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SFDR

Regulation (EU) 2019/2088 on sustainability in the financial services sector (Sustainable Finance Disclosure Regulation/ SFDR) aims to increase transparency on how sustainability risks are integrated into financial product and service decisions and recommendations, in order to improve industry-wide competition and to prevent misleading customers about products/services with a false sustainability objective.

WHAT IS SUSTAINABILITY RISK?

Sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause a significant, actual or potential adverse effect on the value of the investment.

As a financial consultant from the perspective of the distribution of insurance-based investment products, BRD-Groupe Société Générale S.A. (BRD) informs its customers on how sustainability risks are integrated into the distribution process of these products and collects their preferences regarding sustainability through the Demand and needs test document.

Insurance-based investment products are insurance products that provide a maturity value or a redemption value that is exposed, in part or in full, directly or indirectly, to financial market fluctuations by investing net insurance premiums in investment funds.

SUSTAINABILITY POLICIES

BRD is part of the Société Générale Group, a group with constant concerns in terms of environmental, social, ethical and governance aspects, reflected in the way customers and service providers are selected. Moreover, responsible investment, based either on exclusionary principles/criteria or on the existence of certain restrictions, are an integral part of Société Générale Group's social responsibility strategy. For more details, please consult the environmental, social and governance policies of the Société Générale group.

Société Générale Group aims to build a sustainable future with its employees through responsible and innovative financial solutions. In line with this objective is BRD's employee remuneration policy, which promotes sound and effective sustainability risk management for employees involved in the distribution of insurance-based investment products. The remuneration policy can be found here.

NEGATIVE EFFECTS ON SUSTAINABILITY

BRD, as a financial advisor for the distribution of insurance-based investment products, does not currently have in its distribution portfolio insurance products that integrate sustainable investments or environmentally sustainable investments or products that take into account the main negative impacts on sustainability factors (e.g. environmental, social and labor issues, respect for human rights, anti-corruption and anti-bribery issues).

Sustainable investment is an investment in an economic activity that contributes to an environmental objective as measured, for example, by key resource efficiency indicators on energy use, renewable energy, raw materials, water and land use, waste generation and greenhouse gas emissions. It also has an effect on biodiversity and the circular economy. Sustainable investment can also be an investment in an economic activity that contributes to a social objective, in particular an investment which contributes to combating inequality or which promotes social cohesion, social inclusion and labor relations or an investment in human capital or in economically or socially disadvantaged communities, provided that such investments do not significantly harm any of these objectives and that the companies invested in follow good governance practices, in particular as regards sound management structures, labor relations, remuneration of relevant staff and compliance with tax obligations.

An environmentally sustainable investment is an investment that finances one or more economic activities that qualify as environmentally sustainable.

Among the investment funds in which net insurance premiums for insurance-based investment products in the BRD distribution portfolio are invested, there may be investment funds that promote environmental or social features or a combination of these features, taking into account the main negative impacts on sustainability factors. More details on the environmental and/or social features promoted, can be found in the document "Transparency of sustainability risk integration".

STATEMENT FOR THE NON-CONSIDERATION OF NEGATIVE EFFECTS OF INSURANCE ADVICE ON SUSTAINABILITY FACTORS

BRD does not take into account in its insurance advice, on a direct and specific basis, sustainability risks, the likely effect of sustainability risks on the performance of financial products in which net insurance premiums are invested or the adverse effects of decisions to allocate net insurance premium in the investment funds indicated above on sustainability factors.

For the provision of insurance advice, BRD only collects using the form on client demand and needs test, information on the sustainability preferences of clients. Here we also find the type of investment funds in which they choose to invest their net insurance premium (e.g. investment funds that invest in sustainable investments or environmentally sustainable investments or investments that promote environmental or social features or a combination of these features.

Based on the information provided, BRD determines whether the insurance products in its distribution portfolio are suitable and appropriate to the customer's needs and requirements, and to the extent that such products are identified, they will be offered to the customer.

However, BRD does not consider any adverse effect of decisions to purchase insurance products or to allocate net insurance premium in the investment funds indicated above on sustainability factors in its insurance advice. Although BRD supports the objectives of the SFDR, currently, the data available from insurance product manufacturers is still limited, therefore the company believes that without full information from product manufacturers it may be difficult to consider, in a complete and fair manner, the negative effects of insurance advice on sustainability factors.

However, BRD is closely monitoring regulatory developments and the activity carried out by manufacturers of insurance products, to be able to consider negative effects of insurance advice on sustainability factors, as soon as the necessary information is available and will be made available by manufacturers of insurance products.

Information updated 1st September 2023

You can consult

Environmental and social general principiles	download
Societe Generale Group/s transversal statement on protection biodiversity	download
Societe Generale Group/s transversal statement on climate change	download
Societe Generale Group/s transversal statement on human rights	download
Group Societe Generale code of conduct	download
Transparency of sustainability risk integration	download

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