On March 5, 2021, the Financial Conduct Authority (FCA) confirmed that all LIBOR settings will either cease to be provided by an administrator or no longer be representative:
- immediately after 31 December 2021, in the case of all Sterling, Euro, Swiss Franc and Japanese Yen settings, and the 1-week and 2-month US Dollar settings; and
- immediately after 30 June 2023, in the case of the remaining US Dollar settings (O/N, 1, 3, 6, and 12-month).
Download find below key information concerning this upcoming event and its impact
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.
Complaints handling policy
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.
- For Private Equity: for investments in companies not listed on a regulated market, the managers in charge of the participation on behalf of the portfolios, actively monitor the investee companies and usually attend general assemblies. These votes are confidential and therefore cannot be publicly reported.
Information relating to the European Shareholder Rights Directive 2 is presented in the documents below and in the dedicated section "Voting policy".