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Press release

ERAFP presents its voting policy and shareholder engagement strategy for 2016

  • 22 March 2016
Shareholder engagement
Paris, 22 March 2016 – In line with the Principles for Responsible Investment (PRI), of which it is a signatory, the French public service additional pension scheme (ERAFP) has updated its shareholder engagement guidelines and voting policy for 2016.

After four years of implementation, ERAFP continues to strengthen and enhance its shareholder engagement strategy and voting policy.

Like in 2015, ERAFP's shareholder engagement strategy for 2016 will focus on the following areas:

  • Combating climate change;
  • Fighting against aggressive tax optimisation practices;
  • Ensuring consistency between companies’ sustainable development commitments and their lobbying practices;
  • Preventing employment-related risks within the supply chain.

In terms of voting policy, ERAFP will continue to place the emphasis on a restricted number of priority issues for discussion with issuers in the upcoming round of general meetings:

  • Ensuring transparency concerning the business activities and financial situation of companies, particularly of companies in the extractive and forestry sectors which should disclose the details of all material payments made to the governments of the countries where they operate, with a breakdown by country and by project;
  • Sharing added value and applying responsible dividend policies;
  • Promoting the principles of transparency, fairness and moderation for executive pay;
  • Better representation of women on boards of directors: for 2016, ERAFP has strengthened its position on this issue by raising its minimum requirement of 30% women board members to 35%.

With a view to facilitating discussion, ERAFP will communicate its guidelines to issuers through its delegated management companies.

These guidelines, which are implemented in accordance with the Scheme's fiduciary duty to its 4.5 million public servant beneficiaries, can be downloaded from the Publications section of the RAFP website (