Sustainability Bonds Framework
Corporate Responsibility
Governance diversity
Gender representation:
Gender diversity in
the Supervisory
Board and the
Executive Board
• Greater degree of
gender mix at all
corporate level
Representation of all
categories of local
governments to the
Board of Directors of
AFL-ST
8 independent directors
out of 13 at the
Supervisory Board
Equality
Capital contribution to
the AFL Group
commensurate to the
total outstanding debt
of each local authority
♥ Similar loan pricing for
same internal scoring
Distribution of
economic value
• AFL Group does not pursue
an objective of shareholder
value maximization
• Value is directed towards all
stakeholders:
♥ Borrowers with
competitive loan
pricing
Investors with regular,
predictable bond
issuance
Annual profits added
to retained earnings to
build up the capital
base with a pay out
ratio set at a maximum
of 5%
Responsible policies
• AFL financial strategy
and policies pursue
an objective of wealth
preservation,
business
sustainability, long-
term confidence of
investors
19
CAFL
Lo bonque
des collectivitésView entire presentation