Transformation & operational excellence program: target of €300m in recurring annual savings by 2020.
Natixis pursues a proactive policy to reduce the impact of its activity on the environment, by integrating the risks linked to climate change, pollution, loss of biodiversity or the increasing scarcity of resources.
Natixis’ overall compensation policy as applied to all its staff. (1)
Natixis Investment Managers, one of the world’s largest asset managers, remains the primary driver of the Asset & Wealth Management division at Natixis.
Natixis Interépargne, a Natixis subsidiary, helps companies of all sizes set up and manage their employee and retirement savings plans.
designed to deliver an increasingly simple, seamless, and personalized employee savings experience.
Corporate & Investment Banking has a cross-business team dedicated to Natixis’ client coverage. The Coverage team sees clients through every stage of their development, drawing on all areas of Natixis’ expertise to anticipate their needs and offer them targeted advice for their projects.
The growing use of big data and machine learning paved the way for the definition and publication of innovative indicators, for example on uncertainty, sentiment and risk.
The division kept the recruitment momentum going in 2018, hiring 200 new employees to expand its range of expertise and contribute new essential skills for its development (data, marketing, growth hacking, pricing).
First appointed: Board Meeting of December 21, 2017 Member — Risk Committee
Born September 23, 1950 Nationality: French Natixis shares held: 1,000 Address: 26-28 rue Neuve Tolbiac 75013 Paris
Born September 25, 1956 Nationality: French Natixis shares held: 1,000 Address: Immeuble Le W 1A place de Haguenau CS10401 67001 Strasbourg Cedex
Chief Executive Officer of Banque Populaire Occitane V (since October 2006) Chairman and Board Member of Fondation d’Entreprise BP V Occitane (since 20/06/2011) Member of the Board of Ostrum Asset Management V (since 28/09/2018), Caisse Autonome des Retraites des Banques Populaires (CAR-BP) (since 03/06/2016), Institution de Prévoyance des Banques Populaires (IPBP) (since 03/06/2016) Permanent Representative of BP Occitane, Member of the Board V of i-BP (since 2001), BP Développement (since 19/06/2018) Permanent Representative of BP Occitane, Member of the V Investment Committee of Multicroissance (since 01/11/2006)
In 1991 he joined the Batigère group as a new building operations Manager. After five years in charge of rental management, he became Director of Batigère Nancy in 1997. In 2001 he was appointed to the Batigère group Board, then became Chairman of the Board from 2002 to 2014 and subsequently Chairman of the Supervisory Board from June 2014 to June 2018.
A graduate of the Sup de Co Nice, Sylvie Garcelon joined the Internal Audit Department of Banque Populaire Group in 1987. In 1994 she became Corporate Secretary at SBE before joining the Finance Department of BRED in 2000. In 2003 she joined Natexis where she held positions first in Third-Party Asset Management and then at the Information Systems and Logistics Department. In 2006 she was appointed Managing Director of M.A. Banque, and then Chairwoman of the Management Board in 2010. Sylvie Garcelon joined CASDEN Banque Populaire in April 2013 as Deputy CEO in charge of Finance, Risk and Subsidiaries.
Chief Executive Officer of CASDEN Banque Populaire V (since May 2015) Member of the Board of Fondation d’Entreprise Banque Populaire V (since 14/06/2016) Member of the Board of Banque Palatine, Member of the Audit V Committee and Risk Committee (since 05/10/2016) Treasurer of the Fédération Nationale des Banques Populaires V (since 04/04/2017) Non-voting Member of BPCE (since 20/12/2018)V
Philippe Sueur holds a postgraduate degree (DES) in political science and history and a doctorate in law, and is also an Associate Professor in Roman law and institutional history. He began his career in 1975 as a Lecturer before becoming a Full Professor at Université d’Amiens in 1978 and then at Université de Paris III — Sorbonne Nouvelle and Paris-Nord. From 1992 to 2002 he was Dean of the Faculty of Law and Political and Social Science at Université Paris XIII - Nord. As Mayor of Enghien-les-Bains since 1989, Philippe Sueur has also held various elected positions such as Regional Councilor until 2011 and Councilor at Large for the Val d’Oise region since 1994. He was Vice-Chairman of CG95, the Val d’Oise regional council, between 2001 and 2008 and then again in 2011. Since April 2015 he has been the first Vice-Chairman of the Val d’Oise Regional Council.
First appointed: Board Meeting of August 6, 2013 Member — Appointment Committee
First appointed: Board Meeting of April 30, 2009 Date term of office expires: Board Meeting of April 4, 2019
Therefore, one-third of the members of the Board of Directors is independent, in accordance with the Afep-Medef code.
Natixis’ Board of Directors therefore determined that Anne Lalou, Bernard Oppetit, Catherine Pariset, Diane de Saint Victor and Nicolas de Tavernost meet the necessary independence criteria.
A – Legal and statutory requirements, and internal rules of the Board of Directors
62 NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019 have been a member of Natixis’ Board of Directors for more thanV 12 years. Independent director status is lost once a Board member has served for 12 years, receive variable compensation in cash or in shares, or anyV performance-linked compensation from Natixis or the Group.
Natixis may also ask each director and non-voting member to provide any information in relation to the trading of listed companies’ securities necessary for it to fulfill its reporting obligations to all authorities such as stock market authorities, both in France and abroad.
Summary of Natixis' share transactions disclosed to the AMF by persons discharging managerial responsibilities and by persons closely associated with them
01/03/2019 Bonus share allocation (2017 Bonus Share Plan) (c) 4,381 N/A
As in previous years, Natixis assessed the work of its Board of Directors and Special Committees, in accordance with recommendations set out in the Afep-Medef code regarding the correct governance of listed companies.
Compliance Review of the activity and results of compliance controlV Update on cybersecurityV Update on the compliance framework and annual update on MiFID IIV Evaluation of the effectiveness of the internal control framework and the compliance function procedures in placeV
Natixis’ Chief Executive Officer is involved as required with the Appointment Committee’s work.
Each director’s individual attendance rate at Appointment Committee Meetings is provided in section 2.2 of this chapter (see directors' individual fact sheets).
major trends in our environment (low interest rates, technologicalV and regulatory challenges); update on the competitive outlook and reflections on the businessV line portfolio; presentation of the next strategic plan’s preparation schedule.V
As executive managers, François Riahi and Marc Vincent stand surety and assume full liability toward the supervisory authorities, specifically the Autorité de Contrôle Prudentiel et de Résolution (ACPR — French Prudential Supervisory Authority for the Banking and Insurance Sector) and the European Central Bank (ECB), for the following activities: the bank’s effective management, within the meaningV of Article L.511-13 of the French Monetary and Financial Code; disclosure to the ACPR of any accounting or financial documentsV that the ACPR may request, and responses to any questions or requests for information, per Articles L.571-4 to L.571-9 of the same Code; the periodic evaluation and control of the effectiveness of theV mechanisms and procedures set up to comply with the French Ministerial Order of November 3, 2014 on internal control of banking sector businesses; the determination of capital requirements.V
Following Natixis’ conversion into a French société anonyme with a Board of Directors, a Senior Management Committee was set up in early May 2009 in order to examine and validate the company’s main decisions and steer its management.
The 44-member Executive Committee met quarterly in 2019 at seminars during which its members were invited to provide insight and analysis on the strategies proposed by the Senior Management Committee and to incorporate managerial information for the purposes of distributing it to the teams.
Natixis’ compensation policy is pivotal to the implementation of a sustainable company strategy. The Board of Directors ensures that it is in line with the corporate interest. It ensures that the different components of compensation are balanced and that the benefits granted are in line with the duties performed. It also ensures that compensation is structured to promote long-term employee engagement and enhance the company’s appeal, while discouraging excessive risk taking.
For fiscal year 2020, François Riahi’s gross fixed compensation remains unchanged from the previous fiscal year and amounts to €800,000.
Year N+2 1/3 50% in cash and 50% indexed to the
The amount of severance pay is equal to monthly reference compensation x (12 months + 1 month per year of seniority).
In keeping with the principle of the Chief Executive Officer’s eligibility to receive performance shares as part of Long-Term Incentive Plans for members of the Senior Management Committee of Natixis (“LTIP CDG”), at its meeting on May 28, 2019, the Board of Directors of Natixis allocated 31,708 performance shares to François Riahi, which can lead to the acquisition of a maximum of 38,049 shares, depending on the achievement of the performance conditions, i.e. a maximum of 0.00101% of share capital at the allocation date.
This allocation corresponds to 20% of François Riahi’s gross annual fixed compensation.
François Riahi also receives health benefits and personal protection insurance, the terms of which are identical to those applicable to Natixis’ employees or implemented by Groupe BPCE for its executive officers. The corresponding employer contribution amount for this protection is €21,112.
Policies and rules established for determining compensation and benefits of any kind for corporate officers 85NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019www.natixis.com
Individual strategic targets (30%), 15% of which related to the implementation of the V 2018-2020 strategic plan; the three other strategic targets, each assigned a weight of 5%, being related to oversight in terms of supervision and control as provided for in regulations (including the implementation of the RAF and the activation of the threshold breach remediation process); the implementation of Natixis transformation; and managerial performance assessed with regard to the ability to anticipate developments, make decisions and lead the Group, and manage executive officers.
The risks to which Natixis is exposed across all its business lines may arise from several risk factors related to, among other things, macroeconomic and regulatory changes to its operating environment, or relating to implementing its strategy and conducting its business.
Fair value variations of Natixis-held shares due to changes to issuer credit quality may adversely affect Natixis’ equity and solvency
Compliance risk is defined as the risk of legal, administrative or disciplinary sanctions, but also of financial loss or reputational damage, resulting from a failure to comply with the legislative and regulatory provisions, codes of conduct and standards of good practice specific to banking and Insurance activities, whether national or international.
The occurrence, whether once or repeatedly, of one or more of the risks identified in this section, a lack of transparency or communication errors could harm Natixis’ reputation. There is greater reputation risk today due to the growing use of social media across the economic sphere. Beyond the inherent negative impact, any damage to Natixis’ reputation could also result in lost business, and a drop in Natixis’ share price, both of which would weigh on its financial position. An example of this was the liquidity risk controversy involving several funds of Natixis’ Asset Management subsidiary, H2O AM, following the publication of an article in summer 2019 that immediately caused Natixis’ share price to fall.
In addition, the main markets on which Natixis operates may be affected by uncertainties such as those regarding the future relationship between the UK and the EU following Brexit, global trade, the geopolitical context, and any manner of uncertainty (i.e. health risk such as coronavirus). As an indication, at December 31, 2019, net revenues generated by Great Britain-based offices totaled €914 million. These uncertainties could adversely affect Natixis’ profitability and financial position.
Risk management techniques which often use models may prove inadequate for certain types of risks. Certain rating or VaR measurement models (as defined in section 3.2.5.3) that Natixis uses to manage its risks are based on observed historical market behavior. To quantify its risk exposure, Natixis then conducts a
A deterioration in market conditions, and specifically excessive up and down movements in interest rates, could have a material adverse impact on Natixis’ life
Natixis to policyholders could have a material adverse impact on its Non-Life Insurance business, results and financial position
3 RISK FACTORS, RISK MANAGEMENT AND PILLAR IIIRisk management 108 NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
The Control Functions Coordination Committee coordinates the system as a whole.
The Compliance Department performs permanent second-level controls mainly in the following areas of non-compliance: customer protection, professional ethics, market abuse and financial security. At December 31, 2019, 3,225 second-level controls were assessed. (See section 3.2.8 for more information on the Compliance Department and on ITSS-BC).
Natixis’ stress test mechanism is structured as follows: comprehensive internal and external exercises;V
Natixis’ risk policies have been defined as a component of the bank’s overall risk appetite and credit risk control and management framework. The policies are the product of consultation between the Risk Supervision Division and the bank’s various business lines, and are intended to establish a framework for risk-taking while applying risk appetite and Natixis’ strategic vision by business line or by sector.
General wrong-way risk is covered through Wrong Way Risk stress scenarios defined for each asset class.
With respect to country risk, the system is based on sovereign ratings and country ratings that limit the ratings that can be given to non-sovereign counterparties. These ratings are reviewed annually or more often if necessary.
These checks are carried out through several processes, such as the Rating Analysis Committee (CANO), which meets on a quarterly basis, and by backtesting the various rating models, which is performed between once and four times a year depending on the scope.
The results of the backtesting may require recalibrating the risk input, where appropriate.
Banks 3 Expert analysis-based rating models using quantitative criteria (accounting balance sheet) and qualitative criteria (questionnaire). Model by type of counterparty and by geographic area
Specialized financing 4 Models used to assess assets on resale. Assumptions of asset disposals are based on adverse scenarios
They are then placed on the watchlist, as decided by the Risk Supervision Division or the competent Credit Committee depending on the amount of exposure.
The system is a true risk management tool, with scenarios that are regularly introduced and revised. The Risk Supervision Division regularly works on improving the methods used and adding to the scopes defined for the stress scenarios, with particular attention paid to the market stress requirements.
IPV governance is based in particular on: a supervision mechanism overseen by various CommitteesV (Observability Committee, Market Inputs Committee, Valuation Committee, IPV Committee); a policy and set of procedures, explaining the validation andV escalation system; a set of weekly and monthly reports;V
Structured private placements account for 40% of this program (marginal in net terms), with the remainder predominantly provided by BPCE as part of the Group’s medium-term funding policy approved by the Group ALM Committee.
On the long end of the yield curve, the 10-year US Treasury bond ended the year at 1.92%, down -76 bps in 2019. The 10-year Bund closed at -0.19%, down -43 bps.
This resulted in the implementation of various systems used to manage KYC and other information, establish governance for products offered to clients and preserve their assets. See section 3.2.8.6 for more information on the GDPR and the protection of clients’ personal data. Protection of personal data.
In addition to the French regulations that apply to all Natixis entities, Natixis ensures strict compliance with the local regulations applicable to its foreign operations, such as the UK Bribery Act and the US Foreign Corrupt Practices Act.
Natixis has set up two lines of defense to manage cyber risk, whose effective interplay is guaranteed by the regular meetings of a “Cyber security and business continuity” steering Committee. The IT Security Department (which reports to the IT Department) forms the first level and implements all the operational measures for protecting Natixis’ IT system. The IT Systems Security and Business Continuity (ITSS-BC) Department, which reports to the Compliance Department, forms the second line of defense. These two lines of defense share a common Security Operating Center (SOC). The center works directly with Groupe BPCE’s Computer Emergency Response Team (CERT).
In light of these risks, the ITSS-BC Department implements an annual second-level permanent control plan covering all areas of IT system security. Consequently, each year around 6000 second-level control operations are carried out, with a special focus on access right controls and intrusion tests on IT assets exposed to the internet.
Like many banking groups, Natixis and its consolidated subsidiaries are involved in litigation before the courts and may be investigated by regulatory authorities.
3 RISK FACTORS, RISK MANAGEMENT AND PILLAR IIIRisk management 152 NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
While the above-mentioned case was in progress, the AMF decided in early June 2017 to launch a similar inspection of Natixis Investment Managers International. In early June 2018, the AMF decided to issue a notice of grievance against NIM International and refer the case to the AMF Enforcement Committee.
As a result of the SREP process, Natixis must observe a CET1 ratio of 9.2% in 2019, 2% of which in respect of Pillar II (excluding P2G) and 2.5% in respect of the capital conservation buffer, and 0.2% in respect of the countercyclical capital buffer (in 2018, the phased-in CET1 ratio required was 8.44%, of which 1.875% in respect of the capital conservation buffer).
Coface Nederland Services BV Full consolidation Equity method Receivables management and data Netherlands
Credit risk adjustments included in T2 in respect of exposures subject to internal ratings-based approach (prior to the application of the cap) 26 62 79 Cap for inclusion of credit risk adjustments in T2 under internal ratings-based approach 40,305 62
84 Current cap on T2 instruments subject to phase-out arrangements 656 484 (5), 486 (4) and (5)
The 2019 CET1, Tier 1 and total ratios are presented below by major component. The same ratios for 2018 are shown by way of comparison.
Dividends proposed to the General Shareholders’ Meeting and expenses (977) (944)
Note: The disposal of the retail banking business and its acquisition by BPCE S.A. deducted €11,597 million in RWA at 31/12/2019 covering credit risk only and broken down as follows: (in millions of euros, retail banking activities)
3 RISK FACTORS, RISK MANAGEMENT AND PILLAR IIIBasel 3 Pillar III disclosures 186 NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
3 RISK FACTORS, RISK MANAGEMENT AND PILLAR IIIBasel 3 Pillar III disclosures 190 NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
Type and nature of exposure (in millions of euros) Equities Mutual fund investments Investments Total at 31/12/2019 Total at 31/12/2018
Outflows related to derivative exposures and other collateral requirements 6,541 7,035 7,862 9,474 5,885 6,361 6,683 7,237
Art. 442 (c) NX03 – Exposures and EAD and by Basel exposure class 125
Article 444 (a) (d) (EBA) EU CRD – Qualitative disclosures on banks’ use of external credit ratings under the standardized approach for credit risk 183
(EBA) EU CCR7 – RWA flow statements of CCR exposures under the IMM 195
Article 455 (e) (EBA) EU MR2 – A – Market risk under internal models approach 201
Standardized approach – CCR exposures by regulatory portfolio and risk weight (EU CCR3) 192
On and off-balance sheet EAD according to the role of Natixis in the banking book (NX31-A) 198
It created an organization to improve coordination among its strategic sectors, investment banking and coverage, and thus enhance its client focus and solutions approach. It also implemented a new sales road map for Capital Markets.
In personal insurance a new personal protection insurance line was launched in the Banque Populaire networks in the second quarter of 2019. User-friendly, digital and competitive, the Family Insurance and Funeral Cover offering had a very positive start with a sharp increase in new policies and higher guaranteed payouts, to better meet client requirements.
The Corporate Center’s net revenues totaled €59 million in 2019. They include +€19 million for the return of foreign-currency DSNs to the historic exchange rate, versus +€48 million in 2018.
Pre-tax profit percentage of assets amounted to 50 basis points in 2019 versus 19 basis points in 2018.
These increases were partially offset by fees on AuM which declined chiefly in the US following the drop in average AuM and in the commission rate over the period.
Average assets under management totaled €28.7 billion in 2019, up +5%.
Premiums on personal protection and payment protection insurance (€993 million) continued to increase at a steady pace (+12%) without any material impact from the Bourquin amendment and with the launch of the family insurance and funeral insurance in the Banque Populaire network, the impacts of which will only be clear from 2020.
rebilled expenses from the support functions to entities for theV most part linked to Groupe BPCE.
Payments Acquisition from BPCE of 100% of S-money, a digital payment and collection solutions specialist that responds to new customer preferences, and its subsidiaries (such as Le Pot Commun)
Wealth Management Disposal of Sélection 1818, a major Wealth Management Advisor, as part of Natixis Wealth Management’s strategic repositioning. Signing of a partnership with the buyer, Nortia, for the distribution of funds on an open-architecture basis
At December 31, 2019, net gains/(losses) on fixed assets amounted to +€1,259 million, largely corresponding to the €1,092 capital gain from the sale to BPCE of the Sureties & Financial Guarantees, Leasing, Factoring, Consumer Finance and Securities Services businesses of the former Specialized Financial Services division.
Revaluation of financial assets (debt) instruments at fair value through other comprehensive income 14 (61)
Financial liabilities at fair value through profit or loss 8.1 218,279 208,183
Impact of exchange rate fluctuations on cash and cash equivalents 164 373
Cash flows received from/(paid to) shareholders included dividends paid to BPCE in the amount of -€1,737 million and dividends paid to non-Group entities of -€1,105 million.(b) Cash flows from financing activities can be broken down as follows:(c) - interest paid on subordinated notes for -€85 million; - interest paid on deeply subordinated notes recorded in equity for -€90 million.
Under IFRS 16, the definition of leases implies the identification of an asset and control by the lessee of the right to use the asset. IFRS 16 primarily affects the recognition of operating leases by the lessee, which is required to report leases in the balance sheet under “right of use” on the asset side and under “lease liabilities” on the liabilities side.
IFRS 17 “Insurance Contracts”, published by the IASB on May 18,V 2017, will replace IFRS 4 “Insurance Contracts”. Initially applicable on January 1, 2021, with a comparison at January 1, 2020, this standard should only come into force from January 1, 2022. During its meeting on November 14, 2018, the IASB in fact decided to defer its application by a year, as clarifications still need to be given regarding key aspects of the standard. It also decided to align the schedule for the temporary exemption from IFRS 9 for insurers so that it coincides with the application of IFRS 17 from January 1, 2022. A draft amendment “Exposure Draft ED/2019/4 Amendments to IFRS 17” was published on June 26, 2019.
The goodwill arising from the transaction resulting in the creation of Natixis amounted to €484 million, which breaks down as follows: €229 million for the former IAMG, €21 million for the former IXIS CIB and €8 million for the former Novacrédit, plus the goodwill recorded in “Investments in associates” relating to the Caisse d’Epargne CCIs (€190 million) and the Banque Populaire CCIs (€36 million).
In 2019, goodwill increased by +€61 million, excluding translation adjustments (+€34 million).
Value in use is determined principally by discounting the expected future cash flows from the CGUs (Discounted Cash Flow (DCF) method) on the basis of the five-year medium-term business plans drawn up by Natixis.
In view of the situation, no related provisions were recorded in the accounts at December 31, 2019, since Natixis believes that it has not caused any damage whatsoever or acted in breach of regulations, and that it has solid arguments in this regard.
Sale of the following entities to Fiera Capital in the third quarter ofV 2019 in accordance with the investment agreement implemented at Fiera in the second quarter of 2019: Natixis Investment Managers Canada Corp., Natixis Investment Managers Canada LP, Natixis Investment Managers Capital Corporation, Natixis Investment Managers Canada Limited.
Natixis is subject to liquidity risk supervision, which requires the creation of a liquidity reserve limiting the use of the assets of which it is composed (see Note 3.2.7 “Balance sheet management” in Chapter 3 “Risk factors, risk management and Pillar III” of the universal registration document).
Natixis does not have interests in partnerships (joint operations and joint ventures) that have a material impact on Natixis’ consolidated financial statements.
In 2019, as in 2018, Natixis disposed of a portfolio of loans granted to French and European companies by purchasing protection in the form of a perfectly collateralized on-demand guarantee.
Securitization vehicles subject to consolidation but not consolidated due to their materiality are listed in Note 19.1.
Natixis controls a certain number of vehicles whose purpose is toV manage operating property and non-operating property. The relevant activity is mainly the management of property as sources of returns for shareholders. Natixis generally has power over these activities. Such SPEs are consolidated once Natixis has a material interest and if they are material to the consolidated financial statements of Natixis.
Financial assets at fair value through equity - - 3 0 3 - - 3 0 3
Performing loans for which credit risk has increased materially since initial recognition are transferred to Stage 2. The impairment or the provision for credit risk is determined on the basis of the instrument’s expected credit losses at maturity (lifetime ECL). Interest income on these outstandings is recognized in income using the effective interest rate method applied to the gross carrying amount of the instrument before impairment.
The central scenario mainly draws on the outlook for: interest rates and certain indices (S&P 500 index, US stock marketV volatility index VIX, etc.); certain macro-economic variables, such as GDP, inflation, theV unemployment rate and Brent prices.
At December 31, 2019, the weightings of each scenario were as follows: central scenario: 80%;V
The DVA is symmetrical to the CVA and represents the expected loss, from the counterparty’s perspective, on liability valuations of derivative financial instruments. It reflects the impact of Natixis’ credit quality on the valuation of these instruments. The adjustment is made by observing "zéro-coupon" spreads on a sample of comparable entities, taking into account the liquidity of BPCE’ "zéro coupon" spread over the period. The funding valuation adjustment (FVA) is taken into account in the DVA calculation.
In accordance with the principles of recognition set out in IAS 19, Natixis has identified the following types of post-employment benefit: defined contribution plans, under which an entity has no obligationV to pay a specified benefit amount; defined benefit plans, under which Natixis has a legal orV constructive obligation to pay a specified benefit amount.
Commission income is recognized in income, according to the type of services rendered and the method of accounting for the financial instruments to which the service rendered is attached.
On June 23, 2016, the UK decided to leave the European Union (Brexit) following a referendum. After the triggering of Article 50 of the treaty on European Union on March 29, 2017, the United Kingdom and the 27 other member countries of the European Union gave themselves two years to prepare for the country’s effective withdrawal. This deadline was postponed three times, ultimately falling on January 31, 2020. This led into a transition period, running until December 31, 2020, during which time trade agreements concerning the future exchange of goods and services will be negotiated and current European rules will continue to apply.
Net gains or losses resulting 7.5 from the derecognition of financial instruments at amortized cost
Sub-total real estate activities (a) 0 0 0 200 (195) 6
+ Losses for the period not recognized for deferred tax purposes (7) (36)
Hedging of interest rate risk Hedging of interest rate risk 31/12/2019 31/12/2018
This line item covers debt instruments managed under a “hold to reserve and equity instruments that Natixis has irrevocably opted collect and sell” business model, with cash flows that meet SPPI to measure at fair value through other comprehensive income. criteria (see Note 6.1.4), such as debt instruments held in the liquidity
Fair value of financial assets and liabilities carried 8.5 at fair value in the balance sheet
Financial instruments to be valued at fair value through profit or loss 4,415 1,313 1,793 1,308 4,886 1,308 2,088 1,490 o/w debt instruments in the form of securities 1,865 1,091 127 647 2,263 1,134 268 862
The Hull & White models are simple pricing models for plain vanilla fixed-income products and can be calibrated easily. Products valued using these models generally contain a Bermudan-type cancellation option (i.e. one that may be exercised at certain dates set at the beginning of the contract).
Financial instruments to be valued at fair value through profit or loss 1,490 50 35 (0) 32 (298) 3 (5) (4) 6 1,308 o/w debt instruments in the form of securities 862 18 28 0 (265) 4 647
To Level 2 Level 1 Level 3 Level 1 Level 2 Level 2 Level 1 Level 3 Level 1 Level 2
Financial assets at fair value through equity 273 588 361 205 o/w equity instruments o/w debt instruments in the form of securities 273 588 361 205 o/w loans and receivables
Of which, €131 million at December 31, 2018 relating to structured derivatives indexed to shares traded in Asia transferred to Level 3 of the fair value hierarchy (see Note 8.5).(a)
Changes in contractual cash flows not giving rise to derecognition (29) 0 0 0 0 0 (29) 0
The fully derecognized transferred financial assets for which Natixis maintains continuing involvement include transfers of assets to a deconsolidated securitization vehicle in which Natixis has an interest or an obligation, where these latter do not compromise the transfer of virtually all of the advantages and risks attached to the transferred assets.
The impacts associated of the first-time application of IFRS 16 are presented in Note 2.(a) Of which for intangible assets:(b) €244 million at December 31, 2019 and €240 million at December 31, 2018 for the Asset & Wealth Management Division; €91 million at December 31, 2019 and €86 million at December 31, 2018 for the Corporate & Investment Banking Division; €172 million at December 31, 2019 and €158 million at December 31, 2018 for the Insurance Division (excluding investment property); €139 million at December 31, 2019 and €123 million at December 31, 2018 for the Specialized Financial Services Division; €67 million at December 31, 2019 and €67 million at December 31, 2018 for Coface; €4 million at December 31, 2019 and €4.4 million at December 31, 2018 for the Corporate Center.
The fair value of customer deposits is presented in Note 8.5.4.(a)
Derivative instruments not eligible for hedge accounting 61 61 57 57
At initial recognition, financial assets and liabilities are measured at fair value, corresponding to their acquisition price at that date. Their subsequent accounting treatment depends on their balance sheet classification. In accordance with IAS 39, financial assets are classified in one of the four categories of financial assets set out below: Financial assets measured at fair value through profit and loss
At the reporting date, the relevant entities assess whether there is any objective evidence of individual or collective impairment for loans and receivables. To identify evidence of impairment, they analyze trends in a number of objective criteria, but also rely on the judgment of its own expert teams. Similarly, they may use expert judgment to establish the likely timing of recoveries.
Transition between the presentation applicable to insurance companies and to banks9.3.1
Loans and receivables at fair value through profit and loss 9.4.1.1 0 0
Subsequent to the sale of the Factoring, Sureties and Financial Guarantees, Leasing, Consumer Financing and Securities Services business lines (SFS division) to BPCE S.A., finalized on March 31, 2019, the organizational structure was divided into four business divisions: Asset & Wealth Management, which includes the assetV management activities of Natixis Investment Managers, the wealth management business and employee savings plans; Corporate & Investment Banking, which advises businesses,V institutional investors, insurance companies, banks and public sector entities and offers them a diversified line of financing solutions as well as access to the capital markets. Its duties are threefold: to strengthen the bank’s customer focus, to serve as a meeting place between issuers and investors and to roll out the “Originate to Distribute” model to optimize the rotation of the bank’s balance sheet via active management of the loan book; Insurance, which is Groupe BPCE's single platform for theV distribution of personal insurance and non-life insurance products; Payments, which provides the Banque Populaire/Caisse d’EpargneV bank customers and direct customers with payment tools, infrastructures and services.
Natixis Assurances is a holding company for various operating insurance subsidiaries. In March 2014, in accordance with the plan to develop the bancassurance model, Natixis Assurances acquired PPI and casualty insurance subsidiary BPCE Assurances, which it now wholly owns. It offers a full range of individual and group life insurance, personal protection insurance, and property & casualty insurance products for the Banque Populaire and Caisse d'Epargne networks. These diversified, customized solutions are designed for retail and small business customers, farmers, companies and non-profits.
Net income for the period – group share 703 297 618 35 (77) 1,577
For the record, there were no capital increases reserved for employees in 2019.
Natixis adapts the management of its capital structure in line with changes in economic conditions and in the risk profile of its operations. Its objectives, policies and procedures remained unchanged in 2019.
Fully sold, called or matured commitments (5,148) 1 (418) 0 (21) 1 0 0 (5,586) 2
Lease expenses related to low-value contracts and short-term contracts are recorded under “Expenses from other activities” in the consolidated income statement.
Loans and receivables due from banks and similar items at amortized cost 39,663 8,223 418 281 17,871 350 106
Deposits and loans due to customers 346 51 41 14 311 83 30
Corresponds to the following entities: Factoring, Consumer Financing, Leasing, Sureties & Financial Guarantees and retail banking;(a) Corresponds to the SFS business lines recognized in non-current assets held for sale as at December 31, 2018 (see Notes 3.6 and 4.1).(b)
Compensation for corporate officers is granted as presented in the standardized tables compliant with AMF recommendations in Section 2.4 of the registration document.
On May 2, 2018, the Board of Directors decided that François Riahi would, effective from his appointment as Chief Executive Officer, be entitled to the same severance payments and consideration for non-compete agreement as his predecessor, the commitments and agreements for which were approved at the May 23, 2018 General Shareholders’ Meeting.
PricewaterhouseCoopers Audit was appointed in replacement of KPMG by the shareholders at the General Shareholders’ Meeting of May 2016, for a term of six years ending as of the General Shareholders’ Meeting called to approve the 2021 financial statements.
Deloitte & Associés – 6, place de la Pyramide, 92908 ParisV La Défence Cedex, represented by signatory partners Charlotte Vandeputte and Jean-Marc Mickeler.
Services other than the certification of accounts 2,591 25% 3,005 25% (16)% 2,604 25% 3,754 35% (44)% 1,312 39% 1,559 44% (19)% 6,507 27% 8,319 39% (28)%
Pursuant to the Article referred to above, the table below specifically provides information linked to net revenues, pre-tax profit, income tax and headcount as at December 31, 2019.
COFACE JAPAN – BRANCH (COFACE EUROPE) Credit insurance and related services
COFACE SINGAPORE – BRANCH (COFACE EUROPE) Credit insurance and related services
NATIXIS AUSTRALIA PTY Ltd Financial institution FC 100 100 100 100 Australia
NATIXIS Zweigniederlassung Deutschland Financial institution FC 100 100 100 100 Germany
NATIXIS GLOBAL ASSOCIATES AUSTRALIA HOLDINGS, LLC (z) Holding company 100 100 Australia
NATIXIS INVESTMENT MANAGERS HOLDINGS, LLC Holding company FC 100 100 100 100 United States
MV Credit France Holding company FC 100 100 100 100 France
Mirova Natural Capital Limited, France office (formerly Mirova-Althelia Limited, France office) (pp)* Asset Management FC 100 100 100 51 France
Natixis Investment Managers Middle East Distribution FC 100 100 100 100 United Arab Emirates
OPCI FRANCEUROPE IMMO Insurance investment mutual fund FC 53 53 55 55 France
COFACE IRELAND – BRANCH (COFACE Europe) Credit insurance and related services FC 42 42 43 43 Ireland
Directly or indirectly.(a) Information on equity and income is that of the last fiscal year as adopted by the General Shareholders’ Meeting (31/12/2018).(b)
Impairment of customer loans and receivables (stages 1, 2 and 3)
We attest that the consolidated non-financial performance report required by Article L. 225-102-1 of the French Commercial Code is included in the management report, it being specified that, in accordance with the provisions of Article L. 823-10 of the Code, we have not verified the information contained in this report with respect to its fair presentation or the consistency with the consolidated financial statements of the information contained and should be reported on report by an independent third party.
A provision of €12,000 was recorded in the financial statements at December 31, 2019 in respect of plans to be settled in shares (allocation of existing shares), against an expense of €120,000 in 2018.
Non-performing loans amounted to €48 million at December 31, 2019, compared with €49 million at December 31, 2018. At December 31, 2019, as at December 31, 2018, Natixis had no irrecoverable loans due from credit institutions.
Parent company financial statements and notes 411NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019www.natixis.com
Of which pension costs of €198 million at December 31, 2019 versus €111 million at December 31, 2018.(a) Of which a provision reversal of €114 million in 2019 for the Institution de Prévoyance Austerlitz.(b) Including a contribution of €166 million to the Single Resolution Fund (SRF) at December 31, 2019, versus €157 million at December 31, 2018.(c)
Net income from investment and trading portfolio transactions 1,862 (294) 2 (3) 9 1,576 1,332 189 1 (11) 11 1,522
and the standardization of control processes within the Group’sV different business lines and entities: methods, software, reporting and frequency; It also draws on: the application of the principles defined by BPCE, i.e. the scopesV governed by the two-level control processes and implementing the coordination of the control teams; two types of tasks. The first is operational and consists ofV performing and reviewing first-level controls, as well as any additional second-level controls (for closing periods or as part of periodic assignments). The second is organizational and involves overseeing and monitoring the control function; formalized documentation as part of the “Accounting and financialV information quality control framework” drawn up by Groupe BPCE. This includes procedures that describe in detail the organization of the system; risk mapping showing the nature, the frequency of occurrence andV the responsibility by control level across all scopes (accounting and regulatory); centralized oversight within the financial, risk or complianceV departments, performed by the dedicated Regulatory and Accounting Review team, which reviews first-level controls and also performs second-level controls; a risk-based approach, enabling the Review teams to guideV and determine the frequency of their controls given the quality of the internal control processes.
Gender parity % of women in executive officer positions (Natixis Purple Leaders)
ESG risk management Number of ESG risk reviews done in 2019
As a key source of financing for the economy, Natixis has a role to play in the transition to sustainable development, and since 2017 it has decided to further its Environmental and social responsibility (ESR) ambitions.
Natixis Assurances systematically includes an ESG-certified unit-linked product (SRI or Greenfin certification) in all new life insurance policies. These certified unit-linked products represented €804 million at the end of 2019.
Investor statement on gender equality in the workplace, led by Mirova (September 2019).(1) Tobacco-Free Finance Pledge, led by Tobacco Free Portfolios.(2) Investor statement on deforestation and forest fires in the Amazon, organized by the NGO Ceres (September 2019).(3) Investor Statement on Methane Emissions in Oil & Gas, led by the Institutional Investors Group on Climate Change (IIGCC).(4)
over 3 years, based on analysis performed by Mirova. The employee headcount in the listed companies in which the fund invests increased by an average of 13.1% over the review period (2014-2018), while it rose by 2.7% for CAC 40 companies overall over the same period. The portfolio’s ESG profile also improved over this period, and its carbon impact improved sharply, with the climate scenario implied by its investments (expected temperature rise)Mirova’s Insertion Emplois Dynamique fund, which was launched in estimated at +1.5°C at December 31, 2019, compared with +4.4°C at1994, was one of the first solidarity-based “90/10” funds dedicated to the end of 2014. The fund has €733 million in assets underjob creation in France. The solidarity allocation (10% of assets) management.finances structures with a positive social impact across the country in conjunction with France Active, while the equity allocation (90% of assets) invests in listed companies planning to create jobs in France
To step up its transition to green finance, Natixis has developed a tool to gradually bring its financing activities into line with the Paris Agreement goals for the climate — the Green Weighting Factor (GWF).
All loans with a green color rating receive a discount of up to 50% in their weighted assets, while the weighting of loans with a negative impact on the climate and the environment is increased by up to 24%.
In December 2018, Ostrum AM obtained Greenfin certification for its expertise in infrastructure debt for the energy transition. Its strategy focuses on renewable energy, water and waste treatment, green mobility, low-energy buildings and digital solutions. It received capital commitments of €80 million in its first fundraising round in September 2019, including a €50 million investment by Natixis Assurances. The fund raised €100 million in 2019.
Natixis, acting as green loan coordinator and green structurer, closed the first green margin loan based on the Sustainability Linked Loan Principles, for Ivanhoé Cambridge. Ivanhoé undertook to continually reduce the environmental impact of its properties while efficiently managing its assets. The loan draws on Ivanhoé Cambridge’s sustainability commitments and it incorporates a margin adjustment mechanism based on a range of key performance indicators which will generate additional performance for the Group, in particular by improving its GRESB score.
meet the need for investment in sectors contributing to the energy and ecological transition with a range of solutions for both retail and institutional investors in different geographical regions.
Outstanding amounts sold by Natixis on the Climate and ESG indices total €2.4 billion.
At the end of 2019, Natixis had no outstanding financing exposure to thermal coal mining activities and only residual exposure to coal power plant and coal infrastructure financing.
These issues are already strictly governed by a number of regulations in France (representing nearly 70 % of Natixis employees) including labor law, the personal and property safety policy, and the Professional Risk Assessment Document. A whole host of internal agreements have also been signed in France (relating to union law, collective bargaining, gender equality, the professional integration and retention of employees with disabilities, and quality of life at work).
Maternity leave is generally more favorable than regulatory provisions and Natixis is considering a minimum leave applicable regardless of the country.
Natixis Assurances has pledged to align its investment policy with the 2°C climate scenario and each year it will its devote nearly 10% of new investments to green assets, with a target of 10% of its total investments being in green assets by 2030;
Based on calculated carbon emissions, a carbon action plan has been implemented in three main areas: Buildings: optimized occupation of work space and reduction ofV energy consumption (electricity, heating, and cooling); Business travel: expanded use of public transportation and greenV means of transportation, green company cars, prioritized use of rail travel in the Natixis travel policy, development of videoconferencing and extension of telecommuting to limit employee travel; IT: managing the impact of digital (see Chapter 6.5.6).V
Data restated for transfers and restructuring between business lines.(a) Coface, Private Equity, Natixis Algérie.(b) The 21,480 contracts in the Natixis Worldwide scope correspond to 19,639 FTE (*) (Management data). Excluding Coface, this figure is 16,389 FTE (Corporate & Investment Banking: 3,646, Asset & Wealth Management: 4,827, Insurance: 1,880, Payments: 998, Support Departments and others: 4,269, Financial Investments: 769). Using Management data, the global breakdown of the 19,639 FTE employees by business line is as follows: Corporate & Investment Banking: 2,700, Asset & Wealth Management: 4,827, Insurance: 1,880, Payments: 998, Support Departments and others: 5,215, Financial Investments: 4,019 (769 excluding Coface).
Data not restated for transfers and restructuring between business lines between 2018 and 2019.(a) Including French overseas departments and territories.(b)
Four agreements applicable to the Natixis France scope were signed in 2019: 2018 Natixis France agreement Signing date 2019 wage agreement 24/01/2019
On the accounting consolidation scope: mandatory employee profit totaled €40.1 million in 2019, €43.9 million in 2018, and €51.2 million in 2017; voluntary (a) employee profit sharing totaled €96.3 million in 2019, €108.6 million in 2018, and €127.4 million in 2017.
Under the impetus of Natixis’ Senior Management Committee, the Smart & Simple Challenge for sharing ideas was launched in 2019 to encourage employees to become actors of change within the company. Employees were invited to connect to a platform and put forward their ideas on ways to simplify their everyday life at work. 220 ideas came out of the challenge, and four were selected by the members of the jury for implementation. The challenge gave participants the opportunity to be part of a collaborative and cross-business experience across the organization.
In 2015, the Senior Management Committee signed the 15 Work/Life Balance Commitments charter. The charter was an initiative of the French Ministry of Social Affairs, Health and Women’s Rights, and the OPE (French observatory aimed at improving the balance between work and home life), and it encourages signatory companies to take action in favor of a better life-work balance.
Provisional consolidated figures at 07/02/2020, representing at least 90% of hours of training received during the year.
The annual appraisal interview is an important meeting to evaluate the performance of employees. Objectives can also be reviewed or set during the year to adapt to the pace of the projects.
In 2019, Natixis acquired a new talent management platform: HR One. Within a single Oracle tool, it will cover all career management and talent development actions (training, monitoring progress in meeting targets, managing performance, individual development plans, etc.). HR One has been rolled out to the Natixis scope, and gives every employee the opportunity to manage their career development information, which makes it easier to implement development actions. The platform also improves information sharing between leaders and HR managers, thereby contributing to more efficient talent development.
Humanitarian leave protection of biodiversity, social and educational support for children, and adult skills training in various fields (office tools, project management, etc.), taking the total number of missions organized since the program’s launch to more than 150.
In Madrid, Natixis entered into a partnership with non-profitV organization Caritas to support a solidarity-based supermarket, Tres Olivos, which helps approximately 100 disadvantaged families (basic goods are subsidized to cost 80% less than regular market prices). Tres Olivos receives financial aid from Natixis Madrid employees and contributions are topped up by the Company.
Natixis IM Middle East, a branch of Natixis IM UK Limited
We familiarized ourselves with the internal control and riskV management procedures established by the entity, and reviewed the data collection process used to ensure the completeness and sincerity of the Information reported.
Our work engaged the skills of five persons between November 2019 and March 2020.
According to the Prospectus Regulation, at February 29, 2020, Natixis’ main shareholders were as follows: % capital % voting rights
2,600,406 bonus shares to the recipients designated by the Board of Directors, including 64,902 shares awarded to the corporate officers of Natixis. These shares will vest in tranches on March 1, 2021 and March 1, 2022, provided that a continued service requirement and performance conditions are met.
Throughout the year, interested shareholders are invited to put forward their application.
Conditions of application are available on the website. The Committee’s charter was revised in 2019.
Award won in 2019 – Le Revenu magazine’s Gold Trophy for Best Shareholder Relations in the SBF 120 Companies category
website in the Investor Relations section. From time to time, depending on current events, we also organize specific, themed presentations to give our financial partners and colleagues a better understanding of the general climate and Natixis’ specific challenges.
The CSM combines the two previous types of meetings (OGM and EGM) on the same date under the same notice of meeting.
In line with the provisions of Article 25 of the bylaws, and as an Article L.225-123 Section 3 of the French Commercial Code, each exception to the granting of double voting rights to any fully paid-up member of the meeting has a right to as many votes as they hold shares that can be proved to have been registered in the name of the or are represented by shares. same shareholder for at least two years as stipulated by
Review and approval of the financial statements for the fiscal yearV ended December 31, 2019; Review and approval of the consolidated financial statementsV for the fiscal year ended December 31, 2019; Appropriation of earnings for the fiscal year ended December 31,V 2019 and setting of the dividend; Approval of the agreements covered by Articles L.225-38V et seq. of the French Commercial Code; Approval of the disclosures referred to in Article L.225-37-3(I)V of the French Commercial Code, pursuant to Article L.225-100(II) of the French Commercial Code; Approval of the fixed, variable and non-recurring items constitutingV the total compensation and the benefits of any kind paid during fiscal year 2019 or granted in respect of the same fiscal year to the Chairman of the Board of Directors, pursuant to Article L.225-100(III) of the French Commercial Code; Approval of the fixed, variable and non-recurring items constitutingV the total compensation and the benefits of any kind paid during fiscal year 2019 or granted in respect of the same fiscal year to the Chief Executive Officer, pursuant to Article L.225-100(III) of the French Commercial Code; Approval of the compensation policy for the Chairman of the BoardV of Directors, pursuant to Article L.225-37-2 of the French Commercial Code; Approval of the compensation policy for the Chief ExecutiveV Officer, pursuant to Article L.225-37-2 of the French Commercial Code; Approval of the compensation policy for the members of the BoardV of Directors, pursuant to Article L.225-37-2 of the French Commercial Code; Overall budget for compensation paid to the employees referred toV in Article L.511-71 of the French Monetary and Financial Code during the fiscal year ended December 31, 2019; Ratification of the co-opting of Dominique Duband as a director;V
The ex-dividend date will be May 25, 2020, with dividends payable as of May 27, 2020.
Like the rest of the staff, the Chief Executive Officer is covered by the mandatory pension plan. He is not covered by the kind of supplementary pension plans described in Article 39 (defined benefit plan) or Article 83 (voluntarily defined contribution plan) of the French General Tax Code. Furthermore, in 2019, Natixis’ Chief Executive Officer paid into an “Article 82” type life insurance policy (in reference to the French General Tax Code) put in place by BPCE. The premiums on this policy were paid by the Chief Executive Officer and not by Natixis. In 2019, François Riahi paid €117,333 into his policy.
Total compensation paid to the above-mentioned Natixis employees during the fiscal year ended December 31, 2019, came to €180 million (excluding employer social security charges). Since variable compensation is paid out in tranches for several years after it is awarded, this amount is not the same as the amount of compensation awarded for fiscal year 2019. Total compensation paid in 2019 includes the fixed compensation paid in 2019, the variable compensation paid in 2019 for previous fiscal years (2016, 2017 and 2018) and the bonus shares awarded in 2015, 2016 and 2017 and delivered in 2019.
8 GENERAL SHAREHOLDERS’ MEETINGSCombined General Shareholders’ Meeting of May 20, 2020 520 NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
Resolution sixteen asks the General Shareholders’ Meeting to renew, for a period of 18 months, the authorization to buy back shares granted to the Board of Directors.
Combined General Shareholders’ Meeting of May 20, 2020 521NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019www.natixis.com
8 GENERAL SHAREHOLDERS’ MEETINGSCombined General Shareholders’ Meeting of May 20, 2020 522 NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
The General Shareholders’ Meeting, deliberating in accordance with the quorum and majority requirements for ordinary business, having reviewed the management report and the report of the Statutory Auditors on the parent company financial statements for the fiscal year ended on December 31, 2019, hereby approves said parent company financial statements as presented, including the balance sheet, income statement and notes to the financial statements, as well as the transactions reflected in these financial statements or summarized in these reports.
Resolution three: Appropriation of earnings for the 2019 fiscal year and setting of the dividend
payment to shareholders, as a dividend, of €0.31 per share, and(i)
Resolution seventeen: Amendment of Article 12 of the bylaws relating to the powers of the Board of Directors
The rest of Article 12 (in particular the rest of Article 12.1 and Articles 12.2 and 12.3) remains unchanged.
to amend as follows Article 22 “Admission to General Shareholders’ Meetings — Powers” of the Company’s bylaws removing the referenceV to Article 1316-4 of the French Civil Code which has now been repealed: Previous wording New wording
General Shareholders’ Meeting called to approve the financial statements for the fiscal year ended December 31, 2019
The expenses recognized by Natixis in respect of this agreement amounted to €345,000.00 for fiscal year 2019.
The income recognized in respect of the activation of guarantees in the 2019 fiscal year amounted to €109,433.00.
“Click’n Trade” service and partnership 11. agreement between IXIS CIB, CNCE and Banque Palatine
In the case of joint and several guarantees entered into with CDC Finance-CDC IXIS, the IXIS CIB creditors for transactions secured under these guarantees that were entered into before the expiry of the respective guarantees may, in accordance with the letter from the Chief Executive Officer of CDC dated October 12, 2004, enforce their rights directly against CDC until the maturity of the guaranteed transactions, as if this commitment had been taken out directly by CDC on behalf of the IXIS CIB creditors.
The Board of Directors may, at the time of the notice, decide to publicly broadcast the entire meeting by video-conference or other forms of telecommunication. In this case, the decision is conveyed in the announcements and notices of the meetings.
Item 7.1 Financial position 100 to 107; 124 to to 223; 546 108 to 115; 132 to
Item 8.1 Information concerning the issuer’s capital resources (both short term and long term)
Item 16.4 Arrangements, known to the issuer, the implementation of which may at a subsequent date result in a change in its control
Cross reference table for the annual financial report and the management report 547NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019www.natixis.com
FSB Financial Stability Board, whose mandate is to identify vulnerabilities in the global financial system and to implement principles for regulation and supervision in the interest of financial stability. Its members are central bank governors, finance ministers and supervisors from the G20 countries. Its primary objective is to coordinate international efforts by national financial authorities and international standard setters in the regulation and supervision of financial institutions. Conceived at the G20 summit in London in April 2009, the FSB functions as the successor to the Financial Stability Forum, which was founded in 1999 under a G7 initiative.
Natixis plays an active role in encouraging sustainable development. All of its teams are committed, day in day out, to supporting clients in their ecological transitions.