Our commitment

Responsible Commitment

Investors have a key role in addressing the challenges of global warming and contributing to the development of a more social and sustainable economy.

At Montpensier Finance, we are convinced that extra-financial criteria – environmental, social and governance (ESG) – are long term performance levers for companies. Our role as an investor is to favor companies that have chosen to have a positive impact on the world we live in, while creating value.


The environment is a major challenge for the 21st century. We attach importance to the environmental impact of companies and to their capacity to propose solutions towards preserving and sustaining their environment and protecting against associated risks. CO2 emissions, pollution, waste and sustainable resource management, etc. are the environmental challenges facing companies today.


We also attach importance to companies’ social responsibility, in terms of their internal impact and also with regard to their service providers. We believe that a company’s human and social capital is an important factor and that employment, security and healthcare issues are part of its social responsibilities.


Corporate governance encompasses management issues and the role of deliberating bodies and shareholders, alongside risk management, financial communication and transparency, etc. The fight against all forms of corruption is also a core challenge of good corporate governance.


Montpensier Finance received the highest possible score A+ in “strategy & governance” on the PRI assessment report 2020

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→ Montpensier Finance obtient le label beige “Towards Sustainability” pour les fonds : Best Business Models SRI & M Climate Solutions. Ce label de durabilité compte parmi les plus stricts en Europe.

→ Montpensier Finance obtains the SRI label for the funds : Great European Models SRI & Quadrator SRI.


M Climate Solutions Montpensier Finance decides to launch a “Greenfin” labelled international equity fund targeting companies involved in the Energy and Climate Transition.

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→ Best Business Models obtains the SRI label and becomes “Best Business Models SRI” Formalisation of our responsible approach : implementation of the proprietary SRI analysis method. We selct responsible stocks with a positive impact on the environment and society.


→ Montpensier Foundation Responsible commitment is also societal:
creation of the Montpensier Foundation

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→ An ESG companent is integrated into all equity and convertible management methods

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→ Montpensier Finance obtains the Belgian label “Towards Sustainability” for the funds : Best Business Models SRI & M Climate Solutions. This sustainability label is considered to be one of the strictest in Europe.

Best Business Models obtains the SRI label and becomes “Best Business Models SRI” Formalisation of our responsible approach : implementation of the proprietary SRI analysis method. We select responsible stocks with a positive impact on the environment and society.

→ Montpensier Finance adheres to the IRPs and is committed to supporting and applying the 6 Principles for Responsible Investment

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→ Montpensier Finance obtains the SRI label for the funds : Great European Models SRI & Quadrator SRI.

→ Montpensier Finance joins the United Nations Global Compact

Furthermore, Montpensier Finance also supports several climate and biodiversity initiatives:


– The TCFD, Task Force on Climate-Related Financial Disclosures, established by the G20 Financial Stability Board in 2015 ;

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– The Paris Agreement adopted in December 2015 as part of COP21, international climate conference that brings together every year the United Nations Framework Convention on Climate Change (UNFCCC) signatory countries;

– The Science Based Target (SBTi), initiative that encourages companies to commit to and define a concrete trajectory for reducing their greenhouse gas (GHG) emissions, based on science;

– The Climate Action 100+, launched in 2017 at the One Planet Summit, is an alliance of investors representing more than $65 trillion in assets with the goal of encouraging the world’s largest greenhouse gas emitters to put their transition to cleaner energy into practice and thereby meet the goals set by the Paris Agreement. Montpensier Finance joined the Climate Action 100+ in December 2021.

– The TNFD, Taskforce on Nature-Related Disclosures, launched in 2021. Montpensier Finance joined the TNFD in October 2022

– The Finance for Biodiversity Pledge, launched at COP 15 in 2022, calling for the mobilisation of financial activities to restore biodiversity and ecosystems. Montpensier Finance joined the Finance for Biodiversity Pledge in November 2022.

In order to complement its investment procedure, Montpensier Finance has also adhered to the UN Global Compact and therefore supports the Declaration of Human rights.

Montpensier Finance is a signatory to the United-Nations Principles for Responsible Investment (PRI).


As a result, several measures have been put in place by Montpensier Finance in order to adapt its investment management processes and implement procedures and an organisational structure aiming to respect the Principles for Responsible Investment.

ESG issues in investment methods

ESG criteria are an integral component of the investment methods implemented by Montpensier Finance.

Montpensier Finance relies its SRI measures on the ESG research published by MSCI. Three MSCI ESG analysis components are integrated.

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  • Qualitative analysis
    and ESG ratings based on
    a "Best in class" approach


  • Controversy analysis,
    based on three factors:
    - Environmental
    - Social
    - Governance


  • Negative screening
    for controversial

A grade is thus integrated in the qualitative scoring which guides managers in the construction of their portfolio.

In this context, Montpensier Finance has also implemented various indicators, with the objective of seeking an overall balance within the funds.

In addition, Montpensier Finance has developed a proprietary methodology for SRI analysis based on a dual approach:

  • An analysis of corporate governance via the proprietary “MGF – Montpensier Governance Flag” method, which focuses on good corporate governance practices, and
  • An analysis of the impact of companies on environment and society via the proprietary “MIA – Montpensier Impact Assessment” method, which is based on the 17 UN SDGs, categorized according to whether they belong to ecological transition or solidarity transition,

and is at the heart of the investment process of our main SRI-labelled equity funds.

Montpensier Finance has also developed a Best in Class variant of the Montpensier Impact Assessment (MIA) method, notably for funds invested in convertible bonds and for the Improving European Model SRI fund. The analysis of the contribution of companies to environmental and social transitions via the proprietary « MIC – Montpensier Industry Contributor » method is based on the 17 UN Sustainable Development Goals (SDGs) in order to determine the positioning of companies on environmental and social aspects, taking into account their sector of activity and the progress of companies.

For M Climate Solutions, Montpensier finance has developed a specific method for determining the eligibility of stocks, based on the extent to which companies belong to defined transition vectors and intensity of the green share in their turnover, in strict compliance with the requirements of the Greenfin label.

Policies and Documents



UCIs are prohibited from investing in securities identified as being involved in the production of the weapons mentioned in the following conventions (these exclusions apply to all French portfolio management companies):

– The treaty banning anti-personnel mines (Ottawa Treaty).
– The Convention on Cluster Munitions (Oslo Convention).

Additional exclusions have also been implemented on certain funds, Best Business Models SRI which holds the SRI and Towards Sustainability labels, Great European Models SRI, Quadrator SRI, Aesculape SRI, M Sport Solutions SRI, Improving European Models SRI, M Convertibles SRI and M Global Convertibles SRI which hold the SRI label, and M Climate Solutions which holds both the Greenfin and Towards Sustainability labels

In addition, as part of implementation of its ESG approach, Montpensier Finance has set up an exclusion policy which is established on several levels, depending on the scope of application of the exclusions, for different management process.

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Montpensier Finance carry a particular attention to the Environment. We focus on the environmental impact of companies, their ability to propose solutions to preservation and sustainability of their environment issues, and to protect themselves from the risks associated with it.

Issues such as carbon emissions, pollution, waste treatment, or resources sustainable use, are key issues for companies. At the heart of our environmental considerations, in line with the collective commitment made by the financial professions on July 2, 2019 at the French Ministry of Economy and Finance, Montpensier Finance has adopted a “coal strategy“. This strategy aims to reduce the exposure of investments to coal in order to contribute to the objective set by the national carbon neutrality strategy: to stop financing the coal sector.


In the framework of Article 29 of the French Energy and Climate Law, Montpensier Finance publishes an annual TCFD Article 29 LEC report. The main objective of this report is to present the overall level of investments in favour of the climate, and in particular the contribution to the respect of the international objective of limiting global warming and to the achievement of the objectives of the energy and ecological transition.


Montpensier Finance « ESG policy » presents measures put in place with the objective of respecting the Principles for Responsible Investment within the framework of its management processes, and of implementing processes and an organization that takes into account Environmental, Social and Governance (ESG) factors.

Policy on shareholder engagement



The exercise of the voting rights is an important element of the dialogue with issuers. It encourages the dissemination of best practices in governance and professional ethics.

Montpensier Finance considers that the exercise of voting rights is an integral part of the investment management process and should be carried out in the best interest of its clients. The fund managers analyse unit/shareholder resolutions and decide how to vote. They may refer to the principles regarding corporate governance recommendations published by ISS Gouvernance in its sustainability policy.



Montpensier Finance wants to increase the scope of its commitment to the companies in which the funds are invested. With this in mind, Montpensier Finance has decided to participate in the pooled engagement actions implemented by ISS as part of its ISS ESG program

Responsible Investment:
the French and Belgian labels

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Ministry of Finance

ProInvestment Process “SRI”

ESG requirements(1)

→ Percentage of ESG-rated issuers in the fund’s portfolio sustainably above 90% → Reduction of at least 20% of the investable universe on ESG criteria.

Code of Transparency
& Impact Reporting


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Ministery of Ecological and
Solidarity Transition

Thematic Investments and climate exclusions (fossil fuels, nuclear power)

“Climate” requirement(1)

→ Portfolio composed of at least 20% “Type I” issuers(2) and no more than 25% “Type II” issuers(2).

Code of Transparency
& Impact Reporting

M Climate Solutions

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Central Labelling Agency

Invesstment Process “SRI”

ESG Requirements (1)

→ One of Europe’s strictest SRI labels for sustainable and socially responsible financial products → It relies on in-depth ESG analysis and independent oversight to promote investment funds with positive environlentak and social impacts.

Quality standard : transparency, exclusions, funding of positive impact activities.


(1) Not exhaustive
(2) Three types of companies: Type 1: More than 50% of eco-activities, Type 2: between 10 and 50%, Type 3: less than 10%