EONIA recalibration / €STR
A new euro risk-free rate called the Euro Short-Term Rate (€STR) will be published by the European Central Bank (ECB) at 08:00 am (CET) on D+1 as of October 2nd 2019 so as to replace the EONIA (Euro OverNight Index Average) which will fully be substituted from January 3rd 2022. As of October 2nd 2019, the EONIA will be recalibrated as “€STR + 0.085%” and its time publication will shift from 7:00 pm (CET) on D to 09:15 am (CET) on D+1 « or shortly after ». This recalibration determined by the ECB will insure an economic continuity of the EONIA before and after October 2nd 2019, and will not require any approach from end-investors.
For more information, please refer to the following press releases:
Policies and reports
Application of MiFID directive
The European Directive on Markets in Financial Instruments (MiFID) entered into effect on 1 November 2007.
Please find below the key information concerning this regulation.
The exercise of voting rights and shareholder dialogue are key elements of our fiduciary responsibility and of our role as a responsible investor.
As early as 1996, Amundi implemented its own voting policy, updated every year, which includes the best corporate governance practices as well as, from 2003, social and environmental responsibility. Amundi has decided to exercise voting rights for the vast majority of French and Luxembourg funds so as to best fulfil its responsibility as a shareholder.
Very early in its approach as a responsible shareholder, Amundi also implemented a shareholder dialogue process organised around a system of alerts in the event of negative voting intentions vis-à-vis SBF120 companies and a group of companies with the largest market capitalisations in Europe.
Voting and dialogue thus allow us to be actively involved in improving the practices of the companies in which we invest.
Enforcement of ESMA guidelines
The “Guidelines on ETFs and other UCITS issues” published by the European Securities and Markets Authority (ESMA) on 12 December 2012 came into force on 18 February 2013.
You will find below the policy applicable to UCITS subject to these Guidelines in terms of financial guarantees.
Submission to the UK Stewardship Code 2020
Amundi’s application is under consideration by the UK’s Financial Reporting Council and is not yet signatory to the UK Stewardship Code 2020 until the present application has been accepted and the first list of signatories published.
ESG / SRI legal disclosure obligations
Shareholders Rights Directive 2
The European Shareholder Rights Directive 2 requires asset managers to disclose publicly their engagement and voting policy. For several years, Amundi has choose to share these policies on its website with its investors. You will find below all the documents covering the Directive’s requirements.
Amundi’s engagement policy is articulated around three main axes: engagement for influence, ongoing engagement and engagement through voting. It is an essential part of Amundi’s fiduciary duty and its role as responsible investor.
The monitoring of the investee companies is organized as follows, depending on the management platform concerned:
- For active management strategy: investment cases are discussed and documented by the equity research analysts. Buy rated stocks are followed based on frequent research updates. The investment case is based on the Research team company report, supported by Valuation & Model updates when required. Feedback of meetings with the Company, as other engagement actions by the Research team, are documented diligently
- For passive management strategy: monitoring is mainly done through the engagement and the voting at general meetings.
Information relating to the European Shareholder Rights Directive 2 is presented in the documents below and in the dedicated section "Voting policy".