As a responsible investor with a share portfolio, CNP Assurances has had a dialogue and voting policy with listed companies in which it invests directly since 2005.

Dialogue with companies

Our Group intends to support its climate and biodiversity strategy by encouraging companies to publish information on the risks related to climate change and biodiversity loss.

The Group would also like to improve their corporate governance in terms of the composition of the board of directors, separation of duties and executive compensation.

To do this, CNP Assurances relies on its voting policy, the information published by companies, analysis by shareholder advisory firms and dialogue with companies ahead of general meetings.

This dialogue with companies addresses ESG, corporate-strategy and financial-performance issues. 

Depending on the company’s activity, the following themes are discussed:

  • governance and resolutions at the General Assembly,
  • transparency and quality of financial and non-financial information, 
  • impacts of the company's activities on climate,
  • risks related to climate change,
  • impacts of the company's activities on biodiversity,
  • risks related to biodiversity loss,
  • other social and environmental risks.

Our voting policy

Votes at the general meetings


CNP Assurances votes at the general meetings of almost all French and European companies in its portfolio.

The principles set out in the voting policy aim to :

  • defend the rights of CNP Assurances as a minority shareholder in the long-term interest of its insured parties and its own shareholders
  •  support the long-term valuation of the shares held
  • promote sustainable development at companies of which CNP Assurances is a shareholder by supporting development strategies that account for their impact on all stakeholders.

In 2020, CNP Assurances voted against 532 resolutions - 25% of the resolutions submitted to the general meeting - in particular due to the excessive remuneration of certain executives and the insufficient parity of certain boards of directors.