L E B THE RESPONSIBLE WAY I by SYCOMORE ASSET …€¦ · Absenteeism is a major human, social, operational and financial challenge for companies. The issue is top on the list of

THE RESPONSIBLE WAYb y S Y C O M O R E A S S E T M A N A G E M E N T

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EDITORIALThe recipe for sustainable growth

OPINIONHuman Capital is an opportunity

INTERVIEWMalakoff Médéric: innovation in R&D

DISCOVERING SRII love my job

THE SRI TWEETS

THE FREEDOM TO ENGAGESRI by Sycomore

SYCOMORE ASSET MANAGEMENT

OUR EDGE

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3THE RESPONSIBLE WAY - HAPPY@WORK

THE RECIPE FOR SUSTAINABLE GROWTH

Cyril CHARLOT Founding Partner Sycomore AM

We have spent 20 years visiting companies,meeting managers, conducting fundamentaland swot analysis, reviewing the accounts ofcompanies of all sizes and across all sectors, aswe have strived to identify the ingredients requi-red to create sustainable value.

It is not immediately apparent what PharmagestInteractive, ID Logistics, Thermador Groupe orencore Neurones have in common. But when wewent to visit all of these great companies andmet the staff, we were struck by the smiles ontheir faces and the passion they demonstratedwhen talking about their job or about the com-pany they worked for.

The key ingredient is happy workers!

Much has been written on this topic. Is it apassing fashion in the era of digitalisation andthe growing use of robots across the economy?We do not think so. We firmly believe that happinessat work is a major performance driver for com-panies. The theory developed by Jim Collins in“Good to Great” argues that corporate culture isthe common feature of all “exceptional” companies.Other books, such as Tony Hsieh’s “DeliveringHappiness” or Steve Logan’s “Tribal Leadership”clearly demonstrate the correlation that existsbetween performance and well-being. Happy@work is not a catchphrase thought up tosoothe trade unionists – but a true lever for crea-ting value.

A happy worker will be more creative and engaged andwill simply perform better. The result will be effectiveinnovation, satisfied clients and quality products.

But how do you make employees happy when they eachhave their own conception of happiness?

Inspired by captivating reading such as Isaac Getz’s“Freedom Inc.” or Dan Pink’s “Drive: The SurprisingTruth About What Motivates Us”, we came to the conclu-sion that employers can create a positive and fulfillingworking environment by giving employees freedom andpurpose.

Jean François Zobrist, former CEO of Favi, a foundry inthe North of France, restructured his company on thebasis of the following principles: people are good andworthy of trust; and trust creates more value than su-pervision: no more foremen, managers and files underlock and key. Welcome to a “liberated” company whereall is shared: targets, values and profits…

With the launch of the Sycomore Happy@Work fund, wehave chosen to invest in companies that understand theimportance of their employees’ well-being as a key driverfor sustainable performance.

If every single worker should be able to enjoy a sense ofpurpose in his or her work, then investors should also findpurpose in their investments!

EDITORIAL

ployees are more creative, more motivated and there-fore more efficient: if unhappiness at work carries acost, then well-being can drive performance.

In 2011-2012, companies that employed 9.3 timesmore engaged than disengaged workers saw their ear-nings per share grow 147% faster than their peers*.

Sycomore AM has launched a human capital strategy- and more specifically a happy at work fund – to seizethese opportunities. By leveraging on in-depth andproprietary analysis, the Sycomore Happy@Work fundseeks to identify companies where the strategies focuson human capital as a powerful and essential driverfor sustainable performance.

For several years now, the S letter in SRIand ESG has appeared frozen in time. If so-cial and societal research has evolved andnow grants more importance to the issuesof sourcing and outsourcing, which hadbeen given little attention in the past, theanalysis of social factors over the past 15years has been about data collection, ana-lysing indicators such as absenteeism rates,productivity or accident frequency rates, andalerting on the main social risks of a givencompany.

But what if a company’s human capital wasnot a risk factor but an opportunity and aneffective performance driver for investors?

For Vineet Nayar, Director of the leading IToutsourcing company HCL Technologies,employee fulfilment has to be a priority, asthe image and sales of a given company de-pend on its staff. According to a Gallup opi-nion poll that reached out to 17 millionworkers across the world over the past 30years, disengagement costs US employersbetween 450 and 550 billion dollars everyyear in lost productivity*.

New research tends to show that happy em-

HUMAN CAPITAL IS AN OPPORTUNITYby Bertille Presta Head of Sustainable & Responsible Investment

* “State of the Global Workplace: Employee Engagement Insights for Business Leaders Worldwide”. Sources: Gallup, 2013. 1 Hay Group. 2 UC Berkeley. 3 Forbes. 4 Gallup. 5 Martin Seligman.

OPINION


Anne-Sophie GODONDirector, Innovation, Research & Benchmarking

Director, Strategy and Marketing

INNOVATIONIN R&D

Malakoff Médéric was created in 2008 following themerger of the Malakoff and Médéric groups. Thenew entity has become one of the leading mutualinsurance and non-profit making players on theFrench welfare market.

Malakoff Médéric offers welfare services coveringpensions, healthcare, savings and life insurance.Furthermore, the group conducts an active socialand societal engagement policy via social anddisability-awareness initiatives.

Malakoff Médéric is one the 15 French institutionsdedicated to protecting employees, pensioners andindividuals.

INTERVIEW

Could you briefly present the Malakoff MédéricGroup?

Malakoff Médéric has two main business lines. Thefirst is the “pay-as-you go” supplementary pensionscheme - an area in which Malakoff Médéric has beena leading player since 1947. Malakoff Médéricconducts this general interest mandate on behalf ofthe Agirc and Arrco retirement systems, the compul-sory schemes for private sector employees. In 2014,the group provided these services for 198 000 com-panies, 3 million contribution paying employees and2.8 million pensioners. Contribution payments rea-ched a total of 10.2 billion euros.

The second line of business is health insurance, life as-surance and employee profit sharing schemes. Theseextend to 199 000 companies and their 4.7 million wor-kers (collective schemes) as well as to 1.8 million indi-vidual clients. In 2014, the Group generated a turnoverof 3.6 billion euros, with health insurance accounting for50.2% of sales.

The Group is working on the transformation of its L&Hinsurance business. This involves a R&D policy that fo-cuses on health and well-being as determining factors,for a better appreciation of the efforts that remain to bedone. In the course of this process, the Group developsrisk management and prevention services for companiesand their employees.

In 2015, this strategy was formalised with the launchof our Companies for Health (Entreprise Territoire deSanté) initiative which includes services with insu-rance guarantees, in order to further align the per-formance of the company and employee welfare.

Every year, the Group conducts a survey onthe health and well-being of employees inFrance. Your most recent report states that,in 2014, workers took an average 18.1 days

off in sick leave. This number is slightlydown since 2010. What facts lay behind thisfigure?

The healthcare system is undergoing major changes.The fast growth of new technologies enables newforms of diagnosis and treatment; the regulatory en-vironment is increasingly stringent for companies, andworkers have higher expectations of their employers…The promotion of employee health requires understan-ding these trends in order to provide global and appro-priate solutions. This is why Malakoff Médéric isresearching these issues specifically. Our survey on absenteeism, which covered 3 million em-ployees and 44 500 companies, together with our annualHealth and Well-being at Work poll, provides meaningfulinsights into the socio-economic realities that lie be-neath absenteeism rates.

Source: Health and well-beingat work barometerMalakoff 2014. Findings of survey Malakoff Médéric 2014.

THE SURVEY PROVIDESMEANINGFUL INSIGHTS INTO THESOCIO-ECONOMIC REALITIES THATLIE BENEATH ABSENTEEISM RATES.


Absenteeism is a major human, social, operational andfinancial challenge for companies. The issue is top onthe list of management concerns (89%). And no won-der: sickness leave in 2014 was equivalent to 42 full-time positions for a company of 1000 employees.

However, the analysis of 2014 data shows a contrastingsituation. The average length of sickness leave is 18.1calendar days, which is slightly up from 2013 (17.4days), regardless of the size of the company. The sametrend can be observed for the number of absence days,which stands at 11.4 days in 2014 (versus 10.8 days in2013) which takes the total number of days off to 35days (versus 33.4 in 2013). It is also worth noting that the number of sick leavesthat are longer than 10 days tends to rise (+5% com-pared to 2013) but that the number of short-term sickleaves (10 days or under) is down, while the number ofsickness leaves per employee remains flat (0.63 timesper year).

The number of employees absent at least once per yearis also stable: 32.6% in 2014 versus 32.4% in 2013.

The prevention of absenteeism is an issue that managersbelieve to be complex. To help them, we have designedtools that can assess sickness-related absenteeism.Companies are able to measure the cost using the Healthand Well-being at Work Barometer, the Absenteeism Si-mulator and the Absenteeism Record. We also offerhealth coaching programmes (Vigisanté) targeted to theemployees themselves, as well as assistance pro-grammes that provide support during their time off, helpthem return to work and improve their home life / workbalance.

Many initiatives promoting fulfilment atwork have been launched recently. Doesthis mean a return of human capital in ourpost-industrial society? What main socialinnovations have you witnessed among yourclients and the group’s partners? Do youhave a role to play in the promotion of theseinitiatives?

The corporate landscape is undergoing very fastchanges driven by the globalisation of markets, gro-wing digitalisation, tight deadlines and pressure fromcompetitors… To address these many changes, com-panies continually have to adapt their organisation,their modus operandi and “harness” their workforceto meet these challenges.

In this context, well-being at work has become a keyissue for companies and employees alike. A trend thatwe have seen rise since 2009 in the research we haveconducted.

FIGURES FOR 2014 SHOWA CONTRASTING SITUATION

Source: Health and well-being at work barometer Malakoff 2014. Findings of survey Malakoff Médéric 2014.

WELL-BEING AT WORKHAS BECOME A KEY ISSUE FOR

COMPANIES AND EMPLOYEES ALIKE

Employees have higher expectations: access to betterhealthcare, balance between home life and work, ac-cess to sport facilities, nutrition….

These aspects have become major aspirations for wor-kers at a time when they claim that their professionallife can be a physical - and sometimes psychological -strain. Well-being at work drives employees’ engage-ment, improves their trust in their employer and givesthem a sense of purpose in their work. Ultimately, beingattentive to the quality of working life is a performancelever for any company.

These aspirations of workers wishing to improve theirquality of life resonate with company managers - 90%of whom believe that the issue will be a major concern

for years to come. Directors and employees are unani-mous (95%) in believing that employee well-being at workcontributes positively to the company’s performance.

These observations endorse the Group’s strategywhich is driven by a global approach to health. We areconvinced that staff welfare should be perceived as aninvestment and not merely as a cost. We are particu-larly attentive to initiatives that are taken within com-panies and we actively promote them.

This is why Malakoff Médéric created its Health andQuality of Life at Work Club for large companies, inpartnership with the Global Social Observatory. For twoyears now, this Club has brought together Directors incharge of quality of life at work. The objective: to share

(*) Restructuring or reorganisation, change of position, redundancy plan.

Source: Health and well-being at work barometer Malakoff 2014. Findings of survey

Malakoff M

édéric 2014.


practices and tools that can feed and drive internal dis-cussions; to identify new issues for the Directors to ad-dress; and to initiate dialogue with stakeholders on keyissues such as longer careers, the health and happinessof employees in France and abroad, psychological andsocial risks, and the prevention of strenuous work.

Finally, on an experimental basis – and since the mid-dle of 2005 – we have introduced a scheme that en-courages the prevention efforts conducted by ourclient companies1. To reward these clients’ commit-ments, we grant them a discount on fees.

You have recently created a Research Chairon Companies and Health in partnershipwith the Conservatoire national des arts etmétiers (Cnam). What is the idea behind thispartnership?

The environment is changing for companies that nowhave to meet an increasing number of regulatory obli-gations, both in terms of welfare (complementaryhealth insurance for all employees as of January 1st2016, implementation of responsible contracts, end ofthe designation clauses in professional branches…)and in terms of health and safety (over 2000 require-ments in this field alone).

These factors accentuate the complexity of the land-scape for corporate players who increasingly have torely on training, consultancy and support services.These shifts are creating challenges that can only bemet through the gradual transition from a curative ap-proach to an increasingly preventive model.

These challenges are coercing players in the health-care industry to review their attitudes and turn the pro-motion of health at work into a topic for debates,academic teaching and research.

And it is with this objective in mind that the Cnam andMalakoff Médéric signed an agreement to create a Re-search Chair for Companies and Health in May 2015.This initiative preceded the memorandum adopted inJuly 2015 by the COCT (Conseil d’orientation des condi-tions de travail) on the importance of training for thedevelopment of a preventive culture in the area ofhealth at work.

The Research Chair targets all corporate stakeholders:managers of small and mid-sized companies, humanresources directors, managers and employees, socialpartners and consultancy firms… who are offered sui-table programmes according to their profile.

HR Directors and company executives: How to embedhealthcare in corporate policies; Managers : Taking health issues into account in day-to-day management; Employees: Be a driving force in managing your health;Social partners and trade union representatives: Howto identify and use available information to promoteemployee health; Consultancy firms: How to integrate a multidisciplinaryperspective on health in consultancy services.

These programmes offer individual training tracks -validated by award of a certificate - that benefit fromthe cross-cutting resources and capabilities of theCnam laboratories (Big data, work psychology, addic-tions, predictive medicine…) and from the developmentof new digital teaching tools (serious games, MOOC,SPOC…). They also offer applied research projects thataim, on the one hand, at assessing the efficiency andthe return on investment of preventive initiatives, andon the other, at building models able to measure theimpact of corporate organisational or technicalchanges on individuals and on their health; but alsovenues for debates, discussions and sharing expe-riences to engage all those concerned.

1 Limited to companies employing between 50 and 2000 people.

In July 2015, Sycomore AM launched anew fund focused on human capitaland well-being at work: SycomoreHappy@Work. The fund’s stock selectionprocess is driven by pragmatism andinnovation.

The fund gives a voice to all employees! Our objective is to invest in companies thatvalue their human capital. Beyond our mee-tings with management, we wish to collectopinions directly from the workers.

To achieve this, on-site visits are crucial asthey enable us to assess the atmosphere inthe offices, the tools employees have at theirdisposal to carry out their tasks, and the cor-porate culture…

Six simple but revealing questions guide ourdiscussions: Are you happy to come to work?Is your commitment rewarded when thecompany performs well? Are you asked togive your opinion and are your views takeninto account? What are the values of your

company? Do you have easy access to training? Wouldyou recommend your employer to your friends and fa-mily?

When researching large companies, we also take intoaccount the anonymous comments posted on surveywebsites such as Glassdoor, Viadeo, meilleures-entre-prises.com; we also carry out in-depth discussionswith the management and HR director and review thein-house satisfaction survey, if one has been conduc-ted. For smaller companies, that have not yet conduc-ted employee surveys, we are currently analysing thefeasibility of drawing up a relevant questionnaire alongwith our academic partners. This will help broaden ourthinking and enhance our research capabilities.

OPPORTUNITY IN SOCIAL INNOVATION... Initiatives that promote happiness at work are wideand varied. We have selected two from the SycomoreHappy@Work fund.

1000mercis asks each new recruit to draw up a“discovery report”, putting down on paper his or herimpressions, both negative and positive, during thefirst three months of joining the company.

At ID Logistics, the fixed salaries paid to group em-ployees are slightly lower than the market standard.However, all employees benefit from a variablecompensation scheme that can be as high as 40%of the fixed salary paid to a warehouse worker. Thecompany also focuses on in-house promotions and80% of the site managers were appointed from wi-thin the company’s workforce.

I LOVEMYJOB

Fund performance may be partly driven by the ESG indicators of portfolio positions but these are not the sole determining factors. Past performance is no guide to future returns. The funds offer no guaranteedincome or performance and carry a risk of capital loss. Prior to making an investment decision, investors are requested to consult the relevant KIID available on our website: www.sycomore-am.com.

DISCOVERING

SRI


Relevant HR indicatorsOur groundwork is conducted alongside the analysis ofmore conventional HR performance indicators (productivity,turnover, absenteeism, accident frequency and severityrates, access to training). The work carried out in situ givesour fund managers the opportunity to review the data incontext and to check and question its accuracy. Our pro-prietary research tool provides a long history of socialdata which enables us to observe changes over time and tocompare our findings with those published by competitors.

5 key pillars for employees to be H@W We believe it is fundamental to create a climate that is fa-vourable to employees’ self-motivation by fostering effi-ciency and creativity. Our fundamental research thereforegoes beyond the conventional HR indicators and the simpleanalysis of how a given company organises and managesits human capital (growth model, HR organisation, restruc-turing…). Having discussed and consulted the work of manyacademics and specialists in the field of happiness at work,we pay particular attention to equity, autonomy, the senseof purpose, personal development and accountability, andthe quality of relations.

Our role is to determine whether the company promotesdiversity and equal opportunities within its teams, whetheremployees enjoy a high degree of responsibility and auto-nomy, and if their working environment encourages inter-personal relationships and creates the right balance forindividuals to feel happy at work.

A selective investment processThe investment process relies on the thorough analysisof how happy employees are at work, but also on theexclusion of companies that carry environmental, so-cial and governance (ESG) risks that we consider to beexcessive. As a result, we exclude from our investmentuniverse any company whose ESG rating is under2.5/5, or that has over 10 controversy points. Any com-pany facing a controversy on its employees’ workingconditions that is ranked level 2 on a scale of 3 shallalso be excluded.

Finally, the investment process aims at initiating aconstructive dialogue with the managers of each com-pany – the idea is to foster an on-going drive for im-provement and to share the best innovations in thefield. We are particularly keen to support preventive ac-tion in the area of health and safety at work, as theseefforts drive performance at the company level and im-prove employee well-being.

THE 5 KEY PILLARSHAPPINESS AT WORK

Sycomore AM@sycomoream

Atmosphere and recognition: the mainlevers for quality of life at work accordingto French employees@malakoffmederic #humaniscapital


74% of French employees are proud oftheir employer @malakoffmederic #humaniscapital


42% of French employees believe that unhappiness atwork affects their performance@ipsosfrance #humaniscapital #H@W


@SycomoreAM has launched thehashtag #H@W (Happy at Work)#humaniscapital

Source: Health barometer Malakoff 2014.

SRITW

EETS



For six out of ten employees, work is asource of personal fulfilment beforebeing a constraint@cegos #humaniscapital


In 2014, 38% of French workers feltunmotivated, versus 23% in Germanyand 22% in Sweden @edenred @ipsosfrance #H@W


88% of French employees are generallyHappy@Work#H@W


In 2014, French employees rated thequality of life at work 6.2/10 @edenred @ipsosfrance #H@W


A sedentary person that takes up sportat work improves his or her productivityby 6% to 9%@medefsport #H@W

Source: 9th edition of the Barometer Edenred-Ipsos - 2014

SRI BY SYCOMOREESG-CFOOTPRINTOur ESG analysis is based on the in-depthunderstanding of extra-financial criteriastructured around three themes: Environment,Social and Governance. This research iscomplementary to financial analysis andaims to provide insights that can refine therisk/opportunity analysis of companies overthe mid to long-term.

Sycomore AM takes into account compa-nies’ ESG issues when determining their

ESG RATING BREAKDOWN OF POSITIONS ACCORDING TO ESG RATINGS

FUNDS ESG rating (from 1 to 5)

EUROCAP 3.1FRANCECAP 3.1EUROPEAN GROWTH 3.1EUROPEAN RECOVERY 3.0SÉLECTION PME 3.1PARTNERS 3.2SÉLECTION CRÉDIT 3.1SÉLECTION RESPONSABLE 3.3ECO SOLUTIONS 3.3HAPPY@WORK 3.3UNIVERS SYCOMORE 3.1EURO STOXX 2.9Data as of 10.15.2015. Fund performance may be partly driven by the ESG indicators of portfolio positions but these are not the sole determining factors. Past performance is no guide to futurereturns. The funds offer no guaranteed yield or performance and carry a risk of capital loss. Prior to making an investment decision, investors are requested to consult the relevant KIID available onour website: www.sycomore-am.com.

risk premium. The entire investment universe is ana-lysed using a proprietary ESG research model that isintegrated to our financial valuation tool.

Developed in-house, our scoring model includes87 criteria. The model is fed exclusively with grossdata disclosed by the companies and enhancedthrough regular meetings with the managementteams. Following this analysis process, each companyis awarded a rating on a scale of 1 to 5.

The ESG footprint reflects the sustainable develop-ment characteristics of each fund and offers addi-tional information.

Since 2015, Sycomore AM’s funds have disclosed theircarbon intensity. The objective of this indicator is tocompare the carbon intensity of a given fund relative to itsbenchmark (in CO2teq) for a one million euro invest-ment. Scope 1, scope 2 and part of scope 3 emissionsare taken into account in the calculation process.

TH

EFREEDOM

TOENGAGE

RECENT SRI MEETINGS

TOP 10 PORTFOLIO RATINGS

ESG rating(1 to 5)

AIR LIQUIDE 3.9LEGRAND 3.8TARKETT 3.7BOMBARDIER 3.5COLOPLAST 3.4NOVOZYMES 3.4BUREAU VERITAS 3.3VÉTOQUINOL 3.2SQLI 3.1MILLEMERCIS 3.1

ESG rating(1 to 5)

DIRECT ÉNERGIE 3.1PARROT 3.1STORA ENSO 3.0FOCUS HOME INTERACTIV 3.0EURAZEO 3.0YMAGIS 3.0ALTRAN 2.9SANOFI 2.6BOUYGUES 2.6AREVA 2.1

Data as of 10.15.2015.

VALUES ESG rating(1 to 5)

AIR LIQUIDE 3.9EDENRED 3.8LEGRAND 3.8INDRA SISTEMAS 3.7SEB 3.7

VALUES ESG rating(1 to 5)

TARKETT 3.7ESSILOR 3.6FLEURY MICHON 3.6GEMALTO 3.6SVENSKA HANDEL. 3.6


Data as of 10.15.2015. Fund performance may be partly driven by the ESG indicators of portfolio positions but these are not the sole determining factors. Past performance is no guide to future returns. The funds offerno guaranteed yield or performance and carry a risk of capital loss. Prior to making an investment decision, investors are requested to consult the relevant KIID available on our website: www.sycomore-am.com.

SRI BY SYCOMOREOUR INVESTMENTCAPABILITIES

ESG RATINGS & CARBON EMISSIONS

ENVIRONM

ENT

SOCIAL

CARBON

GOVERNANCE

SYCOMORE SÉLECTION RESPONSABLE

A responsible selection of European equities that comply with the principles of sustainable development

SYCOMORE SÉLECTION CRÉDIT

A responsible selectionof European corporate bondscovering the full spectrum (IG, HY and NR)

Data as of 10.15.2015, I share class. TR = total return (dividends reinvested). Fund performance may be partly driven by the ESG indicators of portfolio positions but these are not the sole determining factors.Past performance is no guide to future returns. The funds offer no guaranteed yield or performance and carry a risk of capital loss. Prior to making an investment decision, investors are requested to consult therelevant KIID available on our website: www.sycomore-am.com.


PERFORMANCE SINCE INCEPTION

1 year performance: 30.0%1 year volatility: 15.5%

PERFORMANCE SINCE INCEPTION

1 year performance: 2.6%1 year volatility: 2.0%

The fund has received this label since 2011.

The fund has received this label since 2013.

•

SYCOM

OREASSETM

ANAGEM

ENT

INVESTMENT& ENGAGEMENTCreated in 2001 and majority-owned by its founding partners and employees Recognised expertise on European marketsPerformance-driven investment culture based on active managementA team of 41 people of which 13 are dedicated to investment and 4 are ESG specialists

AUM of €3bn*, primarily on behalf of French institutional investors Investment capabilities acknowledged as “High Standard” since 2008 by Fitch Ratings

•••••

*Data as of 10.15.2015.

** Only the Sycomore Sélection Responsable and Sycomore Sélection Crédit funds received the Novethic SRI labels.

Fundamental

analysis

Includingextra-financial

criteria

2001

Development

of proprietary

ESG model

2008

Launch of

a dedicated ESG

group withinthe investment

team

2010

Launch of theSYCOMORE

SELECTION

RESPONSABLE**

fund

2011

First

CSR Report

Launch of

ESG FOOTPRINT

and CONTRO-

vERSY TOOL

Launch of theSYCOMORE

SELECTION

CREDIT**

fund

2012

First

SRI mandate

2013

CARBON

FOOTPRINT

added

to the fund reports

2014

Launchof

SYCOMORE

ECO SOLUTIONS**

&SYCOMORE

HAPPY@WORK**

Change to ourESG model:

E and S pillars

are enhanced

2015

STRONG ENGAGEMENT


OUREDGE

PROPRIETARY ESG RESEARCH

Annual BACKTESTING OF OUR ANALYSIS MODEL,exclusively fed with gross data published by companies

Continual CONSTRUCTIVE DIALOGUE with Sustainable Developmentand Investor Relations teams of corporates

A CONVICTION-DRIVEN SRI APROACH recognised since 2011 via the Novethic Label

Firm ENGAGEMENT with key playersin the field of SRI: PRI, CDP, French-SIF (FIR), SFAF, Government, Ministries, Academics

A team of 4 specialists dedicated to ESG RESEARCH

OUR SRI ASSETS UNDER MANAGEMENT: €641mGrowth of SRI assets under management (in €m)

TH

ERESPONSIBLEW

AY

Published document by Sycomore Asset M

anagem

ent. Any reproduction, whole or in part, is strictly prohibited.@November2015

14 avenue Hoche 75008 Paris

www.sycom

ore-am

.com

bySYCOM

OREASSETM

ANAGEM

ENT

Documents

L E B THE RESPONSIBLE WAY I by SYCOMORE ASSET …€¦ · Absenteeism is a major human, social, operational and financial challenge for companies. The issue is top on the list of