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MIROVA

Mirova

Mirova est une société de gestion de conviction qui propose à ses clients des solutions d’investissement permettant d’allier recherche de performance financière et impact environnemental et social. Grâce à des équipes multidisciplinaires unies autour d’une même vision, à la variété de nos domaines d’expertises, et à notre capacité à innover et à créer des partenariats avec les meilleurs experts, nous cherchons à orienter les capitaux vers les besoins d’investissement dans une économie réelle, soutenable, et créatrice de valeur. Mirova et ses affiliés gèrent environ 28 milliards d’euros au 30/09/2023. Mirova est une société à mission, labellisée B Corp. MIROVA Société de gestion de portefeuille - Société Anonyme RCS Paris n°394 648 216 - Agrément AMF n° GP 02-014 59, Avenue Pierre Mendes France – 75013 Paris Mirova est un affilié de Natixis Investment Managers.

Lobbying Activity

Meeting with Pascal Canfin (Member of the European Parliament)

8 Dec 2025 · SFDR

Response to Revision of EU rules on sustainable finance disclosure

30 May 2025

As a pioneering company in sustainable finance, Mirova has been a staunch advocate and architect of the European Commission's Action Plan for Sustainable Finance since 2018. We remain firmly convinced that all initiatives derived from the previous Green Deal and its transparency standards are essential levers for transforming our economies and ensuring a just transition toward sustainable activities and practices. The initial SFDR regulation proposed a balance. The principle was simple: the more a fund committed to sustainability, the more it had to meet increased reporting requirements. In other words, the more ambition we displayed, the more we agreed to report on it in a transparent and structured way. This mechanism had its coherence. By instituting categories Articles 6, 8, 9 the directive created a de facto form of labelling. The most ambitious funds, Article 9, needed to produce more reporting and demonstrate their commitment. For management companies, this led to a trade-off: to take on more regulatory constraints, but in return to benefit from a competitive advantage by displaying products perceived as the most demanding in terms of sustainability. This balance worked in its early days. We have been able to observe, on the Asian and American markets, that this SFDR classification, although European, has had an echo, an ability to structure the market. Unfortunately, successive interpretation and implementation decisions have weakened, or even unbalanced, this system. The requirements that have been imposed on Article 9 funds have become extremely burdensome requiring 100% "sustainable" investments, leaving no room for any flexibility. The constant suspicion of greenwashing has added additional pressure on managers, including the most committed. As a result, the Article 9 market has been reduced to a marginal portion only a few percent and has not been able to give a significant impetus to the distribution of sustainable funds. In addition, the Commission, under the combined pressure of certain market players and NGOs, has announced a thorough revision of the Directive, thus creating a situation of uncertainty that has emptied the regulation of its initial substance. We had to draw the consequences: the objective of 100% Article 9 that we had originally set ourselves was no longer achievable under these conditions. We ended up with a system that accumulated constraints without offering advantages, creating a competitive disadvantage for players who, like Mirova, had wanted to go as far as possible. If a revision is to take place today, the challenge will be to find a balance. Ideally, a gradation should be maintained that distinguishes levels of quality in terms of sustainability, and provide savers with visibility on fund commitments the equivalent of a Nutri-score applied to investment as we already published when we answered to the 2023 consultation. Should this gradation be absent of the regulation, the same reporting requirements should apply to all products.
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Meeting with Radan Kanev (Member of the European Parliament)

11 Feb 2025 · Omnibus simplification CSRD

Meeting with Aurore Lalucq (Member of the European Parliament)

7 Feb 2025 · Finance verte, CSRD/simplification

Meeting with Valeria Miceli (Cabinet of President Ursula von der Leyen)

13 Mar 2024 · Sustainable finance framework

Meeting with Katherine Power (Cabinet of Commissioner Mairead Mcguinness)

21 Feb 2024 · Business coalition called business for a better tomorrow

Meeting with Pascal Durand (Member of the European Parliament)

31 Jan 2024 · Reporting