The Investment Charter concerns the first element of the activities of SFPI/FPIM. The two other elements, notably the role of public holding and the transactions performed on behalf of the State « in delegated mission », are the object of separate documents and are not published.
SFPI/FPIM is a limited company of public interest, the capital of which is 100% held by the State. SFPI/FPIM results from the merger of the Société fédérale d’Investissement/Federale Investeringsmaatschappij and the Société fédérale de Participations/Federale Participatiemaatschappij.
One of the objectives of this merger was to reinforce the efficiency and the coherence of the investment policy of the State through the development of a proactive policy in this respect by SFPI/FPIM.
To this end, the SFPI/FPIM, established an investment charter that defines the framework of each investment of SFPI/FPIM and determines the applicable conditions on the basis of which SFPI/FPIM makes an investment and evaluates, manages as well as monitors such investment.
The aim of the charter is, in the framework of the investment activity of SFPI/FPIM, to improve the efficiency and the coherence of these investments on the basis of:
Every four years and each time when necessary, SFPI/FPIM carries out an evaluation of the objectives, of the strategy and of its implementation, as well as an evaluation of the functioning of the procedures set up by the Charter.
SFPI/FPIM focuses, in consultation with its shareholder, on investments in certain strategic sectors, namely:
In the framework of its investments in the above mentioned sectors, SFPI/FPIM always strikes a proper balance between the financial and social aspects of the files that are submitted to it. Moreover, SFPI/FPIM attaches great importance to compliance with the rules of corporate governance.
Ideally, these objectives should converge but the balance of the interests between the financial constraints and the societal objectives in the medium and in the long term require that delicate choices be made, taking account of the general objectives of SFPI/FPIM: the mission SFPI/FPIM, which distinguishes it from other economic players in this respect, is to find a clear and responsible balance between these objectives.
The profitability of the investment shall evidently constitute an important aspect of the investment decision. In this respect, the following criteria shall, amongst others, be taken into account:
The objective of profitability must however be qualified in view of the social responsibility of SFPI/FPIM.
The following societal criteria are taken into consideration when evaluating a potential investment:
Finally, SFPI/FPIM intends, in the implementation of its policy on investments, to be guided by and intends to see to it that the entities concerned are guided by the principles of corporate governance.
In order to ensure that its various administrative bodies assume their responsibility with regards to the developed project, each entity in which an investment is made, is asked to implement certain principles of good management through adoption, as appropriate, of internal ad hoc rules or codes, principles of governance on the basis of clear and precise operational rules as well as the transparency of these rules and of the information, and comply with these principles.
In order to be able to participate in the industrial, financial and commercial management of the entity in which SFPI/FPIM invests, and in order to plan the necessary follow-up, SFPI/FPIM also wishes to be represented by at least one person in the administrative body of the entity.
The entity in which SFPI/FPIM intends to invest will be asked to prepare a complete file in which in each case the following points shall have to be specified:
This file is prepared in six copies and submitted to the managing director of SFPI/FPIM, after which the strategic committee of SFPI/FPIM shall formulate an advisory opinion on the file. The final decision rests with the board of directors.
Neither the Charter nor this communication create legal obligations for SFPI/FPIM, for its directors or for its managers that are additional to those arising from the applicable legal texts and cannot in any way be interpreted in this way.