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Engagement policy

PhiTrust is active with companies of its portfolio in order to make them evolve on controversial subjects and to improve their governance, their environmental and social practices.

This engagement is characterised by a dialogue with managers of issuing businesses as well as an active attendance to shareholder meetings, that could even result in the inclusion of resolutions regarding controversial subjects. PhiTrust believes in dialogue, that allows to develop a constructive collaboration with the managers of listed companies.
Initiative process is performed each year throughout three stages.
The first two stages are unknown to the general public.

The chronology of engagement activities and initiatives is as follows:



-       Definition and review of the principles chosen by the UCITS;  

-       Analyse of environmental, social strategies, and of governance quality in portfolio's companies;

-       Proposition of one or more possible initiatives per company;

-       Selection of initiatives by the Technical Commitee of the fund.


2nd Stage : PReSENTATION of proposals to businessES

-       Confidential letter to chairmen of portfolio's companies;

-       Dialogue with businesses on the various initiatives proposed;

-       Analyse of replies and companies comments about proposals.


3rd Stage: INTERVENTION at GeNeRAL meettings

-       Decision together with our investors about the possibility of an open action to propose to all shareholders in order to set up one or more of the initiatives previously discussed with the companies.

-       Presentation of the project to the whole community of investors.

-       Discussion of the initiative with concerned companies.

-       Open actions at general meetings:

§  Written question

§  Oral question

§  Resolution

-       Dissemination of our open initiatives in the press, in our publications and on our web site.


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