C

SR
SOCIAL
CORPORATE

RESPONSIBILITY
REPORT
Contents

INTRODUCTION
Editorial: Xavier Musca and Yves Perrier 04
The leading european asset manager  06
Our business model 08
2019 Key figures  10
Board of directors 12
General Management Committee
and Executive Committee 14
Global Advisory Board  16

1 AMUNDI’S CSR
COMMITMENTS 18 3 MAKING INDIVIDUAL AND
COLLECTIVE DEVELOPMENT
CENTRAL TO OUR RESPONSIBILITY
1.1 Amundi’s CSR challenges 18
AS AN EMPLOYER 31
1.2 Amundi’s extrafinancial key figures 19
3.1 HR policies 33
1.3 Amundi’s participation in the
Crédit Agricole S.A. Group’s 3.2 Employer–employee communication,
FReD initiative 19 psychosocial risk (PSR) prevention policy
and quality of life in the workplace 36
1.4 Amundi’s non-financial ratings and
participation in socially responsible 3.3 Measurement of employee engagement 37
stock market indices 20 3.4 Societal involvement 38
1.5 Charters and securities market
practices to which we are committed 20
1.6 Application of the duty of vigilance
1.7 Respect for human rights
21
22
4 ACTING AS A COMMUNITY
MINDED, ECO-AWARE CITIZEN 38
4.1 Sponsorship 38

2
4.2 Responsible purchasing 39
ACTING AS A RESPONSIBLE
FINANCIAL INSTITUTION 22 4.3 Direct environmental footprint 40

2.1 Promoting responsible finance 22

2.2 Keeping the promise to clients 27
5 METHODOLOGY
AND INDICATORS 43
5.1 Methodological note 43
5.2 Table of indicators 45
 CORPORATE
SOCIAL RESPONSIBILITY
REPORT 2019

Amundi is the European largest asset manager by

assets under management(2) and ranks in the top
10 globally(1). It manages 1,653 billion(2) euros of
assets across six main investment hubs(3).Amundi
offers its clients in Europe, Asia-Pacific, the Middle
East and the Americas a wealth of market expertise
and a full range of capabilities across the active,
passive and real assets investment universes. Clients
also have access to a complete set of services and
tools. Headquartered in Paris, Amundi was listed
in November 2015.
Thanks to its unique research capabilities and the
skills of close to 4,500 team members and market
experts based in nearly 40 countries, Amundi
provides retail, institutional and corporate clients
with innovative investment strategies and solutions
tailored to their needs, targeted outcomes and
risk profiles.

By law, Amundi is not required to issue an Extra-

Financial Performance Report (DPEF) insofar as
Crédit Agricole S.A., its parent company, draws up a
consolidated DPEF for the Group that incorporates
the extra-financial information of its subsidiaries
and is published in its annual registration document.

Nevertheless, to report to its stakeholders on

its commitments and accomplishments in this
area, Amundi is publishing this CSR report,
whichcorresponds to Chapter 3 of its Registration
Document.

(1) Source IPE “Top 400 asset managers” published in June 2019 and based on
AUM as of end December 2018.
(2) Amundi figures as of December 31, 2019.
(3) Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 3

Chairman of the Board of Directors of Amundi
Deputy Chief Executive Officer of Crédit Agricole S.A.

For 2019, With the return of favourable market conditions in 2019, Amundi delivered
Amundi once again solid growth and made substantial improvement in global net inflows.
recorded growth This acceleration of business went hand in hand with a considerable
in both its business improvement in net income (+6.6 %(1) as compared to an average annual
and its financial results. target of +5%). By keeping a good control on operating expenses, Amundi
further improved its operating efficiency, with a cost-income ratio(1) that
improved by 70 basis points year-on-year from 2018, to 50.9%.

These various indicators all attest the strength of Amundi’s business model and the efficiency
of the strategy the company has implemented over the last ten years. They are fully in line
with the Crédit Agricole Group’s 2022 Medium-Term Plan, a pillar of which is to consolidate
Amundi’s leading position in the asset management industry. Amundi’s many initiatives
contributing to a financial sector that better respects the environment and promotes the
social cohesion all support the Crédit Agricole
Group’s ambition of becoming the leading
European player in terms of responsible “2019 was in line
investment. with Amundi’s history
of performance since
The 2020 fiscal year has begun under highly
unusual circumstances due to the COVID-19
its creation.“
pandemic and the ensuing crisis, whose size
and duration are difficult to predict. Thanks to its robust business model, however, Amundi
is well equipped to see the crisis through.

(1) Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding costs associated with the integration.

4 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

Chief Executive Officer of Amundi

The excellent results In 2019, Amundi achieved the largest net inflows of its history (108 billion
in 2019 are fully euros), recording a 10th consecutive year of growth to net income, which
in line with totalled 959 million euros (+12%), in line with our announced ambitions.
our objectives. Meanwhile, Amundi’s cost-income ratio, already amongst the industry’s
lowest, was further improved to 50.9%.
In the last decade, Amundi has achieved massive transformation to become the leading
European asset manager, ranked among the Top Ten worldwide, with 1.653 trillion euros under
management. In this period, the company’s assets under management and net income increased
by a factor of 2.5.
This success is the outcome of clear strategic choices, implemented with unswerving
determination. Our growth has been primarily organic, with certain targeted acquisitions,
notably Pioneer Investments, which has now been
successfully integrated. International business
”Once again, Amundi has been a strong driver, and represents two
has succeeded in combining thirds of assets under management (insurance
excluded) today, as compared to just a quarter
growth with operational in 2010.
efficiency. The company And lastly, the company that as early as 2010
achieved the highest net made responsible investment one of its four
inflows of its history, while founding pillars is today a leading player in this
area, with 323 billion euros in responsibly
simultaneously improving its managed assets.
cost-to-income ratio.” Going forward, this development strategy will
benefit from two significant partnerships that
have recently been announced: the creation of a joint venture with Bank of China in China
and the signature of a strategic agreement with Banco Sabadell in Spain.
The year 2020 has begun with the crisis caused by the COVID-19 pandemic, whose
unprecedented proportions affect every aspect of economic and financial activity worldwide.
The full effects and duration of this crisis are difficult to anticipate. Thanks to its business
model and organisation, however, Amundi is prepared to face these exceptional circumstances.
The company’s IT systems have been deployed to ensure uninterrupted support of portfolio
management and client servicing. All our teams are committed to navigating this storm.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 5

A AMUNDI,
THE LEADING EUROPEAN
ASSET MANAGER
Our clients benefit from the expertise and advice
of 4,500 professionals in nearly 40 countries.
This global presence, combined with our research capabilities
and solid experience, enables us to offer our clients a
comprehensive range of savings and investment solutions.

More than

100
million clients

A presence in nearly

40
countries

4 500
employees

6 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

Amsterdam Durham Milan Sofia
Bangkok Frankfurt Montreal Stockholm
Beijing Geneva Mumbai Sydney
Boston Helsinki Munich Taipei
Bratislava Hong Kong New York Tokyo
Brussels Kuala Lumpur Paris Vienna
Bucharest London Prague Warsaw
Budapest Luxembourg Santiago Yerevan
Casablanca Madrid Seoul Zurich
Dubai Mexico City Shanghai
Investment hubs
Dublin Miami Singapore
Local investment centres
Other Amundi entities
Joint ventures

At 31/12/2019.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 7

 Our business model
Amundi, a trusted partner that acts every day
in the interest of its clients and society

Our business
With our full range of expertise and services, our capacity
for innovation and our organisation, which is both global and local,
we offer our clients – Retail, Institutional and Corporate – tailored
savings and investment solutions.

Our strengths
1. Management platforms present across all asset classes
■A
 ctive and passive management
■T
 raditional and real assets
■6
 international hubs (Boston, Dublin, London, Milan, Paris
and Tokyo)

2. Great capacity for innovation

■W  e are constantly developing new savings and investment OUR
solutions
ORGANISATION
3. A diversified profile
■ Entities in nearly 40 countries It is focused on our clients,
■ 1 00 million Retail clients, via our partner networks and our
with an industrial approach.
third-party distributors
■~
 1,500 Institutional clients Our management platforms
and our risk control are fully
4. State-of-the-art technology integrated for the entire
■ ALTO(1): a high-quality proprietary back-to-front tool Group.
Our sales teams are dedicated
5. Experienced, committed employees
■4 ,500 employees, of which 750 investment professionals to each client profile, in close
covering all asset classes to 40 countries, so as
■C
 ommitted employees (ERI score(2) of 67%) to adapt to specific local
requirements.
6. A strong commitment to social responsibility
■R
 ecognised ESG analysis capabilities
■A
 position adopted since our creation and amplified
in 2018 with a new ESG action plan

7. A solid financial position

■F itch Ratings rating: A+ with stable outlook
■A strong balance sheet and stable shareholder base
■E xcellent operational efficiency

(1) Amundi Leading Technologies & Operations. (2) Engagement and Recommendation Index – Average of positive answers to
the 21 questions asked in the survey and used to measure the ERI. (3) Adjusted data: excluding amortisation of distribution contracts;
average annual growth between 2018 and 2022 (based on market-neutral assumptions over the period). (4) Adjusted data: excluding
amortisation of distribution contracts (based on market-neutral assumptions over the period). (5) When technically possible.
(6) Figures as at end-December 2019. (7) Over 5 years - scope of open-ended funds.

8 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

Our ambition
To be among the top 5 in the global asset management industry and to be
recognised for:
■ the quality of expertise and services provided to our clients
■ our growth and profitability momentum, with two major objectives:
• a 5% average annual growth in adjusted net earnings from 2018 to 2022(3)(12)
• a cost-to-income ratio(4) of less than or equal to 53%(12)
■ our positioning as a committed financial player, with the ambition to incorporate
ESG criteria into 100% of the assets managed in our actively-managed open-ended
funds(5)

Our value
creation for(6)…
1. Our clients
 8% of assets under management in the 1st and 2nd
■7
quartiles of the Morningstar ranking(7)
INSTITUTIONAL  8% of positive recommendations from consultants(8)
■7
RETAIL AND CORPORATE
CLIENTS CLIENTS 2. Our employees
■ > 400 new hires
■A verage annual remuneration: €144k(9)
■F airness ratio: 20.8(10)
DEDICATED SALES DEDICATED SALES ■5 5% of employees trained
AND AND ■9 21 interns
MARKETING TEAMS MARKETING TEAMS
3. The company
 323bn in Responsible Investment assets under
■€
management
INTEGRATED PLATFORMS  260m in impact investing assets under management
■€
IN ACTIVE MANAGEMENT, PASSIVE MANAGEMENT  ,000 issuers ESG rated
■8
AND REAL ASSETS  axes paid: €540m, of which €384m in France(11)
■T

4. Our shareholders
 16% in assets under management
■+
 12% growth in net income, Group share
■+
CENTRALISED IT PLATFORM,  xcellent cost-to-income ratio: 50.9%
■E
SUPPORT SERVICES AND RISK CONTROL  ividend payout rate: 65%(12)
■D

(8) Global consultants: AonHewitt, Cambridge Associates, Mercer, Russell, Willis Towers Watson, Bfinance, rating December 2019.
(9) Global scope - Wages and salaries of employees divided by the average workforce. (10) Managerial internal fairness ratio (methodology
available in the Universal Registration Document for 2019). (11) Taxes and social security contributions. (12) The Covid-19 epidemic is
an intense crisis; its extent and duration are unknown. Its impact on Amundi is difficult to assess at this stage. In accordance with the
recommendations published by the European Central Bank, Amundi decided not to submit a dividend payout to its General Assembly of
May 12th 2020.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 9

2019 Key figures
2019 was another year of transformation, in line with
the trajectory charted by Amundi since its creation. Amundi
is now the European leader in the asset management sector,
with €1,653 billion in assets under management at end-2019.

+€ 107.7bn
Net inflows(1)
€ 1,653bn
Assets under management(1)
€ 323bn
Assets under responsible
investment management

Financial
results

€ 2,707m
Net revenues(2)

€ 1,331m
Gross operating income(2)
Cost-income
ratio(2)

50.9%
€ 1,009m
Net income, Group share (adjusted)(2)

(1) Net inflows and assets include assets under management and under advisory and assets sold and take into account 100%
of the Asian joint ventures’ net inflows and assets under management. For Wafa in Morocco, assets are reported on a
proportional consolidation basis. (2) Adjusted data: excluding amortisation of distribution contracts (UniCredit, Société
Générale and Bawag).

10 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

Breakdown
of combined assets 5%
as of 31 December 2019 €90bn
Real, Alternative and
Structured Assets

17%
€284bn
Equities

48% By asset
€788bn
Fixed Income
class
14%
€227bn
Liquidity
Solutions

16%
€266bn
Multi-Asset

28%
26% €465bn
€432bn Crédit Agricole &
Société Générale
Retail excluding
Groups’ Insurance
joint ventures -
Companies
Partner networks
and other networks
By client
type

14%
€234bn
Joint ventures
32%
€521bn
Institutional
& Corporate
clients

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 11

C BOARD
OF DIRECTORS
AS OF 31/12/2019

1. 2. 3.

4. 5. 6.

7. 8. 9.

10. 11. 12.

13. 14. 15.

12 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

01. Xavier MUSCA
Chairman of the Board of Directors
Deputy CEO of Crédit Agricole S.A.,
Member of the Executive Committee

02. Yves PERRIER

CEO and Director
Deputy General Manager of Crédit 09. Hélène MOLINARI
Agricole S.A. in charge of Savings Independent Director
Management and Property Division, Manager of AHM Conseil
Member of the Executive Committee
10. Christian ROUCHON
03. Henri BUECHER Director
Director CEO of the Sud Rhône-Alpes
Chairperson of the Board of Directors Regional Bank of Crédit Agricole
of the Alsace Vosges Regional Bank
of Crédit Agricole 11. Andrée SAMAT
Director
Chairperson of the Board
04. Virginie CAYATTE of Directors of the Provence-
Independent Director Côte d’Azur Regional Bank
Financial Director of Adisseo of Crédit Agricole

05. Laurence DANON-ARNAUD

Independent Director 12. Renée TALAMONA
Chairperson of Primerose SAS Director
CEO of the Lorraine Regional Bank
of Crédit Agricole
06. William KADOUCH-CHASSAING
Director 13. Éric TAZÉ-BERNARD
Chief Financial Officer Director elected by the employees
of Société Générale Group Chief Allocation Advisor for
Institutional Investors of Amundi
Asset Management
07. Robert LEBLANC
Independent Director
14. Jean-Michel FOREST
Chairman and CEO of Aon France
Non-voting member
Chairman of the Board of Directors
08. Michel MATHIEU of the Loire Haute-Loire Regional Bank
Director of Crédit Agricole
CEO of LCL, Deputy General Manager
of Crédit Agricole S.A. in charge 15. Gianni FRANCO PAPA
of Retail Banking subsidiaries, Non-voting member
Member of the Executive Committee Former Deputy CEO of UniCredit

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 13

CCOMMITTEES

General 02. Bernard DE WIT

Head of the Support
Management and Control Division
03. Fathi JERFEL
01. Yves PERRIER
Chief Executive Officer

Committee Head of the Retail Clients Division

AS OF 31/12/2019 04. Pascal BLANQUÉ
Chief Investment Officer
05. Dominique CARREL-BILLIARD
08. Vincent MORTIER
Deputy Chief Investment Officer
09. Nicolas CALCOEN
Head of Finance, Strategy
and Public Affairs
10. Jean-Jacques BARBÉRIS
Head of Institutional and Corporate
Clients Coverage
01.
Head of the Institutional
and Corporate Clients Division 11. Isabelle SENÉTERRE
Head of Human Resources
06. Valérie BAUDSON
CEO of CPR AM and of the ETF, 12. Cinzia TAGLIABUE
Indexing and Smart Beta Business Line Deputy Head of the Retail Clients
Division, CEO Italy
07. Guillaume LESAGE
Head of the Operations, Services 13. Matteo GERMANO
and Technology Division Head of Multi-Asset and CIO Italy

02. 03. 08. 09.

04. 05. 10. 11.

06. 07. 12. 13.

14 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

14. 15.

16. 17.

Executive Committee

The Executive Committee is composed

of the members of the General
18. 19.
Management Committee and of:

14. Éric BRARD

Head of Fixed Income
15. Pedro Antonio ARIAS
Head of the Alternative and Real Assets Business Line
16. Fannie WURTZ
20. 21. Head of the ETF, Indexing and Smart Beta Business Line
17. Lisa JONES
Head of the Americas
18. Éric VANDAMME
Chief Risk Officer
19. Christian PELLIS
Head of Third-Party Distribution
20. Pascal DUVAL
22. 23.
Head of Retail Solutions
21. Laurent BERTIAU
Head of Japan
22. Werner KRETSCHMER
Head of Austria and Eastern Europe
23. Domenico AIELLO
Chief Financial Officer
24. 25. 24. Julien FONTAINE
Head of Partnerships
25. David HARTE
Head of Ireland and Deputy Head of the Operations,
Services and Technology Division
26. Stanislas POTTIER
Chief Responsible Investment Officer
27. Alain BERRY
26. 27. Head of Communication

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 15

GGLOBAL ADVISORY
BOARD AS OF 31/12/2019

Since 2016, Amundi’s Global Advisory Board has brought

together world-famous figures from the political and economic
arenas. This advisory committee regularly shares its opinions
on global developments at economic and geopolitical level,
delivering original visions that can guide Amundi in its
decisions.

1. 2. 3.

4. 5. 6.

7. 8. 9.

16 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

01. Hubert VÉDRINE
Chairman of the Board
Former Foreign Affairs Minister
in France

02. Sir Simon FRASER 06. Christian NOYER

Former permanent Secretary Honorary Governor
at the Foreign and Commonwealth of the Banque de France
Office
07. Dr. Jürgen STARK
03. Hye-Min LEE Former member of the Executive
Former Ambassador Board and the Governing Council
of the Republic of Korea to France of the European Central Bank

04. Enrico LETTA 08. Yuan WANG

Former Prime Minister Chief Economist
of Italy of the China Development Bank

05. Maurice LÉVY 09. Tatsuo YAMASAKI

Chairman of the Supervisory Former Vice Minister of Finance
Board of Publicis Group of Japan

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 17

1 Amundi’s CSR commitments

Acting as a responsible financial institution is a core form the bedrock of the Crédit Agricole Group’s development:
commitment of Amundi’s development strategy. This – the customer project, which seeks interpersonal excellence,
commitment is reflected in our responsible management and – the human project, which is based on responsibility,
the offer of responsible investment solutions tailored to our – the societal project, which focuses on supporting sustainable
customers’ needs. Our commitment is also reflected in our development.
corporate societal and environmental policy (CSR).
The objective of this report is to give a clear picture of
Amundi’s CSR commitments are based in Crédit Agricole’s the direct and indirect social and environmental impacts
new Group Project and its guiding purpose: “Acting in the of Amundi’s business and to illustrate how the Company
interests of our clients and society every day”. Since its values takes into account, and satisfies, the expectations of its
have been at the heart of its commitment from its creation, stakeholders.
Amundi fully identifies with the three flagship projects that

1 AMUNDI’S CSR COMMITMENTS

1.1 Amundi’s CSR challenges

As a pioneer in the field of responsible investment, Amundi has Furthermore, considering the general issues inherent to asset
implemented a policy that seeks to incorporate environmental, managers, Amundi’s specific challenges, the commitments of
social and governance (ESG) criteria into its management the Crédit Agricole Group and the analysis of the direct and
strategies, beyond traditional financial analysis. We developed indirect impacts of its activities, the Company has made three
as well specific initiatives to promote the energy transition principal commitments:
and support the social and solidarity economy. As a leading ■■ commitment to our clients: act as a responsible financial
European asset manager with more than €1,653 billion in assets
institution;
under management as of the end of 2019, Amundi launched an
ambitious three-year action plan in autumn 2018 to take its ESG ■■ commitment to our employees: make individual and
commitments to a new level. collective development central to our responsibility as an
employer;
Amundi’s responsibility is also to apply the principles of
sustainable development to its own operations. Reducing and ■■ commitment to society and the world around us: act as a
managing its environmental impact, eliminating discrimination, community-minded, eco-aware citizen.
promoting equal opportunity, ensuring transparency and The identified non-financial risks are listed in Chapter 5 of the
integrity in its governance, developing a long-term philanthropic Amundi Registration Document regarding risks.
policy and encouraging the social involvement of its employees
are Amundi’s CSR objectives. This policy is carried out both in
France and abroad.

18 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Amundi’s CSR commitments

1
1.2 Amundi’s extrafinancial key figures

Key figures
Commitment 1
Acting as a responsible financial institution
Responsible
investment assets

€ 323.5 bn
of which of which of which strictly social
ESG assets environment assets enterprise fund assets

€ 310.9 bn € 12.3 bn € 0.3 bn

Commitment 2 Commitment 3
Making individual and collective Acting as a community
development central to our minded, eco-aware citizen
responsibility as an employer

Carbon emissions
2019 Engagement score Energy and business travel

67% 11,754 tCO 2

Training rate Amount of contributions

55% € 2.3 m
Percentage of women Purchases from sheltered
among executives sector companies

28% € 0.5 m
1.3 Amundi’s participation in the Crédit Agricole S.A. Group’s FReD initiative

Since 2012, the Crédit Agricole Group has deployed the FReD 2019, FReD became the tool for implementing and managing
initiative(1) in its various entities, including Amundi. This tool for the social and environmental commitments made as part of the
managing and measuring progress in the area of CSR makes it Group’s 2022 objectives. The participative approach consists of
possible to manage the challenges of CSR and promotes the defining 12 projects each year to be implemented in each entity
involvement of the executives and of the entire workforce. In in the three areas of CSR: economy, society and environment.

(1) FReD is an acronym for FIDES (economic element), RESPECT (social and societal commitments) and DEMETER (environmental
actions). For more information on the FReD initiative, see: https://www.credit-agricole.com/en/responsible-and-committed/
our-csr-strategy-partnering-a-sustainable-economy/fred-an-original-csr-approach

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 19

1 Amundi’s CSR commitments

1.4 Amundi’s non-financial ratings and participation in socially responsible

stock market indices

Since its IPO in 2015, Amundi has received several non-financial ■■ ranked 116th out of 673 financial companies in terms of CSR
ratings, confirming Amundi’s CSR performance: performance by Sustainalytics;
■■ “Advanced” rating from Vigeo Eiris, with the best score ■■ rated A by MSCI;
(68/100) in its sector;
The Amundi share is included in the British FTSE4Good index
■■ “Prime” rating from ISS ESG with a score of B-; and the Euronext Vigeo Eiris indices: World 120, Europe 120,
Eurozone 120 and France 20.

1.5 Charters and securities market practices to which we are committed

Charters to which we are committed

Amundi is committed to and conducts its CSR strategy on a voluntary basis in accordance with the values and principles articulated
in the following charters:

Charters Date of entry or signature

United Nations Global Compact 2003
Founder of the Principles for Responsible Investment 2006
Charte de la Diversité (Diversity Charter) 2008
UNEP FI 2014
Charte de la Parentalité (Parenthood Charter) 2015
Charte des Achats responsables (Responsible Purchasing Charter) 2018
Women in Finance Charter (Amundi UK) 2019

Securities market practices management and pioneer of SRI management, Amundi has
been able to share its vision and experience with the various
Amundi is an active participant in working groups conducted players involved in the project in Brussels, following on from
by market bodies aimed at moving responsible finance, the contributions already made in 2017 and 2018 at the HLEG
sustainable development and corporate governance forward. (High-Level Expert Group on Sustainable Finance).
Amundi is notably a member of the AFG (1), EFAMA (whose
Responsible Investment Group is now co-chaired by an More generally, Amundi has contributed to the regulatory
Amundi representative), IFA, ORSE, SFAF, French, Spanish, work carried out by the AFG, AFIC, ASPIM and AMAFI and
Italian, Swedish, Canadian, Japanese and Australian closed-end Paris Europlace for France, as well as that of the EFAMA in
investment trusts, and of the French association “Entreprises Brussels and the AFME and ICMA in London. Lastly, Amundi’s
pour l’Environnement”. Amundi is also a member and director subsidiaries in Europe belong to the professional associations
of Finansol. of their respective countries.

As a key player in the management of assets, Amundi has Amundi has responded to more than 20 consultations on
played an active part in the work and consultations surrounding European or French regulations under development or revision.
the European projects for the regulation of ESG investment:
disclosure regulation, benchmark regulation (Climate Transition
Benchmark and Paris Aligned Benchmark) and taxonomy
Amundi’s support for collective initiatives
regulation. Amundi has contributed to the work of the AFG, Coordinated at international level, investor coalitions have
particularly the work monitored by the “Responsible Investment as their goal to encourage governments to adopt incentives
Committee”. Amundi strives to reconcile the effectiveness and companies to improve their ESG practices. The areas of
of markets and of its asset management business with the concern are climate change, water, deforestation and healthcare
promotion of a more responsible investment model that is more in developing countries. The coalitions work as well to get
oriented to serving the economy. As a European leader in asset petroleum and mining companies to show greater transparency
in their dealings with the countries where they operate.

(1) AFG: Association Française de la Gestion financière (French Asset Management Association); AFIC: Association Française des Investisseurs
pour la Croissance (French Association of Investors for Growth); ASPIM: Association française des Sociétés de Placement Immobilier
(French Association of Real Estate Investment Trusts); AMAFI: Association française des Marchés Financiers (French Association of
Financial Market Professionals); EFAMA: European Fund and Asset Management Association; AFME: Association for Financial Markets
in Europe; ICMA: International Capital Market Association; IFA: Institut Français des Administrateurs (French Directors’ Institute); ORSE:
Observatoire de la Responsabilité Sociétale des Entreprises (Corporate Social Responsibility Observatory); SFAF: Société Française des
Analystes Financiers (French Society of Financial Analysts); SIF: Sustainable Investment Forums.

20 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Amundi’s CSR commitments

1
Supported by
Initiative Theme Amundi since
Institutional Investors Group on Climate Change (IIGCC) Climate change 2003
Carbon Disclosure Project (CDP) CO2 emissions, transparency of ESG data 2004
Extractive Industries Transparency Initiative (EITI) Responsible management of natural resources 2006
UN Global Compact Engagement on Leaders & Laggards ESG Reporting 2008
Forest Footprint Disclosure Project (FFD) Deforestation 2009
Water Disclosure Project Utilisation of water resources 2010
Access to Medicine Index Access to medicines 2010
Access to Nutrition Index Access to nutrition 2013
Clinical Trials Transparency Clinical trials 2014
Human Rights Reporting Human rights 2014
and Assurance Frameworks Initiative (RAFI)
Portfolio Decarbonisation Coalition Climate change 2014
(co-founder)
Asia Corporate Governance Association (ACGA) Governance 2014
UNEP FI Climate change 2014
UNPRI Letter Calling Stock Exchanges to put in place voluntary ESG Reporting 2015
guidance for issuers on reporting ESG information by the end of 2016
IGCC Letter to 77 EU companies on their positions and lobbying Climate change 2015
activities on EU Climate and Energy Policy
PRI Human Rights Engagement Human rights – ESG Reporting 2015
Paris Green Bonds Statement of the Climate Bonds Initiative Climate change 2015
Montreal Carbon Pledge Climate change 2015
Green Bonds Principles Climate change 2015
Finance for tomorrow Sustainable finance 2017
Workforce Disclosure Initiative Letter Working conditions – Corporate reports 2017
Climate 100+ Climate change 2017
Global Green Bond Partnership Climate change 2018
Living Wage Financials Living wage 2018
Act4nature Biodiversity 2018
One Planet Sovereign Wealth Fund Asset Manager Initiative Climate change 2019
Operating Principles for Impact Management Sustainable finance 2019
FAIRR Animal welfare 2019
Investor statement on deforestation and forest fires in the Amazon Climate change 2019
Investor letter on climate related lobbying to Australian Responsible management of natural resources 2019
extractives sector
The Japan TCFD Consortium Climate change 2019

1.6 Application of the duty of vigilance

The French law on the duty of vigilance of parent companies Crédit Agricole S.A., as the Parent company, reports on
and contracting companies applies to the Crédit Agricole S.A. the effective implementation of the measures laid out in the
Group, which is obliged to prepare and implement a vigilance vigilance plan for the Crédit Agricole S.A. Group as a whole,
plan to better identify and prevent the risks of serious impacts and therefore including Amundi. Further details on the Crédit
from its activities on fundamental human rights and freedoms, Agricole S.A. Group’s vigilance plan are presented in Chapter 3
personal health and safety and on the environment. of the 2019 Registration Document.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 21

2 Acting as a responsible financial institution

1.7 Respect for human rights

The commitment to respect human rights is fundamental at The human rights aspect is also present in the analysis of the
Amundi, both as an advocate of responsible management and supply chains of businesses in some sectors where vigilance
as an employer. Respect for human rights is one of the criteria is particularly important in order to prevent human rights
used to rate issuers and, together with the environmental violations. Particularly migrant workers, who are at greater
criteria, constitutes the basis for Amundi’s exclusion policy risk, require special attention in the context of monitoring
(see section 2.1 Promoting responsible finance). Specifically, programmes that can be put in place by ordering companies.
respect for human rights is taken into account in the ESG rating
This commitment is also reflected in Amundi’s HR policy,
through the criterion “Local communities and human rights”.
in the form of actions to promote diversity, the fight against
When a business commits serious and repeated human rights
discrimination, the importance of social dialogue and collective
violations without taking effective measures to remedy those
bargaining, and compliance with freedom of association
violations, this constitutes a breach of the 10 principles of the
(see sections 3.1 HR policies and 3.2 Employer-employee
Global Compact. Following discussions with that business,
communication).
Amundi can therefore exclude it from its investment universe.

2 ACTING AS A RESPONSIBLE FINANCIAL INSTITUTION

Acting as a responsible financial institution is a key priority for solutions to its clients. Our top commitment is also to provide
Amundi, hence placing ESG integration and green finance at the our clients with high-performing, transparent investment and
heart of its development strategy. Amundi encourages issuers to saving solutions as part of a long-lasting relationship based on
adopt best industry practices and offers responsible investment trust.

2.1 Promoting responsible finance

Amundi’s objectives ■■ the voting policy applied at G eneral M eetings will

automatically take into account the ESG ratings of companies;
Amundi has made responsible investment one of its founding
pillars since it was created in 2010. As a pioneer in this field, the ■■ the advisory services specifically tailored to Amundi’s
Group was one of the founding signatories of the Principles for institutional investor clients will be enhanced to help support
Responsible Investment (PRI) in 2006. This choice is based on their ESG strategies;
two convictions. The first is that of having a clear conscience ■■ specific initiatives promoting investments in environmental
with respect to investors’ responsibility to allocate savings by and social impact projects will be doubled;
taking into account not just financial criteria but also its impact
on society in general. The second is the conviction that taking
■■ investments in the social and solidarity economy will be
into account environmental, social and governance (ESG) doubled.
criteria in investment policies has a positive impact on financial
performance. Assets
In 2018, Amundi announced an ambitious three-year action plan As of 31 December 2019, Amundi posted more than €323 billion
that aims to deploy the integration of ESG issues throughout in assets under management through responsible investment,
its management activities. This announcement supports and almost 19.6% of its global assets.
strengthens the commitment made by the Group to society and
investors since its creation:
■■ ESG (environmental, social and governance) analysis will
be incorporated within the management of all open-ended
Group funds within three years;

Assets under management €1,653.4 billion

Assets under management after exclusion of G-rated issuers €1,564.8 billion
Responsible investment assets under management at 31 December 2018 €323.5 billion
ESG funds and mandates
(ESG over/underweighting, special exclusions based on Amundi or client
guidelines or requirements) €310.9 billion
Specific initiatives
■■ Environment (climate, energy transition, water, natural resources) €12.3 billion
■■ Strictly social enterprise funds €0.3 billion

22 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Acting as a responsible financial institution

2
Specialised resources Work of the Médicis Committee in 2019
Since its creation, Amundi has chosen to incorporate ESG into Amundi supports the rise of this think tank dedicated to studying
the heart of its asset management, with a dedicated team of the responsibility of economic and financial players. The Médicis
some 30 specialists including: Committee heads an examination of the principles, techniques
and impacts of responsible investment, from which economic
■■ 12 ESG analysts. Based in Paris, Tokyo and Dublin, they meet,
and financial players can be inspired. It studies the major social
engage in and maintain dialogue with businesses to improve
responsibility challenges posed by the economic, technological
their ESG practices and are in charge of rating them. These
and political transformations to businesses, both globally and
analysts use data from eight providers of information and
locally. The Médicis Committee has a twofold objective: to
non-financial ratings;
inform Amundi’s definition of its investment policy and, more
■■ 5 dedicated specialists in the voting and commitment policy broadly, to contribute to societal debate by allowing Amundi to
towards businesses in which Amundi is invested; assume and fully exercise its societal role.
■■ 3 quantitative analysts in charge of analysing the performance In 2019, the Médicis Committee organised two public events: the
of ESG signals upstream and downstream of the portfolio’s first one in July with climatologist Jean Jouzel and the Chairman
construction, for better integration in the management and Chief Executive Officer of Total, Patrick Pouyanné, on
process; the theme of a fair ecological transition, and the second one
■■ a real time distribution interface granting the fund managers in December to explore the links that bind companies to their
access to the ESG ratings of issuers (corporates and states), nationality.
in the same way as financial ratings;
■■ many departments involved in assisting, reporting and Amundi’s ESG policy
supporting Amundi’s responsible investment process.
ESG analysis at the heart of our responsible
Governance dedicated to the ESG policy investment process
With the support of these teams, Amundi hosts four committees, Amundi’s ESG analysis methodology is based on a Best-in-Class
which are regularly monitored by Amundi’s Chief Executive approach. This approach consists of rating businesses on their
Officer: ESG practices in their respective sectors on a scale from A
■■ the ESG Strategic Committee, to define and validate the ESG (highest rating) to G (lowest rating). In order to rate more than
policy and the Amundi Group’s strategic guidelines; 8,000 issuers worldwide, Amundi’s ESG rating is initially based
on a consensus between the analyses of partners who supply
■■ the ESG Rating Committee, to define and validate the ESG extra-financial data.
rating;
The ESG analysis of companies is based on documents with
■■ the ESG Voting Committee, to examine and validate Amundi’s universal applicability such as the United Nations Global
commitments and exercise of voting rights, and to ensure the Compact, the OECD Guidelines on Corporate Governance,
consistency of these with the key ESG engagement themes; those of the International Labour Organisation (ILO), etc.
■■ the Social Impact Committee, to cover the investment Amundi now incorporates the issue of animal welfare into its
strategies regarding social and solidarity themes in unlisted non-financial rating criteria for issuers in the food industry. Our
companies (investment capital and private debt). ESG analysis is applied to all traditional asset classes including
equities, bonds, money markets and multi-asset, as well as to
A comprehensive offering and a certified SRI process(1) real and alternative asset classes such as private equity, private
debt, real estate and infrastructure.
Amundi uses the expertise of the whole Group to offer its
individual and institutional clients a wide range of open-ended In 2019, Amundi was once again recognised for the quality of
funds and tailor-made responsible investment solutions that its ESG analysis and its ability to integrate ESG criteria into its
take account of ESG factors. To meet the diverse range of various management activities:
needs, objectives and motivations of its investors in terms ■■ the annual evaluation by the PRI – Principles for Responsible
of responsible investment, Amundi has developed solutions Investment – awarded Amundi an A+, the best possible
incorporating ESG criteria, combined with specific initiatives rating, in the “Strategy & Governance” category regarding
to enable investors to address environmental or social issues. responsible investment;
Since 2013, Amundi’s SRI process has been certified by AFNOR, ■■ Amundi was once again placed at the top of the Extel 2019
a recognised independent body. This certification guarantees classifications in the category “100 largest management
the quality and transparency of its SRI process. companies for pan-European funds in terms of ESG/SRI” in
France, and 10th in Europe.

A targeted exclusion policy

Amundi applies a targeted exclusion policy, which is the
pillar of its fiduciary responsibility. It is applied in all its active
management strategies and consists of excluding companies
whose practices do not comply with ESG convictions or
with international agreements and frameworks and their
transposition into national laws.

(1) Certification also covers SRI funds of BFT Investment Managers and CPR Asset Management, both management companies and Amundi
subsidiaries.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 23

2 Acting as a responsible financial institution

Amundi therefore excludes the following activities: Ongoing engagement

■■ any direct investment in businesses involved in the To refine the ratings provided by the ESG analysis, the non-
manufacture, trading, stocking or servicing of anti-personnel financial analysts meet with companies throughout the year.
mines or cluster munitions, in accordance with the Ottawa These are selected based on the capital share owned by Amundi
and Oslo conventions; and the relative size of the holding in the portfolios or in the
benchmark indexes. In 2019, Amundi’s non-financial analysts
■■ businesses producing, stocking or marketing chemical,
met with 262 companies.
biological and depleted uranium weapons;
■■ businesses that severely and repeatedly contravene one or Voting and shareholder dialogue
more of the 10 principles of the Global Compact. Since 1996, Amundi has followed its own voting policy(3), updated
These are G-rated issuers according to Amundi’s rating system. annually, that includes environmental and social criteria. Amundi
exercises its voting rights at the Annual General Meetings (AGM)
Moreover, Amundi follows specific sectoral policies for the
of companies in which its portfolios are invested.
controversial industries of coal and tobacco.
Our voting policy meets a threefold objective: to protect
Coal policy the interests of shareholders, to formalise and make public
In 2016, Amundi made the decision to disengage from issuers our expectations in terms of governance with issuers and to
that derive over 50% of their revenues from coal extraction, in engage in dialogue with the issuers prior to the AGMs and
accordance with the Crédit Agricole Group’s commitments to throughout the year on topics related to effective governance
combating climate change and managing the energy transition. and the transparency of compensation policies. Shareholder
In 2017, this threshold was reduced to 30%, and then 25% in commitment is also a lever with increasing influence in favour
2018. In 2019, Amundi extended its coal policy to companies of a low carbon economy, which has intensified since 2017, in
operating in power generation. It also excludes all companies line with the movement initiated by COP 21.
with revenue from coal extraction and power generation from Shareholder dialogue, through constructive and regular
coal equal to or greater than 50% of their total revenue(1), as well discussions, aims to refine our expectations as a responsible
as all power generation and coal extraction companies with a investor regarding the resolutions presented to the AGMs. We
threshold between 25% and 50% that do not intend to reduce engage in this type of dialogue with issuers that hold the top
the percentage of their revenue derived from those activities. positions in our portfolios. This involves sending pre-alerts
before the AGMs aiming to obtain additional commitments,
Tobacco policy amendments, or even the removal of certain resolutions
In 2018, Amundi decided that the ESG rating of a company presented by the issuers. In 2019, 164 discussions with issuers
generating more than 10% of its revenue from tobacco could took place.
not be higher than E (suppliers, manufacturers, distributors).
This therefore excludes them from our range of SRI funds, which Voting campaign 2019
historically excludes issuers with ratings of E, F and G.
AGMs dealt with 3,492
In 2019, 319 issuers (Corporates and States) were excluded from
the managed portfolios(2). Resolutions dealt with 41,429

An active engagement policy In 2019, we broadened the voting scope compared to 2018 by
voting in all European issuers regardless of the percentage of
Amundi has set up a strong engagement policy based on
shares held by Amundi (we had previously only voted in those
three main approaches: engagement for influence, ongoing
with a threshold of 0.05% or more of share capital). This change
engagement and engagement by voting. This policy is an
explains the significant increase (+18% and +17% respectively) in
essential component of Amundi’s fiduciary responsibility and
the numbers of AGMs and resolutions we dealed with.
its role as a responsible investor.
Amundi drew the attention of issuers to two themes considered
Engagement for influence essential: climate change and growing inequalities. This is why
Amundi has a policy committing it to influence specific issues, we have carefully examined the information on greenhouse
helping companies move towards better practices. The ESG gas emissions and the commitments made by companies with
analysis and Corporate Governance teams publish this work in regard to reducing and compensating for those emissions.
an annual engagement report, available at www.amundi.com. In the meantime, we have encouraged the publication of the
In 2019, the engagement for influence focused on the themes equity ratio (the ratio of executive compensation to average
of the living wage and the practices of banks in the context of employee compensation), which we will analyse considering the
issuing green bonds. company’s results and the practice in the sector and country
of operation.
The gradual introduction of ESG criteria in our voting policy
encourages us to maintain a richer dialogue on the non-
financial performance of issuers. Particularly, we consider the
involvement of the Board and governance bodies in these
matters to be essential. We therefore strongly recommend the

(1) And generating less than 25% of their revenue from coal extraction.
(2) Excluding index funds and ETFs constrained by their reference index.
(3) A report on voting rights exercised and shareholder discussions, updated half-yearly, is available on the Amundi website (www.amundi.com).

24 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Acting as a responsible financial institution

2
publication of an integrated report or, if this is not possible, a European companies that derive a minimum of 20% of their
social and environmental report that allows us to assess how revenue from the development of green technologies. They take
the societal challenges are addressed and what objectives the Amundi’s SRI criteria into consideration and exclude companies
company has set itself in this area. that produce fossil fuels and nuclear energy.
Conversely, Amundi is committed to a transparent approach in For investors seeking bond products that contribute to the
which, as far as possible, it informs issuers if it intends to vote financing of the energy and ecological transition, Amundi offers
against them. funds invested in Green Bonds. At 31 December 2019, such
assets managed by Amundi are worth €2.5 billion.
Beyond the 2019 voting campaign, the short- and medium-term
objectives are to continue broadening the voting scope to better In 2019, Amundi carried out major initiatives to develop green
integrate the internal ESG ratings into our voting policy and to assets:
increase our dialogue with issuers, particularly those against ■■ In terms of its offering, Amundi launched a green bond fund
which we cast one or more opposing votes in 2019.
in partnership with the European Investment Bank (EIB) to
In the context of exercising the voting rights of its UCITS-type accelerate energy transition projects in Europe. The objective
funds, Amundi may be faced with situations where there are of the “Green Credit Continuum” fund is to finance European
conflicts of interest, particularly with Group entities. To avoid environmental objectives, to promote the development
this contingency, a procedure has been set up allowing those of new market instruments and to facilitate access to the
conflicts to be resolved. It is primarily formulated around a pre- market for smaller businesses and green projects, while also
established list of issuers where a potential conflict of interest offering attractive returns for investors. The aim is to raise
has been identified as a result of the links between Amundi and €1 billion by developing the green debt market in Europe
the issuers in question. For these companies, the proposals for beyond the existing green bonds.
voting on resolutions will, in line with Amundi’s voting policy, ■■ In the same year, Amundi and the AII B (the A sian
be submitted to the Voting Committee (chaired by Amundi’s
Infrastructure Investment Bank) launched a fund to further
Deputy CEO) for validation ahead of the AGM.
climate action, the Asia Climate Bond Portfolio. This
investment programme, which consists of a bond portfolio
Climate action of USD 500 million, aims to combat climate change. Amundi
and the AIIB have developed an innovative framework, the
At a time when climate change represents a major medium- Climate Change Investment Framework, which considers
and long-term risk and a successful energy transition is a three variables – green financing, limitation of climate risks
key challenge, Amundi pursued its commitments in favour and resistance to climate change – to analyse the ability of
of the energy transition and a low-carbon economy in 2019. issuers to confront climate change. In addition to this bond
Its commitment and initiatives are part of the Crédit Agricole portfolio, the programme plans to leverage an additional
Group’s Climate strategy adopted in June  2019 and the 500 million US dollars from institutional investors wishing to
governance implemented for that purpose. take part in the fight against climate change.
As of 31 December 2019, assets supporting the energy transition In 2016, Amundi signed a partnership with EDF that falls within
and green growth reached €12.3 billion, an increase of almost 50%. the context of the financing of the energy transition. Known as
Amundi offers turnkey investment solutions in the form of “Amundi Energy Transition” (AET), the goal of this partnership
either open-ended funds or bespoke funds run as investment is to offer institutional investors managed funds in the fields of
mandates or dedicated funds. These solutions are part of a energy infrastructure and B2B energy efficiency. Amundi Energy
range of financial innovations: low-carbon index solutions, Transition invests in real assets associated with the production
green bond funds, thematic funds, joint management company of renewable energy (wind, solar, etc.) and the improvement
with EDF, etc., and form part of a series of actions aiming to of energy efficiency (co-generation, heating networks, etc.),
mobilise investors in the transition to a low carbon economy, the performance of which is not correlated to the performance
such as the strategic partnership with the European Investment of the financial markets. AET has an investment capacity of
Bank (EIB) or the participation in the Executive Committee of 2 billion and, in under three years, has generated the equivalent
the Green Bond Principles. of one of the last five coal-fired power stations in France, i.e.
700 MW, through more than 200 green energy generation
Financing the energy transition and energy efficiency facilities: wind farms, solar power plants,
co-generation facilities (gas and wood).
Investments in green finance most often relate to the areas of
energy efficiency and green infrastructure. They are designed
Portfolio decarbonisation
to address the environmental, social and economic issues that
represent the increasing scarcity of natural resources, as well The objective of these solutions is to reduce the carbon impact
as the management of environmental damage linked to water, of portfolios by reducing the portfolio weighting of issuers
air, soil, waste and ecosystems. that emit a significant amount of CO2 or those holding fossil
fuel reserves that may not be exploitable. In September 2014,
As part of our climate solutions package, we offer topic-
Amundi was among the first to launch an index-based
based funds dedicated to financing the energy transition. The
management offering, based on the MSCI Global Low Carbon
Amundi Valeurs Durables and Amundi Equity Green Impact
Leader Indexes. Amundi’s low carbon solutions today represent
funds created for international clients are invested in shares of
total assets of almost €4.7 billion.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 25

2 Acting as a responsible financial institution

The carbon footprint of the portfolios On the other hand, some of the portfolio companies have had
their support reinforced in line with their new requirements.
Amundi chose Trucost, the world leader in environmental
Chief among these are the La Varappe Group, Miimosa, Etic
research and carbon data, to calculate the carbon impact(1) of its
and Forest Finance. The disposal of Bretagne Atelier, which was
funds. This enables us both to satisfy the quantitative provisions
able to regain momentum thanks to Amundi’s actions, is also
of Article 173 regarding the inclusion of CO2 emissions related
worth noting.
to assets under management and to develop, thanks to the
expertise of Amundi’s specialised teams, innovative strategies In terms of innovation, a website dedicated to the investments
to reduce the carbon footprint of the investment portfolios. of Amundi Finance et Solidarité was launched: https://amundi.
oneheart.fr/. It offers our partners external visibility while also
allowing every shareholder to be aware of the most recent
Social and Solidarity Impact Investing specific achievements of the businesses being supported.
In 2019, Amundi continued to reinforce its social and solidarity Amundi also calls regular meetings of its social impact partners
impact investment activity in line with its ambition to become to discuss the challenges and issues in the social enterprise
the sector leader and double the assets of the Amundi Finance economy and to put together, with their input, ways of advancing
et Solidarité solidarity fund in 2021. social impact finance. At the end of 2019, the annual meeting
At the same time, the business line laid the initial foundations of of our Partners Club brought together the various parties, as
a similar offering on a European scale. The long-term objective an opportunity to get to know each other better and to build
is to offer a vehicle for investing in the social companies of potential partnership projects. This is one of the key assets of
European countries in which the Crédit Agricole Group and our know-how.
Amundi have a strong presence. To this end, there are currently
proposals at an advanced stage of study, particularly in Italy. Solidarity-based savings – Key figures 2019
With growth of more than 20% in its assets under management, Assets (in € millions) 3,340
Amundi’s social impact management experienced significant
Variation 2018/2019 +20.2%
development in 2019. This growth is the result of a growing
interest among individual customers, via solidarity-based Number of social companies financed 39
employee savings schemes, and among institutional investors, Number of Finansol certified funds 18
in responsible investments.
Amundi has chosen five impact investment themes covering
the majority of the 17 Sustainable Development Goals (SDGs)(2).
The commitment of the Real and Alternative
They seek to address the fundamental needs of men and women:
to have access to proper housing, to have access to recognised
Assets division
work, to have access to healthcare, education and appropriate
training, to protect the environment, and to support solidarity Amundi Immobilier
entrepreneurship. These factors combined help ensure stronger Since 2010, Amundi Immobilier has been committed to a
social cohesion. responsible approach and takes part in numerous industry
In 2019 we pursued our strategy for the long-term financing discussions and initiatives on Responsible Investment, including
of regional solidarity funders that support start-ups or small its participation in the OID (Observatory for Sustainable Real
businesses. We intend to strengthen our partnerships in order Estate) and ASPIM working groups to create a SRI label for
to better identify and support fast-growing new businesses in real estate funds. Since 2012, Amundi Immobilier has adhered
an innovative economy that provides solutions to the societal to its own Responsible Investment Charter which enables the
challenges of today and tomorrow. definition and application of an ESG approach within all its
business lines. The Charter is based on an auditing tool which
We are currently financing 39 solidarity companies, including 7 helps assess the environmental and social performance of
new ones in 2019: Auxilife, Les Opticiens mobiles, My Retail Box, directly managed buildings. It was updated in 2018 to include
Bathô, Quinola, CMS and SEEA, which are active specifically climate-related issues. Each property in the portfolio is analysed
in the health/wellbeing, education, employment/inclusion using a variety of criteria, such as wellbeing, pollution, energy,
and farming support sectors. These companies were subject water, transport, waste, carbon footprint of assets and carbon
to a twofold financial and social impact analysis based on our trajectory of assets, based on the 2°C objectives and exposure
in-house methodology. This internal analysis model helps us to climate risks. One of Amundi Immobilier’s major actions
select, among the hundred or so businesses we meet every in 2019 relates to the co-investment project with the French
year, those best equipped to have a long-term social impact National Agency for Urban Renewal announced in June 2019.
along with a long-term outlook for growth as a business. The This project aims to create a fund that invests in co-working
shortlist is then presented to the “Impact Committee” of the spaces in the 1,500 high-priority urban policy districts (Quartiers
Investment Committee, chaired by a member of Amundi’s Prioritaires de la Politique de la Ville, QPV). Amundi’s ambition is
Senior Management. They are regularly monitored and a report to help reinvent the link between private and public by offering
is prepared, covering their positive impacts in accordance with new models for cooperation. The fund will incorporate ESG
jointly-defined key performance indicators. investment criteria and is therefore fully consistent with Amundi
Immobilier’s ESG approach.

(1) Direct and indirect emissions (scopes 1, 2 and part of scope 3 correspond to the indirect emissions of first-tier suppliers), as well as
carbon reserves, are covered.
(2) SDGs: Global objectives derived from the Millennium Development Goals, which the signatory countries have undertaken to achieve over
the course of 15 years (2015-2030).

26 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Acting as a responsible financial institution

2
Amundi Private Equity Funds and the fight against global warming by signing the Initiative
Climat’s manifesto, undertaking to:
Following Amundi’s example, Amundi PEF has incorporated the
ESG approach for over five years as a lever for creating value in ■■ take action to contribute, at its own level, to the Paris
its investment decisions and throughout the holding period for Agreement objective of limiting global warming to two
its investments. During the audits of the equity, infrastructure degrees;
and private debt funds, the ESG policies of the managers are ■■ contribute to the reduction of greenhouse gases from the
carefully reviewed and made part of the total assessment of
companies in its portfolio and to implement a plan to adapt
the investment proposals. To expand this approach during the
to climate change.
investment period, Amundi PEF analyses pertinent quantitative
and qualitative ESG indicators. Amundi PEF also ensures
Private debt
that ESG issues are discussed in Board meetings and that
these companies make progress on these issues throughout Since its creation in 2012, the Private Debt business has applied
the duration of the investment (five years on average). Our the same ESG principles (adapted for private bonds) as those
commitment approach involves recommendations covering applied to Amundi’s managed funds. The Private Debt ESG
periods that vary in length, adapted to the Company and its approach is based on an “upstream” approach applied by
sector. Amundi PEF and the extra-financial analysis teams are Amundi’s ESG analysts who rely on the sectoral expertise
already integrated into the market working groups alongside acquired on listed companies, passed on by the Private Debt
the other investment capital players of the Parisian association team managers and analysts via questionnaires and personal
France Invest. Amundi is also an active contributor to France interviews. In 2019, Amundi’s Private Debt team continued to go
Invest’s ESG guide. In October 2019, Amundi Private Equity from strength to strength and to further diversify its expertise.
Funds joined the Initiative Climat International supported It currently manages €5.8 billion in corporate senior debt, real
by the PRI. This has allowed Amundi Private Equity Funds estate debt and acquisition debt. Regarding corporate senior
to strengthen its commitments to sustainable development debt, the management team financed 18 businesses this year,
selected in accordance with Amundi’s ESG criteria.

2.2 Keeping the promise to clients

Our top commitment is to provide our clients with high- Amundi’s dedicated teams in charge of these partnerships rely
performing, transparent investment and saving solutions as part on the excellent knowledge held by each of these networks of
of a long-lasting relationship based on mutual trust. the varied needs of their different client segments. They work
closely with their correspondants on identifying the investment
Amundi is organised around two main business lines:
vehicles and services that are best suited to the needs of their
■■ supplying savings products that meet the needs of private clients. In this way, the characteristics of each product, the
individuals in our partner networks and of third-party composition of the ranges on offer and the associated services
distributors; and communication are developed together and validated
■■ developing specific investment solutions for our institutional periodically by Products and Services Committees.
clients and corporate clients’ customers. At the global level, there have been important developments
Since 2016, Amundi has been hosting an advisory committee in Amundi’s product range as a result of the incorporation of
composed of leading experts to discuss the global economic Pioneer, which was completed in 2019. Important work was
and geopolitical outlook, analyse its impacts on the financial carried out in 2019 to optimise the ranges resulting from this
markets in each of the major geographic regions and sharpen merger, leading to an improvement in the diversity and quality
our understanding of clients’ financial needs, particularly in of products offered by partner sales networks, particularly
countries where we have decided to establish a presence. internationally.

Know the needs of individual clients

Developing a long-lasting relationship Amundi works to ensure active regulatory and competitive
with partner networks and their clients monitoring, not only centrally from Paris but also locally with
Amundi is a historic partner in four banking networks in France its contacts in each of the markets where its partner networks
(Crédit Agricole Regional Banks, LCL, Société Générale and supply their products. The objective is to remain informed of
Crédit du Nord) and in 10 other networks in Europe and Asia. The local developments on each of its partners’ markets in terms
Amundi teams work closely with each of the partner networks of savings behaviour and potential new savings solutions made
in identifying the needs and the most appropriate resources possible by regulatory developments, and to monitor the
and services for their clients. Over 100 Amundi employees offerings of competitors in order to help our contacts to offer
(centrally as well as in subsidiaries abroad) are assigned to work their private clients the products that best meet their needs.
on relations with European and Asian partner networks. The theme of responsible saving is benefiting from growing
Beyond the partner networks, Amundi is developing a interest from stakeholders in the management of assets and
growing business with other French and foreign distributor savers who are increasingly motivated to give more direction to
networks (banks, insurance companies, brokers), which most their savings. In 2019, Amundi partnered with several institutional
often distribute savings solutions built by Amundi using open players in France to carry out a quantitative study implemented
architecture and intended for customers of their networks. by MOAI, titled “Savings and Responsible Investment”. In order
to obtain precise responses and better understand the reality

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 27

2 Acting as a responsible financial institution

of behaviour in terms of responsible investment, the template Establishing relationships of trust with
was drawn up based on the usual representativeness criteria,
our corporate and institutional clients and
but with the addition of a requirement of holding a minimum
of €20,000 in financial assets and at least one savings product
offering them solutions tailored to their
other than a savings account. needs
Institutional clients (Sovereign, Institutional, Corporate) expect
Product validation an asset manager to have a detailed and thorough understanding
The Products and Services Committee, a decision-making and of their specific needs and to provide appropriate solutions, all
governance body chaired each month by the Head of Retail within a relationship of trust built over time.
Marketing, formally validates the creation and development of To improve our knowledge of our institutional clients and their
investment vehicle ranges and the associated services on offer. requirements, we look at a number of French and European
No product can be marketed without the favourable opinion of studies and notably finance an annual survey of 150 European
the Risk, Legal and Compliance business lines represented on pension fund managers, enquiring about their perception
this committee. Approval requests to supervisory authorities are of the market and their expectations. This year’s theme was
then completed before the teams responsible for the product’s “Quantitative easing: the end of the road for pension investors”.
distribution deploy all the necessary resources in conjunction A study of how large Asian asset owners perceive ESG was also
with the partner networks. carried out in partnership with “The Economist”.
A Client Recommendation Index measurement was launched
Supporting our partner networks in France and abroad
on our main European institutional clients, with a satisfactory
For Amundi, developing the expertise of the teams of advisors initial result. Of a sample of 201 European contacts, 65 clients
of our partner networks when it comes to our savings products responded, and the CRI was very good at 45. This study
and solutions is a priority in order to satisfy clients’ needs. To is planned to be repeated every year. In the employee and
this end, the Amundi teams dedicated to those networks are retirement savings universe, a study was carried out in 2019
deploying a large number of training programmes for their on employee shareholders of Amundi client companies with
advisors. In France, the Caisses Régionales and LCL networks regard to their employee and retirement savings, confirming
benefit from many interactive tools designed to provide their a very high level of satisfaction with the benefits implemented
advisors with further training and information. Amundi also on their behalf.
offers dedicated support in the form of meetings, either face-
In 2019, the topic of responsible finance was prioritised as early
to-face or by telephone, web conferences, tutorials, etc. Amundi
as possible in all the events organised by Amundi or in which
also provides its partners with a large number of support tools
Amundi took part and spoke. Amundi took part in around 15
to keep them regularly informed on market news based on an
conferences regarding energy transition and climate risk. In
analysis by its Research team and its Advisory team.
addition, the different aspects of ESG were discussed at the
Amundi World Investment Forum 2019.
Measuring client satisfaction
Amundi is mindful of the opinions of its distributors, and in Quality of client service
2019 it continued to regularly measure the satisfaction of its
Amundi offers client service that meets the expectations and
two key distribution networks in France, Crédit Agricole and
needs of its clients, whether this means setting up a dedicated
LCL, through the Client Recommendation Index. As in 2018, it
fund or mandate, or as part of the operational, administrative
measured the opinion and satisfaction of Amundi contacts in
and reporting aspects of its day-to-day relationships.
the management teams of these networks and of end-client
advisors in the field (Individual Customer Advisors, Wealth Following the acquisition of Pioneer, the integration of which
Management Advisors, Private Banking Advisors, etc.). The was finalised in April 2019, Amundi’s business lines are now
number of employees surveyed has risen significantly year on present in all key financial markets, and the organisation of
year. The results for 2019 indicate a very high stability level in the the Client Service department allows, in the majority of cases,
satisfaction of respondents. These results reflect a productive contacts for every communication channel who can speak the
collaboration between Amundi and its distributors CA and LCL. client’s language.
This approach was broadened in 2019 to several other networks
The Client Service Department stands behind the quality of the
internationally. At the end of 2019, the KB network in the Czech
service rendered, the responsiveness and the honouring of the
Republic and, in particular, the Unicredit and Crédit Agricole
Group’s commitments through its everyday interactions with all
Italia networks in Italy launched their first campaign to measure
the links in the Amundi value chain. The company carries out a
the satisfaction of their contacts with their supplier Amundi.
continuous effort to improve the quality of its services. To date,
In the employee and retirement savings universe, a satisfaction these commitments have meant that Amundi receives a very
survey was carried out in 2019 on employee shareholders limited number of complaints.
of Amundi client companies regarding their employee and
The handling of complaints (which did not change in 2019)
retirement savings. With this survey, it is possible to measure
is a key component of the quality of the service provided to
their satisfaction with the benefits implemented on their
Amundi’s clients:
behalf and to develop them. The level of satisfaction of private
subscribers was 93%, more than 80% of which would be ■■ clients can contact Amundi through all communication
prepared to recommend Amundi ESR. channels available to them (email, phone, fax) and all
complaints are centralised in the Customer Ser vice
Department;
■■ each complaint receives an acknowledgement of receipt or
an initial response;

28 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Acting as a responsible financial institution

2
■■ answers are validated by the appropriate business line To conduct its mission, the Compliance Department has
expert; formalised a “Set of Compliance Procedures” detailing the
compliance rules that apply, particularly those laid out in the
■■ requests are entered into the customer relationship
Code of Professional Ethics, the Compliance Manual and the
management (CRM) tool by the client service department,
Anti-Money Laundering Manual, and that are carried out through
which indicates: the name of the client – the topic of the
written procedures. This set of procedures is distributed to local
request – the date of receipt – the date of acknowledgment
managers and applies to all entities.
of receipt – the person in charge of processing – the details
of the reply – the closing date. Having opted out of the Crédit Agricole Ethical Charter, Amundi
developed its own Code of Conduct in 2019. This document
Amundi is committed to handling complaints as promptly as
applies to all entities in the Amundi Group, and the entire
possible and to providing consistent and systematic quality in
workforce has been made aware of it. It is also available on
its answers. Where necessary, the implementation of action
the website www.amundi.com. The Code guides the actions,
plans is monitored by the Risk Management Department’s
decisions and behaviour of each and every person on a day-to-
Permanent Control team. The complaints process is part of
day basis to allow the business to vouch for its commitments
the set of monthly performance indicators. The main reasons
and ensure it functions properly with respect to its various
for complaints identified in 2019 relate to the quality of the
stakeholders: clients, suppliers, employees, etc. Particularly, its
products (circulation of Net Asset Values or late reporting, for
implementation meets the requirements imposed by the Sapin
example) and, to a lesser extent, transaction disputes.
II law(2) on transparency, the fight against corruption and the
For Amundi, controlling the risks associated with the transactions modernisation of the economy.
entrusted to it by its clients is a major commitment. That is
Regarding training, all employees of the Amundi Group are
why Amundi renews the ISAE 3402(1) type II certification for its
trained via e-learning every three years on the main themes of
internal control system covering its institutional scope of Paris
compliance: Everyday Compliance, Prevention of External Fraud
and London every year. This certification is the internationally
and the Fight against Corruption. The regular training cycle also
recognised standard for the quality of a risk management
includes the Prevention of Internal Fraud (every three years), the
policy, through the assessment of the operational relevance and
Fight against Money Laundering/Financing of Terrorism (every
efficiency of its key controls pertaining to services provided to
two years) and International Sanctions (every year).
clients.
In July 2016, for a term of three years, Amundi obtained the
British Standards Institution Certificate of Registration (BSI)
An independent compliance and risk certification for its anti-corruption management system,
management structure to guarantee thereby demonstrating to the regulator its desire to comply
our commitment to our clients with best market standards.

Amundi has an integrated and independent control system to As part of the actions implemented as part of the application
respect the orientations and constraints set by its clients. In this of the provisions of the Sapin II law, a specific mapping of
way, the Risk and Compliance functions help strengthen the corruption risks was prepared and approved by Compliance with
reliability of Amundi’s products and services and help us meet input from all of the departments and business lines affected
our obligations to our clients. (Procurement, Finance, Human Resources, Communication,
etc.). After being completed and validated for the entities in
Compliance France, work on defining the mapping of Amundi’s international
entities was launched at the end of 2019.
The Compliance teams play an essential, preventive role
ensuring compliance with regulations, Good Conduct Codes In 2019, no alerts were submitted to the Compliance Department
and professional standards, which they safeguard. They look email address [email protected]. The decision to retain the
after the clients’ interest, ensure the integrity of the market and Crédit Agricole Group’s new alert tool, with initial deployment
the independence of our activities. in France and the UK planned for the first quarter of 2020(3), was
adopted. The tool will then be extended to the Group’s other
In order to ensure that clients are protected, Compliance validates international entities.
all newly created products and substantial modifications
of existing products above and beyond the regulatory
requirements. For partner networks, this responsibility also Regulatory training provided in 2019 (France scope)
extends to sales and marketing documents intended for the % employees trained 92%
networks’ clients or prospects and for the advisors. For client
Number of employees trained 2,024
complaints, the Compliance Department ensures that all
complaints are handled and processed in accordance with the Number of training hours 2,360
law, regulations and procedures. It approves all replies to clients Number of training sessions 4,681
before they are sent.
Number of training hours per employee 1.2

(1) ISAE 3402: International Standard on Assurance Engagements 3402.

(2) Article  17 of the law requires the adoption of “a code of conduct that defines and illustrates the different types of behaviour to be
prohibited as potentially characteristic of cases of corruption or influence peddling”.
(3) Subject to the specific social norms of each country.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 29

2 Acting as a responsible financial institution

Risk management the conditions under which the fund is managed, as well as the
relationship between yield and the level of risk associated with
Controlling risks and honouring its obligations are basic to the
such management. Several indicators reflecting the risk level
relationship of trust that Amundi has with its clients. Amundi’s
of funds are included in these documents. They are calculated
Risk Management function is highly integrated, in order to give
independently by the Risk Management Department.
the Group a consistent, systematic approach to measuring and
monitoring risks for all its activities.
Business line headcount
This integration is based on a worldwide online business line in Control departments
organisation and the sharing of methodologies and tools (at 31 December in FTE) 2019
common to all Risk teams, to ensure that everyone is speaking
the same language. The organisation and controls deployed Compliance business line 100.3
evolve regularly to ensure a risk management continually Risk Management business line 212.7
adapted to the Company’s challenges and provide customers
Audit business line 39.4
with the assurance that our explicit commitments and
compliance with regulatory obligations are being implemented. As % of total headcount 8.0%
Investments are audited by staff who are independent of fund
management personnel. It is integrated with Amundi’s Business
Support and Audit Division, whose main mission is to protect Data protection (GDPR)
the client’s interest. Its role is to ensure, through a dedicated In a context where everybody communicates personal data in
information system, that the investment constraints requested an online environment, the Crédit Agricole Group has drawn
by clients or required by regulations are observed. up a charter for using its clients’ personal data based on five
Risk control personnel install and monitor an internal system to principles: usefulness and loyalty, ethics, transparency and
regulate management processes, in three phases: education, security and clients’ control over the use of their
data. The charter provides all the Group’s employees, including
■■ devising, in systematic fashion, internal control rules and Amundi’s, with a reference framework both in France and
regulations specific to each investment strategy, based on internationally. It underlines the commitments made by the
a preliminary identification of the risk factors that underlie Group and the good practices that need to be observed.
performance;
A m u n di p rovid e s it s clie nt s with info rm atio n o n th e
■■ overseeing on a daily basis the management actions taken, implementation of rights and procedures for processing the
to check that the investment decisions and the positions in personal data it collects.
the portfolios are in keeping with the management rules and
the objectives sought; As an employer, Amundi guarantees that the personal data of
its employees will be protected and that their private life will be
■■ evaluating ex post the quality of the management processes, respected by means of an employee charter. A charter for job
based on independent measurements made using proven applicants is also available.
methodologies.
In 2019, Amundi continued its actions to ensure compliance,
To ensure its adherence to principles of fiduciary duty, Amundi including by publishing recommendations in its code of conduct
prepares and sends two documents to its clients, the prospectus to raise awareness among its employees and highlight good
and the KIID (Key Investor Information Document), describing practice in the area.

30 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Making individual and collective development central to our responsibility as an employer

3
3 MAKING INDIVIDUAL AND COLLECTIVE DEVELOPMENT
CENTRAL TO OUR RESPONSIBILITY AS AN EMPLOYER
Amundi aims to foster the growth of its employees, personally ■■ a foundation of managerial values to develop entrepreneurial
and collectively, in order to serve the performance of the and team spirit;
Company. Its human resources policy falls within the framework ■■ a framework of trust that promotes the taking of initiative;
of the Human Project of the Crédit Agricole Group (1) and is
divided into three areas: ■■ collective actions of solidarity that reinforce cohesion within
the business.
■■ organising work in a way that reinforces the responsibility of
each individual, particularly in terms of customer relationship;

Amundi Identity Card (as of 31 December 2019)

As of the end of December 2019, the Amundi Group has 4,428.5 full-time equivalent (FTE) employees and a presence in 37 countries.

BREAKDOWN OF HEADCOUNT BETWEEN FRANCE BREAKDOWN BY GENDER

AND REST OF WORLD

Women
Rest of World 42%
51%

France Men

49% 58%

BREAKDOWN OF HEADCOUNT BY GEOGRAPHIC BREAKDOWN BY MAJOR BUSINESS LINE

REGION
Asia Management

8% 24%

Americas

11%
Commercial
& Marketing

Support
& Control
22%
Roles

54%
Europe

81%

(1) See Crédit Agricole S.A. Registration Document 2019 – Chapter 3.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 31

3 Making individual and collective development central to our responsibility as an employer

AVERAGE AGE AVERAGE YEARS OF SERVICE

44 12

AGE PYRAMID

Over 65

Under 65

Under 60

Under 55

Under 50

Under 45

Under 40

Under 35

Under 30

Under 25

15% 10% 5% 0% 5% 10% 15%

Women France Men France Women Rest of World Men Rest of World

32 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Making individual and collective development central to our responsibility as an employer

3
3.1 HR policies

Employment policy business line, and to enhance all the company’s business lines.
Management committees comprised of the human resources
Amundi operates a continuous process of adapting its managers of each business line regularly review the positions
workforce to the challenges of the company’s productivity and that need to be filled and the employees being transferred,
development. Internal employees receive preference, which thereby promoting the coordination of supply and demand.
allows for long-term investment in the company’s human In terms of individual support, in addition to interviews and
resources. career management, in 2019 Amundi began deploying a virtual
coaching tool (JobMaker) to help employees prepare their
Change in headcount personal development.
In 2019, the change in headcount reflected:
■■ the finalisation of synergies: the combined global headcount(1), Training
excluding joint ventures, amounted to 4,428.5 full-time
equivalent (FTE) employees as of 31 December 2019, meaning Amundi considers training as one of the drivers of the
a net decrease of 450 FTE compared to December 2016(2); development of the company. It implements a set of actions
with the following objectives, which are directly linked to its
■■ support for developing skills and internalisation of service strategic ambitions:
providers. The internal headcount increased by close to
2%, while external staff decreased by 32%. The commercial
■■ to maintain a high level of performance in the position by
sectors, including institutions and ETF, were strengthened ensuring a match between the activities, responsibilities and
to support the development of their respective markets. skill level required for each employee;
With the acquisition of “Mirae” in Taiwan, we increased our ■■ to develop employability regarding professional projects and
presence in Asia. Italy as well saw a 3% increase in headcount the company’s needs.
associated with the transfer of activities;
The skills development plan is set annually to meet individual
■■ the resumption of selective recruitment: in 2019, Amundi and collective needs in line with the company’s structuring
recruited 446 people, including around one hundred in IT projects and the regulatory and technical developments in each
services and middle office and 31 in the sectors of ETF and business line.
Smart Beta and the Real and Alternative Assets division. 32%
As a contributor to both development and commitment,
of new staff members are under the age of 30 and 42% of
professional mobility is monitored on an individual basis and
newly hired employees are women. The turnover in 2019 was
supported through training. Similarly, employees returning from
7.1% (3.4% for France and 10.7% internationally), with a low
long-term leave are trained without prior arbitration and over
resignation rate.
the course of the year as soon as the need is reported.
In the spirit of the new professional training reform, the
Permanent/fixed-term recruitment
(as an absolute number) 2019 responsibility for professional development is shared among
all players. Employees now have access to internal and
Worldwide 492 external resources to manage their employability in the best
of which France 173 way possible (skills development plan, availability of internal
training, external facilities such as CPF (Compte Personnel
Permanent/fixed-term departures de Formation, Personnel Training Account), CEP (Conseil en
(in number) 2019 Évolution Professionnelle, Professional Development Advice),
Worldwide 320 VAE (Validation des Acquis de l’Expérience, Validation of
Acquired Experience) etc.).
of which France 74
In 2019, the second version of Phileas (Amundi’s digital training
platform) made it possible to integrate the digital training
Internal mobility needs of the international subsidiaries better by developing an
approach per geographic region (Americas, Asia, Europe). Each
For Amundi, internal mobility is a priority tool for adapting
region can integrate its digital training content autonomously,
employment:
as far as possible in line with local needs. The Americas region
■■ functional mobility to anticipate changes in business lines is deploying its mandatory training programme for new recruits
and encourage employees to move towards developing in this way. The user experience has been enhanced thanks to
sectors; a more attractive interface and extended search options. This
■■ geographical mobility to support the development of certain new version now has a total of over 2,300 users.
places of business and promote cross-functionality between In terms of content, Phileas has been expanded with over 13
countries. business training modules with the aim of providing a basic
In 2019, the number of internal transfers was 453: 60 transfers understanding of asset management, its environment and
between countries were recognised, 226 for France and 167 in business techniques. These resources, which are particularly
international entities. Our HR policies and tools aim to support useful for integrating new employees, play a part in the effort
employees, with special monitoring for those who change to develop better commitment and bring direction to support
roles, which are often far away from business issues.

(1) Headcount of Amundi Group consolidated and non-consolidated entities (excl. joint ventures).
(2) Amundi + Pioneer Investments proforma headcount.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 33

3 Making individual and collective development central to our responsibility as an employer

Regarding ESG, a specific “Responsible Investment” digital of the CPF facility within the company. Demonstrating its
module has been made available to employees on Phileas in internationalisation and the mix of cultures within its offices,
French and English. In addition, a training programme was pilot in 2019 Amundi supported 50 foreign visitors from other
tested to ESG analysts in 2019 and could be extended to a wider subsidiaries with a multicultural coaching programme and
audience in 2020. “French as a Foreign Language” courses.
In terms of foreign language learning, the efforts that began In 2020, the training policy will be aimed at setting up an
in 2017 as a result of the merger with Pioneer Investment have enhanced managerial training programme in France and
been maintained with a high level of employee involvement. internationally.
This has led to a 54% increase within two years in the use

Training (excluding regulatory training) 31 December 2019

% of employees trained 55%
In France 64%
Internationally 44%
Average number of actions per employee trained 1.9
In France 1.7
Internationally 2.2

Individual management Gender equality in the workplace

To facilitate the implementation of an employment policy that Amundi is a company that considers promoting equal
places priority on internal mobility, and to allow everybody to opportunities not only to be a question of ethics but also
evolve and develop within the Group, each employee has an a performance factor. With regard to gender equality in the
assigned HR manager and individualised management. workplace, our actions are driven by four key points:

In collaboration with the management team, individual ■■ vigilance with respect to the gender pay gap for equivalent
management contributes both to the adaptation of resources positions (see the section on the compensation policy on
to the needs of the business and to the individual development page 35);
of employees. The organisation of individual management ■■ support for women in attaining positions of responsibility.
is aligned with the management structure and incorporates our actions aim to eliminate all the obstacles (trust,
matrix management. It is set at an initial local level with a direct visibility, representations, maternity) that could slow
hierarchy, then organised by business line with dedicated down their careers. In 2019, 31 women were supported
contacts and a cross-sectional vision. through the various leadership training programmes (EVE
The role of the HR managers includes several levels of support: programmes, Female Talent, Female Leadership). We have
also significantly increased the consideration of gender
■■ employee reviews between HR managers and management
diversity in HR processes: talent pools are now 41% women,
covering all scopes;
consistent with the percentage of women in the company;
■■ succession plans put in place to ensure succession for key one in three people in the succession plans for key posts
positions; in the company are women. Finally, the issue of diversity
is now systematically addressed at People Reviews for all
■■ support for employees in difficult circumstances.
employees. We believe that the combination of actions taken
These exchanges between HR and management are an should make it possible to achieve a 30% share of female
opportunity to identify employees with high potential for executives in the medium term;
development within the business. In 2019, the Group continued
■■ consideration of parenthood: it is important for Amundi
to galvanise these talent pools and put in place development
to allow women to combine motherhood and their careers.
programmes. The Novamundi programme, for example, brings
Amundi also includes men in its policy, as they are also
together around a hundred employees and aims to create
affected by issues of parenthood and work-life balance. To this
international communities of young people from every country
end, Amundi has decided, from 1 January 2020, to introduce
and business line, working together on transformation projects.
16 weeks of maternity leave in all its places of business
worldwide, and to supplement this scheme with a systematic
Diversity and non-discrimination HR interview to prepare the return from maternity leave, as
well as five days of paid paternity leave. These measures fall
In 2008, Amundi signed the Diversity Charter, in which it
within the framework of the Crédit Agricole Group’s Human
committed to comply with and promote the principle of
Project(1) and that of the International Framework Agreement
non-discrimination. Amundi pursues a policy of respecting
signed in July 2019 by Crédit Agricole S.A. and UNI Global
professional diversity, aiming to maintain dialogue with the
Union. This agreement covers human rights, fundamental
main players on subjects such as disability, discrimination and
labour rights and the development of employer–employee
gender equality. This commitment is specifically reflected
social dialogue. It aims to allow all the Group’s employees to
in the requirement for fairness in the main human resources
take advantage of a single base of social benefits, regardless
procedures: recruitment, compensation, training, evaluation and
professional promotion.

(1) See Crédit Agricole S.A. Registration Document 2019.

34 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Making individual and collective development central to our responsibility as an employer

3
of the country where they work, through a number of continued in 2019. The programme, which is mandatory for
commitments to support people with disabilities as well as managers and human resources recruiters, was extended in
parenthood and personal prevention scheme; January 2019 to include all employees on an optional basis via
a serious game hosted on Phileas. Between 2018 and 2019,
■■ sharing a common mindset within Amundi: training,
365 managers participated in the training. All managers in
awareness, communication and the fight against unconscious
France will receive the training in 2020. Finally, the “Amundi
bias and stereotypes are an integral part of Amundi’s global
Women Network”, which was created in 2017, had 440
action plan to achieve progress in the area of diversity. The
members including 126 men as of the end of December 2019.
training programme on the fight against discrimination

Percentage of women in the company 31 December 2019

Percentage of women in the workforce 42%
Percentage of women in management 34%
Percentage of women in senior executive positions(1) 28%
Percentage of women in the Executive Committee 19%
Percentage of women on the Board of Directors 42%
(1) The manager population corresponds to employees in the first tier of management of the Amundi Group, i.e. around 150 people.

Disability work-study and temporary workers) within three years was

achieved. In addition, Amundi is taking action to promote the
In 2019, Amundi continued its voluntary activities to incorporate
incorporation of interns, particularly through its partnership with
people with disabilities based on four pillars: recruitment,
EREA Jean Monnet high school in Garches. As of 31 December,
retention in employment, use of the sheltered employment
Amundi had 65 employees with disabilities.
sector and raising employee awareness. Amundi’s Chief
Executive Officer reaffirmed this commitment in 2019 by signing Internationally, various actions were also taken to support
the manifesto for the inclusion of people with disabilities in the people with disabilities, such as the additional five days of leave
economy(1). in Germany. In Italy, additional financial assistance has been set
up for employees with disabilities. In Japan, in order to improve
In France, the objective set by Crédit Agricole S.A.’s group
working conditions, teleworking has been implemented for
disabilities agreement of recruiting 18 people with disabilities
some employees. In France, Amundi has been supporting the
(all contracts combined: permanent and fixed-term contracts,
“Autistes Sans Frontières” association since 2018.

Change in the employment rate of people with disabilities* (France) at 31 December

2012 2013 2014 2015 2016 2017 2018 2019

2.13% 2.50% 3.15% 3.31% 3.86% 4.50% 4.34% 4.00%
* Legal rate.

Compensation ■■ variable compensation which breaks down into an annual

bonus determined by the manager, and a long-term incentive:
Amundi’s compensation policy is based on three pillars that
combine individual and collective performance. It takes into ■■ the annual bonus rewards an employee’s contribution to
account the economic environment, competitiveness and the Amundi’s performance and is based on both individual
labour market. As these factors may differ from one country and collective factors,
to another, Amundi adapts its compensation policy to local ■■ the Long-Term Incentive (LTI) is granted to a select
situations and regulations. The compensation policy is reviewed group of key executives in the form of Amundi
annually by the Compensation Committee chaired by an performance shares, designed to motivate managers to
independent director and composed of directors that are either achieve financial targets set out in the Amundi Business
independent or who do not hold an executive function within Plan. Under the authorisation given by the Annual
Amundi. It complies with regulatory standards (AIFMD/UCITS General Meeting of 16 May 2019, the Amundi Board of
V, MIFID and CRD IV). Directors approved the introduction on 12 December
The key components of Amundi’s compensation scheme are 2019 of a new performance share plan for certain
as follows: beneficiaries. This plan follows the same objectives as
previous plans, namely the alignment of the interests
■■ a fixed salary in line with duties and responsibilities, taking of the Group’s senior executives in achieving the
into account specific local and market conditions; commercial and financial objectives of Amundi’s
Medium-Term Plan;

(1) https://handicap.gouv.fr/presse/communiques-de-presse/article/signature-d-un-manifeste-pour-l-inclusion-des-personnes-
handicapees-dans-la-vie

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 35

3 Making individual and collective development central to our responsibility as an employer

■■ collective variable compensation which ensures employees ■■ The dynamic aspect comprises all the actions aimed either
in France share in the profits of Amundi’s financial at reducing unfair gaps or at preventing them before they
performance. The total amount is set as a function of a arise. This aspect comes into play through initiatives that
benchmark figure adjusted for changes in net income, in have been in place for several years:
assets under management, and in the cost-to-income ratio. ■■ financial packages aimed at reducing unfair pay gaps;
In 2019, the amount of collective variable compensation
increased by 15% on average to reach more than €10,000 ■■ a guarantee to female employees returning from
per year, in accordance with Amundi’s 2018 results. maternity leave of a pay increase equal to at least the
average increase granted during the period of leave,
In 2019, Amundi’s priorities in implementing the compensation
as part of the annual compensation campaign. 100%
policy were as follows:
of female employees returning from maternity leave
■■ to promote the development of young employees and those benefit from this measure;
who take on new responsibilities; ■■ monitoring of gender equality in the annual
■■ to pay attention especially to entry-level salaries, which compensation campaigns. Since 2016, in order to
resulted in a rate of increase in entry-level salaries of 82% in ensure that the principles of wage equality are applied
the last campaign, as well as by the setting up of a purchasing properly, specific instructions have been given to
power bonus. managers at the beginning of campaigns, with HR
verification at the end.
Gender wage equality
The actions carried out by Amundi in 2019 dealt with two Employee share ownership
aspects: the static aspect and the dynamic aspect.
The development of employee share ownership is an integral
■■ The static aspect comprises the initiatives aimed at part of Amundi’s compensation and social benefits policy. A
determining whether there is a difference in the treatment new capital increase transaction specifically for employees was
of men and women, by means of a calculation of the gender therefore carried out in autumn 2019. This transaction allowed
equality index. This index returned a score of 83 out of a eligible employees to subscribe to Amundi shares with a 30%
maximum of 100 points, based on the following indicators: discount on the reference price. More than 1,300 employees
equality of rates of individual wage increases (excluding have subscribed to this transaction, bringing the proportion of
promotions), promotion rate, proportion of female employees employee ownership of Amundi’s share capital to 0.5% as of
whose wages were increased after returning from maternity 31 December 2019. A director elected by the employees for a
leave. three-year term is responsible for representing the employees
on the Board of Directors.

3.2 Employer–employee communication, psychosocial risk (PSR) prevention

policy and quality of life in the workplace

Employer-employee communication applying a cap and a floor for gross annual salaries, leading
to a distribution ratio of 1:2.5;
Amundi’s social policy is to engage in constructive dialogue with
the various employee representative bodies, whether through ■■ agreement on professional gender equality within the
formal bodies or through ad hoc groups facilitating more Amundi SEU for a period of four years;
in-depth discussion. Amundi recognises that social dialogue ■■ amendment to transform the Amundi SEU’s Collective
and healthy employee representative bodies contribute to its Retirement Savings Plan (Plan d’Épargne pour la Retraite
development. Collectif, PERCO) into a Collective Corporate Retirement
In France, social dialogue in 2019 was marked by the professional Savings Plan (Plan d’Épargne Retraite d’Entreprise Collectif,
elections of staff representative bodies, which took place as part PER COL);
of the setup of the new Economic and Social Committee. 2019 ■■ agreement on the time savings account;
was also a busy year in terms of social negotiation, with a total
of 10 agreements and amendments signed:
■■ agreement on end-of-career support.

■■ agreement on mandatory annual negotiation for 2019; The annual consultation on the strategic guidelines illustrates
social dialogue as it is exercised in France. The Chief Executive
■■ agreement on the exceptional purchasing power premium Officer presents Amundi’s strategy under the Medium-Term
for 2019; Plan to the ESC. The heads of the main divisions also respond
■■ agreement on the introduction of the specialist to questions posed by the elected members at the meeting. An
supplementary pension plan; expert assists the elected members to examine the subjects
in depth and provides an ESC report presenting an alternative
■■ agreement on collective variable compensation (profit- vision. An opinion is then put forward by the elected members
sharing and incentives) involving employees in Amundi’s which is put to the vote of the ESC. This opinion is forwarded to
performance while maintaining social redistribution by the Board of Directors, which formulates a response.

36 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Making individual and collective development central to our responsibility as an employer

3
Psychosocial risks prevention policy (PSR) ■■ systems dedicated to caregiving staff: practical guide,
Responsage platform (information and advice service),
Amundi’s policy on the prevention of PSR and on quality of life donations of days;
in the workplace is one of ongoing improvement and integration
into HR policies. It is notable for its interdisciplinary approach ■■ supporting the social endeavours of the Works Council:
– relying on managers, the Human Resources Department, access to childcare centres, help with childcare costs,
occupational medicine, and employee representatives(1). universal service employment vouchers (CESU), etc.

In France, specific governance of psychosocial risks in the In July 2019, Amundi finalised the roll-out of teleworking within
workplace is entrusted to a monitoring committee that meets all its divisions in France. A charter signed on 4 September 2018
quarterly and tracks the various indicators, in addition to the defines the general framework and the operating principles of
monthly meetings of a management committee dedicated to teleworking. All employees who meet the eligibility conditions
the HR monitoring of at-risk employees. set out in the teleworking charter may, with their manager’s
consent, carry out their work remotely at a rate of one day per
In 2019, the actions undertaken in previous years were week. The percentage of teleworkers in France was 25% at the
continued, including: end of December 2019.
■■ maintaining a listening space for employees in difficult In late 2019, Amundi signed a new agreement on end-of-career
circumstances and monitoring long-term absences in planning aimed at improving working conditions for senior
coordination with the occupational health service; workers and achieving a better work-life balance. Employees
■■ strengthening the PSR system by making the existing system aged 57 years and over can now take advantage of an increased
more responsive (strengthened HR system, alert system, allowance of teleworking days and the renewal of systems
quarterly monitoring committee, specific management supporting the transition from work to retirement, including
committee for sensitive situations); assisted part-time work.
■■ continuing to support managers, particularly through In 2019, Amundi continued its prevention and awareness policy
training on the prevention and management of stress. to help employees look after their health:
■■ organisation of a disability awareness week (conference on
Asperger’s syndrome, dyslexia webinar, solidarity Christmas
Quality of life in the workplace
market selling products originating from vocational
For several years now, Amundi has established measures rehabilitation entities (ESAT));
intended to improve quality of life in the workplace and to help
■■ organisation of a prevention week on “lifesaving skills” in
employees achieve a better work-life balance.
collaboration with the Paris fire department;
Exceeding the legal requirements, in France the Company acts
■■ maintenance and updating of workplace lifesaving and
through:
rescue skills;
■■ the organisation of work: meetings that comply with the
■■ installation of 18 defibrillators on Amundi’s premises;
team’s working hours, defined planning ahead of time, etc.;
■■ blood donation in partnership with the Établissement
■■ measures to make parenthood easier: standard breast-
Français du Sang (EFS) with 233 donors;
feeding leave, children’s sick days, paternity leave, maternity
and parenthood guides, etc.; ■■ seasonal flu vaccine for a third of employees.
■■ solutions to make everyday life easier: company concierge
services, dedicated gym, take-away in addition to the
company restaurant;

3.3 Measurement of employee engagement

Every year, Amundi carries out a survey to measure the world. More than 4,000 employees were surveyed, giving a
engagement of its employees. Known as the “Engagement and participation rate of 76%, 17 percentage points higher than
Recommendation Index (ERI)” this approach is used within in 2018. The Amundi employee engagement score was 67%
all Crédit Agricole Group entities. In 2019, Amundi carried favourable responses, up 3 points from 2018.
out the survey in France and in 15 other countries around the

Engagement survey 2017 2018 2019

Participation rate 44% 59% 76%
Score 69% 64% 67%

(1) Employees representative bodies.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 37

4 Acting as a community minded, eco-aware citizen

3.4 Societal involvement

Policy for hosting young people in training Association to encourage the professional reintegration of
people who have experienced difficult times, and the collection
Amundi contributes significantly to the training of young people of toys with the Rejoué association for sorting and repair,
through internships offered to recently graduated students from allowing used toys to be enjoyed once again by children from
diverse areas of study and through work-study, which enables disadvantaged backgrounds. Finally, 80 employees participated
a young person to both finance his or her education and gain in the Challenge Against Hunger organised every year by Action
his or her first work experience. Accordingly, in 2019, more than Contre la Faim, of which Amundi has been a partner for 10 years.
900 young people – mainly in France (75%) – were welcomed
into the Amundi Group for long-term internships, work-study Internationally, Amundi’s employees are committed to numerous
contracts, VIE internships, CIFRE doctorates and summer jobs. local charitable projects, on humanitarian, environmental and
solidarity themes:
A m u n d i a l s o w e l c o m e d a r o u n d te n s t u d e n t s , f r o m
neighbourhoods in priority education zones, within the ■■ In the US, through the Amundi Pioneer Helping Others
framework of the company’s discovery programme. This programme, Amundi is seeking to create a culture of
commitment is part of the PaQte (Pacte Avec les Quartiers solidarity by encouraging employees to take part in a wide
pour toutes les Entreprises) scheme signed with the Ministry of range of initiatives: fundraising, volunteering, donations of
Territorial Cohesion in January 2019. clothing, school supplies, toys or food to benefit families and
children in need.
Amundi benefits from the dynamism and new perspectives
brought by these young people. Since the end goal of some of ■■ Teams in Munich and Milan took part in the B2Run race and
these young people is to gain employment, Amundi organises the Milan Relay City Marathon respectively, two charity
workshops to support them in their search for a job. Amundi was events that raise funds for good causes.
awarded the HappyTrainees label for the sixth consecutive year ■■ A campaign to donate to the Austrian Red Cross was
in 2019; this recognises companies for the quality welcome and organised at Amundi’s Austrian offices in autumn. Employees
assistance they offer young people. were invited to donate clothing and hygiene products for the
homeless and refugees in need.

Joint initiatives involving employees ■■ In Japan, where there is a high level of involvement in
environmental causes, the Amundi and Crédit Agricole
Amundi’s commitment to social responsibility has also led
teams participated in weeding activities to protect the
to involving employees in joint projects with charitable
Shonan coastal forests in conjunction with the Green Earth
organisations.
Center organisation.
Several solidarity events are organised in France. Since 2013,
■■ In Dublin, employees participate in charitable events
Amundi has run the annual “Give a Hand” philanthropic
throughout the year, whether directly through Amundi’s
programme which offers financial support to its employees’
communit y commitments or through the solidarit y
charitable projects. A total of 19 projects were funded in
contribution policy: Amundi donates €500 per employee to
2019. Amundi also organises collections throughout the year:
the fundraising for the charity of their choosing.
professional clothing collections with the La Cravate Solidaire

4 ACTING AS A COMMUNITY MINDED, ECO-AWARE CITIZEN

For Amundi, acting as a community-minded citizen means Neighbourhoods for all Companies (Pacte Avec les Quartiers
conducting sponsorship programmes over the long-term, pour Toutes les Entreprises, PAQTE) supports actions already
adopting responsible purchasing practices and reducing its initiated and encourages businesses to work for the residents
environmental impact. of priority urban policy districts (Quartiers Prioritaires de la
Politique de la Ville, QPV).
Amundi formalised its commitment to social inclusion at the
end of 2018 by signing the PAQTE agreement. The Pact with the

4.1 Sponsorship

In 2019, Amundi made a long-term commitment to a new and the preservation and restoration of the site. With regard
institution: the Château de Vaux-le-Vicomte, a masterpiece of to culture, Amundi also works with the Grand Palais and the
French cultural heritage. Théâtre National de Chaillot. As a principal partner of ACF
(Action against Hunger), Amundi has sponsored the Hunger
Amundi also continued its commitments to long-standing
Race since 2010, an inter-company challenge intended to raise
partners in the areas of culture, education and solidarity. Amundi
funds to support ACF projects.
has been the main sponsor of the French Academy (Académie
de France) in Rome and its site at Villa Médicis for nearly 20 Internationally, Amundi is committed to numerous solidarity
years, supporting the institution in three domains: the hosting causes through its local offices. In the US, Amundi has run a
of artists in residence, the Academy’s cultural programme, Corporate Charity Program for a number of years to provide

38 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Acting as a community minded, eco-aware citizen

4
financial support to organisations offering assistance to the and the Dublin Simon Community, which helps the homeless.
most vulnerable, such as The Home for Little Wanderers, as In Germany, Amundi lent its support to Plan International, a
well as organisations offering innovative reading and writing charitable organisation that helps children in over 70 countries.
programmes for children in difficult circumstances, such as In the UK, Amundi is actively involved in the fight against cancer
826 Boston. Amundi Ireland has also supported charitable by supporting various charities such as Macmillan Cancer
organisations over the long term, making commitments to a Support.
range of causes and communities: Barretstown, supporting
Amundi’s contributions amounted to a total of €2.3 million in
children with serious illnesses, Junior Achievement Ireland,
2019.
encouraging disadvantaged students to continue their studies

4.2 Responsible purchasing

The Crédit Agricole Group has adopted a Responsible At the same time, an action plan for improving purchasing
Purchasing Policy(1) designed to meet the main challenges of skills continued with two proposals outside the internal training
the future and contribute to the company’s overall performance. pathway dedicated to purchasing:
This policy is part of the Group’s Ethical Charter and is based ■■ diploma training in partnership with the Master’s in
on commitments including the United Nations Global Compact,
Purchasing at IAE in Grenoble;
the Diversity Charter and the Charter on the Mediation of
Responsible Supplier Relations. All of the commitments set ■■ the proposal to support the Validation of Acquired
forth in these texts relate to respect for human rights and Experience (VAE).
compliance with labour regulations, the fight against all forms In 2019, 10% of employees in the Amundi Purchasing business
of discrimination, the promotion of diversity, environmental unit embarked on the diploma training pathway for Purchasing.
protection and business ethics.
Amundi continued its policy of using the sheltered employment
Amundi is also signatory to this Responsible Purchasing Policy, sector in 2019. The amount of revenues associated with the
which is divided into five areas: adapted sector (EA/ESAT(2)) came to €500,000, a fivefold
■■ ensuring responsible behaviour in relations with suppliers; increase over six years. In 2019, Amundi prioritised the use of the
sheltered employment sector for underdeveloped activities (IT
■■ contributing to the economic competitiveness of the
services) and innovative development approaches (platforms
ecosystem;
for connecting freelancers or entrepreneurs with disabilities).
■■ integrating environmental and societal issues into Purchasers must now propose that their prescribers include
procurement procedures; criteria relating to the inclusion of vulnerable groups in
procurement specifications.
■■ sustainably improving the quality of relations with suppliers;
Finally, the purchasing business unit chose to construct its 2022
■■ incorporating this Responsible Purchasing Policy into
roadmap on the basis of the routine inclusion of CSR criteria in all
governance structures.
procurement. The weight of CSR performance in supplier offers
Surveys were conducted with suppliers and internal prescribers will be increased to 15% of the overall rating, compared with 5%
to measure satisfaction with regard to relationships, referencing and 10% in previous years, and the supplier’s CSR appraisal will
and purchasing support in relation to procurement & CSR be systematically requested in calls for tenders. This appraisal
matters as well as the appraisal of support functions (risks, has been entrusted to an independent, specialist third party
regulations, tools, etc.). The number of Amundi prescribers since 2012, EcoVadis, a company with which the Group contract
responding to the survey in 2019 increased by 130% from 2018, was renewed in 2018.
reflecting the growing interest of the various business lines in
The integration of inclusive purchasing (promoting employment
the purchasing function as a means of supporting their projects.
in the regions, including very small companies and SMEs, and
With regard to compliance with payment deadlines, a FReD the employment of vulnerable workers groups) will be an
initiative dating back to 2014 has enabled the creation of a assessment criterion in the purchasing process. Amundi will
calculation methodology and common indicators regarding contribute to the Crédit Agricole S.A. Group’s objective of
payment deadlines. The indicators for 2019 showed that 82% doubling this volume of purchases by 2022.
of invoices were settled on or before their due dates, compared
to 73% at the start of the plan.

(1) See Crédit Agricole S.A. Registration Document 2019 – Chapter 2.

(2) EA: Adapted company/ESAT: Establishment and service for assistance through work.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 39

4 Acting as a community minded, eco-aware citizen

4.3 Direct environmental footprint

Amundi’s operations do not have a major direct environmental ■■ 100% of the computer equipment we buy is certified or
impact. Nevertheless, conscious of the importance of applying complies with recognised international standards;
the principles of social responsibility to its operations, the ■■ finally, office IT equipment (workstations, printers, laptops,
company undertakes to reduce its environmental impact
small items, etc.) is recycled by the service provider ATF
by managing its buildings and resources responsibly and by
GAIA, a W3E certified company contracted by the Crédit
controlling its CO2 emissions. In addition, Amundi regularly
Agricole Group. Equipment components that are not re-used
conducts actions to raise employee awareness of eco-friendly
for resale are systematically sent to a certified partner.
initiatives.
Amundi also recycles its used magnetic cartridges. There
are bins for recycling used toner drums.
Responsible management of buildings and
Responsible use of paper
resources
Amundi pursues a responsible paper policy both in France
Amundi’s registered office in Paris complies with environmental
and abroad, with the objective of reducing its use of paper,
standards. It has a BBC(1) Effinergie label and HQE Exploitation(2)
promoting careful use of paper and recycling used paper.
and BREEAM (3) certification. In 2019, as part of the complete
renewal of our HQE Exploitation certification, Amundi was rated With regard to office equipment: automatically configuring
as “Exceptional” in terms of Management and Sustainable Use. printers to double-sided, black and white, swipe cards for
This rating attests to the quality of management in technical making copies, lower-weight paper, the use of certified paper
and associated services. Amundi ESR, the subsidiary based and, in France, electronic invoicing. The percentage of invoices
in Valence (Drôme), also operates in a building that meets produced electronically was stable in 2019 at 79%.
environmental standards. The Amundi offices in Munich, Boston
With regard to communication media: printing on certified
and Milan are all within LEED(4) certified premises.
paper, selecting printers certified by Imprim’Vert and regularly
making more documents available in electronic form.
Audit and energy efficiency
With regard to desktop publishing: Amundi ESR, the account-
In accordance with the regulations, Amundi’s premises in Paris keeping subsidiary responsible for employee savings schemes,
are subject to regular energy audits. The last audit was carried continued its efforts to reduce its paper consumption. In 2019,
out in 2019. In terms of energy efficiency, Amundi continues this activity recorded a rise in subscriptions to its e-services from
to implement the actions in place since 2015, such as reducing 62% to 66%, which reduced the amount of printed paper used
the operating times of ATUs(5), installing LED lighting and using by 6% over the year. In total, the reduction in paper consumption
window contacts to cut fan units when windows are open, in 2019 was nearly 6% compared with 2018, despite Amundi ESR
thus reducing operating times. The introduction of an Energy recording an increase of nearly 8% in the number of accounts
Performance Contract with our technical maintenance service managed.
provider in 2019 enabled us to achieve a 5% energy saving.
Responsible waste management
Green IT policy
Amundi has implemented a responsible waste management
Amundi seeks to control the environmental impact of its policy for several years in France and has promoted selective
information systems in several ways: sorting through the voluntary use of recycling bins since
■■ the selection of central infrastructure components 2013. Recyclable waste is managed by CEDRE, a sheltered
is influenced by their electric consumption and heat workshop employing people with disabilities. In addition to
dissipation characteristics. Accordingly, our overall electric selective sorting, Amundi runs a Cleaning Week scheme each
consumption has not increased since 2012, whereas the year at its Paris premises with a view to sorting and clearing
processing power delivered has gone up significantly. Within superfluous paper. Every year, the recycling work entrusted to
Amundi, all IT equipment intended for users (screens, work CEDRE generates 24.2 Beneficiary Units (disabled employment
stations, phones, printers) complies with international energy equivalents).
efficiency standards. Recently acquired central units are less
energy-intensive than the older models;

(1) Low Consumption Building.

(2) High Environmental Quality. For more information on certification: https://www.certivea.fr/offres/certification-nf-hqe-batiments-tertiaires-
neuf-ou-renovation.
(3) Building Research Establishment Environmental Assessment Method.
(4) LEED: Leadership in Energy and Environmental Design.
(5) Air Treatment Unit.

40 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Acting as a community minded, eco-aware citizen

4
Every year, Amundi strives to integrate more recyclable is therefore not relevant. Total emissions recorded in 2018
materials into its sorting line. Glass and plastic bottle caps have amounted to 47,000 tonnes of CO2 equivalent (CO2eq), i.e.
been included in the sorting line since 2016. In 2018, a cigarette 9.3 tonnes of CO2eq per employee.
butt recycling initiative was introduced at our Paris buildings.
Coffee capsules are also recycled in the UK, Austria and Ireland. DISTRIBUTION OF GHG EMISSIONS BY COUNTRY
Amundi introduced biodegradable materials into its cafeteria in (%)
2019. Biowaste is collected from the Company restaurant. The
grease traps are biologically treated in-house in both buildings, 2%
resulting in less discards and fewer truck movements to clean 5% 2% 1%
the traps and dispose of the grease at an external station. 5% 7%

Waste (in tonnes) 2019

6%
Recycled waste(1) 33.3
Non-recycled waste 85.0
Volume of recycled paper 160.2 15%
TOTAL 278.5
(1) Paper, paper cups, plastic bottles, cans, printer supplies,
batteries, WEEE, glass and plastic bottle caps.

57%
Actions taken to reduce food waste
The partner of the Paris Company restaurant carefully manages France Italy USA Ireland Austria
its services in order to minimise the amount of food wasted on
United Kingdom Japan Germany Other
a daily basis. In 2020, distributors dedicated to the sale of the
day’s unsold produce will be introduced.

Removing plastic DISTRIBUTION OF GHG EMISSIONS BY ITEM

In 2019, several Amundi entities embarked on a plastic (%)
reduction initiative. In Italy, five water fountains equipped
with microfiltration systems were installed and employees 0,5%
11% 1% 0,5%
were given aluminium bottles. This avoided the consumption
of 4,000 plastic bottles per month. In Ireland, employees
expressed a wish to be more environmentally friendly. As a
result, all disposable coffee and water cups were replaced with
eco-friendly cups and bottles. In France, the company plans to
remove plastic cups from its coffee machines in 2020, thereby
reducing plastic waste by 3.5 tonnes per year. 20% 46%
Educating employees about “acting green”
In France and internationally, Amundi conducts communication
and awareness-raising programmes for eco-friendly initiatives
with its employees, such as a campaign to raise awareness
of recycling in the United Kingdom, the promotion of eco-
responsible travel in the United States and Italy, and a sustainable 22%
development week in France. Amundi provides employees with
quantitative and qualitative reporting every quarter on the
Purchase of Services Property, Plant and Equipment Travel
volumes of waste sorted and recycled.
Energy Air Conditioning Waste Freight
In terms of preserving biodiversity, Amundi has installed
beehives at its premises in Paris and Valencia. Income from the
sale of honey to employees goes to the NGO Planète Urgence.
Control of CO2 emissions
Control of CO2 emissions Amundi annually monitors CO2 emissions in two major categories:
energy and business travel. Amundi is also implementing
Amundi carbon footprint in 2018 solutions to control and reduce its CO2 emissions. The 2019
figures mark a reduction in CO2 emissions per employee for
Amundi calculated a new carbon footprint in 2019 based on data
both energy and business travel:
from 2018. This assessment included scope 1, 2 and 3 emissions
across the entire company. In order to take account of its ■■ energy: 0.95 tCO2/FTE, compared with the figure for 2018
increasingly international dimension, Amundi chose to calculate (0.99);
its carbon footprint in accordance with the Greenhouse Gas ■■ business travel: 2.03 tCO2 /FTE, compared with the figure
(GHG) Protocol. The comparison with the 2015 carbon footprint for 2018 (2.84).

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 41

4 Acting as a community minded, eco-aware citizen

9,000 3.5
8,154.35 8,009.20
3.0
7,000
2.84
2.5
TéqCO2

5,000 2.03 2.0

3,864.80 3,745.20
1.5
3,000
1.0
0.99 0.95

1,000 0.5
2018 2019 2018 2019
Energy Business Travel TéqCO2 / ETP

Energy Amundi encourages its employees to reduce emissions in their

Since 2016, our buildings in Paris(1) have been powered using commute to work. Employees are encouraged to use public
electricity from 100% renewable sources, mainly hydro-electric. transport and bicycles for their journeys into work. In France,
Other countries also have a portion of green energy in their Amundi covers 80% of public transport expenses (e.g. Navigo
energy mix. This is the case for Germany. Several solar panels card or Velib card in Paris). In 2019, Amundi-Pioneer in the United
were installed in Italy in 2019, generating 30,000 kWh per year. States bolstered its commuter travel plan by incorporating
a wider range of alternative modes of transport (commuter
Travel trains, regional trains, etc.). Several electrical charging points
have been installed in Amundi car parks, including four at
The Amundi travel policy applicable to all its entities worldwide
the registered office at the beginning of 2019. Amundi Paris
demonstrates its desire to reduce its CO2 emissions: validation
also launched a carpooling platform in December 2019. When
of the need to travel, prior authorisation for travel abroad,
selecting company cars, Amundi favours the use of fuel-efficient
mandatory rail for journeys of under three hours, ban on taxi
and hybrid vehicles. In November 2019, Germany added its first
journeys within Paris between 8 am and 8 pm, categorisation
electric car to its fleet of company vehicles.
of rental vehicles according to the number of passengers,
weekly reporting of forthcoming travel to Executive Committee Most entities have teleworking arrangements in place to reduce
members. New functions were introduced within the reservation commuting. In Italy, a Smart Work pilot project involving 42
system in 2019 to better justify travel (internal (intra-group) employees (15% of the workforce) is under way. This offers
travel or external travel for participation at a conference or client employees greater flexibility in the selection of their workplace
visits) and avoid trips for which a video-conference meeting and the management of their schedules.
would be more appropriate.
The business travel policy will pursue three objectives in 2020: Amundi carbon offsetting
■■ the implementation of international coordination to ensure Amundi joined the Crédit Agricole S.A.(2) carbon offset scheme
the proper application of the travel policy, identify good local in 2019 through the Livelihoods fund, offsetting its CO2 emissions
practices and discuss the specific needs of the entities; from energy and transport, i.e. 15,000 tonnes of CO2. This fund
finances agroforestry, rural energy and ecosystem restoration
■■ the introduction of centralised reporting; projects.
■■ the completion of a feasibility study on the roll-out of the
Traveldoo reservation tool, allowing Amundi travel policy
criteria to be applied when making reservations.

(1) Excluding data centres.

(2) See Chapter 2 of the 2019 Crédit Agricole S.A. Registration Document.

42 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Methodology and indicators

5
5 METHODOLOGY AND INDICATORS

5.1 Methodological note

HR data ■■ environmental: funds designed to contribute to the energy

transition, invest in green assets or reduce the carbon
The HR reporting scope covers the entire Amundi Group at footprint of a portfolio;
31 December 2019 (excluding joint ventures). The workforce of
the consolidated and non-consolidated Amundi Group entities ■■ social: funds aiming to finance the social and solidarity
is taken into account (excluding joint ventures). economy.

Certain HR indicators are only available for France. This data There is no double counting. If a fund falls under more than one
is identified as such in the table of indicators. The scope for theme, only the dominant theme is counted.
France includes the following entities: Amundi SA, Amundi
Asset Management, CPR Asset Management, Étoile Gestion,
Société Générale Gestion, BFT Investment Managers, Amundi
Methodology for calculating the beneficiaries
Finances, Amundi Immobilier, Amundi Intermédiation, Amundi of social impact management
Private Equity Funds, Amundi IT Services, Amundi ESR and Amundi has developed a specific analysis method for impact
Amundi Transition Énergétique(1). companies, assessing the continuity of the company ’s
Presentation of HR data: unless otherwise indicated, the economic model and its impact objectives as well as its results.
population covered is that of “active” employees, presented as This analysis is based on a sector-wide approach comprising
full-time equivalent (FTE). The concept of “active employees” quantitative and qualitative criteria as well as criteria specific to
implies a legal bond in the form of a standard permanent or the company. For each company, Amundi measures the number
fixed-term employment contract (or similar, for international of beneficiaries and then calculates its impact ratio: this is the
activities), a presence on the payroll and in the position on the number of beneficiaries created per €10,000 invested. Based on
last day of the period, and working hours equal to or greater Amundi’s investment in the company, this ratio allows reporting
than 50%. of the aggregated total number of beneficiaries, per impact
theme, generated since the fund was created in 2012. The
impact analysis is updated annually. Amundi does not calculate
Environmental data the impact of the Danone Communities and Amundi AFD Avenir
Durables funds. The scope of impacts covers 94.86% of total
The environmental reporting scope covers France and
assets under management.
subsidiaries with more than 100 employees, except for KBI
Global Investors, a management company acquired by Amundi
in 2016. The 2019 scope includes the following countries: France, Methodology used for the 2019 carbon
the United Kingdom, Italy, Ireland, Austria, Germany, Japan and
the United States. The environmental data covers 89.2% of the
footprint
Amundi Group workforce. If certain data were unavailable for Amundi’s carbon footprint was calculated according to the
part of the reporting scope, the coverage rate is recalculated Greenhouse Gas (GHG) Protocol. Amundi has chosen to
and mentioned next to each indicator. calculate its carbon emissions on scopes 1, 2 and 3, which
correspond to the entity’s direct and indirect emissions. The
Presentation of environmental data: As the data of Pioneer
data was collected over 2018 for all Amundi Group entities with
Group entities is only available for six months of the 2017
more than 100 employees, i.e. a coverage rate of 89.2%. The data
financial year, the comparison between 2018 and 2017 data is
was extrapolated for entities with fewer than 100 employees.
not relevant.

Methodology for calculating responsible Methodology and scope for calculating

investment assets under management the carbon footprint of portfolios under
management
The sum of responsible investments managed by Amundi takes
into account, for the entire Group scope, the AuM of all open- Amundi has retained the provider Trucost for carbon emission
ended funds, mandates and dedicated funds with a responsible data (expressed in tonnes of CO2) from private issuers. This data
investment objective. relates to scopes 1 and 2 and a part of scope 3 corresponding
to indirect emissions related to the first-tier suppliers (“Scope
The typology applied is as follows: 3 upstream first tier”). The data received is then incorporated
■■ multi-dimensional ESG integration: funds using ESG ratings into the Amundi information system and assigned to an issuer.
in a certified or customised framework; For companies for which we have not received a value from
Trucost, these are supplemented by inherited data from the
parent company, where applicable.

(1) Amundi Transition Énergétique is not part of the scope of financial consolidation.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 43

5 Methodology and indicators

The calculation of a portfolio’s carbon footprint initially consists States, derivatives, UCITS-type funds, etc.) are excluded. The
of calculating the amount of rateable assets in the portfolio. amount of rated assets is then determined, i.e. the amount of
Non-rated and non-rateable securities (securities issued by the assets for which we have Trucost data.

Two indicators are calculated:

Carbon emissions in million euros invested

This indicator is used to quantify the carbon emissions resulting from the investment in the portfolio. It is calculated according to
the following formula:

( €m invested ) =
tCO2 ∑ ni Company’s emissions in the portfolioi (tCO2)
Portfolio’s emissions
Rated portfolio assets (€m)
With:

Company’s emissions in the portfolioi (tCO2) = Participation sharei (%) × Company’s emissionsi (tCO2)
And
Amount invested in a company (shares or debt)i (€m)
Participation sharei (%) =
Company value (shares+debt)i (€m)

Carbon emissions in million euros of turnover

This indicator is used to quantify the carbon intensity of the value chain of issuers in the portfolio. It is equal to the weighted sum
of the carbon footprints of the securities of which it is comprised, i.e.:
Company’s emissionsi (tCO2)
Portfolio emissions (tCO2/€m of revenue) = ∑ ni Company^’ s relative overall weighting in the portfolioi (%) x
Revenuei (€m)

2019 scope: Entire Amundi Group (excluding joint ventures, property and private equity).

Methodology for calculating the coal the sector in particular) or otherwise the percentage declared
by the company (public report, website or direct information).
exposure of portfolios under management
For each of the issuers identified, its coal exposure (i.e. the
Based on data supplied by Trucost, an ESG supplier specialising
percentage of revenue from coal-related activities) is multiplied
in environmental data, Amundi identifies the issuers having
by the amount invested in the company in question. The sum
activity (electricity generation, extraction) linked to thermal
of these amounts is then compared to the total amount of the
coal.
Group’s investments:
In the absence of Trucost data, a rate of 0% is allocated to
companies not identified as being linked to coal (as a result of

∑ ni Company’s exposurei (€) x X% of coal in the sales revenue of the companyi

Total amount of Amundi Group investments

Scope applied in 2019: Entire Amundi Group (excluding joint ventures, property and private equity).

44 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Methodology and indicators

5
5.2 Table of indicators

Employment indicators Unit 2019 2018 2017

EMPLOYMENT
Number of employees Number 4,506 4,417 4,734
Number of employees FTE 4,428.5 4,339.9 4,649.6
Number of employees in France FTE 2,161.7 2,094.3 2,126.6
Headcount
Number of employees internationally FTE 2,266.8 2,245.6 2,523.0
Number of employees in joint ventures FTE 1,546.2 1,141.3 1,230.3
Proportion of external personnel on the Amundi(1) staff % 6.2 9.2 10.06
Investment Management FTE 1,046.4 - -
Breakdown by major
Sales and Marketing FTE 975.7 - -
business line
Support and Control functions FTE 2,341.5 - -
Number of permanent staff FTE 4,388.1 4,287.3 4,564.2

Breakdown by Percentage of permanent staff % 99.1 98.8 98.2

contract type Number of managers* FTE 2,072.2 2,003.0 2,005.7
Number of non-managers* FTE 89.5 94.3 107.9
Age Average age Years 44 44 44
Years of service Average years of service Years 12 13 13
Women Number 1,893 1,874 1,929.0

Breakdown by Men Number 2,613 2,543 2,720.6

gender** Proportion of women % 42.0 42.4 41.5
Proportion of men % 58.0 57.6 58.5
Europe FTE 3,587.8 3,517.5 3,722.0
Breakdown by
Asia FTE 338.7 323.6 388.1
geographical area
Americas FTE 501.0 488.8 528.5
Departures Number 320 545 360.7
Death Number 3 2 2.0
Resignations Number 202 295 188.4
Redundancies and dismissals Number 33 121 50.8
Departures**
Retirement Number 11 17 21.5
Termination of contract Number 28 58 32.6
Departures to the Crédit Agricole S.A. group Number 9 11 9
Other Number 34 41 92.2
Europe Number 229 342 238.7

Departures by of which France Number 74 74 73.9

geographical area** Asia Number 50 118 67.0
Americas Number 41 85 53.0
Departure rate % 7.1 12.3 6.3
Departure rate (2)
 in France % 3.4 3.5 3.5
international % 10.7 20.6 12.2
Temporary absences Temporary staff absences Number 87 - -
Recruitments (permanent + fixed-term contracts) Number 492 417 -
Recruitments
(permanent + fixed- Recruitments (permanent contracts) Number 446 354 139.5
term contracts)**
Proportion of permanent-contract recruitments % 90.7 84.9 -
Europe Number 319 237 -
Permanent-contract of which France Number 171 138 87.5
recruitments by
geographical area** Asia Number 75 62 -
Americas Number 52 52 -

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 45

5 Methodology and indicators

Employment indicators Unit 2019 2018 2017

Transformations Short-term contracts converted into permanent

of short-term contracts(3) Number 104 116 -
contracts** Contractors brought in-house Number 66 69 -
Internal transfers Number of internal transfers within the Amundi Group Number 453 481 249
Median annual gross salary (permanent) € 62,000 61,000 62,000
Compensation* Average collective variable compensation
per employee(4) € 10,382 9,022 8,839

ORGANISATION OF WORKING HOURS

Part-time employees % 8.1 8.9 11.7
Working hours(5) of which women % 89.6 89.8 92.0
of which men % 10.4 9.2 8.0

TRAINING (6)

€000 (excl.
Budget allocated to training tax) 2,683 - -
% individuals trained % 55 - -
In France % 64 60 63
International % 44 - -
Number of employees trained Number 2,223 - -
In France Number 1,418 1,272 1,351
Training
International Number 805 - -
Number of training sessions Number 4,193 - -
In France Number 2,392 2,096 2,269
International Number 1,801 - -
Average number of training actions per employee trained Number 1.89 - -
In France Number 1.69 1.65 1.68
International Number 2.24 - -

ANNUAL REVIEW
Annual review(7) % of assessment interviews % 88 67.6 88.1

EMPLOYER-EMPLOYEE RELATIONS*
Number of employee representatives Number 46 55 55
Employer-employee
Number of meetings of the ESC and its committees (8)
Number 33 32 33
communication
Number of agreements or amendments signed Number 10 7 6

SAFETY/HEALTH AND ABSENTEEISM*

Frequency rate of work-related accidents % 5.5 5.4 6.1
Work-related Number of work-related accidents Number 12 6 11
accidents and
occupational illnesses Number of work-related accidents (travel) Number 25 25 31
Number of occupational illnesses Number 0 1 0
Absenteeism Absenteeism rate due to illness % 2.1 3.2 1.5

46 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Methodology and indicators

5
Employment indicators Unit 2019 2018 2017

NON-DISCRIMINATION
Percentage of women on the Board of Directors % 41.7 41.7 41.7
Percentage of women on the Executive Committee % 18.5 15.4 20.8
Percentage of women in executive positions(9) % 27.3 21.9 -
Percentage of women in management positions % 33.5 33.5 34.8
Percentage of women in promotions to management
Gender equality positions % 44.9 32.3 35.4
Percentage of men in promotions to management
positions % 55.1 67.7 64.6
Proportion of women in the highest paid 10% % 16.3 15.2 -
Gender salary equality index* Score out
of 100 83 81 -
Disability Employment Rate(10) % 4.00 4.34 4.50
Disability* Number of people with disabilities hired or integrated(11) Number 14 12 11
Number of employees with disabilities Number 65 61 65
Percentage of staff aged under 30 in permanent-
contract recruitments % 32.0 47.2 28.0
Employment rate for those aged 55 years
Intergenerational and over on permanent contracts % 13.3 14.9 11.4
contracts
Number of interns, work study, VIE, CIFRE Number(12) 921 838 -
and summer jobs
Average
number(13) 388.8 333.8 347.9
* Amundi France scope.
** From 2018, the data is presented in figures and no longer as FTE.
 The calculation methodology has been modified from 2019. The 2018 data was recalculated using the new methodology.
(1) External personnel: temporary workers and service providers.
(2) Departure rate: Number of departures of permanent and fixed-term employees over the year, divided by the total staff at the
beginning of the year.
(3) Short-term contracts: Fixed-term and work-study contracts.
(4) Variable Collective Compensation corresponds to profit-sharing and incentives.
(5) For FY 2017, the data is presented for France, as opposed to the 2018 and 2019 data which corresponds to the Amundi Group.
(6) Includes face-to-face training, e-learning and courses leading to certification, excluding conferences and seminars, excluding
regulatory training mandatory for all employees (excluding staff provided by Crédit Agricole S.A.) and excluding training
provided via the PHILEAS tool.
(7) Amundi Group scope, excluding Amundi-Pioneer in the USA.
(8) The indicator takes into account the changes in the legal framework concerning staff representation and the introduction of the
ESC in 2019.
(9) Due to the merger with Pioneer Investments, no data is presented for 2017.
(10) Legal rate.
(11) The indicator includes permanent and fixed-term contracts, work-study, interns and temporary workers.
(12) 2019 flows of internship contracts longer than 2 months, apprenticeships, vocational training contracts, VIE, CIFRE and summer jobs.
(13) Average calculated over the year on the basis of staff at the end of the month (number).

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 47

5 Methodology and indicators

Business line indicators Unit 2019 2018 2017

Total assets under management € billion 1,653.4 1,425.1 1,426.1
Assets under management after exclusion of G-rated issuers € billion 1,564.8 1,358.4 -
Assets under management € billion 323.5 275.8 -

Responsible ESG funds and mandates € billion 310.9 267.3 -

investment Environment € billion 12.3 8.2 -
Strictly social enterprise funds € billion 0.3 0.2 -
Issuers rated on ESG criteria Number > 8,000 > 5,000 > 5,000
Number of issuers excluded Number 319 214 256
ESG analysis
Non-financial specialists Number 20 18 17
Issuers encountered Number 262 259 192
Solidarity-based
savings AuM € billion 3.3 2.8 2.3
Employment % 33.0 36.4 35.7
Housing % 37.0 36.3 31.3
Education % 4.0 0.7 0.1
Health % 15.0 14.0 16.4
Breakdown of social
Environment % 5.0 4.05 4.6
investments by topic
International solidarity % 6.0 7.9 10.7
Service to non-profits % 1.2 0.5 0.4
Over-indebtedness % 0.4 0 0.3
Farmers funded % 1.2 0 0.4
Number of
Employment beneficiaries 32,372 16,341 12,868
Number of
Housing beneficiaries 8,469 2,315 1,469
Number of
Education beneficiaries 46,749 4,186 153
Number of
Health beneficiaries 168,612 19,280 13,044
Hectares 594 2,283 806
Impacts of solidarity
investments Tonnes of
Environment recycled waste 137,345 17,674 14,147
Number of
International solidarity (microcredit) beneficiaries 228,307 29,948 37,772
Number of
Service to non-profits beneficiaries 1,828 360 118
Number of
Over-indebtedness beneficiaries 312,620 3,477 3,687
Number of
Farmers funded beneficiaries 1,358 34 204
Assets subject to a carbon footprint calculation € billion 545.0 479.1 463.8
Carbon footprint of
Carbon emissions in millions of euros of revenue tCO2eq 254.2 231.3 226.5
the portfolios
Carbon emissions in millions of euros invested tCO2eq 149.1 151.4 180.5

Portfolios’ exposure Weighted exposure of portfolios € billion 1.006 - -

to thermal coal Proportion of portfolios exposed to thermal coal % 0.09 - -

48 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 Methodology and indicators

5
Business line indicators Unit 2019 2018 2017
Commitment actions with investee companies ahead
of AGMs Number 164 202 233
AGMs dealt with Number 3,492 2,960 2,540
Resolutions dealt with Number 41,429 35,285 32,443
Number of resolutions presented by shareholders and
supported by Amundi on corporate governance Number 490 520 265
Number of resolutions presented by shareholders and
supported by Amundi on social/societal issues and
Voting policy(1) human rights Number 28 21 121
Number of resolutions presented by shareholders and
supported by Amundi on environmental matters Number 33 48 54
Total number of resolutions voted against Number 5,332 5,307 4,893
Number of resolutions voted against on Board balance Number 2,294 2,162 1,882
Number of resolutions voted against on equity
transactions (including poison pills) Number 1,772 1,177 932
Number of resolutions voted against on compensation
of Senior Management Number 1,121 1,408 1,307
Number of Compliance Committees Number 8 9 11
Number of complaints Number 2,104 3,357 4,064
Number of employees trained in anti-money laundering
Ethics and procedures (AML-CFT)(2) Number 294 3,632 204
Compliance
Number of employees trained in internal/external
anti-fraud procedures(2) Number 3,531 3,706 223
Number of employees trained in international sanctions
procedures Number 4,207 - -
Total complaints Number 48 45 20
of which contesting a trade Number 7 11 10
Corporate and
Institutional of which concerning the processing time of a trade Number 2 6 4
Customer Service
of which concerning the quality of offer Number 39 27 6
of which pricing Number 0 1 0
Percentage of managed portfolios that are subject to a
Risk management(3)
risk management strategy % 98.4 98.3 99.8
Partner networks (4)
Staff specialising in networks FTE 129.3 129.3 168.5
Business line headcount in Risk Departments FTE 212.7 211.3 225.8
Business line Business line headcount in Audit Departments FTE 39.4 37.5 42.9
headcount in Control
departments Business line headcount in Compliance Departments FTE 100.3 99.9 108.0
Percentage of total headcount % 8.0 8.0 8.1
Sponsorship(5) Amount of contributions €000 2,337 2,433 1,101
Purchases from sheltered sector companies €000 532 543 540
Number of
Responsible
beneficiary
purchasing*
Use of sheltered sector companies units 24.2 26.2 25.6
Percentage of invoices paid within 2 months % 81 82 83
(1) Amundi Group scope, excluding Amundi-Pioneer in the USA
(2) Internal and external anti-corruption training is included within the modules on Anti-Money Laundering and Combating the
Financing of Terrorism (AML-CFT). These training courses are not run every year.
(3) 2017 and 2018 data was calculated over the entire Group, with the exception of the following countries: Austria, Czech Republic,
Germany, Italy and USA. In 2019, the calculation scope included all the Amundi Group countries.
(4) Historic partner networks: Crédit Agricole Regional Banks, LCL Gestion, Société Générale Gestion and Étoile Gestion.
(5) The 2017 data only covered Amundi Asset Management in France. From 2018, the Amundi Group’s reference scope has been
extended and includes the funding given to research chairs.

AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019 49

5 Methodology and indicators

Reporting
scope
coverage
Environmental indicators Unit 2019 rate 2018 2017
Energy consumption MWh 23,663.1 25,037.5 22,419.9
Proportion of green energy % 50 47 58
Energy Energy consumption per employee MWh/FTE 5.9 100% 6.5 7.4
CO2 emissions tCO2eq 3,745.2 3,864.8 2,674.9
CO2 emissions per employee tCO2eq/FTE 0.95 0.99 0.88
Train travel km 5,283,477 4,556,972 4,019,138
CO2 emissions, train travel tCO2eq 238.1 87% 205.3 181
CO2 emissions per employee, train travel tCO2eq/FTE 0.06 0.06 0.07
Business travel
Air travel km 27,786,027 28,410,137 23,770,879
CO2 emissions, air travel tCO2eq 7,771.1 100% 7,949.0 6,837
CO2 emissions per employee, air travel tCO2eq/FTE 1.97 2.05 2.09
Paper consumption Tonnes 379 337(1) 248.7
Paper 100%
Recycled paper consumption Tonnes 44 97(1) 89.6
Water consumption m 3
36,573 36,862 38,613
Water 88%
Water consumption per employee m3/FTE 10.5 9.8 12.3
Volume of non-recyclable waste Tonnes 85.0 85% 113.4 120.1
Waste Volume of recycled waste (excl. paper) Tonnes 33.3 82% 32.0 26.6
Volume of recycled paper Tonnes 160.2 97% 143.8 107.1
(1) 2018 data has been adjusted to reflect that published in the 2018 CSR report.

50 AMUNDI CORPORATE SOCIAL RESPONSIBILITY REPORT 2019

 AMUNDI

A French limited company with share capital of €504,260,885

Registered office: 91-93, boulevard Pasteur 75015 Paris, France
SIREN number: 314 222 902 RCS Paris
LEI : 9695 00 10FL2T1TJKR5 31

Site internet : le-groupe.amundi.com/

Photos credit:
Cover: Raphaël Olivier / CAPA Pictures
Editorial: Augustin Detienne / CAPA Pictures, Magali Delporte
Card: Getty Images/Westend61
Board of Directors: JF Badias, Guillaume Grandin - Société Générale, Régis Corbet,
Jean Chiscano, Augustin Detienne / CAPA Pictures, Magali Delporte
General Management Committee and Executive Committee: Magali Delporte
Global Advisory Board: Tracy Powell, Marthe Lemelle, Martin Joppen, Patrick Iafrate

Designed & published:

Phone: +33 (0)1 55 32 29 74
 Amundi,
a Trusted Partner,
working every day in the interest
of its clients and society

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