Climate Change Data

Environmental Metrics

ESG Focus Areas

• Active recruitment management and employee support
• Environmental and societal considerations in day-to-day decisions

Environmental Achievements

• Electricity consumption for the whole Group fell to 721,594 kWh versus 733,640 kWh in 2015. This translates into a nearly 1.6% reduction year-on-year and a decrease of slightly more than 4% over the past three years.

Social Achievements

• Launched various share-based incentive schemes to drive growth by retaining core skills while containing payroll and other fixed costs in a highly competitive environment.
• 10 new permanent employees joined the Group in 2016, accounting for 12% of the workforce at year-end.
• Average length of service for employees in the Group stands at 7.3 years (versus 6.8 years in 2015).

Governance Achievements

• Adopted MiddleNext's corporate governance code for small and midcaps as its reference code.
• Women account for 43% of Board members. Excluding the founding shareholder directors, women represent 60% of the Board (three in four members).

Climate Goals & Targets

Environmental Challenges

• Unstable and increasingly complex regulatory environment (CRD IV and AiFMD) triggered a noticeable increase in base salary costs in the finance industry.
• Difficulty to recover tax receivables.

Mitigation Strategies

• Gradually reviewed its compensation policy, with a resulting increase in fixed costs of around 20% between 2012 and 2014.
• Developed various share-based incentive schemes.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: MiddleNext corporate governance code

Third-party Assurance: Ernst & Young et Autres, Deloitte & Associés

Environmental Metrics

ESG Focus Areas

• Exclusion of assets based on ESG criteria
• Measurement of ESG indicators for the investment portfolio
• Engagement and voting procedures
• Minimising direct environmental impact
• Responsible use of natural and energy resources
• Diversity and non-discriminatory employment policy
• Social impact beyond own activities

Environmental Achievements

• Measures to prevent and reduce air emissions introduced
• ABC arbitrage Group measured its carbon footprint

Social Achievements

• Developed an employment policy that respects diversity and is non-discriminatory, while respecting Human rights
• Social impact beyond its own activities, in particular through commitments to associations that promote equal opportunities and improved access to training and educational opportunities to young people.
• 88% of employees received a fixed salary increase in 2020

Governance Achievements

• Established a cross-functional and high-level responsible investment committee in 2022
• Annual review of the company’s gender equality and equal pay policy by the Board of Directors
• Internal conflict of interest policy
• Strict procedures and rules governing the processing of orders and the primacy of the client’s interests
• Whistleblowing system with an ethics officer

Climate Goals & Targets

Environmental Challenges

• Integrating ESG criteria into short-term, high-frequency trading strategies
• Limited voting rights due to synthetic format of financial instruments and rehypothecation
• Finding suitable training courses for employees on ESG issues

Mitigation Strategies

• Analysis of solutions for integrating ESG criteria into investment models (exclusion of assets, ESG indicator measurement, engagement procedures)
• Hiring of an ESG analyst in 2021
• Establishment of a responsible investment committee in 2022
• Internal training and awareness-raising initiatives (newsletter, serious game)
• Ongoing search for appropriate employee training courses

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Principles for Responsible Investment (UNPRI)

Environmental Metrics

ESG Focus Areas

• Employee well-being
• Diversity and Inclusion
• Environmental impact

Environmental Achievements

• Measured carbon footprint (530 tCO2e for all 3 scopes, excluding investment portfolio), identified areas for reduction
• Recycled 264 kg of waste
• Implemented energy sobriety measures (Ecowatt collaboration)

Social Achievements

• Increased workforce by 9% (average headcount)
• Implemented share-based incentive schemes to retain talent
• Developed a collective agreement allowing for 12 days of telework per month
• Low absenteeism rate (0.8%)
• Organized integration mornings for new employees
• Sponsored various athletes and artists

Governance Achievements

• Board of Directors with 60% women, 100% of independent directors are women
• Implemented a new compensation system
• Established a CSR working group
• ABC arbitrage Asset Management joined the UNPRI initiative

Climate Goals & Targets

Environmental Challenges

• Maintaining recruitment of quality profiles without discrimination
• Managing risks associated with international operations and varying regulatory environments
• Achieving target assets under management

Mitigation Strategies

• Implemented a new compensation system with objective criteria
• Close monitoring of tax and regulatory environments
• Significant recruitment efforts (aiming for 140 employees in 2025)
• Continued IT investments

Supply Chain Management

Responsible Procurement

• Preference for quality products with better environmental or social performance

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: MiddleNext Corporate Governance Code

Environmental Metrics

ESG Focus Areas

• Employee well-being and professional fulfillment
• Diversity and inclusion
• Environmental impact reduction

Environmental Achievements

• Reduced carbon footprint by around 5% compared to 2022
• Reduced electricity consumption in Paris offices from 108,000 kWh to 91,000 kWh
• Increased share of environmentally-friendly transport for staff commute to 27.3%

Social Achievements

• Achieved Great Place To Work® France certification
• Workforce growth of 22% over the past 3 years
• Recruitment of 15 new employees on permanent contracts in 2023
• Low absenteeism rate (0.7%) well below the sector average
• Implementation of a new system of skill levels reflecting employee responsibility and development

Governance Achievements

• Creation of a CSR committee within the Board of Directors in 2023
• Inclusion of CSR performance evaluation criteria in the variable compensation of the CEO
• ABC arbitrage Asset Management joined the UNPRI in 2022

Climate Goals & Targets

Environmental Challenges

• Measuring the Group's carbon footprint, particularly Scope 3 emissions associated with its investment portfolio
• Reducing coffee capsule waste
• Further reducing carbon footprint

Mitigation Strategies

• Ongoing analysis of Scope 3 emissions
• Exploring ways to reduce coffee capsule usage
• Continued efforts to reduce energy consumption and promote sustainable transport

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Preference for quality products with better environmental or social performance (where possible)

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: UNPRI

Certifications: Great Place To Work® France

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Great Place To Work® France certification

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Joined UNPRI in 2022 and HFAC in 2024; working to measure portfolio's greenhouse gas emissions.

Social Achievements

• All trading desk staff received ESG training in 2024; CSR working group established in 2022; active discussions about calculating carbon footprint and recalling good practices.

Governance Achievements

• Established a Responsible Investment Committee (RIC) with diverse representation; implemented pre and post-trade tools to prevent trading in excluded securities; complies with all applicable regulations (French “Loi-énergie climat”, SFDR, UNPRI reporting).

Climate Goals & Targets

Environmental Challenges

• Difficulty in applying traditional responsible investment principles to quantitative and systematic models; complexity in measuring GHG emissions of a portfolio with short cycles and various instruments; limited voting rights due to nature of alternative strategies.

Mitigation Strategies

• Developing creative solutions to integrate ESG factors into systematic and quantitative strategies; researching and subscribing to ESG data services to enrich ESG dashboard; exploring possibilities for AIFs to vote and engage on resolutions.

Supply Chain Management

Responsible Procurement

• Due diligence questionnaire for financial intermediaries focusing on ESG policies

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UNPRI