Mr. Thomas Buberl, Chief Executive Officer of AXA group, has renewed his support of the Global Compact’s 10 principles in the following statement: “I renew AXA’s commitment, undertaken at the time of our 2003 endorsement, to respect the UN Global Compact’s 10 principles for the upcoming year”.

Human Rights
• Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights
• Principle 2: make sure that they are not complicit in human rights abuses.
As a financial services company, many of our human rights impacts on society are linked not to our own direct “production” processes or our own workforce, but indirectly through our choice of suppliers or investment policies. In making these choices, we integrate human rights criteria in the selection and management of our suppliers, as well as in our investment policy.

RESPONSIBLE PRODUCTS
AXA’s products – general insurance, savings and associated services – do not pose direct health and safety concerns for our customers. On the contrary, through our products, we encourage and reward healthy and environmentally responsible behavior, as well as help reduce social exclusion. Our this approach is reflected in three levels- in our procurement through supply chain, investments as well as products.

Responsible Procurement -Supply Chain Screening

GROUP – AXA is a major purchaser of products and services for the purpose of its internal operations as well as services provided to its policyholders. The volume of purchases equalled €12.6 billion in 2015. The buyers are required to sign a specific procurement code of ethics in addition to the Group Compliance & Ethics Guide. AXA also encourages its suppliers to be socially and environmentally responsible and requests from them a formal commitment to uphold International Labor Organisation principles. In addition, the Group applies social and environmental criteria to assess supplier performance. These criteria enable the Group to improve service quality and reduce some supply chain risks.
Group has also implemented “CR clause” in 2006. The clause has first been included in AXA’s IT and “General Expenses & Professional Services” contracts, and the scope was extended to “Insurance Procurement” contracts (related to customer claims) in 2010.
In 2009, AXA implemented the following process to identify risks: 1/ CR Stakes Matrix updated every 2 years associating all relevant stakeholders (Group and local Procurement, CR teams, internal customers). Last update was in Q3 2014.
Procurement categories are split into high/medium/low stakes representing risks and opportunities (attached file). The objective is to IDENTIFY the stakes; ANALYZE their impacts and BETTER MANAGE them. This matrix is divided into 5 topics (Social, Environmental, End Use impact, Supply Chain, Business integrity). 2/ Mandatory mapping of suppliers’ sustainability risks.
Suppliers are prioritized thanks to 2 processes: a)Group: suppliers over 1M€ spend are a Group priority and their evaluation is managed and monitored by Group Procurement (see document “Full Analysis” attached). b) Local: entities to assess/ monitor 2nd level of supplier mapping. The goal is to assess 80% of the local spend of an entity.
Specific training sessions are regularly organised with buyers to explain the issues involved and support them in the process and action plan follow-up. Group Procurement strategy towards Corporate Responsibility is broke down into the following:
1. Ensure Procurement Standard is deployed and applies, especially regarding CR practices.
2. The CR clause is mandatory in all AXA Contracts. The CR clause protects the Group from serious violations of the basic principles defined by the ILO by enabling termination of the contract. CR clause inclusion should go upto 100%. 3. Enable key suppliers assessment on CR practices. 90% of the key suppliers to be assessed by the end of 2015. We reached up to 69% by end of 2014.
4. Improve the collaboration between CR and Procurement communities. Make sure that at entity level CR and procurement teams are working together when necessary. For this, a CR and procurement teams are working together when necessary. For this, a CR champion community has been created to improve this collaboration in local Procurement teams.

- GROUP RESPONSIBLE INVESTMENT STRATEGY
The Group’s Responsible Investment Committee (RIC), chaired by the Group Chief Investment Officer, develops and monitors AXA’s Responsible Investment strategy. It currently focuses on four main activities:
• ESG integration: AXA is committed to integrate environmental, social & governance (ESG) performance metrics and factors into our General Accounts assets through internal asset managers’ investment processes and decision-making. AXA has also initiated significant developments in the area of “carbon-related” risks potentially posed by its investments. This work is described in the “Climate change”
• Voting and engagement: in line with Group Responsible Investment Policy, AXA aims to use its influence as a large asset owner to encourage ESG best practice within the companies in which it invest. This is reflected in our voting and shareholder engagement activities on a range of ESG topics;
• exclusion of sectors or companies that face acute social, human rights, ethical or environmental challenges (current exclusions: controversial weapons, coal mining and coal-based power generation, palm oil & forestry, soft commodities derivatives);
• development of “impact investments” delivering positive environmental or social (as well as financial) returns. Two funds have been launched: the AXA Impact Fund, focusing on social issues such as financial inclusion, and the AXA Renewable Energy Fund, focusing on green infrastructures.

ASSET MANAGEMENT

Leveraging AXA IM’s multi-expert model, AXA IM embeds global Environmental, Social and Governance (ESG) research across all asset classes and provides investors the opportunity to select the level of ESG integration that best fits their needs and objectives. To do so, AXA IM has a dedicated Responsible Investment (RI) research team as well as a global ESG research capacity through its platform, RI Search©. This tool covers more than 5,000 companies, 100% of the MSCI World index and 150 countries with ESG research from many sources. RI Search© provides an ESG score for each security and assesses these scores against peers, thus enabling the portfolio managers to take ESG risks into account in their decision-making process.

AXA IM’s proxy voting coverage includes the voting on all listed companies on a global basis and leads strategic engagement efforts on specific themes and companies. Finally, the RI team conducts thematic research in order to investigate material ESG issues, such as RI & “smart beta” investing, research on the skills shortage in the Oil & Gas sector, Board diversity in the largest European companies, and ESG integration in equity and sovereign debt asset classes. Further information can be found at www.axa-im.com/en/responsible-investment. AXA IM is a UN-backed Principles for Responsible Investment (UN PRI) signatory since 2007. AB signed the UN PRI in 2011 and the AXA Group in 2012.

Responsible Business

AXA focuses on projects that address social exclusion while being breakeven in the long term, by enabling vulnerable segments of the population to access insurance services. Current initiatives, under “Emerging Customers” include microinsurance projects that address social exclusion while being breakeven in the long term, by enabling vulnerable segments of the population to access insurance services. Current initiatives include:
• France: AXA, in partnership with the Association pour le droit à l’initiative économique (which helps people excluded from the usual circuits set up their own business) and a French mutual insurer, MACIF, offers since 2007 basic covers sold at cost;
• India: Bharti AXA GI pioneered insurance for low income segment by 2009 to distribute Personal Accident, Health and Hospital Cash products through retailers and Cooperative Banks network;
• Indonesia: To address the lower middle class customers asking for a loan, AXA leverages its partnership with Mandiri Bank to propose Credit life, Personal Accident, and protection for natural/sickness death;
• Thailand: AXA GI launched a partnership with AIS, the first mobile network operator in Thailand, to distribute Personal Accident and Hospital Cash products embedded in a dedicated prepaid plan with SIM card (freemium approach);
• Morocco: AXA partners since 2012 with a Microfinance institution, Albaraka, to provide 120,000 micro-entrepreneurs with credit life, property and hospicash coverages;
• Nigeria: AXA Mansard ventured into microinsurance in October 2013 with the introduction of an airtime-based insurance service sold in collaboration with the mobile network operator MTN Nigeria. In addition, AXA Mansard distributes microinsurance products through partnerships with Microfinance institutions (MFIs);
• Mexico: AXA partnered in 2015 with Oriflamme, a cosmetics company, to insure 110,000 self-employed women distributing the Company’s products. Coverage includes accidental death, medical reimbursements linked to accidents and medical assistance.

For case study-specific data, please refer to above texts.

• Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
• Principle 4: the elimination of all forms of forced and compulsory labour;
• Principle 5: the effective abolition of child labour; and
• Principle 6: the elimination of discrimination in respect of employment and occupation.

AXA strives to be a responsible employer, placing employee engagement at the heart of its business strategy. Achieving this has meant creating a workplace built on AXA’s values which foster diversity and equal opportunities for all, promote employee participation, encourage professional development and support employee wellbeing. For additional and more comprehensive information, refer to the 2015 “Social Data Report”.

SOCIAL INFORMATION
Workforce size

AXA’s overall salaried workforce on December 31, 2015, was 120,486 employees (open-ended and fixed-term contracts), which represents an increase of 3.8% compared to 2014. This increase is due to the acquisition of 100% of the “Genworth Lifestyle Protection Insurance” (17% as a proportion on total increase) as well as organic growth, mainly in Asia, the Americas and Africa.

As a result, the footprint of AXA’s salaried workforce in 2015 was: 61.2% in Europe (vs. 62.6% in 2014), 20.5% in Asia-Pacific-Middle East (vs. 20.1% in 2014), 14.2% in the Americas (vs. 13.7% in 2014) and 4.1% in Africa (vs. 3.6% in 2014).

AXA continued to recruit in 2015 and hired more than 18,650 employees on open-ended contracts (excluding entries due to mergers and acquisitions), of which more than 3,800 were sales employees.

Employee relations and collective bargaining

Effective labor-management communications and social dialogue pave the way for the stability which is needed to implement the Group’s business development strategy. Each AXA Group entity therefore engages with staff or their representatives for communications on a regular basis. AXA has also set up a European Works Council (EWC), whose extensive role goes beyond regulatory requirements. The EWC is made up of staff representatives from AXA’s largest European entities, who meet in order to receive and exchange information on the social, strategic and economic issues that concern the Group and maintain an ongoing dialogue between employees and management.

In June 2009, a Group EWC agreement (available at www.axa.com) was concluded in order to guarantee a high level of social dialogue. AXA holds two EWC plenary meetings a year as well as monthly sessions, held by 12 members of the EWC, to stay abreast of labor and economic developments in each country.

The majority of the Group’s employees are covered by the EWC’s framework agreement. Other affiliates outside the scope of the EWC have also developed social dialogue agreements, but these are not monitored at Group level. More generally beyond Europe, the Group strives to ensure that employees are fairly represented in all major countries where it is present. In addition to the work of the EWC, numerous collective bargaining agreements are signed on a local basis.

Headcount adjustments, mobility and related measures

THE CONDUCT OF RESTRUCTURING

The aforementioned Group EWC agreement commits the Group to a certain number of measures in favor of employees when major organizational changes impact their jobs. AXA maintains the following principles with a view to guiding its various European business units in local management practices:
• when organizational changes affect jobs, AXA pledges to supply relevant information and, as appropriate in light of local cultures and rules, to consult with employees and their representatives;
• in connection with an information-gathering and consultative process, AXA would provide data and information about possible alternative solutions, where relevant;
• factoring in its employees’, customers’ and shareholders’ interests, AXA undertakes to maximize opportunities for internal and external redeployment, when applicable, for all AXA employees affected by possible employment issues;
• AXA will do its utmost to prevent compulsory redundancies and other collective transfers, by pursuing other approaches whenever possible;
• when geographic mobility is necessary, it must be offered as a matter of priority to employees who volunteer to move, with the process managed with a view to enabling their integration into a new environment under the best possible conditions;
• AXA pledges to acknowledge certain individuals as staff representatives and uphold their liberty, rights and purpose, in line with national legislation and, where relevant, agreements in force in local business units;
• aware that training represents a major investment both for the Group and for its employees, AXA commits to embrace a continuous-learning culture;
• AXA condemns discrimination of any kind on the basis of gender, color, ethnic origin, genetic form of difference, disability, sexual orientation, language, religion, personal conviction, union membership or political opinion.

In addition, AXA, UNI Europe Finance and all French trade unions signed a major European agreement on anticipating change. The agreement, negotiated within the European Works Council, sets out an approach for social dialogue with the purpose of anticipating change in the sector in order to adapt employee skills to future needs and thus preserve jobs. According to the EWC, this agreement is unique in the insurance sector. It offers significant means to secure employment in Europe.

Child labour/Forced labour:

The main risks associated with child or forced labour in the Financial services sector are located in our supply chain. As a consequence, see principle 2 above. ("complicit" human rights abuses")

Diversity and Inclusion

AXA promotes diversity & inclusion (D&I) by creating a working environment where all employees are treated with dignity and respect and where individual differences are valued. In all aspects of the working environment, AXA offers equal opportunities to all employees. AXA opposes all forms of unfair or unlawful discrimination and does not tolerate discrimination based on age, nationality, ethnic origin, gender, sexual orientation, gender identity, religion, marital status or disability.

Acceleration towards gender equality remained a top priority for AXA in 2015. The “Sponsorship Tandems” program, leveraging senior executives to act as advocates and using their influence to help strengthen the development of female talent, has formed 18 new Sponsorship pairings with the Group’s Executive Committee members. Furthermore, local roll-outs are in operation across 13 AXA entities. The third AXA Women’s Conference was held in October 2015, aiming to foster networking among senior executive women and men, and 2015’s focuses were on the topics “Agility as an Accelerator of Diversity” and “Women as Customers”. Also in 2015, AXA and the International Finance Corporation (IFC) released the “SheforShield: Insure Women to Better Protect All” report. It analyzes the business opportunity the women’s market represents for insurers, identifying growth drivers and highlighting women’s needs in order to ensure the industry develops the most relevant value-added propositions for this segment.

As AXA strives to be the most inclusive company in the financial services industry, Global Employee Resource Groups (ERGs) were leveraged in 2015 as a way to engage AXA’s employees across the globe on various inclusion topics. “Allies@AXA Pride”, a group on sexual orientation, and “WoMen@AXA”, a group on gender equality, have grown in membership during the year (with over 1,000 members in total).

Working parents were made another key topic in 2015: Research was conducted into the current benefits made available to new parents across the Group and plans for improved provision are being drawn up for implementation in 2016.

AXA also continued to further encourage and support the integration of employees with disabilities and has signed the ILO (International Labor Organization) Disability Charter in 2015. In France, the number of employees with disabilities was 752 in 2015.

Health and safety, absenteeism and employee wellbeing

AXA developed and formalized health and safety guidelines at Group level, describing a set of rules which every local entity is expected to adhere to and implement in order to ensure a consistent management of the Group, its risks and ethics. In Europe, health and safety commitments are covered by the European Works Council agreement, which was signed with the labor organizations in June 2009 and which is available at www.axa.com.

The sick absence rate in 2015 remained stable at 3.1%. As AXA operates in an environment that generates business through management of capital and financial services (total absenteeism rate due to work-related accidents is 0.1%), the Group does not monitor gravity, severity nor frequency of work-related accidents on a global level. Systems, procedures and processes are in place and in compliance with local health, safety and welfare legislation, wherever necessary.

To ensure that AXA remains a leader also in the protection of its own employees, a study in 18 major entities was launched in late 2015 with the objective of identifying any exposure across the Company to Health, Safety or Physical Security risks.

AXA’s entities have undertaken initiatives to implement local policies and best practices, which they have tailor-made to their specific sectors and local environments. In accordance with AXA’s business environment, entities provide services and information campaigns on lifestyle risks such as certain types of cancer and cardiovascular problems, obesity, smoking, road safety or stress prevention.

Also in 2015, the “Digital Academy” delivered a number of new programs (“Agile Awareness”, “Unleash Innovation” and “Marketing in the Digital Age”) aiming to help AXA employees better understand and participate in the Company’s ongoing digital transformation. Furthermore, more than 13,000 employees have played the “Gamified Corporate Open Online Course” (COOC) “Do you speak Digital?”. Another innovative experience designed especially for AXA’s (Senior) Executives was the “Digital Reverse Mentoring”, connecting digital savvy employees with their leaders and acting as their mentors on new technology, social media usage and trends. In 2015, 450 employees mentored mentors worldwide covered 558 mentees delivering 2,232 hours of mentoring.

Talent attraction and retention

PERFORMANCE AND TALENT MANAGEMENT

AXA conducts “Organization and Talent Review” processes (OTR), which are systematic reviews of its organizational structure, challenges and key positions. The process is designed to identify the potential of key people, taking into consideration their performance and leadership behaviors. It also helps build and share a robust and solid talent pipeline to ensure the right staffing around the globe.
In 2015, OTR was specifically leveraged to better plan for the skills needed going forward in the context of digitization and to safeguard and build on AXA’s key technical expertise.

A performance management standard has been established to ensure that the Group’s performance-based pay policy, formalized skill mapping and the evaluation of training needs run efficiently. During 2015, more than 76,000 employees were already making use of AXA’s PeopleSoft platform for performance management. The Group also provides with a multidimensional feedback platform, “AXA 360°”, enabling all AXA employees to get qualitative feedback from their professional network and to build a more comprehensive and tailored development plan.

EMPLOYER BRAND AND GRADUATES

Throughout 2015, AXA continued deploying its employer brand through global campaigns on LinkedIn and other social media, aiming to support the recruitment efforts of AXA’s local entities. The objective is to develop the “pride of belonging” to AXA among its current employees and attract the best diverse and international profiles.

To better engage with students and graduates and to enhance its employer brand attractiveness among this population, AXA continued to develop its Facebook page and Twitter handle “Discover AXA” (over 137,000 fans and followers at the end of December 2015). Further in 2015, a global graduate campaign branded “Challenge Everything” was launched with the objective to attract talent able and ready to contribute to AXA’s business transformation.

Since 2012, AXA has been running the AXA Global Graduate Program aiming to recruit a variety of profiles including risk management, actuarial, IT, digital marketing and data. The objective of the program is to attract and recruit the best diverse graduate talent; consistently develop AXA’s next generation of leaders and contribute to enhance AXA’s attractiveness as an employer. In 2015, 141 graduates were hired on the AXA Global Graduate Program (vs. 39 in 2014).

For case study-specific data, please refer to above texts.

Employee representation:
2015: The majority of the Group’s employees are covered by the EWC’s framework agreement. Other affiliates outside the scope of the EWC have also developed social dialogue agreements, but these are not monitored at Group level. More generally beyond Europe, the Group strives to ensure that employees are fairly represented in all major countries where it is present. In addition to the work of the EWC, numerous collective bargaining agreements are signed on a local basis.

Diversity & equal opportunities - proportion of women in workforce per category (Headcount of non sales force - open-ended contract only):
• Executives : 27.7%
• Managers: 41.8%
• Experts & Staff : 57.2%
• Overall average: 52.7%

AXA Group social data reporting 2014:
https://cdn.axa.com/www-axa-com%2F610e8d77-6641-4d12-bea4-73521fda6261_axa_social_data_report_2015.pdf

Environment
• Principle 7: Businesses should support a precautionary approach to environmental challenges;
• Principle 8: undertake initiatives to promote greater environmental responsibility; and
• Principle 9: encourage the development and diffusion of environmentally friendly technologies.

AXA is committed to reducing its direct impact on the environment by actively managing its energy, paper and water consumption, as well as carbon emissions and waste. AXA is also conscious of the role it can play in promoting environmental protection awareness amongst its stakeholders, contributing to improve the understanding of global and local environmental risks, and committing to address climate change.

ENVIRONMENTAL INFORMATION

AXA is committed to reducing its direct impact on the environment by actively managing its energy, paper and water consumption, as well as carbon emissions and waste. AXA is also conscious of the role it can play in promoting environmental protection awareness amongst its stakeholders, contributing to improve the understanding of global and local environmental risks, and committing to address climate change.

Environmental management perimeter definition

With regards to Grenelle 2 legislation, AXA Group emphasizes that its direct operations, focusing on financial services, do not generate major impacts on the environment. AXA has some sites classified for environmental protection but they do not produce any significant emissions into air, water and soil, CO2 emissions being AXA’s main environmental concern. Activities and facilities are not likely to generate noise and odor emissions. No complaints, to AXA’s knowledge, related to this type of pollution were filed against the Group. AXA’s operations and land use do not significantly threaten biodiversity, nor water resource, as water consumption is mainly limited to building usage. Land use is limited to the space where AXA built its buildings (representing approximately 21% of the total area occupied). In 2015, 559,968 m2 of green space used by AXA contribute to our scale to the preservation of biodiversity.
Carbon dioxide is the most significant greenhouse gas emitted by AXA (related to fossil fuel and electricity consumption). Electronic waste is AXA’s most significant hazardous type of waste. Paper is the most significant raw material consumed by AXA. As a result, AXA’s environmental reporting and management processes focus on energy, water and paper consumption, as well as related CO2 emissions.

Performance targets

AXA Group’s Corporate Responsibility and operational teams (e.g. procurement, IT, marketing, HR) worked closely to set ambitious 2020 targets which will steer AXA to a more sophisticated and embedded environmental strategy. As a result, AXA set a new Global Key Performance Indicator (KPI) target for the 2012-2020 period:
• 25% carbon emissions per FTE.
This target is broken-down into the following targets:
• -35% power consumption (kwh/FTE);
• -15% business travel: vehicle fleet (km/FTE);
• -5% business travel: air and train (km/FTE);
• -45% office paper (kg/FTE);
• -50% marketing and distribution paper consumption (kg/client).
In addition, the Group has also set two environmental targets that are unrelated to carbon emissions:
• 95% of paper must originate from recycled or sustainable sources;
• -15% water consumption.

Environmental reporting network, tools and perimeter

To measure its environmental footprint, the Group Corporate Responsibility team coordinates a network of around 300 dedicated environmental managers and employees in local entities. This network monitors annual progress on its reduction targets through the internal reporting tool, which helps local entities evaluate their own action plans and targets. These managers then analyse indicators, identify performance targets and promote best practice sharing. To accompany these action plans, entities have put in place a wide variety of activities to raise awareness and train employees on environmental issues and risks (e.g. lunch and learn conferences, etc.). At Group level, AXA organizes a yearly event on Corporate Responsibility, the “CR Week” which is rolled out by all local entities. Environmental awareness is one of the key topics addressed during this event.

In addition, an annual transport survey available in 41 countries and in 22 languages is used to help estimating the amount of CO2 emissions related to home-work commuting and help raise employee awareness on alternative modes of transportation.

Reducing the AXA Group’s impact on the environment

POWER CONSUMPTION

AXA‘s power consumption per FTE decreased by 7% in 2015 compared to 2014. AXA entities made significant steps forward to reduce their energy footprint, for example:
• AXA Technology Services has pursued its Green IT program based on servers refreshes, data center consolidation and virtualization, PC refreshes and power management. For example, data centers in Germany decreased their consumption by 2.3 GWh thanks to virtualization (94% versus 90% in 2014);
• some entities have improved their energy efficiency by upgrading their installations. For instance, AXA General Insurance Japan changed lighting to LEDs in one of its call centers and renovated their air-conditioning reducing their electricity consumption by 20%;
• some entities have selected more energy efficient buildings in cases of location transfers (e.g. AXA Mexico, AXA Sigorta). AXA headquarters renovated one of its buildings achieving a 13% reduction between 2013 and 2015.
AXA’s premises use electricity (72% of floor space), gas (18% of floor space), fuel/steam (7% of floor space) and chilled water (3% of floor space). Of note, the proportion of renewable energy consumed by AXA’s premises is 36%. Major improvements have been accomplished end of 2015 as all French entities (e.g. AXA France, AXA Corporate Solutions France) have switched their energy mix to 100% renewable.

CO2 EMISSIONS: TRANSPORTATION, PAPER AND ENERGY

AXA’s CO2 emissions per FTE related to energy, paper and business travel (air, rail and car fleet) decreased by 8% between 2014 and 2015. 52% of Group CO2 emissions are related to energy consumption, 26% from business travel (air and train), 15% from AXA’s vehicle fleet and 7% from paper. In 2010, the Group defined common environmental travel guidelines, which were rolled out across the Group in 2011 and updated in 2014. Some entities have adapted these guidelines to meet their local specificities. For instance, AXA Germany, is among the first company in Germany to have implemented a “flexible driving” program offering an innovative and environment-friendly way of mobility. Employees are free to use the car-sharing vehicles for their business and private rides, which helps reduce the entity’s car-fleet size.

To encourage employees to reduce travel, the Group has installed 50 video-conferencing rooms since 2008. These are estimated to have saved 225,855 trips and 333,013 tons of CO2 since 2009. Furthermore, employee commuting-related CO2 emissions per FTE increased by 3% compared to 2014 with 0.70 T eq. CO2 per FTE.

WATER CONSUMPTION

AXA’s water consumption per FTE has decreased by 4% between 2014 and 2015. Since 2008, AXA entities have achieved a better level of management maturity and reporting quality regarding their water consumption patterns. Related recent initiatives include the installation of water sensors in bathroom facilities for AXA France and water-saving initiatives at various entities (e.g. AXA Investment Managers USA).

PAPER CONSUMPTION

AXA’s office paper consumption per FTE decreased by 11% between 2014 and 2015. A significant number of entities have implemented a printing policy to help decrease office paper consumption which includes reducing the number of printers, and installing an employee badging system to collect all printed documents (e.g. AXA L&P Poland, AXA Thailand).
In 2015, AXA’s marketing and distribution paper consumption per customer decreased by 2% compared to 2014 mainly explained by a more accurate measurement process in some entities (e.g. AXA UK, US). AXA is also working on increasing the volume of paper originating from recycled sources or sustainably managed forests. In 2015, AXA used 62% of office paper and 65% of marketing and distribution paper from recycled sources. To promote this type of paper, since 2011 the Group requires environmentally-friendly office paper as a minimum standard for the main Group entities.

WASTE MANAGEMENT

AXA’s unsorted waste volume has increased by 4% and paper sorted for recycling by 6% compared to 2015 as a result of renovations and relocations. For sorted paper, entities such as Belgium and Switzerland have improved their sorting process, thus increasing volumes. For unsorted waste, food waste is included from 75 canteens in the Group. Concerning the recycling of ink cartridges and toners, AXA has a positive trend increasing from 63% to 68% in 2015. AXA’s IT business unit, AXA Technology Services, for which electronic waste is of particular relevance, is a key contributor to this effort, as it strives to ensure compliance with the Waste Electronic and Electrical Equipment (WEEE) Directive.

Business-related environmental initiatives

In addition to reducing its operational environmental footprint, the Group seeks to minimize its “indirect” impact on the environment by offering insurance and investment solutions that promote environmentally-friendly behaviour.

Numerous offers with environmental added-value have been developed by various AXA entities in the Property & Casualty business segment:
• in the retail product line: initiatives include Motor insurance policies/products encouraging low CO2 emission vehicles (e.g. promoting electric, hybrid and low emitting), home insurance policies encouraging energy efficiency (e.g. environmental appliances upgrades), renewable energy installations (e.g. wind, solar power, etc.), and environmental claims strategies (e.g. repair rather than replace auto spare parts). In addition, prevention devices (such as smartphone applications) to help raise customer and general public awareness are also being developed;
• in the commercial product line, AXA entities strive to encourage “green” buildings or car fleets. They also promote environmental risk prevention or the development of renewable energies via adapted policies covering the equipment and the revenues derived from electric energy sales, etc. AXA also created a reinsurance pool to develop infrastructures producing renewable energy.

More examples of business-related environmental initiatives are disclosed on:
https://www.axa.com/en/about-us/environment-climate-change

AXA’s position regarding climate change

AXA’s position regarding climate change is not only to adapt, but to take advantage of its privileged position to provide solutions (see above Sections). Indeed insurers are well equipped to address climate-related risks. They can fund and promote risk research and education. They possess claims loss data, as well as models and tools to analyse and project this data. They have a duty to disseminate knowledge about such new risks, including previously poorly known threats to society. Insurers, through their significant investments, are also well positioned to send the right signals to the investment community and to the specific companies they invest in. This strategy addresses both the “mitigation” and the “adaptation” dimensions of climate change. They are not solely self-interested or commercially driven, but they need to be global and collective to be effective.

The Group is aware of the key role of the insurance sector in the climate debate. AXA’s work focuses on three main areas:
• enhancing knowledge on climate risk;
• reinforcing climate risk prevention services to help people better anticipate and adapt to the changing climate;
• developing insurance products and investment policies that promote mitigation and adaptation.
AXA was an active supporter of the COP21 UN climate talks, which took place in Paris in December 2015. In the run-up to COP21, AXA stressed the importance of both climate resilience and of the private sector’s involvement in helping combat climate change and voiced its support for the introduction of a meaningful carbon price and the need for financial rules and regulations that encourage and support quality, long-term investment.

AXA believes it can also inform public policies on the importance of tackling and adapting to climate change. Recent examples of this approach include:
• AXA was named Vice-Chair of the FSB Task Force on Climate-related Financial Disclosures. The TCFD will develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. The Task Force will consider the physical, liability and transition risks associated with climate change and what constitutes effective financial disclosures across industries. The work and recommendations of the Task Force will help firms understand what financial markets want from disclosure in order to measure and respond to climate change risks, and encourage firms to align their disclosures with investors’ needs;
• AXA has strengthened its cooperation with the UN Office for Disaster Risk Reduction (UNISDR), particularly in supporting the implementation of the March 2015 Sendai Framework and is working closely on issues of climate change with both the UN Principles for Sustainable Insurance and the UN Principles for Responsible Investment.

Since 2014, AXA also analyzes “carbon asset risks” and has undertaken the following initiatives in 2015:
• coal divestment: in May 2015, AXA announced its decision to reduce its General Accounts’ exposure to Electric utilities and Mining players deriving over 50% of their turnover from coal related activities representing around €500 million;
• green investments: in May 2015, the Group also committed to tripling its green investments aiming to reach over €3 billion by 2020 for its General Accounts, originating principally from investments in renewable energy infrastructures, green bonds and private equity;
• carbon footprinting, “carbon asset risk” analysis: AXA analyzed and disclosed (www.axa.com) the carbon intensity of its General Accounts assets (equities, corporate bonds and sovereign debt). This type of analysis, and more generally portfolio alignment with energy transition scenarios, will become mandatory for asset owners in France by 2017 in accordance with Article 173, modifying Grenelle II Act. “Carbon asset risk” analysis (including exposure to coal-related assets) is also a mandatory disclosure requirement for all insurers operating in California starting from 2016, as announced by this State’s insurance commissioner in January 2016. However, the Group, having signed the “Montreal Carbon Pledge” in 2015, has voluntarily committed to disclose its carbon footprint earlier. This analysis, which is available on www.axa.com, shows limits to assess “energy transition” risks, which AXA intends to address through more refined analyses and shareholder engagement.

The Group is also committed to promoting research and education to better understand and protect against climate risk: the AXA Research Fund will dedicate €35 million to climate risk research by 2018. In addition, AXA works on climate issues through its partnership with the humanitarian organization CARE; this partnership is focused in part on disaster risk reduction efforts among vulnerable populations in both Africa and Asia.

More examples of business-related environmental initiatives are disclosed on:
https://www.axa.com/en/about-us/environment-climate-change

Institutional commitments to protect the environment

The AXA Group and local entities signed or joined the various initiatives in the area of environmental protection (and/or CR more generally). As indicated above, in 2015, AXA became a vice-chair of the FSB Task Force on Climate-related Financial Disclosures, signed the Montreal Pledge (which commits investors to measuring and publishing details of the carbon footprint of their investment portfolio) and, in the run-up to the UN Climate talks in Paris last year, signed the “French Business Climate Pledge”, which committed 39 of France’s leading companies to fight climate change through new industrial projects and R&D devoted to renewable energy, energy efficiency and other low carbon technologies. The Group also signed up to various initiatives including the World Business Council for Sustainable Development (WBCSD) manifesto for Energy Efficiency in buildings, the “Kyoto Statement” (Geneva Association), “Caring for Climate” (WBCSD/UNEP FI/UN Global Compact), the CDP (Carbon Disclosure Project), the “Sustainable Development Charter” (Fédération française des sociétés d’assurances) and the Investor Statement on Climate Change (International Investor Group on Climate Change). AXA also supports 2° Investing Initiative, a climate think tank.

AXA signed the UNISDR Private Sector Commitment for Disaster Risk Reduction and is represented in their Advisory Board Group. These principles cover 5 key areas around the role that the private sector can take to further encourage Disaster Prevention, Resilience and Risk Reduction (e.g. increase public private partnership, share Risk Management expertise, etc.). AXA is also part of the African Risk Capacity, a regional pooling mechanism providing coverage to African governments in the event of natural disasters or extreme weather events.

Other engagements are detailed online: https://www.axa.com/en/about-us/environmental-commitments

Legal measures and environmental expenditures

Regarding measures taken to ensure compliance with legal requirements, the main concern arises from the existence of “classified facilities” (for environmental protection purposes) such as fuel tanks for backup electricity generators, or major air conditioning systems. In 2015, the Group reported 35 sites with a specific permit. Their impact on the neighbouring environment is minimal. Nevertheless, being classified, those facilities benefit from adequate maintenance and their compliance with local legal obligations is monitored regularly. The full range of expenditures incurred to promote environmental preservation is minor, local and of a heterogeneous nature, and as such, is not monitored at Group level. No specific provisions or guarantees covering environmental risks have been set aside, considering the limited litigation risks arising from the management of AXA’s direct environmental footprint. Furthermore, in 2015, 39 sites were reported to have some form of environmental certification.

-> Environmental management perimeter definition

With regards to Grenelle 2 legislation, AXA Group emphasizes that its direct operations, focusing on financial services, do not generate major impacts on the environment. AXA has some sites classified for environmental protection but they do not produce any significant emissions into air, water and soil, CO2 emissions being AXA’s main environmental concern. Activities and facilities are not likely to generate noise and odor emissions. No complaints, to AXA’s knowledge, related to this type of pollution were filed against the Group. AXA’s operations and land use do not significantly threaten biodiversity, nor water resource, as water consumption is mainly limited to building usage. Land use is limited to the space where AXA built its buildings (representing approximately 21% of the total area occupied). In 2015, 559,968 m2 of green space used by AXA contribute to our scale to the preservation of biodiversity.
Carbon dioxide is the most significant greenhouse gas emitted by AXA (related to fossil fuel and electricity consumption). Electronic waste is AXA’s most significant hazardous type of waste. Paper is the most significant raw material consumed by AXA. As a result, AXA’s environmental reporting and management processes focus on energy, water and paper consumption, as well as related CO2 emissions.

-> Performance targets

AXA’s has a current target of reducing carbon emissions for the group by 25% per full-time employee (FTE) by 2020, against a 2012 baseline. The current 2020 targets include Scope 1, 2 and 3. The Scope 3 emissions are included in business travel and paper consumption.. At AXA, we believe that the corporate responsibility of any organization requires involvement with the community in which it does business. For this reason, AXA began setting up an environmental reporting process in 2002. Managing its physical facilities in line with environmental standards and values has since become one of the pillars supporting AXA’s Corporate Responsibility strategy. AXA Group’s Corporate Responsibility and operational teams (e.g. procurement, IT, marketing, HR) worked closely to set ambitious 2020 targets which will steer AXA to a more sophisticated and embedded environmental strategy. As a result, AXA set a new Global Key Performance Indicator (KPI) target for the 2012-2020 period:
• 25% carbon emissions per FTE.
This target is broken-down into the following targets:
• -35% power consumption (kwh/FTE);
• -15% business travel: vehicle fleet (km/FTE);
• -5% business travel: air and train (km/FTE);
• -45% office paper (kg/FTE);
• -50% marketing and distribution paper consumption (kg/client).

In addition, the Group has also set two environmental targets that are unrelated to carbon emissions:
• 95% of paper must originate from recycled or sustainable sources;
• -15% water consumption.

-> Environmental reporting network, tools and perimeter

To measure its environmental footprint, the Group Corporate Responsibility team coordinates a network of around 300 dedicated environmental managers and employees in local entities. This network monitors annual progress on its reduction targets through the internal reporting tool, which helps local entities evaluate their own action plans and targets. These managers then analyse indicators, identify performance targets and promote best practice sharing. To accompany these action plans, entities have put in place a wide variety of activities to raise awareness and train employees on environmental issues and risks (e.g. lunch and learn conferences, etc.). Each year dedicated sessions are conducted for the entities to educate them on environmental targets, processes as well as implementation of local reporting procedures. The reporting process and data generated then allow us to identify best practices followed by the entities to reduce their carbon footprint as well as enable us to identify the scope of improvement. At Group level, AXA organizes a yearly event on Corporate Responsibility, the “CR Week” which is rolled out by all local entities. Environmental awareness is one of the key topics addressed during this event.

In addition, an annual transport survey available in 41 countries and in 22 languages is used to help estimating the amount of CO2 emissions related to home-work commuting and help raise employee awareness on alternative modes of transportation.

-> Reducing the AXA Group’s impact on the environment

-POWER CONSUMPTION
The energy sector is by far the largest source of GHG emissions and is responsible for 2/3 of global GHG emissions. 90% of energy related GHG emissions are CO2. 100% of energy related GHG emissions and CO2 come from fossil fuels used in electricity generation. In order, to reduce our emissions from power consumption, we focus on energy efficiency, better demand management, decreasing our consumption per FTE and where possible procuring our electricity from Renewable Sources.

This year, AXA‘s power consumption per FTE decreased by 7% in 2015 compared to 2014. AXA entities made significant steps forward to reduce their energy footprint, for example:
• AXA Technology Services has pursued its Green IT program based on servers refreshes, data center consolidation and virtualization, PC refreshes and power management. For example, data centers in Germany decreased their consumption by 2.3 GWh thanks to virtualization (94% versus 90% in 2014);
• some entities have improved their energy efficiency by upgrading their installations. For instance, AXA General Insurance Japan changed lighting to LEDs in one of its call centers and renovated their air-conditioning reducing their electricity consumption by 20%;
• some entities have selected more energy efficient buildings in cases of location transfers (e.g. AXA Mexico, AXA Sigorta). AXA headquarters renovated one of its buildings achieving a 13% reduction between 2013 and 2015.
AXA’s premises use electricity (72% of floor space), gas (18% of floor space), fuel/steam (7% of floor space) and chilled water (3% of floor space). Of note, the proportion of renewable energy consumed by AXA’s premises is 36%. Major improvements have been accomplished end of 2015 as all French entities (e.g. AXA France, AXA Corporate Solutions France) have switched their energy mix to 100% renewable.

-CO2 EMISSIONS: TRANSPORTATION, PAPER AND ENERGY
The private sector accounts for around half of the world’s electricity consumption, therefore a strong contributor for CO2 emissions. The reporting process, which takes place each year based on the AXA’s reporting tool, involves collecting specific information focusing on particular on power, water and paper consumption, as well as waste management and CO2 emissions, for the main administrative sites in the countries concerned (those with a significant weighting due to the number of staff working there or their specific features). AXA has also committed to adopt Science Based Targets to reduce its GHG emissions in near future. Targets adopted are considered “science-based” if they are in line with the level of decarbonization required to keep global temperature increase below 2 degrees Celsius compared to pre- industrial temperatures, as mentioned in the Fifth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC AR5).

As of today, AXA’s CO2 emissions per FTE related to energy, paper and business travel (air, rail and car fleet) decreased by 8% between 2014 and 2015. 52% of Group CO2 emissions are related to energy consumption, 26% from business travel (air and train), 15% from AXA’s vehicle fleet and 7% from paper. In 2010, the Group defined common environmental travel guidelines, which were rolled out across the Group in 2011 and updated in 2014. Some entities have adapted these guidelines to meet their local specificities. For instance, AXA Germany, is among the first company in Germany to have implemented a “flexible driving” program offering an innovative and environment-friendly way of mobility. Employees are free to use the car-sharing vehicles for their business and private rides, which helps reduce the entity’s car-fleet size.

To encourage employees to reduce travel, the Group has installed 50 video-conferencing rooms since 2008. These are estimated to have saved 225,855 trips and 333,013 tons of CO2 since 2009. Furthermore, employee commuting-related CO2 emissions per FTE increased by 3% compared to 2014 with 0.70 T eq. CO2 per FTE.

-WATER CONSUMPTION
Water scarcity is a growing global problem, driven by rapid population bulge, urbanization and increasing demand for natural resources. Sound water management can therefore play a pivotal role in sustainable use of this resource. Continuing our efforts from previous years, AXA’s water consumption per FTE has decreased by
AXA’s water consumption per FTE has decreased by 4% between 2014 and 2015. Since 2008, AXA entities have achieved a better level of management maturity and reporting quality regarding their water consumption patterns. Related recent initiatives include the installation of water sensors in bathroom facilities for AXA France and water-saving initiatives at various entities (e.g. AXA Investment Managers USA).

-PAPER CONSUMPTION
Forest act as a natural carbon sink which not only capture CO2 molecules but also supply oxygen that drives life on the planet. Current paper production and consumption practices and growing demand for paper adds pressure on the Earth’s last remaining natural forests Therefore, responsible paper consumption and behavioral change can help ease this pressure and protect our vulnerable but valuable ecosystems. With this thinking, AXA signed the pledge of removing commodity-driven deforestation from all its supply chains by 2020. In lieu to that, AXA has implemented a policy to procure 95% of its paper from sustainable and recycled sources.

AXA’s office paper consumption per FTE decreased by 11% between 2014 and 2015. A significant number of entities have implemented a printing policy to help decrease office paper consumption which includes reducing the number of printers, and installing an employee badging system to collect all printed documents (e.g. AXA L&P Poland, AXA Thailand).
In 2015, AXA’s marketing and distribution paper consumption per customer decreased by 2% compared to 2014 mainly explained by a more accurate measurement process in some entities (e.g. AXA UK, US). AXA is also working on increasing the volume of paper originating from recycled sources or sustainably managed forests. In 2015, AXA used 62% of office paper and 65% of marketing and distribution paper from recycled sources. To promote this type of paper, since 2011 the Group requires environmentally-friendly office paper as a minimum standard for the main Group entities.

-WASTE MANAGEMENT

AXA’s unsorted waste volume has increased by 4% and paper sorted for recycling by 6% compared to 2015 as a result of renovations and relocations. For sorted paper, entities such as Belgium and Switzerland have improved their sorting process, thus increasing volumes. For unsorted waste, food waste is included from 75 canteens in the Group. Concerning the recycling of ink cartridges and toners, AXA has a positive trend increasing from 63% to 68% in 2015. AXA’s IT business unit, AXA Technology Services, for which electronic waste is of particular relevance, is a key contributor to this effort, as it strives to ensure compliance with the Waste Electronic and Electrical Equipment (WEEE) Directive.

-> Business-related environmental initiatives Virgine

In addition to reducing its operational environmental footprint, the Group seeks to minimize its “indirect” impact on the environment by offering insurance and investment solutions that promote environmentally-friendly behaviour.

Numerous offers with environmental added-value have been developed by various AXA entities in the Property & Casualty business segment:
• in the retail product line: initiatives include Motor insurance policies/products encouraging low CO2 emission vehicles (e.g. promoting electric, hybrid and low emitting), home insurance policies encouraging energy efficiency (e.g. environmental appliances upgrades), renewable energy installations (e.g. wind, solar power, etc.), and environmental claims strategies (e.g. repair rather than replace auto spare parts). In addition, prevention devices (such as smartphone applications) to help raise customer and general public awareness are also being developed;
• in the commercial product line, AXA entities strive to encourage “green” buildings or car fleets. They also promote environmental risk prevention or the development of renewable energies via adapted policies covering the equipment and the revenues derived from electric energy sales, etc. AXA also created a reinsurance pool to develop infrastructures producing renewable energy.

More examples of business-related environmental initiatives are disclosed on:
https://www.axa.com/en/about-us/environment-climate-change

-> Business-related environmental initiatives

In addition to reducing its operational environmental footprint, the Group seeks to minimize its “indirect” impact on the environment by offering insurance and investment solutions that promote environmentally-friendly behaviour.

Numerous offers with environmental added-value have been developed by various AXA entities in the Property & Casualty business segment:
• in the retail product line: initiatives include Motor insurance policies/products encouraging low CO2 emission vehicles (e.g. promoting electric, hybrid and low emitting), home insurance policies encouraging energy efficiency (e.g. environmental appliances upgrades), renewable energy installations (e.g. wind, solar power, etc.), and environmental claims strategies (e.g. repair rather than replace auto spare parts). In addition, prevention devices (such as smartphone applications) to help raise customer and general public awareness are also being developed;
• in the commercial product line, AXA entities strive to encourage “green” buildings or car fleets. They also promote environmental risk prevention or the development of renewable energies via adapted policies covering the equipment and the revenues derived from electric energy sales, etc. AXA also created a reinsurance pool to develop infrastructures producing renewable energy.

More examples of business-related environmental initiatives are disclosed on:
https://www.axa.com/en/about-us/environment-climate-change

-> AXA’s position regarding climate change

AXA’s position regarding climate change is not only to adapt, but to take advantage of its privileged position to provide solutions (see above Sections). Indeed insurers are well equipped to address climate-related risks. They can fund and promote risk research and education. They possess claims loss data, as well as models and tools to analyse and project this data. They have a duty to disseminate knowledge about such new risks, including previously poorly known threats to society. Insurers, through their significant investments, are also well positioned to send the right signals to the investment community and to the specific companies they invest in. This strategy addresses both the “mitigation” and the “adaptation” dimensions of climate change. They are not solely self-interested or commercially driven, but they need to be global and collective to be effective.

The Group is aware of the key role of the insurance sector in the climate debate. AXA’s work focuses on three main areas:
• enhancing knowledge on climate risk;
• reinforcing climate risk prevention services to help people better anticipate and adapt to the changing climate;
• developing insurance products and investment policies that promote mitigation and adaptation.
AXA was an active supporter of the COP21 UN climate talks, which took place in Paris in December 2015. In the run-up to COP21, AXA stressed the importance of both climate resilience and of the private sector’s involvement in helping combat climate change and voiced its support for the introduction of a meaningful carbon price and the need for financial rules and regulations that encourage and support quality, long-term investment.

AXA believes it can also inform public policies on the importance of tackling and adapting to climate change. Recent examples of this approach include:
• AXA was named Vice-Chair of the FSB Task Force on Climate-related Financial Disclosures. The TCFD will develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. The Task Force will consider the physical, liability and transition risks associated with climate change and what constitutes effective financial disclosures across industries. The work and recommendations of the Task Force will help firms understand what financial markets want from disclosure in order to measure and respond to climate change risks, and encourage firms to align their disclosures with investors’ needs;
• AXA has strengthened its cooperation with the UN Office for Disaster Risk Reduction (UNISDR), particularly in supporting the implementation of the March 2015 Sendai Framework and is working closely on issues of climate change with both the UN Principles for Sustainable Insurance and the UN Principles for Responsible Investment.

Since 2014, AXA also analyzes “carbon asset risks” and has undertaken the following initiatives in 2015:
• coal divestment: in May 2015, AXA announced its decision to reduce its General Accounts’ exposure to Electric utilities and Mining players deriving over 50% of their turnover from coal related activities representing around €500 million;
• green investments: in May 2015, the Group also committed to tripling its green investments aiming to reach over €3 billion by 2020 for its General Accounts, originating principally from investments in renewable energy infrastructures, green bonds and private equity;
• carbon footprinting, “carbon asset risk” analysis: AXA analyzed and disclosed (www.axa.com) the carbon intensity of its General Accounts assets (equities, corporate bonds and sovereign debt). This type of analysis, and more generally portfolio alignment with energy transition scenarios, will become mandatory for asset owners in France by 2017 in accordance with Article 173, modifying Grenelle II Act. “Carbon asset risk” analysis (including exposure to coal-related assets) is also a mandatory disclosure requirement for all insurers operating in California starting from 2016, as announced by this State’s insurance commissioner in January 2016. However, the Group, having signed the “Montreal Carbon Pledge” in 2015, has voluntarily committed to disclose its carbon footprint earlier. This analysis, which is available on www.axa.com, shows limits to assess “energy transition” risks, which AXA intends to address through more refined analyses and shareholder engagement.

The Group is also committed to promoting research and education to better understand and protect against climate risk: the AXA Research Fund will dedicate €35 million to climate risk research by 2018. In addition, AXA works on climate issues through its partnership with the humanitarian organization CARE; this partnership is focused in part on disaster risk reduction efforts among vulnerable populations in both Africa and Asia.

More examples of business-related environmental initiatives are disclosed on:
https://www.axa.com/en/about-us/environment-climate-change

-> Institutional commitments to protect the environment

The AXA Group and local entities signed or joined the various initiatives in the area of environmental protection (and/or CR more generally). As indicated above, in 2015, AXA became a vice-chair of the FSB Task Force on Climate-related Financial Disclosures, signed the Montreal Pledge (which commits investors to measuring and publishing details of the carbon footprint of their investment portfolio) and, in the run-up to the UN Climate talks in Paris last year, signed the “French Business Climate Pledge”, which committed 39 of France’s leading companies to fight climate change through new industrial projects and R&D devoted to renewable energy, energy efficiency and other low carbon technologies. The Group also signed up to various initiatives including the World Business Council for Sustainable Development (WBCSD) manifesto for Energy Efficiency in buildings, the “Kyoto Statement” (Geneva Association), “Caring for Climate” (WBCSD/UNEP FI/UN Global Compact), the CDP (Carbon Disclosure Project), the “Sustainable Development Charter” (Fédération française des sociétés d’assurances) and the Investor Statement on Climate Change (International Investor Group on Climate Change). AXA also supports 2° Investing Initiative, a climate think tank.

AXA signed the UNISDR Private Sector Commitment for Disaster Risk Reduction and is represented in their Advisory Board Group. These principles cover 5 key areas around the role that the private sector can take to further encourage Disaster Prevention, Resilience and Risk Reduction (e.g. increase public private partnership, share Risk Management expertise, etc.). AXA is also part of the African Risk Capacity, a regional pooling mechanism providing coverage to African governments in the event of natural disasters or extreme weather events.

Other engagements are detailed online: https://www.axa.com/en/about-us/environmental-commitments

-> AXA Group environmental indicators p408: https://cdn.axa.com/www-axa-com%2F73719a96-c3b1-456b-abaf-63b80c06968c_axa_reference_document_2015.pdf

"For case study-specific quantitative data, targets, awards, etc, please refer to above texts.
Legal measures and environmental expenditures

Regarding measures taken to ensure compliance with legal requirements, the main concern arises from the existence of “classified facilities” (for environmental protection purposes) such as fuel tanks for backup electricity generators, or major air conditioning systems. In 2015, the Group reported 35 sites with a specific permit. Their impact on the neighbouring environment is minimal. Nevertheless, being classified, those facilities benefit from adequate maintenance and their compliance with local legal obligations is monitored regularly. The full range of expenditures incurred to promote environmental preservation is minor, local and of a heterogeneous nature, and as such, is not monitored at Group level. No specific provisions or guarantees covering environmental risks have been set aside, considering the limited litigation risks arising from the management of AXA’s direct environmental footprint. Furthermore, in 2015, 39 sites were reported to have some form of environmental certification

• Environmental reporting, 2016 Group data: see below.

Anti-Corruption
• Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
AXA's responsibility towards our shareholders includes ensuring the long-term viability of the company through sound and transparent corporate governance and a culture of business ethics, supported by AXA’s Standards and Code of Ethics.

INTEGRATION OF ENVIRONMENTAL, SOCIAL AND  ETHICAL ISSUES IN RISK MANAGEMENT AND  PRODUCT DEVELOPMENT

When appropriate or relevant, the Group underwriters and portfolio managers integrate a number of emerging environmental and social risks, including human rights concerns, as well as more generally ethical concerns in their product development processes and policies. This is notably undertaken via (1) the AXA Group Controversial weapons policy, (2) the Group underwriting guidelines for P&C Commercial lines that require local AXA entities to exclude certain sensitive sectors or activities, and (3) the “Policy on business relationships involving sanctioned countries and countries identified as having high levels of corruption or political risk”. The latter policy formalises the Group policies and procedures with respect to business in or with countries that are subject to international sanctions or embargoes or otherwise identified as high corruption, high political risk and/or tax haven jurisdictions.

Business ethics

AXA’s Group Compliance and Ethics Guide (“the Guide”) seeks to establish Group-wide guidelines and rules to ensure that AXA Group companies and employees have a common understanding of applicable ethical standards, participate in the fight against corruption and conduct business accordingly. The Guide covers a variety of matters, including specific rules concerning conflicts of interest, transactions involving AXA securities and those of its listed entities, confidentiality and control of sensitive information as well as record keeping and retention. The Guide also seeks to reflect AXA’s values. Most of AXA’s principal operating entities have developed ethical guidelines that comply with local regulatory and statutory requirements. The Guide is available on the Group’s website (www.axa.com).
In 2013, AXA became a member of the non-profit Transparency International France and, therefore, supports TI’s vision, values and founding principles disclosed in their so-called “Charter”.

More information about these commitments: http://www.transparency-france.org/ewb_pages/n/notre-charte.php