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One of the purpose of BDL Capital Management is to support companies that show signs of a change towards more responsible practices. This transition will be gradual and uneven. Some companies are ahead, others are just starting to put new initiatives in place.
The impact of BDL Capital Management will be greater by supporting evolving companies rather than selecting only companies that are already considered the most ISR.
That's why we decided to support the initiative « Say on Climate ». This initiative brings together investors to encourage companies (through the vote on resolutions at general meetings) to be in line with TCFD and establish a CO2 emissions reduction plan. We also participate in the “corporate program” of Institutionnal Investors Group on Climate Change, IIGCC, which brings together 275 European investors. This working group ensures that companies seek to be aligned with the Paris Agreements.
Our proprietary ESG method, our ongoing discussions with companies’ management teams and our letters to CEO’s are initiatives that we take to help us select the companies that will strengthen their practices and contribute to the emergence of a more sustainable growth model.
BDL Capital Management has been a PRI (Principles for responsible Investment) signatory since 2017.
Our QIRA method and our ESG approach are inspired by the Sustainable Development Goals.
Our voting policy and our energy transition report uses the data provider ISS.
BDL Capital Management has been working with Sustainanalytics since 2018, a world leading provider of ESG data on thousands of companies.
Since 2019, BDL Capital Management has partnered with CDP, the world biggest NGO on disclosure of environmental information by listed companies.
As shareholders, we need information that is comparable across companies and industries. As a result, we support the TCFD initiative that issues recommendations about environmental disclosure.
We want companies to set ambitions goals to reduce their GHG emissions. More specifically we want these goals to be aligned with the goals of the 2015 Paris Agreements to limit the rise of world temperature to well below 2 degrees Celsius by 2050. Consequently, we support the Science Based Target initiative.
Making a difference also means refusing to invest in certain industries. BDL Capital Management funds agree to the following exclusions :
- No financing of anti-personnel mines
- No companies in the tobacco sector*
- No companies with more than 25% of their revenues dedicated to civil arms
- No companies with more than 25% of their revenues dedicated to coal
- No companies with more than 25% of their revenues dedicated to adult entertainment
Our ESG approach
BDL Capital Management has built a proprietary ESG method called QIRA.
QIRA stands for : Quality Investing Responsible Analysis. This summarizes our approach: selecting companies that make sure to strengthen their practices to make their business model more sustainable.
QIRA is built upon a 50 question Questionnaire inspired by the Sustainable Development Goals.
Through our ongoing dialogue with companies and reading their sustainable and annual reports along with other sources, we score each company in which we invest on the transparency of their ESG information. We then score the companies on the quality of their ESG practices using our sector expertise and our partnership with CDP. By adding the 2 scores we get to our QIRA score (out of 20).
Example of a company's QIRA rating:
« BDL's ESG approach: beyond databases »
Our letters to CEO’s
To contribute to the emergence of a carbon neutral world, we send letters to corporate management making clear our expectationsas long-term shareholders..
We want companies to:
- complete the CDP questionnaire on their climate strategy, and make it public
- undertake to publish scientifically validated greenhouse gas reduction targets
- work towards “leader” status « leader » and an A rating from CDP
These three goals are concrete and measurable.. If all companies complete them it would ensure great transparency, speedier initiatives and a decarbonisation of the economy in line with the objectives of the Paris Agreement.
With this in mind, we have joined the initiative Say on Climate, which promotes the development of consultative votes in general meetings on companies' “climate plans”. We are communicating with businesses to make them aware of this initiative.
Our awareness letter to Elior
Our awareness letter to Elis
Our awareness letter to Vivendi
Our awareness letter to Infineon
Our awareness letter to Signature
Our awareness letter to Telecom Austria
Our awareness letter to Travis Perkins
Our awareness letter to Eiffage
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