23

20 19 NFR

Our approach is considered fruitful if the dialogue with an issuer results in greater ESG transparency and/or an improvement in ESG practices over time. If our efforts prove unsuccessful (non-existent or unsatisfactory dialogue), portfolio management teams may decide to divest their positions if necessary.

VOLTING POLICY

ODDO BHF AM believes that exercising voting rights is an essential tool for meeting its responsibility as a shareholder and a signatory to the PRI regarding environmental, social and governance criteria. ESG analysis is a core element that plays a significant role in the voting policy

at Annual General Meetings. Decisions are made on a case-by-case basis, with priority given to corporate governance and human resources management (quality of management and human capital).

More information on our voting policy can be found on our website: https://www.am.oddo- bhf.com/deutschland/de/professioneller_ anleger/ad/expertises_de_gestion/1008/ investissement_durable__esg/1016

ODDO BHF AM systematically participates in votes at all companies present in portfolios integrating ESG criteria.

OUR CLIMATE CHANGE APPROACH

Besides simply measuring carbon emissions, ODDO BHF AM reinforces its differentiated approach by integrating a qualitative analysis of the contribution of its portfolios to the attainment of climate objectives. For this purpose, we have developed an energy transition analysis (ETA) to measure the contribution of each company to a low-carbon economy.

ETA | OUR INTERNAL SCORING SYSTEM FOR THE ENERGY TRANSITION ANALYSIS OF COMPANIES*

* Internal rating scale out of 5, source: ODDO BHF AM

SECTOR POSITIONING ENVIRONMENTAL ANALYSIS

Clean energies (ODD 7, 13) Environmental management system

Products and/or services Environmental opportunities Environmental risks Governance Strategy Risk management Objectives

Energy efficiency (ODD 7, 9, 11)

Biodiversity (ODD 6, 12, 14, 15)

Circular economy (ODD 11, 12)

Sustainable mobility (ODD 9, 11, 13)

ETA SCORE: 30% ETA SCORE: 70%

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