1) Regarding alleged exposure to TotalEnergies and CNOOC

The group does not reconcile the alleged exposures with its holdings.

CNOOC is excluded from all open funds managed by LBP AM and LFDE, in line with its Oil & Gas Exclusion policy.

Regarding TotalEnergies, while the group hold shares in the company, these do not match alleged exposures and we would like to clarify that in particular LFDE is not amongst the most important shareholders in TotalEnergies, as can be verified through financial share ownership figures.

2) Regarding TotalEnergies and human rights

In line with its policies, the LBP AM group has been actively engaging with TotalEnergies for the past years, on issues related to the environment and human rights.

Nonetheless, TotalEnergies’ exposure to repeated controversies [...] led the Group to place the company under enhanced monitoring.

[...] in 2023, LBP AM initiated a dialogue with the company to request a reinforcement of its human rights commitment and due diligence processes [...]. More specifically, the main objectives of this dialogue were the following:

- Request the adoption of a public, group-level, binding policy on human rights, notably containing provisions relating to indigenous peoples’ rights, human rights risks in CAHRA and in relation to human rights defenders.

- Ask for clarifications regarding the company’s human rights due diligence processes prior to project development and during operations, including clarifications on human rights impacts assessments (HRIA), triggers to conduct third-party HRIA, and group-level human rights risk mapping.

So far, these discussions and assessments have led the LBP AM Group to maintain its engagement with the company, while diversifying and intensifying its means to exercise its leverage.

- In 2024, LBP AM decided to file written questions at TotalEnergies’ annual general meeting (AGM) in 2024, focusing on three main pillars [...],

- Systematic implementation of human rights risk analysis and monitoring throughout projects’ life cycle,

- Supply chain risk management, supplier assessment and monitoring measures implemented by the Group.

[...] LBP AM and LFDE filed new written questions regarding human rights due diligence and governance at TotalEnergies’ 2025 AGM, focusing on human rights responsibility with the board of directors, and the company’s just transition strategy.