement activity.  
Project 2: Research on the applications of machine learning and “natural language 
processing” in ESG analysis. This project aims to respond to the following questions: What 
is the impact? Is the information relevant? Is it biased?  
Project 3: Undertaken in collaboration with the OECD, this project will focus on developing 
criteria for an index that measures how closely private equity investments align with the SDGs 
and will examine different investment sectors and countries. 
PROMOTING OUR VISION OF SUSTAINABLE FINANCE IN 
THE US  
Following the creation of Mirova’s US subsidiary in April 2019, Mirova has been active within 
the US responsible investing market by participating in conferences and sustainable finance 
initiatives, speaking on panels, guest speaking in universities and at company events, and 
more. During the year, we used our expertise within the European market to speak about our 
perspective and involvement in the EU Sustainable Finance Action Plan with US SIF; we used 
our experience integrating climate metrics into investment processes to discuss climate risks 
and opportunities in a variety of events; and we spoke frequently about Mirova’s investment 
philosophy to demonstrate what it means, in our opinion, to be a responsible investor.

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Appendices 
1. Individual Engagement Process  
The engagement undertaken by Mirova’s teams is conducted for core assets and for client 
accounts that have chosen to participate in the engagement strategy. This engagement is 
based on ESG assessments of issuers and/or projects and resolution analysis conducted by 
Mirova’s responsible investment research team. 
The engagement process used for companies’ ESG analysis occurs in 2 separate phases: 
ESG assessment and dialogue. For the exercise of voting rights, the process has 3 phases: 
communication of the voting policy, dialogue, and resolution analysis. Mirova has also 
developed specific engagement processes for green and social bonds and infrastructure. 
Preferred Means of Engagement  
Direct dialogue is Mirova’s preferred means of conducting continuous engagement. This 
dialogue consists of letters and emails to various contacts in the company informing them of 
possible improvements and actions expected on the part of the company in order to improve 
their ESG practices. 
ESG ASSESSMENT ENGAGEMENT PROCESS 
Phase 1: Assessing ESG Practices  
Over the course of the year, Mirova’s research team follows up with core companies in our 
portfolios regarding the quality of their ESG practices according to various sources of 
information, including: 
▪ 
Publicly available data (annual sustainable development reports, academic 
research, UN reports, news outlets, etc.), 
▪ 
Periodic exchanges with stakeholders (companies, unions, NGOs, the scientific 
community), and 
▪ 
External research (financial or extra-financial brokers, extra-financial rating 
agencies, proxies). 
This keeps our ESG opinions up-to-date, enriches our analyses of resolutions prior to 
exercising voting rights, and allows us to continue finding ways in which companies can 
improve their practices to keep up with constantly-improving standards and changes in French 
regulations. 
Phase 2: Dialogue 
When assessing ESG practices, Mirova’s research team contacts the companies in question 
to better understand the risks they are subject to, as well as the opportunities provided by 
sustainable development issues. The team seeks to challenge their CSR policies and the 
quality of their governance practices.  
At the end of these exchanges, when the CSR assessment is finalized, the analysts send a 
letter to the company containing their primary suggestions for improvement. 
The analysts remain in constant contact with these companies, regularly meeting with their 
contacts to keep up with changes made and to remind them of our expectations regarding 
best practices. These exchanges may become public if important practices are revealed to be 
deficient. 
This constant exchange has even made it possible for Mirova’s teams to anticipate future risks 
and identify “complicated” situations which require focused engagement activity. ESG

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assessments can be positively or negatively affected by the results of these engagement 
processes. 
ENGAGEMENT APPROACH FOR THE EXERCISE OF 
VOTING RIGHTS 
For Mirova and its clients’ primary positions, a specific engagement strategy is implemented 
before general meetings to encourage companies to make progress in their practices. At the 
same time, the potential of previously identified opportunities for improvement is reviewed and 
changes in company practices are monitored. 
The engagement process has 3 phases: 
Phase 1: Dissemination of the Voting Policy  
Before the voting season, Mirova sends its voting policy to all companies in its core universe. 
This policy includes Mirova’s primary positions and those of its clients, informs companies of 
its voting principles, and anticipates the dialogue on subjects that will be addressed at the 
general meeting.  
Phase 2: Dialogue  
Before Mirova exercises its voting rights, its Voting and Governance division analyzes 
proposed resolutions and identifies the subjects that Mirova will focus its engagement efforts 
on, based on information from a variety of source. These sources include information 
published by the company, analyses by proxy and rating agencies and brokers, as well as 
ESG analyses conducted by the Extra-Financial Research teams. 
A dialogue is then established (either by the Voting and Governance division or at the 
company’s request) on key governance issues identified by Mirova, as well as environmental 
and social issues identified during the ESG assessment. 
This dialogue occurs either in the form of face-to-face meetings, telephone conversations, or 
email exchanges. These exchanges put the Voting and Governance division in contact with 
various representatives, from Investor Relations managers, to legal and governance officers, 
to Board presidents. 
Phase 3: Resolution Analysis 
At the end of the dialogue process, the research team publishs a recommendation according 
to the extent to which the engagement goals were achieved. 
▪ 
If the engagement goals were achieved, a positive voting recommendation will be issued, 
and the engagement process ends. 
▪ 
If the goals were only partially achieved, a positive voting recommendation may be 
issued, and the engagement process will continue after the general meeting. 
▪ 
If the engagement process did not succeed, a negative voting recommendation could be 
issued along with goals for more extensive engagement. 
For clients that have delegated the exercise of their voting rights to Mirova, teams will 
determine recommendations and rules for engagement according to the voting rules 
established ahead of time with the client. 
For clients that have delegated the execution of their voting and governance engagement 
policy to a proxy advisor, Mirova’s teams will communicate the results of the dialogue and 
their voting recommendations, which may be useful to clients determining how to vote.  
At the end of the process, analysts inform the companies of Mirova’s vote, specify which 
measures taken or announced by the company were deemed  satisfactory, and provide a list 
of key points on which to focus on improving.

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ENGAGEMENT APPROACH FOR GREEN AND SOCIAL 
BONDS 
To better structure this young market, Mirova’s teams are committed to continued dialogue 
with current and potential green and social bond issuers. 
 
We conduct our engagement activity in three phases: 
Phase 1: Engagement with Companies Planning to Issue Sustainability Bonds 
Mirova regularly participates in conferences and meetings to engage in dialogue with issuers 
that have yet to issue green or social bonds to encourage them to do so. For issuers with a 
medium-term plan to issue, Mirova encourages them to maintain high standards in terms of 
clarity of fund use and transparency. 
Phase 2: Engagement Before/At Time of Issuance 
All environmental and social bonds being considered for investment by Mirova are analyzed 
by the research teams. During the evaluation process, Mirova’s research teams stay in contact 
with issuers to better understand the risks they are subject to and opportunities presented by 
the issuance of their bond. This is also a key time at which Mirova can encourage the issuer 
to improve the environmental and social quality of the bond, particularly in terms of 
transparency and impact reporting.  
Phase 3: Engagement During Annual Reporting 
As transparency is a particularly important aspect of ensuring the integrity of green and social 
bonds, Mirova’s teams systematically review the annual reports of the bonds held in Mirova’s 
portfolios.  
ESG assessments can be influenced by the results of this engagement activity following 
exchanges with the issuer and a review of the reports. 
 
 
Source: Mirova, 2019

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2. Sustainable Development Goals 
 
 
1. End poverty in all its forms everywhere 
 
2. End hunger, achieve food security and improved nutrition and promote sustainable 
agriculture 
 
3. Ensure healthy lives and promote well-being for all at all ages 
 
4. Ensure inclusive and equitable quality education and promote lifelong learning 
opportunities for all 
 
5. Achieve gender equality and empower all women and girls 
 
6. Ensure availability and sustainable management of water and sanitation for all 
 
7. Ensure access to affordable, reliable, sustainable and modern energy for all 
 
8. Promote sustained, inclusive and sustainable economic growth, full and productive 
employment and decent work for all 
 
9. Build resilient infrastructure, promote inclusive and sustainable industrialization and 
foster innovation 
 
10. Reduce inequality within and among countries 
 
11. Make cities and human settlements inclusive, safe, resilient and sustainable 
 
12. Ensure sustainable consumption and production patterns 
 
13. Take urgent action to combat climate change and its impacts* 
 
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable 
development 
 
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably 
manage forests, combat desertification, and halt and reverse land degradation and halt 
biodiversity loss 
 
16. Promote peaceful and inclusive societies for sustainable development, provide access 
to justice for all and build effective, accountable and inclusive institutions at all levels 
 
17. Strengthen the means of implementation and revitalize the global partnership for 
sustainable development 
Source : http://www.un.org/sustainabledevelopment/sustainable-development-goals/

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Legal Information 
This document is a non-contractual document for information purposes only.  
This document does not constitute, or form part of any offer, or solicitation, or recommendation to 
buy, or concede, or subscribe for any shares issued or to be issued by the funds managed by Mirova 
investment management company. The presented services do not take into account any investment 
objective, financial situation or specific need of a particular recipient. Mirova shall not be held liable for 
any financial loss or for any decision taken on the basis of the information contained in this document, 
and shall not provide any consulting service, notably in the area of investment services.  
The information contained in this document is based on present circumstances, intentions and 
guidelines, and may require subsequent modifications. Although Mirova has taken all reasonable 
precautions to verify that the information contained in this document comes from reliable sources, a 
significant amount of this information comes from publicly available sources and/or has been provided 
or prepared by third parties. Mirova bears no responsibility for the descriptions and summaries 
contained in this document. No reliance may be placed for any purpose whatsoever on the validity, 
accuracy, durability or completeness of the information or opinion contained in this document, or any 
other information provided in relation to the Fund. Recipients should also note that this document 
contains forward-looking information, issued on the date of this presentation. Mirova makes no 
commitment to update or revise any forward-looking information, whether due to new information, 
future events or to any other reason. Mirova reserves the right to modify or remove this information 
at any time without notice.  
The information contained in this document is the property of Mirova. The distribution, possession or 
delivery of this document in some jurisdictions may be limited or prohibited by law. Each Recipient 
must ensure he complies with these requirements and prohibitions.  
 
Noncontractual document, issued in April 2020.

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MIROVA 
Asset Management company – French Public Limited liability company 
RCS Paris n°394 648 216 - Regulated by AMF n° GP 02-014 
59, Avenue Pierre Mendes France – 75013 - Paris 
Mirova is an affiliate of Natixis Investment Managers 
Natixis Investment Managers 
French Public Limited liability company 
RCS Paris n°329 952 681 
43, avenue Pierre Mendes France – 75013 – Paris 
Natixis Investment Managers is a subsidiary of Natixis  
Natixis Investment Managers International, S.A. 
Asset Management company – French Public Limited liability company 
RCS Paris n°329 450 738 - Regulated by AMF n° GP 90-009  
43, avenue Pierre Mendes France – 75013 – Paris 
Mirova U.S., LLC 
888 Boylston Street, Boston, MA 02199; Tel: 212-632-2803 
Mirova U.S, LLC (Mirova US) is a U.S. - based investment advisor that is wholly owned by Mirova. Mirova is operated in 
the U.S. through Mirova US. Mirova US and Mirova entered into an agreement whereby Mirova provides Mirova US 
investment and research expertise, which Mirova US then combines with its own expertise, and services when providing 
advice to clients.