Our commitments

Développement durable

Conscious of the importance of the extra-financial dimension (Environmental, Social / Societal, Governance) in the development and sustainable growth of companies, the Management Company is sensitive to the consideration of ESG criteria in fundamental analysis of companies of the portfolio. Each year, the composition of Indépendance et Expansion is reviewed and an ESG report is prepared by an independent expert

The Management Company is also involved in a social action of patronage.

Our commitments

Act as responsible investors

Gaïa-Index EthiFinance

Indépendance et Expansion relies on the analyses of Gaïa Rating, an EthiFinance department. Gaia Rating specializes in the analysis and rating of ESG (Environment, Social and Governance) for small and medium sized companies. Every year since 2009, Gaia Rating has been running an ESG data collection campaign covering French and European listed small and mid cap companies. More than 500 companies were covered in 2017. Based on this information, companies are rated on their level of transparency and performance.

Link to  IE France Small ESG Report

Link to IE Europe Small ESG report

The Portfolio Management Company is committed to act as a Responsible Investor and to support the energy transition. In accordance with this goals, the Portfolio Management Company has implemented a strict exclusion policy for all investments of INDÉPENDANCE ET EXPANSION. The scope of the exclusion policy detailed in the document below includes companies involved in the production of controversial weapons, tobacco and coal.


Social action: patronage


As part of its ESG responsibility, the Management Company financially supports the Buta au Burundi. The Monastery of Buta promotes the development of local populations through the association Youth Base.

The Management Company also supports Jesuit Refugee Service (JRS), an international NGO with nearly 40 years of experience working with refugees in post-conflict situations, detention centers, remote border areas, urban agglomerations and refugee camps.

JRS message:

"In 2017, 68.5 million people across the world were driven from their homes due to war, natural disasters and other crises. Of these, more than 25 million were refugees, forced out of their own countries because of violence and conflict. Most of these refugees try to look for safety in countries next to their own, with the result that 85% of all refugees are hosted in poor countries in the Global South. Europe hosts only 2.6 million refugees, many of whom have risked their lives making perilous journeys by sea and land because they cannot find a safer and better life elsewhere.

These rising numbers demand urgent action and solidarity, a call to which Stanwahr has been responding through its support of the Jesuit Refugee Service (JRS), an international NGO with nearly 40 years of experience working alongside refugees in post-conflict settings, detention centres, remote border areas, urban settlements, and refugee camps. In 2017 over 637,000 refugees were supported by JRS programmes in more than 50 countries. Stanwahr values JRS’s work in education, psycho-social support, livelihoods, and reconciliation, and its advocacy on behalf of refugees, in Europe and around the world.

For JRS, helping forcibly displaced persons to enter the job market and generate income is a way to assist refugees in their drive to be self-reliant. The ability to work and support themselves and their families restores the dignity, confidence, and hope of refugees. The fact that a refugee contributes to the economic and social life of the community also promotes her integration in that community. JRS offers technical training and other assistance to refugees seeking to gain employment.

JRS also supports income-generating activities, by providing grants, credit, equipment, and other resources for entrepreneurship. In South Africa, for example, the Arrupe Training Centres in Johannesburg and Pretoria offer courses in computing, hairstyling, cosmetology, manicure, and baking. In France, as in other European countries, JRS is supporting refugees to integrate into the job market: besides providing skills-training and language classes, professional recruitment staff accompany refugees in their hunt for jobs, and support them with CV and interview preparation. They also provide ongoing mentoring for refugees who have found a job. JRS and Stanwahr share the conviction that supporting refugees in their effort to enter the job market constitutes one of the best forms of investment in their future: a refugee with a job or who runs a business is an asset for her family, and a gift to the host community. This is why Stanwahr chooses to partner with JRS and to support its work.