Covea

The financial institution specifies that it does not make political contributions and assigns responsibility for implementing its sustainability strategy to functions, teams or committees within the institution. Furthermore, it has a publicly available policy statement committing to respect human rights. However, no leading practices were identified for the financial institution with regard to Financing Climate and Nature protection and restoration, Environmental footprints and Inclusive finance.

The financial institution has a publicly available policy statement committing to respect specific workers’ rights and expects suppliers to do the same, but it has an opportunity to reference all ILO fundamental rights at work. It could link performance criteria for remuneration at the senior executive level to specific sustainability targets and disclose a comprehensive list of trade associations it belongs to. While the institution has a time-bound target to exclude companies exposed to thermal coal and unconventional oil and gas producers from its investments, no evidence was found that the policy is aligned with a 1.5°C trajectory. Although it discloses its Scope 1-2 emissions, it could provide further details with regard to its compliance with recognized international standards.It is recommended that the institution disclose the breakdown of clients by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Furthermore, its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks. Additionally, the institution could strengthen its disclosure by providing an example of the specific conclusions reached and actions taken or to be taken on at least one of its salient human rights issues of it’s the products, services, and capital it offers as a result of the assessment processes in at least one of its activities in the last three years.

The financial institution has a publicly available policy statement committing to respect specific workers’ rights and expects suppliers to do the same, but it has an opportunity to reference all ILO fundamental rights at work. It could link performance criteria for remuneration at the senior executive level to specific sustainability targets and disclose a comprehensive list of trade associations it belongs to.

While the institution has a time-bound target to exclude companies exposed to thermal coal and unconventional oil and gas producers from its investments, no evidence was found that the policy is aligned with a 1.5°C trajectory. Although it discloses its Scope 1-2 emissions, it could provide further details with regard to its compliance with recognized international standards. It is recommended that the institution disclose the breakdown of clients by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets.

Furthermore, its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks. Additionally, the institution could strengthen its disclosure by providing an example of the specific conclusions reached and actions taken or to be taken on at least one of its salient human rights issues of it’s the products, services, and capital it offers as a result of the assessment processes in at least one of its activities in the last three years.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.