Our corporate approach

Committed to sustainable development and Socially Responsible Investing (SRI) since its creation, Mirova plans to implement an ambitious Corporate Social Responsibility (CSR) strategy in addition to its asset management practices, and to demonstrate the highest standards of commitment in the market.


Our Responsible Approach

In addition to ensuring positive environmental and social impact through its investments, Mirova also strives to promote a virtuous cycle with regard to its direct impacts.

Mirova measures the yearly greenhouse gas emissions of its direct activities (real estate, travel, etc.) and ensures compensation by supporting the NGO Pure Project reforestation programme. In addition, Mirova’s flexible organisational work model, implemented in its new offices and in which employees no longer have set desks, has greatly reduced paper consumption, another of our commitments. The premises comply with the highest environmental certification standards (HQE “Excellent”, BREEAM “Excellent”) and include equipment for environmental footprint reduction: insulation, presence detectors to regulate light and room temperature, video-conference devices to reduce commuting, etc. The offices are easily accessible by public transport and include an enclosed and secure bicycle shelter.

We consider diversity in the Mirova teams to be a driving force towards the development of society. Thirteen nationalities from five continents are represented. Women represent slightly over 50% of the workforce and 30% of the board of directors. Our code of conduct provides strict policies against discrimination. The company integrates people with disabilities with special workstations adapted to people with specific needs. Mirova also promotes methods for organising working hours to foster a healthy work-life balance by, for example, allowing employees to work remotely.

Mirova and Philippe Echaroux working together

As part of its commitment to society and its aim to promote ideas that focus on sustainable economic development, Mirova supports French artist Philippe Echaroux. Creator of Street Art 2.0, Echaroux uses a light projector to make works of art emerge in natural settings. Thanks to support from Mirova, he is able to continue raising public awareness of the need to preserve the natural environment.

A former sportsman and self-taught photographer, Philippe Echaroux is the creator of Street-Art 2.0, which consists in projecting photos in public spaces. His art is ephemeral, and as such, respects the landscape. Paintings or collages are replaced by light, and as soon as it is turned off, the artwork disappears without a trace.

As an environmental advocate, Philippe Echaroux uses his art to raise public awareness of the importance of co-existing with our natural environment. After the world’s first street art installation in the Amazonian rainforest, the artist displayed his work in the Alpine glaciers. Using waste as a backdrop, his latest project aims to demonstrate humanity’s impact on its environment.

As part of its commitment to society, Mirova strives to promote ideas that focus on economic sustainability and positive financial impact. In addition to partnerships with academic research projects and the promotion of written works, Mirova demonstrates its support for value-driven artistic creation by sponsoring Philippe Echaroux.


We are very proud to support Philippe Echaroux. His values are in keeping with ours, and we were impressed with his relevant and intelligently designed installations. Climate change is a reality we must urgently address. The more of us who speak out, each in our fields, the more we will be heard

Philippe Zaouati

Our Duties as an Asset Manager

Swing pricing: Protecting holders from fund dilution

Preamble: Fundamental principles adopted by Mirova

In order to better safeguard the interests of its long-term shareholders, Mirova has decided to introduce a swing pricing mechanism based on the methodology recommended by the French Asset Management Association's (AFG) charter.

The list below indicates the funds that swing pricing will be applied to. The swing pricing mechanism is triggered when a certain threshold (a percentage of the fund's net assets) is reached.

  • Mirova Euro Green and Sustainable Bond Fund
  • Mirova Euro Green and Sustainable Corporate Bond Fund
  • Mirova Global Green Bond Fund

It is not guaranteed that a shareholder who purchases or redeems an amount below a fund's threshold will benefit from an unswung NAV. The swing pricing trigger is appreciated globally and takes all inflows/outflows (i.e. the net balance of the subscriptions/redemptions of all shareholders) into account.

Moreover, Mirova reserves the right to modify the swing pricing parameters at any time, especially during crisis situations.

An FAQ on the subject has been made available on Mirova’s website in order to respond to shareholders’ questions about how the mechanism will work and what it will impact. It applies to professional and non-professional clients in accordance with the the Markets in Financial Instruments Directive.

• The FAQ is available on Mirova’s website.
• The FAQ can also be requested from the Distribution Services Department by email at: ClientServicingAM@Natixis.com, or by mail at:

MIROVA - Ostrum Asset Management
Direction «  des Services Clients à la Distribution »
43, avenue Pierre Mendès-France - 75013 Paris

Compensation Policy - Management Report Appendix

Mirova’s compensation policy was drafted in accordance with Directive 2011/61/EU (the Alternative Investment Fund Managers Directive) and Article L.533-22-2 of the French Monetary and Financial Code which applies to holding companies established on French territory which manage AIFs.

Mirova follows the ESMA and the AMF’s recommendations.

Mirova’s compensation policy also extends to all of the company’s activities (UCITS, AIFs and management mandates).

Anti-Corruption Policy

Corruption is fraudulent, unethical behavior and is subject to heavy criminal and administrative sanctions. Violations of the anti-corruption regulations are serious and can damage Mirova’s reputation. Μirova does business with integrity in order to protect itself from all forms of influence and corruption, including the use of and acceptance of “bribes” in trade relations and the corruption of public officials.

Anti-Personnel Landmines And Cluster Munitions Exclusion Policy

In accordance with the treaties signed by the French government, the funds directly managed by Mirova do not invest in companies that manufacture, sell, or stock anti-personnel mines and cluster bombs.

Policy for processing complaints

General Information and Principles

MIROVA has put in place a complaint processing system in order to handle its clients’ complaints in an efficient, transparent, and uniform manner, in accordance with applicable regulations.

Access to this service is free of charge and clients can submit complaints (i) in French, or (ii) in one of the official languages of the country where the UCITS was marketed or where the service was provided.

Definition of a complaint

A complaint is a statement of a client’s dissatisfaction with a professional service. Requests for additional information, advice, clarifications, and services are not complaints.

Questions and complaints may include, but are not limited to topics such as: portfolio management, portfolio performance, pricing aspects, legal documentation, and any elements related to the service provided.

Processing complaints at MIROVA

Complaints can be made by mail, phone, or email. They can also be made directly, through the client’s usual contact.

Complaints sent by mail should be addressed to:

Direction du service client NIMI
43, avenue Pierre Mendès-France
75013 Paris

Complaints made by telephone are recorded by the client support personnel. Clients who are part of the Caisse d’Epargne and Banque Populaire networks can submit their complaints:

All other clients can submit their complaints:

Processing period

Mirova will:

  • acknowledge receipt of all complaints it receives within a maximum period of 10 days, except in cases where a response can be sent within that period,
  • respond to complaints within a maximum period of 2 months starting from the date of their receipt,
  • in the event that these conditions cannot be met, Mirova will inform the client of the progress of their complaint and the cause of the delay.

Mediation by the Autorité des Marchés Financiers (AMF)

The AMF’s Ombudsman’s services may be called upon by any interested party (whether a natural or legal person) in the context of an individual dispute regarding financial investments.

You can contact the AMF’s Ombudsman by mail at:

Médiateur de l’AMF
Autorité des marchés financiers
17, place de la Bourse
75082 PARIS CEDEX 02

A form to request mediation is available online on the AMF’s website (www.amf-france.org).

Policy for withholding tax

Claim policy for reimbursement of foreign withholding tax for CIUs managed by MIROVA - September 2014

French or Luxembourg CIUs may receive dividends net of withholding tax on foreign shares held. In some cases, the withholding tax rate applied to dividends received by French or Luxembourg CIUs may differ from that applied to dividends paid to CIUs located in the same country as the asset’s issuer.

In certain European Union countries, following the Court of Justice of the European Union’s judgment on May 10, 2012, these circumstances make it possible to file a claim with the competent authorities in order to be reimbursed for this rate difference.

In such cases, our policy is to file claims on behalf of the managed CIU, in the interests of the investors, if the conditions, such as the likelihood of recovery, the time necessary, and the cost, seem favorable to investors. This allows for materiality thresholds to be determined.

It should be noted, however, that this claim policy involves contingencies in terms of actual and final reimbursement amounts and deadlines. CIUs may have to bear external costs without receiving the expected reimbursements. Expenses incurred and reimbursements received under this policy will be reported in the CIUs Annual Reports.

MIFID Engagements

The Markets in Financial Instruments Directive (MiFID) entered into effect on Nov. 1, 2007. It is a legislative and regulatory framework designed to:

  • harmonize the regulations which apply to providers of investment services;
  • promote competition in order to ensure the best possible results when clients’ orders are executed; and
  • strengthen investor protections.

Process for selecting service providers

The regulatory framework laid out by the Autorité des Marchés Financiers (AMF) to govern management companies’ usage of investment decision support and order execution services has evolved. These decision support services may include the production of financial analyses.

In view of this new regulatory framework, the selection policy for Mirova’s decision support service providers includes several elements:

  • it formalizes the eligibility criteria for the service providers;
  • it presents the criteria used by the management teams to assess the quality of the services provided and the financial analyses produced;
  • it lays out the appeal process for the shared commissions mechanism which Mirova has put implemented.

Order execution policy

Mirova’s order execution policy explains the overall organization of the company and the basic principles concerning:

  • selecting intermediaries and counterparties
  • the review mechanisms used to ensure the best possible outcome for clients.

Preventing conflicts of interest

A conflict of interest is defined as a situation in which MIROVA, or one of its associates or representatives, acts in a way that could, if appropriate precautions are not taken, adversely affect clients’ interests.

At Mirova, identifying, preventing, and managing risks of conflicts of interest follows the process described in the document below.

Information on compensation, commissions, and benefits

The AMF’s (Autorité des Marchés Financiers) general regulations govern the compensation, commissions, and non-monetary benefits (the “benefits”) that Mirova, as an investment service provider, may pay and collect in connection with the investment services it provides.

A “benefit” is a type of compensation that a client can accept indirectly for services provided by an investment service provider.

Mirova informs its clients and prospective clients that it is likely to:

  • receive “benefits” from third-party management companies for making their UCITSs available to clients;
  • receive “benefits” from shared commission contracts related to investment decisions and the execution of orders (see report on intermediation costs);
  • offer “benefits” to third-party management companies
    • for making Mirova’s UCITSs available to their clients.
    • to pay business providers and advisors “benefits” in return for referring clients or giving advice.

These “benefits” may be either a fixed sum or a percentage of Mirova or the third party’s earnings. Further details will be provided to clients and prospective clients upon request.