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Disclosure of information concerning climate risk & GHG emissions; Environmental risks
· UNEP FI (Finance Initiative) »innovative financing for sustainability« > Work Streams >
o Climate Change
o Insurance
o Investment > e.g.
§ Asset Management Working Group
§ Principles for Responsible Investment (or directly to special website – PRI)
· PRI is a project convened by the UN Secretary-General and implemented by UNEP FI and the UN Global Compact.
· Launched at NYSE, 27 April 2006
· »As institutional investors, we have a duty to act in the best long-term interests of our beneficiaries. In this fiduciary role, we believe that environmental, social, and corporate governance (ESG) issues can affect the performance of investment portfolios.«
· »The six overarching Principles, which are voluntary, are underpinned by a set of 35 possible actions that institutional investors can take to integrate environmental, social and corporate governance (ESG) considerations into their investment activities. These actions relate to a variety of issues, including investment decision-making, active ownership, transparency, collaboration and gaining wider support for these practices from the whole financial services industry.«
o Also (3rd Principle):
§ We will seek appropriate disclosure on ESG issues by the entities in which we invest.
· Possible actions:
o Ask for standardised reporting on ESG issues (using tools such as the Global Reporting Initiative)
o Ask for ESG issues to be integrated within annual financial reports
o Ask for information from companies regarding adoption of/adherence to relevant norms, standards, codes of conduct or international initiatives (such as the UN Global Compact)
o Support shareholder initiatives and resolutions promoting ESG disclosure
§ See also:
· EIRIS UN PRI Toolkit
· Recognising the challenges posed by committing to these principles, EIRIS has developed a range of products that offer practical solutions for investors looking to implement the UN PRI, in particular Principles 1, 2 and 3:
o 3) Report Monitor helps investors identify leaders and laggards in terms of ESG reporting
§ Emerging Market Responsible Investment Project
· An increasing number of institutional investors are becoming interested in approaches to asset management that explicitly include environmental, social and corporate governance (ESG) criteria or metrics where they are or may become relevant to investment performance.
· While there are increasing pressures for investment managers to address these issues, however, they generally receive little consideration from brokerage house analysts and policy-makers.
· The UNEP FI Materiality Series is an effort to close this gap by delivering and analysing financial research on how ESG issues impact company share price.
§ Reporting and Financial Markets
· »UNEP FI is collaborating with the Global Reporting Initiative (GRI) on a project to solicit the input of the global financial services sector in innovating the third generation of the Sustainability Reporting Guidelines (G3). The goal of the consultation is to better understand the information needs of the financial community and to identify ways to ensure that GRI-based reports can be of maximum value for financial analysis.«
§ Publications from the Investment Work Programme > e.g.
· Fiduciary responsibility – Legal and practical aspects of integrating environmental, social and governance issues into institutional investment (July 2009; .pdf has 101 pp.)
o This report is a sequel to the UNEP FI Asset Management Working Group’s landmark 2005 "Freshfields Report" which, until now, has arguably been the single most effective document for promoting the integration of environmental, social and governance (ESG) issues into institutional investment. This 2009 follow-on report provides a legal roadmap for fiduciaries looking for concrete steps to operationalise their commitment to responsible investment.
o See also
§ Related articles at SocialFunds:
· ESG Issues Should be Embedded in Legal Agreements Between Investors and Advisors, Report Finds (23 July 2009)
· UNEP Hones Legal Argument for ESG Incorporation in Investments in New Study (22 July 2009)
· Demystifying Responsible Investment Performance (October 2007; .pdf has 82 pp.; Prepared together with Mercer) - A review of key academic and broker research on ESG factors
· The Working Capital Report (July 2007; .pdf has 56 pp.)
· Responsible Investment in Focus: How leading public pension funds are meeting the challenge (2007)
· Unlocking Value: The scope for environmental, social and governance issues in private banking (January 2007; .pdf has 26 pp.)
· Show Me The Money: Linking Environmental, Social and Governance Issues to Company Value (July 2006; .pdf has 56 pages)
· A legal framework for the integration of environmental, social and governance issues into institutional investment
o 2005; .pdf has 154 pages; Together with Freshfields Bruckhaus Deringer
· Generation lost: young financial analysts and environmental, social and governance issues
o 2005; .pdf has 6 pages; Together with WBCSD's »Young Managers Team«
· CEO Briefing: The Materiality of Social, Environmental, and Corporate Governance Issues to Equity Pricing
o 2004; .pdf has 6 pages; This is a distilled version of the full report with 54 pages
§ Events
o Property
o Sustainability Reporting
o Biodiversity
o Human Rights
o Finance and Conflict
o Water
o >>
§ Regional Activities
§ Publications
§ Events > e.g.
· UNEP FI 2007 Global Roundtable > e.g.
o Reports that Count: What the Market Needs (Session Summary available, 2 pp.)
§ Training
· GRI Global Reporting Initiative > e.g.
o Current Priorities >
§ The Amsterdam Declaration on Transparency and Reporting (March 2009)
· … Therefore the Board of GRI calls on governments to take leadership by:
o 1. Introducing policy requiring companies to report on ESG factors or publicly explain why they have not done so.
o 2. Requiring ESG reporting by their public bodies – in particular: state owned companies, government pension funds and public investment agencies.
o 3. Integrating sustainability reporting within the emerging global financial regulatory framework being developed by leaders of the G20.
o See also:
§ related news at CSRwire: The Amsterdam Declaration on Transparency and Reporting (10 March 2009) - Leaders from business, labor and civil society call on governments to demand greater transparency from companies in this time of crisis
· GRI has been working with the investor community since its inception and is currently (2008) working with investors in several areas:
o Establishing an Investor Consultation Group to develop guidance on how sustainability reports can be most useful for investors;
o Researching trends in how investors use ESG information;
o Making communication of ESG information to investors and research agencies more efficient through XBRL;
o Working with investor initiatives to further promote the use of sustainability information.
· >
o Reaching Investors - Communicating Value through ESG Disclosures (.pdf, 2009, 21 pp.; Lead editors: Sean Gilbert, GRI, James O’Loughlin)
§ See also related press release: Companies that fail to link their ESG disclosures to corporate strategy fail to connect with investors (25 March 2009)
o Learning & Support >
§ Tools & Resources >
· Journal articles > e.g.
o Gems from a Corporate Governance Guru – A Conversation with Mervyn E. King (.pdf, October 2006, 3 pp.)
o The Evolution of Business Reporting: Make Room for Sustainability Disclosure (.pdf, October 2004, 8 pp.; By: Sean Gilbert and Alyson Slater)
o The Transparency Evolution (.pdf, November 2002, 9 pp.; By: Sean Gilbert)
· Podcasts > e.g.
o Valuing the full spectrum for long term performance (Al Gore; Recorded at the GRI's October 2006 Conference "Reporting: A measure of sustainability".)
o News & Events > e.g.
§ Latest Press Releases >
· The G8 encourage GRI reporting to promote development and support investors (8 June 2007)
· A new global reporting standard – business and investors call for widespread use (5 October 2006)
§ Newsletter >> e.g.
· News 2009 >
o Top European investors meet to discuss sustainability disclosure (10 November 2009)
o SEC increasingly shifts its policies to incorporate ESG concerns (10 November 2009)
· News 2008 >
o Climate change and political giving top 2008 U.S. shareholder concerns (24 April 2008; By Heidi Welsh, RiskMetrics Group)
· News 2007 >
o Readers to identify the best sustainability reports worldwide in the GRI Readers’ Choice Awards (30 August 2007)
§ There will be five main awards issued – based on the perspectives of the key user communities: also
· Financial markets
§ Both the Global Readers’ Choice Awards and the survey results will be presented during ‘The Amsterdam Global Conference on Sustainability and Transparency’ (7-9 May 2008)
§ Conference 2008 > Program > Arena Session & Arena Debates >
· Arena Debate 2: Financial Market Views on Sustainability Reporting Today
§ >??> Blog >>
· Sustainability Reporting Central >> e.g.
o Labels: Investors
o Who are you?
§ »Access tailored GRI-resources from your stakeholder-category.«
§ >
· Investor
o See also:
§ Qfinance.com (Bloomsbury Publishing) >
· Financial Regulation and Compliance > Financial Regulation > Viewpoints >
o Viewpoint: Ernst Ligteringen : No More Room for “Business as Usual”
· GPPi Global Public Policy Institute (Berlin) > e.g.
o Consulting > e.g.
§ Review of the Global Reporting Initiative (Projection duration: November 2005 - May 2006) >
· Publications >
o Final report to UNEP (will not be published)
§ See also:
· UN fears decline in non-financial reporting (25 September 2006; By Hugh Williamson in Berlin)
o Trends in non-financial reporting (.pdf, November 2006, 50 pp.)
§ Paper prepared for the UNEP, Division of Technology, Industry and Economics (DTIE)
§ >
· 3.2. Analyzing drivers and levers behind non-financial reporting > e.g.
o 3.2.4. Impact of financial markets on incidence of NFR widely overestimated (pages 23-24)
· SustainAbility > e.g.
o Consulting Services >
§ Sectors >
o Research & Advocacy >
§ Analysis and Reports:
· By Theme > Corporate Reporting > e.g.
o Tomorrow's Value: The Global Reporters 2006 Survey of Corporate Sustainability Reporting (November 2006; .pdf has 36 pp.)
§ Tomorrow’s Value, SustainAbility’s fourth international benchmark of corporate sustainability reporting, has once again been developed in partnership with the United Nations Environment Programme (UNEP) and Standard & Poor's.
§ Key findings of the 2006 benchmark survey include (also):
· Yesterday’s risks are mutating into tomorrow’s opportunities for value creation.
· Financial markets welcome — and challenge — sustainability disclosures.
· Sustainability drills into core business processes.
§ Tomorrow’s Value asks the question: How far has the value lightbulb switched on in corporate brains and boardrooms?
· On current evidence, the answer is that the links between the evolving sustainability agenda and wider market opportunities are now better understood — with a small number of companies reporting the relationship with value in increasingly interesting ways.
· Partly as a result, some parts of the financial community are gearing up their use of non-financial, extra-financial and/or sustainability disclosures to better understand emerging environmental, social and governance risks.
· Nonetheless, our expert panel concluded that most companies are still missing an important opportunity to communicate with financial analysts and institutions.
§ From the »Contents«:
· The Corporate DNA Test
o (examines the degree that reporting shows sustainability integrated into core management processes.)
· Buy. Hold. Sell.
o (explores investor perceptions.)
· Materiality
· Communication
o (assesses leading practice in the communication of sustainability performance.)
· Value
o (describes the evolution of reporting on value creation.)
· Conclusions and Recommendations
o (provides headline recommendations for practitioners, boards and investors)
§ See also related article at SocialFunds.com:
· Sustainability Reporting Improving, But Not Necessarily Contributing to True Sustainability (13 November 2006; By Bill Baue)
o Some excerpts:
§ SustainAbility has been placing increasing importance on the financial implications of sustainability reporting by accentuating the importance of materiality, value creation, and the business case for sustainability. This emphasis helps increase the relevance of sustainability considerations amongst corporate executives, mainstream institutional investors, investment analysts, and even rating agencies such as Standard & Poor's.
§ "The Holy Grail is to convince investors that sustainability issues are material to both the bottom and the top lines," the report states.
o The Global Reporters 2004 Survey of Corporate Sustainability Reporting: Risk & Opportunity: Best Practice in Non-Financial Reporting (October 2004, 56 pp.; By: SustainAbility, UNEP & Standard and Poor's)
§ »The financial sector - including insurers, reinsurers, lenders, investors and analysts - is beginning to wake up to a range of non-financial issues. Even the best current non-financial reporting by companies may not yet meet their needs, but the convergence of the financial and non-financial worlds is now under way.«
§ Research Programs and Projects >
· Global Reporters >
o Global Reporters 2008: Engaging the Mainstream
§ An ambitious initiative to deepen dialogue between companies and their mainstream investors and to increase mutual understanding of the relevance of Environmental, Social and Governance (ESG) issues to long-term shareholder value
o >>
§ Tags: Reporting
o What we do > Advisory > Risk & Compliance > Internal Audit, Risk & Compliance Services >
§ Global Sustainability Services >
· Latest articles & publications >>
o KPMG International survey of corporate responsibility reporting 2008 (27 October 2008; .pdf has 118 pp.)
§ Or here (.pdf, at KPMG Sustainability - The Netherlands)
§ >>
· Special Focus: Investor Relations (pp. 33-34)
§ See also:
· Qfinance.com (Bloomsbury Publishing) >
o Governance and Ethics > Business Ethics > Viewpoints >
§ Viewpoint: Wim Bartels (KPMG): The Growth of Sustainability Reporting
· Press Release (KPMG Sustainability – The Netherlands) at CSRwire: KPMG International Survey of Corporate Responsibility Reporting 2008 (28 October 2008)
· IBLF International Business Leaders Forum > e.g.
o Resources >
§ Publications >> e.g.
· Values and Value: Communicating the Strategic Importance of Corporate Citizenship to Investors (1 January 2004; .pdf has 36 pp.)
o The findings of a 2003 CEO Survey of the World Economic Forum Global Corporate Citizenship Initiative in partnership with the International Business Leaders Forum.
· AccountAbility (UK) > e.g.
o Learn more > Publications > e.g.
§ The Materiality Report: Aligning Strategy, Performance and Reporting (November 2006; .pdf has 55 pp.)
· AccountAbility has been a leading voice in the materiality debate since the late 1990s. Materiality was a core principle of the AA1000 Framework published in 1999 and has remained at the core of the AA1000 Series since then.
· The report, prepared by AccountAbility in association with BT Group plc and LRQA (at BusinessAssurance.com), provides a toolkit for managers to work out which issues are ‘material’ to their underlying performance, and encourages business to focus on these issues in their public reporting.
· See also related articles at GreenBiz:
o The Expansion of Materiality in CSR Operations (November 2007; By Kevin Moss, responsible for BT's CSR strategy in North America)
o Nonfinancial Reports Fail to Capture Key Business Risks, Says Study (5 December 2006)
§ Guidance Note on the Three Principles - Materiality, Completeness and Responsiveness (2006)
· Context consultancy (UK) >
o Publications >
§ In Context: Global Corporate Responsibility Reporting Trends 2006 (July 2006; .pdf has 32 pp.)
· »Contents«: > e.g.
o Materiality: a concept stretched too far?
· ABI Association of British Insurers (UK) > e.g.
o Media Centre >
§ News Releases > e.g.
· ABI publishes Responsible Investment Disclosure Guidelines (1 February 2007)
o These update and replace the Socially Responsible Investment (SRI) guidelines, launched by the ABI in 2001, which call on Boards of companies to confirm that they have assessed and are managing environmental, social and governance risks.
o The changes to the guidelines highlight aspects of responsibility reporting on which shareholders place particular value. They also take into account new EU and UK legislation, including the Business Review.
· ABI encourages companies to develop best practice in narrative reporting (29/11/2006) >
o ABI position paper on narrative reporting (Word doc., 9 pp.)
o Or:
§ Publications >
· Developments in Narrative Reporting: An ABI Position Paper (.pdf, 20 November 2006, 9 pp.)
· USS Universities Superannuation Scheme Ltd (UK) >
o USS Investments >
· Fair Pensions »calls for responsible investment by UK pension funds.«
· The Marathon Club is a direct follow-up project to the competition run by USS Ltd and Hewitt (with support from FTfm) titled “Managing pension funds as if the long-term really did matter”.
· GP Global Pensions Magazine (Incisive Media, London) > e.g.
o Features >
§ Socially Responsible Investing
· IPE.com (London) »is Europe's premier pensions web site«
· NAPF National Association of Pension Funds (London)
· Institutional Shareholders' Committee (UK)
o The ISC is a forum which allows the UK’s institutional shareholding community to exchange views and, on occasion, coordinate their activities in support of the interests of UK investors.
o > e.g.
§ Library >
· ISC Code on the Responsibilities of Institutional Investors (.pdf, 16 November 2009, 6 pp.)
· LAPFF Local Authority Pension Fund Forum (UK)
· ECCR The Ecumenical Council for Corporate Responsibility (Oxford, UK) > e.g.
o News
· Forum for the Future (UK) > e.g.
o Browse by subject > Finance >
§ »In addition to work with our corporate partners, we engage with capital markets through our cross-sector initiatives on innovation and valuation.«
· London Stock Exchange (LSE) Seminar (Amsterdam, 16 June 2005):
o »Non-Financial Reporting - Frameworks for the Present and Future« (link ??) >
§ Presentations > e.g.
· Non-Financial Reporting – Frameworks for the Present and Future (.pdf, 15 pp.; By Simon Wilkinson, LSE, Manager IR Solutions)
· Meeting the reporting needs of the future - without compromising the demands of the present (.pdf, 10 pp.; By René Kim, Triple Value Strategy Consulting)
· View from the banking sector (.pdf, 3 pp.; By Herman Mulder, ABN AMRO Bank)
· Arthur D. Little >
o Services > Sustainability & Risk >
§ Thought Leadership > e.g.
· Speaking the Same Language (June 2003; .pdf has 16 pp.)
o »Investors and companies are still not having a meaningful dialogue about the business value of CR. But there is a strong desire to change this, and to find agreement on the best way forward. This report was produced in 2003 in partnership with the UK Social Investment Forum and Business in the Community. It explores the relationships between the investment community and companies and provides a map of the SRI community.«
· Henderson Global Investors (Head office in London) >>
o Sustainable & Responsible Investment (SRI)
· F&C Asset Management »is a leading European investment house quoted on the London Stock Exchange.« > e.g.
o Investment Strategies >
§ (Governance and Sustainable Investment) GSI Strategies
· EIRIS Ethical Investment Research Services (Head Office: London, UK)
o EIRIS is a leading global provider of independent research into the environmental, social, governance (ESG) and ethical performance of companies.
o > e.g.
§ Publications > e.g.
· At risk? - How companies manage ESG issues at board level (2009) (.pdf, April 2009, 6 pp.)
o Provides an overview of how companies in the FTSE All World Developed Index are managing environmental, social and governance (ESG) issues at board level and analyses how performance has evolved between 2005 and 2008.
· The state of responsible business: Implications for PRI signatories (2008) (.pdf, October 2008, 32 pp.; By Bob Gordon) - Explores the extent to which FTSE All World Index are addressing ESG risks and highlights the challenges and opportunities this poses to UN PRI signatories and other investors wishing to mitigate ESG risks
o See also:
§ SocialFunds >>
· Report Finds That Most Corporations Fail to Address Risks That Threaten Long-Term Profitability (12 November 2008) - EIRIS report on responsible business practices finds insufficient ESG risk management and inadequate disclosure and advocates PRI involvement for responsible investors.
· FTSE100 snapshot: Trends in ESG performance (.pdf, May 2008, 4 pp.) - Analysis of the FTSE100 charting progress on key environmental, social and governance (ESG) issues over the last five years.
o See also:
§ related article at SocialFunds:
· Large UK Companies Put Their Best Foot Forward (28 May 2008) - New study of the FTSE 100 finds most companies, but not all, are improving their performance on environmental, social and governance issues.
o Responsible investors do make a difference reports the UK-based research firm EIRIS in their newest study that tracks FSTE 100 companies over the past five years...
§ related news at Environmental Finance:
· FTSE100 lags on environmental reporting (29 May 2008)
· The state of responsible business: Global corporate response to environmental, social and governance (ESG) challenges (.pdf, September 2007, 98 pp.; By Bob Gordon)
o A study examining the extent to which companies around the world are addressing their environmental, social and governance (ESG) impacts.
o See also:
§ related article by Mallen Baker: So what is the state of responsible business in the world today? (30 September 2007)
§ related article at SocialFunds: Where in the World is Corporate Responsibility? (15 September 2007) - EIRIS’ new report “The State of Responsible Business” details growing corporate responsibility in businesses worldwide.
· RI Responsible Investor
o Responsible Investor provides institutional investors with a comprehensive online magazine and information resource which recognises the growing requirement to achieve investment returns within an environmental, social and corporate governance framework.
o > e.g.
§ Archive > e.g.
· Fund managers predict $700bn rise in RI assets by 2010: RI landscape report (10 June 2008) - 98 fund managers running $19.4 trillion in assets predict responsible investment market will jump by 35% in next two years. >
o RI Landscape Asset Managers 2008 Survey (.pdf, 32 pp.)
· Investors to boost RI assets by $137bn: RI Landscape survey results (4 May 2008) - Asset owners running $1.5 trillion outline how they integrate environmental, social and governance issues into investment >
o RI Landscape 2008 Asset Owners survey (.pdf, 28 pp.)
§ Reports > e.g.
· Integrating ESG into Mainstream Portfolios (.pdf, October 2008, 19 pp.) > e.g.
o The importance of consistent and comparable ESG data. By Christopher Greenwald, Asset4
§ Resource
· FIR Forum pour l'Investissement Responsable (French SIF; Also English version) >> e.g.
o Medef / FIR Symposium: Does non-financial reporting improve global company performance? (4 April 2007)
§ »This symposium is an opportunity to encourage exchanges among different actors (companies, investors, rating agencies, brokers) on their respective perception of non-financial reporting.«
· EthiFinance (France; Also English version of website)
o »is an independent extra-financial research agency dedicated to the Corporate Social Responsibility (CSR) assessment required by Social Responsible investors (SRI).«
· INSEAD »The Business School for the World« (Fontainebleau, France) >
o Faculty & Research > Research > Working Papers >
§ Communicating Corporate Responsibility to Investors. The Changing Role of the Investor Relations Function (2003; .pdf has 23 pp.; By: Hockerts Kai and Lance Moir)
§ A New Politics of Engagement: Shareholder Activism for Corporate Social Responsibility (2002; .pdf has 26 pp.; By: O'Rourke Anastasia)
· Paris EUROPLACE is the organization which promotes Paris as a financial market. >> e.g.
o Le forum Paris EUROPLACE – Présidence française de l’Union Européenne 2008:
§ "Renforcer la Contribution de la Finance au Développement Durable: Enjeux de long terme, Propositions pour l'Europe" = Strengthening the Contribution of Finance to Sustainable Development (24 November 2008, Paris) >>
· 10 Propositions pour Renforcer la Contribution de la Finance au Développement Durable en Europe
o Conclusions et recommandations du rapport de la Commission Paris EUROPLACE "Investissement Socialement Responsable" >
§ Rapport de la Commission Paris EUROPLACE "ISR" (.pdf, 14 May 2008, 30 pp.)
· Caisse des Dépôts (France) >
o Développement durable = Sustainable development (Also English version of website)
· Novethic (France)
o Novethic, filiale de la Caisse des Dépôts, est un centre de recherche sur la Responsabilité Sociale et Environnementale des entreprises (RSE) et l'Investissement Socialement Responsable (ISR) et un media expert sur le développement durable.
o > e.g.
§ Investissement socialement responsable
§ Centre de recherche >
· Les études ISR > e.g.
o Enquêtes:
§ Les investisseurs institutionnels sont-ils des actionnaires sensibles aux enjeux ESG ? (novembre 2009)
§ Responsabilité des investisseurs institutionnels sur les politiques Environnementales, Sociales et de Gouvernance (ESG) des entreprises dont ils sont actionnaires (décembre 2008)
· Les événements >
o Colloque ISR >
§ Environnement, Social et Gouvernance (ESG): Nouvelle donne pour les investisseurs institutionnels (5 décembre 2008, Les Salons Hoche, Paris)
· Le 5 décembre 2008, Novethic organise pour la première fois à Paris, un colloque destiné à réunir des investisseurs institutionnels français et européens pour favoriser des échanges sur leurs pratiques ISR.
o Also English version of website (novethic.com) > e.g.
§ Socially Responsible Investment > e.g.
· SRI Studies > e.g.
o Surveys >
§ Asset owners as active shareholders: Attitude towards and motivation behind ESG policies:
· Second edition: November 2009:
o Asset owners as active shareholders: Attitudes towards and motivation behind ESG policies (.pdf, 40 pp.)
§ Novethic surveyed French and UK asset owners on the extent to which they believe it is their responsibility to influence the ESG strategies of the companies in which they invest. For the second edition, particular focus was placed on job creation, climate change and executive compensation.
· First edition: December 2008 :
o In collaboration with BNP Paribas Investment Partners, today Novethic releases the results of its survey "Institutional investors' perspective on their responsibility for corporate ESG policies" (.pdf, December 2008, 26 pp.).
o Carried out on a sample audience of major French and UK investors, the survey reveals a strong sentiment of responsibility, but with varying degrees when it comes to tackling core issues. Although the French prioritise social issues and the English emphasise governance, both play down the environment as a major concern.
o See also:
§ related news at CSR Europe
· ORSE Observatoire sur la Responsabilité Sociétale des Entreprises (France; also English version) > e.g.
o Corporate Social Rating = »Guide to social and environmental analysis organisations« (In English; Last updated in 2005 ??)
§ By: ADEME (The French Energy and Environment Agency) and ORSE
§ The guide gives an overview of the international »market« for rating and analysis of corporate social and environmental performance. Profiles of all international organisations that filled in a questionnaire regarding their activities in this field, are available online.
· Kompetenzplattform ARGUS (Architecture of Ratings in Company Related Global CSR/CS for Users and Stakeholders)
o ARGUS is a research project that is accomplished by the Chair of Corporate Finance and the Chair of Information Systems I of the University of Stuttgart (Prof. Dr. Henry Schäfer und Prof. Dr. Hans-Georg Kemper) in collaboration with the “Deutsche Bundesstiftung Umwelt“ (DBU), as the project sponsor.
o Also English version of website
o See also:
§ Bertelsmann Stiftung > e.g.
· Wirtschaft >
o Gesellschaftliche Verantwortung von Unternehmen > Projekt: Gesellschaftliche Verantwortung von Unternehmen >
§ Service > Downloads > CSR gestalten >
· Who is who in Corporate Social Responsibility Rating? - A survey of internationally established rating systems that measure Corporate Responsibility (.pdf, July 2006, 181 pp.; In English; Or here (.pdf))
o The study is presenting portraits, analytics and tendencies in CSR ratings on an international scale, covering 58 institutions operating an independent CSR rating.
o See also
· (Also English version of website):
o Economy >
§ Corporate social responsibility (CSR) >
· Project: Corporate social responsibility >>
o Can corporate social responsibility be measured? - Study of transparency in rating assessment tools
o directory (global CSR Professional Services Directory) > e.g.
§ Specialist Category >
· Rating Agencies
· Socially Responsible Investment
· econsense »Forum Nachaltige Entwicklung der Deutschen Wirtschaft« (Berlin, Germany) > e.g.
o CSR Info Pool >
o >> e.g.
§ Nachhaltige Entwicklung und Finanzmärkte: Mehr Transparenz, mehr Effizienz, mehr Akzeptanz – Diskussionsbeitrag von econsense zur Zukunft von CSR-Ratings (.pdf, März 2007, 7 pp.; In German)
· Imug Institut für Markt-Umwelt-Gesellschaft (Hannover) > e.g.
o Investment Research (in German)
· SD-M Sustainable Development Management (dr. Axel Hesse; Münster; Germany)
o SD-M consults institutional investors, companies and politics regarding performance-enhancing management of global core challenges for Sustainable Development (SD). The services of SD-M are performed from the perspective of international capital markets.«
o > e.g.
§ English > e.g.
· SD-KPIs (Sustainable Development Key Performance Indicators) - SD-KPIs offer institutional investors the opportunity to generate portfolios with a high outperformance in the long term.
o Sustainable Development Key Performance Indicators (SD-KPIs) are the three most important sustainability indicators for the business development, position and anticipated development of 68 industries (cf. SD-KPI Standard 2010-2014). From 2004 until now SD-M has elaborated the SD-KPI concept, which is protected by copyright. >
§ SD-KPI Standard 2010 – 2014: Sustainable Development Key Performance Indicators (SD-KPIs): Minimum reporting standard for relevant sustainability information in annual reports / management commentaries of 68 industries (January 2010; .pdf has 126 pp.)
§ See also
· Related article at SocialFunds: Report Links Effective Corporate Sustainability Reporting to Presence of Key Performance Indicators (28 January 2010) - Based on his survey of prominent investors and analysts, Dr. Axel Hesse of Sustainable Development Management develops key performance indicators for sustainability that should be included in corporate reporting.
o SD-KPIs have been called a "minimum reporting standard" for sustainability information in annual reports/management commentaries of companies by the German Federal Environment Ministry according to the EU accounting directives and several laws of member states. SD-M consults companies about Best Practice for SD-KPIs. >
§ Was Investoren wollen - Nachhaltigkeit in der Lageberichterstattung (Juni 2009; .pdf has 16 pp.)
· Publications > e.g.
o Long-term and sustainable pension investments
§ a study of leading European pension funds, on behalf of ASSET4 (ed.) and the German Federal Environment Ministry, Zug 2008
o Sustainable investments in pension funds - international comparison
§ a study for Swisscanto, Bern, Zurich 2007
o Best Practices for SD-KPIs, Examples of good use of Sustainable Development Key Performance Indicators (SD-KPIs) in management reports 2006
§ a study for Deloitte, Duesseldorf, Munich 2008
§ Co-Autor: Prof. Dr. Dr. h.c. Joerg Baetge
o Sustained added value. Information demand of investors and analysts for sector-specific "Sustainable Development Key Performance Indicators" (SD-KPIs) in Management Commentaries (MCs) of German companies (2007; .pdf has 42 pp.)
§ a study for Deloitte and the German Federal Ministry of the Environment
o Added value, long term. Non-financial sustainability key performance indicators on their way into financial reports of German companies (April 2006; .pdf has 22 pp.)
§ This survey of 30 German companies (DAX-30) researched how they are responding to the new mandatory requirement to disclose material non-financial sustainability key performance indicators (KPIs) in their financial reports.
§ This survey from sustainability consultant Axel Hesse was supported by Deloitte (EFI - Extra Financial Issues) and the German Federal Ministry of the Environment.
§ German
· Borderstep Institut (Berlin, Hannover) >
o Institut für Innovation und Nachhaltigkeit (Deutsch) >
§ Projekte >> e.g.
· Lagebericht zur Lageberichterstattung: Nicht-finanzielle Indikatoren im Lagebericht (December 2006)
o See also related press release: Lagebericht zur Lageberichterstattung börsennotierter Unternehmen (at UBA)
o Institute for Innovation and Sustainability (English version) >
§ Projects >
· Non-financial indicators in annual reporting (description in English, document (.pdf, 80 pp.) in German)
o A 2003 EU-regulation requests listed companies to report on non-financial indicators in their annual reports if they are of considerable importance for economic performance of the firm. As other member states, Germany implemented this regulation through changes to the Handelsgesetzbuch (§§ 289 and 315 HGB)...
· KWT Kammer der Wirtschaftstreuhänder (Austria) >
o Spezialgebiete >
o = Leitlinie zu wesentlichen nichtfinanziellen Leistungsindikatoren, insbesondere zu Umwelt- und ArbeitnehmerInnenbelangen, im Lagebericht (.pdf, 2008, 62 pp.)
o Projektpartnerinnen:
§ DI Monika Brom, Abt. Nachhaltige Entwicklung, Umweltbundesamt; Mag. Brigitte Frey, Ernst & Young; Univ.-Doz. Mag. Dr. Christine Jasch, IÖW
o Förderungsgeber:
§ Bundesministerium für Wirtschaft und Arbeit, Bundesministerium für Land- und Forstwirtschaft, Umwelt und Wasserwirtschaft
· Kirchhoff Consult AG (Hamburg, Munich, Zurich, Vienna, Istanbul, Suzhou; also English version of website) > e.g.
o Finanzkommunikation
o Unternehmenskommunikation >
o Aktuelles & Publikationen >
§ Publikationen > e.g.
· Studien
· Schlange & Co. GmbH »Consultants for Corporate Responsibility« (Hamburg, Germany) >
o Studien >
§ The Influence of Corporate Responsibility on the Cost of Capital - An Empirical Analysis 2006 (.pdf, November 2006, 50 pp.)
· Projectmanagement:
o Prof. Dr. Alexander Bassen, Hanns-Michael Hölz, Joachim Schlange
· Prepared together with Deutsche Bank
· Maleki Group (Frankfurt am Main, Germany; Also English version of website)
o For more than 20 years, the company has been initiating events of international formats and consults businesses in their external communication. The core competence of the company is high-end event management for the financial services sector.
o > e.g.
§ Events > e.g.
· Euro Finance Week >>
o 4th Corporate Responsibility Conference (17 November 2009; Congress Center Messe Frankfurt)
o 3rd Corporate Responsibility Conference (19 November 2008; Congress Center Messe Frankfurt)
o 2nd Corporate Responsibility Conference (22 November 2007, Congress Center Messe Frankfurt)
· Institute 4 Sustainability (Germany, Berlin; The founder: Thomas Loew) >
o Nachhaltigkeitsberichterstattung > Publikationen >
§ Gemeinsamer Kommentar zum DVFA-Entwurf „Key Performance Indicators for Extra-/Non Financial Reporting“ (January 2008; By: Braun Sabine (Akzente), Clausen Jens (Borderstep), Loew Thomas; .pdf has 3 pp.)
· DVFA Deutsche Vereinigung für Finanzanalyse und Asset Management (Society of Investment Professionals in Germany) >>
o DVFA ESG/CSR-Konferenz mit DAX30-Unternehmen "Taking ESG into Account"
§ International Conference on ESG Environmental, Social and Governance Reporting for Mainstream Capital Markets
§ 29.-30. Januar 2007
o Die DVFA >
§ Committees >
· FK: Non Financials (= Commission on Non-Financials (CNF)) = Key Performance Indicators (KPIs) for Extra-/Non-Financial Reporting >
o Key Performance Indicators (KPIs) for Environmental, Social and Governance Issues (.pdf, May 2008, 43 pp.) - A Guideline for Corporates on how to Report on ESG and a Benchmark for Investment Professionals on how to Integrate ESG into Financial Analysis
§ Note: The Commission on ESG (CESG), a body of EFFAS (European Federation of Financial Analysts Societies) has welcomed the work of CNF as an important contribution to the integration of ESG into financial analysis
o Publikationen > e.g.
§ Artikel > e.g.
· Nachhaltige Investor Relations? Eine DVFA-Befragung zeigt: ESG-Themen sind in den IR angekommen.
o Von Dr. Axel Klein, Senior Berater, Akzente Kommunikation und Beratung GmbH. Going Public vom Januar 2010
· Unternehmensberichterstattung und -bewertung/Nachhaltigkeitskriterien halten Einzug.
o Von Prof. Dr. Alexander Bassen und Ralf Frank. forum Nachhaltig Wirtschaften vom April 2008.
· Environmental, Social and Governance Performance (ESG). Die Erhebungsmethodik des ESG-Awards.
o Von Ralf Frank. Going Public vom April 2008.
· Faith and Hope and Charity? Der Einfluss von "ESG-Themen" auf den Unternehmenswert.
o Von Ralf Frank. Going Public vom April 2007.
· EFFAS European Federation of Financial Analysts Societies (Head Office in Frankfurt am Main, Germany)
o »is the only authoritative counterpart for politicians and EU representatives in the fields of professional ethics and standards in Investment Research; Asset and Portfolio Management, and Investment Advice.«
o > e.g.
§ Commissions >
· I. EFFAS Commission on Intellectual Capital - CIC
· VI. Commission on Environmental, Social and Governance Issues – CESG
§ Conferences & Seminars >
· EFFAS Conference: Taking ESG into Account (Frankfurt, 8-9 September 2009)
· >>
§ The objective of CESG is: Facilitating the integration of ESG i.e. Environmental, Social & Governance aspects of corporate performance into investment processes.
§ > e.g.
· Research and Papers >
o Key Performance Indicators for Environmental, Social & Governance Issues – Version 1.2 (.pdf, April 2009, 70 pp.) = KPIs for ESG - A Guideline for the Integration of ESG into Financial Analysis and Corporate Valuation
§ The work presented in this paper was initially published by DVFA in March 2008 and gained significant attention in the capital market – both in Germany and in the internationally.
§ Since March 2008 the work has been applauded by several initiatives in the area of ESG. In May, the framework received an unqualified endorsement of EFFAS, the European Federation of Financial Analysts Societies and thus gained the status of an official EFFAS Standard.
§ EFFAS Publications > e.g.
· ÖVFA Publication Series - Friedrich Mostböck: Corporate Responsibility - Recommendations for implementing corporate social responsibility on the capital market (March 2005; .pdf has 32 pp.)
o See also:
§ OVFA Oesterreichische Vereinigung für Finanzanalyse und Asset Management (= Austrian Association for Financial Analysis and Asset Management) >>
· Corporate Responsibility
§ Press Center > e.g.
· Taking ESG into Account 2008
· CSR Europe »The European business network for CSR« > e.g.
o Activities > CSR Europe's Toolbox > Communication & Transparency >
§ Market Valuation of Non-Financial Performance >
· Consultation report - Valuing Non-Financial Performance: A European framework for company and investor dialogue (.pdf, November 2008, 12 pp.)
o Transparency and communication is one of the priority areas of the European Alliance for CSR. This laboratory, focused on developing a framework for improved company and investor dialogue on non-financial performance, is contributing to that priority area.
o > e.g.
§ Framework >
· Central proposition
· Market value
· Financial drivers
· Core non-financial drivers
· Key metrics
· ESG factors
§ Research > Valuing Business
· The Valuing Business research programme is co-ordinated by the Doughty Centre for Corporate Responsibility at the Cranfield School of Management. It involves academics from other leading European business schools including SDA Bocconi School of Management and Vlerick Leuven Gent Management School in Belgium; as well as CSR and investment community experts.
· >
o Final research report and associated papers = Sustainable Value: Corporate Responsibility, Market Valuation and Measuring the Financial and Non-Financial Performance of the Firm (.pdf, September 2009, 34 pp.; EABIS Research Project)
§ This is the final report from a two-year research project funded by the Corporate Founding Partners of EABIS (European Academy for Business in Society): IBM, Johnson & Johnson, Microsoft, Shell and Unilever; with additional support from Lloyds Banking Group and Telecom Italia who have also led the European Alliance for CSR Laboratory.
§ The report – “Sustainable Value” – looks in detail at how ESG performance impact business success, how companies explain these linkages to investors, and how the investment community treats this data.
§ The report proposes that value be redefined as ‘sustainable value; and sets out a ‘Value Creation Framework’ which can be used both by business and the investment community.
§ See also related article at CSR Europe: Report urges new approach to valuing businesses (22 September 2009)
o Non-financial performance metrics for corporate responsibility reporting revisited
o The challenges of mainstreaming environmental, social and governance (ESG) issues in investment decisions
o Dialogues with the European investment community on the challenges of mainstreaming ESG issues in investment decisions
o The integration of ESG information into investment processes: towards an emerging collective belief?
o Going beyond a long-lasting debate:what is behind the relationship between corporate social and financial performance?
o Activities > CSR Laboratories > all Laboratories >
§ Transparency and Communication:
· Corporate responsibility and market valuation of financial and non-financial performance (November 2006 – December 2008)
o Project Description: Develop ways to improve the communication process towards investors on non-financial performance of companies. The process should be accepted by the investing and accounting community across Europe and by the European Institutions.
o Laboratory Leaders: Llyods TSB, Telecom Italia
o Activities > Publications >
§ Reports and Guides >
· CSR and the role of investor relations: from switchboard to catalysts (2003)
o News
o »Search« might be useful
· Cranfield University >> Cranfield School of Management >
o Research > Research Centres >
§ Doughty Centre for Corporate Responsibility >
· Publications >
§ Corporate Responsibility, Market Valuation and Measuring the Financial and Non-financial Performance of the Firm
§ Working papers:
· The research project is running in support of the Laboratory on Corporate Social Responsibility and The Market Valuation of Non-Financial Performance is a cross-sectoral business-stakeholder cooperation project under the umbrella of the European Alliance for CSR. The Laboratory is co-led by Lloyds Banking Group and Telecom Italia and facilitated by CSR Europe and the European Academy for Business in Society (EABIS).
· >
o Non-financial performance metrics for corporate responsibility reporting revisited - Malcolm Arnold (2008; .pdf has 37 pp.)
o The Challenges of mainstreaming Environmental, Social and Governance (ESG) issues in Investment Decisions - A survey of practitioners’ reports Kenneth Amaeshi, David Grayson (2009; .pdf has 55 pp.)
o Going beyond a long-lasting debate: What is behind the relationship between corporate social and financial performance? Francesco Perrini, Angeloantonio Russo, Antonio Tencati, Clodia Vurro (2009; .pdf has 38 pp.)
o The integration of ESG information into investment processes: Toward an emerging collective belief? David Bourghelle, Hager Jemel, Céline Louche (2009; .pdf has 31 pp.)
o Dialogues with the European investment community on the challenges of mainstreaming Environmental, Social and Governance (ESG) issues in investment decisions: Summary of findings from focus group discussions in: Rome, Frankfurt, Paris Stockholm, and Utrecht – Kenneth Amaeshi (2009; .pdf has 19 pp.)
· Eurosif European Social Investment Forum > e.g.
o Publications > Newsletter > 2007 >
§ September/October > News from Eurosif Member Affiliates >
· WestLB Extra-Financial Research team publishes report on GRI reporting = GRI reporting: Aiming to uncover true performance (.pdf, September 2007, 195 pp.)
o See also related press release at SIRAN: Companies Increasingly Report on Sustainability Issues: Investors Hampered by Lack of Quality, Comparability (.pdf, Boston, 15 November 2007, 2 pp.) - Comprehensive Study Finds 82% of Largest Global Companies Issue Sustainability Reports; Calls for Improved Comparability and Quality of Reports
§ March/April > News from Eurosif Member Affiliates >
· WestLB publishes "What really counts": the materiality of extra-financial factors from a financial markets perspective (.pdf, February 2007, 42 pp.)
o EU & Eurosif >
§ Lobbying >
· Corporate Social Responsibility (CSR)
· Transparency
· Shareholder Rights
· The Business in Society Gateway (By EFMD & EABIS) > e.g.
o Resources >
§ Search Resources:
· Category:
· Mistra Foundation for Strategic Environmental Research (Stockholm, Sweden; Also English version of website)
· Sustainable Investments research programme is funded by the Swedish Foundation for Strategic Environmental Research, Mistra which invests in research for sustainable development. > e.g.
o Research Programmes > e.g.
§ SIRP Sustainable Investment Research Platform
· GES Investment Services (Stockholm, Sweden) is Northern Europe’s leading analysis house for socially responsible investments.
· Ethical Council (Sweden)
o The Ethical Council is a collaboration between four AP-funds
o Together the funds work to promote positive change/development in foreign companies that have been associated to violations of international conventions for environment and human rights.
· Bærekraftig verdiskaping (Norway; Also English version of website - Sustainable Value Creation)
o Collaborative project of Norway’s largest institutional investors
o The aim is to influence companies listed on the Norwegian stock exchange to develop sustainably while at the same time create long-term value for their owners.
· RI Responsible Investor >
o Archive >
§ Dutch goverment signals greater ESG pressure for investors (19 March 2009; Relating to Corporate Governance Code Monitoring Committee proposals) - CSR, governance and executive pay all part of planned law strengthening.
· ECCE European Centre for Corporate Engagement (Website launched in January 2007)
o ECCE aims to become the international source of innovative and practically relevant information on corporate social responsibility and sustainable investment, with both academics and practitioners in mind. Through research, ECCE intends to help (institutional) investors remove barriers to successful implementation of sustainable investment strategies.
o ECCE is a joint initiative of Professor Kees Koedijk, affiliated with the RSM Erasmus University, Professor Rob Bauer of the University of Maastricht, and assistant professor Jeroen Derwall. In 2002 and 2005, their team received the U.S. Social Investment Forum’s prestigious Moskowitz Prize.
o ECCE has a broad, and continually expanding, international network, which covers leading academic institutions, financial markets, and the business community (ABP Investments, Fortis, Innovest Strategic Value Advisors, GovernanceMetrics International (GMI), Institutional Shareholder Services (ISS), and the Swedish partners MISTRA and Umea School of Business)
o ECCE’s research approach is innovative because the focus lies on analyzing extra-financial information from companies. Extra-financial information can be described as information that is not of an explicitly financial nature, but does – directly or indirectly – have financial consequences for investors. It often involves company-specific features in the Environmental, Social and Governance (ESG) areas. The goal of ECCE is to show at a higher level of detail whether there is a relationship between certain sustainability factors and corporate financial performance. Combining its research with information on ESG practices of companies, ECCE will work on developing new and practical tools for investors.
o > e.g.
§ expertblog > e.g.
· Top Studies on ESG
§ Publications > e.g.
· Extra-Financial Corporate Communication (August 2007; .pdf has 17 pp.)
o research on the use of extra-financial information in corporate communication, covering more than 300 hundred European companies.
· Use of extra-financial information by research analysts and investment managers (March 2007; .pdf has 39 pp.)
o With more than 850 respondents from 88 sell-side and 240 buy-side institutions in Europe, this survey is one of the largest ever conducted in the field of broadly-understood socially responsible investments (SRI).
· Enhanced Analytics Initiative (EAI) »Promoting better research for better investment decisions«
o The Enhanced Analytics Initiative is an international collaboration between asset owners and asset managers aimed at encouraging better investment research, in particular research that take account of the impact of extra-financial issues on long-term investment.
o The EAI is a group of institutional investors and fund managers who have decided to allocate individually a minimum of 5% of their respective brokerage commission to sell-side researchers who are effective at analysing material extra-financial issues and intangibles.
o The founding members are a mix of European asset owners and investment managers:
§ BNP Paribas Investment Managers (France), Generation Investment Management LLP (UK), PGGM (Netherlands), RCM (UK), AGF (France), Deutscher Investment Trust (Germany), Dresdner Bank Investment Management (Germany), Universities Superannuation Scheme (UK), Mistra Foundation (Sweden; associate member)
o See also related articles at:
§ Responsible Investor >> e.g.
· PRI launches ESG broker research database (4 December 2008) - Project kicks off merger with the Enhanced Analytics Initiative.
o Investor signatories to the United Nations Principles for Responsible Investment (UNPRI) will soon be able to access what should quickly become the largest independent database of environmental, social and governance (ESG) reports produced by sell-side brokerage research houses, as the first step of the recently announced merger between the UNPRI and the Enhanced Analytics Initiative (EAI).
o …Investors will be able to search the new database by ESG theme, sector and region…
§ FT.com >> e.g.
· Responsibility gains weight (5 October 2008) - Responsible investment has been given a boost by the amalgamation of the Enhanced Analytics Initiative with the UN-sponsored Principles for Responsible Investment.
§ SocialFunds.com >> e.g.
· New Global Database Will Extend ESG Investment Research (8 December 2008) - The UN's Principles for Responsible Investment plans to create a tool to help asset managers and investors incorporate ESG issues into long-term investments.
· Investor Initiatives Join Forces to Call for ESG Considerations in Investment Research (10 October 2008)
· Survey Examines Nomenclature and Numbers Fueling SRI and Extra-Financial Research (25 July 2006)
o Thomson Extel surveyed 124 asset owners and managers (the so-called buy-side) and 16 brokerage firms (the so-called sell-side) in Europe and the UK between March 27 and June 14, 2006, and invited commentary from the buy-side.
· Applying an Ant Colony Mentality to Extra-Financial Factors and Enhanced Analytics (30 May 2006)
· Enhanced Analytics Initiative Picks Sell-Side Brokerage Houses with Best Intangibles Research (18 January 2005)
· Enhanced Analytics Initiative Offers Sell-Side Analysts Cash to Cover Intangibles (23 November 2004)
· Sell-Side Analysts Confirm the Materiality of Sustainability Issues in UN Report (23 July 2004)
· Sustainalytics – Responsible Investment Services
o See also related articles at:
§ RI Responsible Investor: Sustainalytics opens new US office and hires ex KLD head as research competition hots up (8 November 2009) - Move comes just one week after Boston-based KLD sells out to RiskMetrics.
§ SocialFunds: Jantzi—Sustainalytics Merger the Most Recent as the Consolidation of ESG Research Sector Continues (23 September 2009) - Three representatives from the ESG research sector speak with SocialFunds.com about the factors contributing to the number of mergers in a rapidly maturing field.
§ RI Responsible Investor: Canada’s Jantzi Research and Europe’s Sustainalytics to merge (14 September 2009) - Deal comes just ten months after merger creation of Sustainalytics.
o A new (2008) consortium of European ESG research houses - partnership between: Dutch Sustainability Research (DSR; The Netherlands), Scoris (Germany), Analistas Internacionales en Sostenibilidad (AIS; Spain)
§ The move follows the disbanding in September 2008 of SiRi Company, the former alliance of global ESG providers
· Vigeo »corporate social responsibility ratings agency«
o European leading supplier of extra-financial analysis, the Vigeo Group measures companies' performance in the field of Sustainable Development & Social Responsibility to supply this information to Asset Managers. The Vigeo Group is also specialised in Social Responsibility audits for companies and organisations. > e.g.
§ Investors = Extra-financial Research / Socially Responsible Investment
· onValues Ltd. (Zurich, Switzerland; Founded in 2002 by Ivo Knoepfel) is a specialist investment consulting and research company
· ethos. »Fondation Suisse pour un Développement Durable« (Genève, Suisse; French, German and English versions of website)
· TSF The Sustainability Forum Zürich
o TSF is an independent, non-profit, non-partisan association, founded by leading representatives from business, science and public authorities from Zürich and increasingly joined by financial market players from throughout Europe. As laid down in its statutes, the association has the purpose of organising and realising the annual International Sustainability Leadership Symposium and other dialogue events as well as connected research and promotion of projects, in particular as pertaining to the sustainability topic relevant to the financial market.
· Europa >> European Commission >>
o Employment, Social Affairs and Equal Opportunities >
§ What we do > Partners > Corporate Social Responsibility (CSR) >
· Events >
o Partnerships and transparency at the heart of European Corporate Social Responsibility (Paris, 30 October 2008) >> e.g.
§ Presentations: EABIS Market Valuation (.ppt, 4 slides)
o Enterprise and Industry >
§ Policy highlights: Sustainable and responsible business > Corporate social responsibility > e.g.
o Workshops on the disclosure of environmental, social and governance information (September 2009 - March 2010)
§ Each workshop looks at ESG disclosure from the perspective of a different set of stakeholders (available are Summaries of discussions, Presentations and Background documents):
· Workshop 1 – the enterprise perspective (18 September 2009) - Enterprises (the providers of ESG information)
o See also related news: European workshops on the disclosure of environmental, social and governance information (13 October 2009)
o See also related news at GRI Global Reporting Initiative: GRI part of core group at European Commission ESG Disclosure Workshops (12 October 2009)
o See also article in Eurosif's EU Insider (May 2009): Eurosif co-organised with FEE a roundtable on “sustainability disclosure” hosted at the European Parliament and will participate in upcoming workshops organised by the European Commission (.pdf)
· Workshop 2 – the investor perspective (30 October 2009) - Investors (mainstream and SRI), financial analysts, accountants, rating agencies
· Multi-stakeholder Forum on CSR >
o Plenary meeting 2009 = “CSR Review meeting” CSR Multi-Stakeholder Forum (10 February 2009, Brussels) > e.g.
§ Watch recorded highlights of the CSR Forum meeting > e.g.
· What is next for CSR in Europe? – Investors (Raj Thamotheram, Director, Responsible Investment, AXA Investment Managers)
· Review of progress on CSR - Investors (Matt Christensen, Executive Director, European Sustainable Investment Forum (EUROSIF))
· Transparency and CSR - Investors (Jean-Pierre Sicard, Directeur Développement Durable, Caisse des Dépôts)
· Partners for Financial Stability (PFS) Program
o The United States Agency for International Development (USAID) established the Partners for Financial Stability (PFS) Program in 1999 as a public private partnership to help complete reforms necessary to have market-oriented, sound and well-functioning financial sectors in the eight Central and Eastern Europe (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to South East Europe (SEE).
o >
§ South East Europe (SEE)
· Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Romania, Serbia
§ Central Eastern Europe (CEE)
· Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic, Slovenia
§ Capital Markets >
· Capital Markets Research > e.g.
o Semi-Annual Surveys of:
§ Websites of the Largest Listed Companies in CEE Countries - Investor Relations Online
§ Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in CEE Countries
o Several Country Surveys of:
§ Websites – Investor Relations Online
§ Reporting on CSR
· Capital Markets Seminars
· Calendars of Disclosure Requirements (Hungary, Lithuania, Poland ??)
§ Many Links
· IFC International Finance Corporation > e.g.
o Topics A-Z >
§ Financial & Private Sector Development
§ Environment = Sustainability = Environment and Social Development >
· Products and Services > Sustainability Business Innovation >
o Sustainable Investing (formerly Sustainable Financial Markets Facility)
§ IFC's Sustainable Investing product aims to leverage IFC's track record in investing sustainably to influence and enable capital market stakeholders to better integrate sustainability into the capital allocation and portfolio management processes in emerging markets.
§ The goal of the product is to further increase sustainable capital flows to emerging markets.
· Publications >
o Sustainable Finance > e.g.
§ Carbon Efficient Investing in Emerging Markets as a Tool to Combat Global Warming (December 2009)
§ Sustainable Investment in China 2009 (September 2009)
§ Sustainable Investment in India 2009 (August 2009)
§ Sustainable Investing in Emerging Markets: Unscathed by the Financial Crisis (July 2009)
§ Emerging Risk: Impacts of Key Environmental Trends in Emerging Asia (June 2009)
§ Undisclosed Risk: Corporate Environmental and Social Reporting in Emerging Asia (June 2009)
§ Sustainable Investment in Brazil 2009 (June 2009)
§ Gaining Ground — Sustainable Investment Rising in Emerging Markets (March 2009)
o News > e.g.
§ >
· Media tools:
o Sustainable Investor newsletter
§ (monthly e-newsletter of news and trends in emerging market finance and development.)
§ Press Releases > e.g.
· Media Advisory: IFC, S&P Launch World’s First Carbon Efficient Index for Emerging Markets (3 December 2009)
o See also
§ related article at RI Responsible Investor: IFC and S&P launch low carbon index for emerging markets (10 December 2009) - Initiative supported by DFID and Global Environment Facility.
· New IFC-EIU Report Finds Wide Support for Sustainable Investment Criteria (15 July 2009)
o See also
§ related articles at SocialFunds:
· Emerging Markets Offer Opportunities for Sustainable Investors (31 August 2009) - Research by UBS (entitled "Emerging Market Equities: Sustainable Investment Opportunities") finds opportunities for investment in renewable energy and sustainable transportation in Asia, and affordable housing in Latin America.
· Investors Are Enthusiastic About ESG in Emerging Markets (29 August 2009) - IFC report (entitled »Sustainable Investing in Emerging Markets: Unscathed by the Financial Crisis«) finds that sustainable criteria are of increasing importance to asset owners and managers when investing in emerging markets.
· IFC and AccountAbility to Help Emerging Market Companies Become CSR Leaders (16 October 2008)
· IFC Partners with the Global Reporting Initiative to Promote Sustainability Reporting in Emerging Markets (Washington, D.C., September 16, 2008)
· IFC Awards Grant to CRISIL, Standard & Poor’s, KLD, Trucost, and CLSA to Study Environmental and Social Data for Emerging Market Equity Investors (27 September 2006)
o See also press release at Trucost:
§ Trucost in Partnership with CLSA win IFC tender to provide financial research on environmental issues in emerging market economies. (London, 28 September 2006)
· US SIF Social Investment Forum > e.g.
o SIF News & Press Releases >
§ Few Companies in Emerging Markets Offer Comprehensive “ESG” Reporting; Brazil and South Africa Stand Out as Exceptions (17 December 2009) >
· Corporate Sustainability Disclosure in Emerging Markets (.pdf, 30 pp.) - A baseline study of corporate environmental, social and governance (ESG) reporting trends among the largest publicly traded companies in Brazil, China, India, Indonesia, Israel, the Malaysia, Mexico, the Russian Federation, South Africa and South Korea
o This publication is part of a series of research papers compiled by the Social Investment Forum’s International Working Group and its Emerging Markets Disclosure Project (EMDP).
o This study’s findings confirmed those from two previous reports commissioned by SIF.
o The paper was prepared by Social Investment Forum (SIF) staff member Peter DeSimone, with Lauren Compere (Boston Common Asset Management), Mike Lombardo (Calvert investments), Stephen Hine and Stephanie Maier (EIRIS), Lucy Carmody (Responsible Research), Kristin Lang (SIF), Narina Mnatsakanian and Valeria Piani (United Nations Principles for Responsible Investment) kindly providing a peer review of the study.
o SIF expresses special appreciation to Anthony Miller and Jelina Mitrovic of UNCTAD for providing the data used for this report’s analysis. The UNCTAD data is taken from two papers of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) published in 2008
§ Major Emerging Market Investors Want More Disclosure on ESG Issues, Global Survey Finds (22 June 2009)
o Research & Tools >
§ Publications >
· Industry Related Reports >
o Emerging Markets Investor Survey Report: An analysis of responsible investment in Emerging Markets (.pdf, June 2009, 24 pp.)
§ Relating to The Emerging Markets Disclosure Project (EMD Project - EMDP) - an international coalition of investors and organizations working to improve sustainability disclosure by companies in emerging markets.
§ The survey was analyzed by EIRIS and sponsored by the International Working Group of the Social Investment Forum, which provided organizational support for the project.
· Mercer >> e.g.
o IFC-Mercer Report shows sustainable investment is rising in emerging markets (31 March 2009) >
§ Gaining ground - Integrating environmental, social and governance (ESG) factors into investment processes in emerging markets (.pdf has 68 pp.)
§ See also
· related article at SocialFunds: ESG Trends in Emerging Markets Is Focus of New Study (2 April 2009)
o Mercer and IFC to deliver first ‘sustainability rating’ for emerging market investments (28 April 2008)
o A new year's resolution: Investing responsibly in emerging markets - towards ESG integration (January 2008)
o Mercer conducts search for world’s first major ESG-driven emerging markets mandate (London, 22 October 2007) - Mercer has started a search, on behalf of PGGM, the €88bn Dutch pension fund, for high-performing emerging markets equities managers that have environmental, social and corporate governance (ESG) at the core of their strategy.
§ See also press release at CSRwire: IFC and Mercer Launch First Sustainability Survey in Emerging Markets (30 November 2007)
· EIRIS Ethical Investment Research Services (Head Office: London, UK)
o EIRIS is a leading global provider of independent research into the environmental, social, governance (ESG) and ethical performance of companies.
o > e.g.
§ Publications > e.g.
· An analysis of responsible investment in emerging markets (.pdf, June 2009, 24 pp.) - Explores where and and how investors including asset managers and asset owners invest in emerging markets.
o See also
§ Related article at SocialFunds: Investors Call for Improved ESG Disclosure by Companies in Emerging Markets (8 July 2009) - Seventy percent of respondents to survey by the Emerging Market Disclosure Project say that lack of ESG disclosure by companies in emerging markets hampers their efforts to increase investments.
§ Related press release: June 2009 - Major emerging market investors want more disclosure on ESG issues, global survey finds
· A Review of ESG Practices in Large Emerging Market Companies (2009) (.pdf, March 2009, 38 pp.)
o See also
§ related press release: March 2009 - Companies in emerging markets catching up on environmental, social and governance issues
· Broadening horizons for responsible investment - an analysis of 50 emerging market companies (2006)
o See also related article at SocialFunds.com:
§ Emerging Markets Emerging as Socially Responsible Investing Opportunities (26 September 2006; By Bill Baue)
· RiskMetrics Group ESGInsight (Ex KLD Blog) – News and Commentary about Sustainable Investing >
o Categories: Emerging Markets
· Calvert >
o News > SRI News > Archives >
§ Emerging Disclosure in Emerging Markets (11 April 2008) - Building Greater ESG Transparency
· ...The aptly named “Emerging Markets Disclosure Project” has the support of a broad coalition of international investors and is focused on three distinct phases: a benchmarking report, a sign-on statement, and an engagement campaign...
· UNEP FI (Finance Initiative) »innovative financing for sustainability« >
o Work Streams >
§ Investment > e.g.
· Emerging Market Responsible Investment Project
· RiskMetrics Group »The Center for the Financial Community« > e.g.
o Knowledge Center > e.g.
§ Research > e.g.
· Governance White Papers > e.g.
o Addressing Climate Risk - Financial Institutions in Emerging Markets (18 September 2009; Commissioned by DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH, authored by RiskMetrics Group, published by Ceres; .pdf has 47 pp.)
§ Survey Shows Emerging Market Banks’ Growing Interest in Climate Change. Emerging market banks are beginning to integrate climate change considerations into lending and other business decision-making, but significantly more attention is needed.
§ See also
· Related article at SocialFunds: Emerging Markets Financial Institutions Should Increase Attention to Climate Change (25 September 2009; By Robert Kropp)
· RI Responsible Investor > e.g.
o Resource >
§ Conference & Events >
· Sustainable Emerging Markets (3 March 2010, London) - Investing for the long-term in developing countries
· NSFM Network for Sustainable Financial Markets
o The NSFM is an international, non-partisan network of finance sector professionals, academics and others who have an active interest in long-term investing. We believe that the recurring crises recently experienced in our financial markets are not isolated incidents. Rather, this instability is evidence that the financial market system is in need of well thought-out reform so that it can better serve its core purpose of creating long-term sustainable value.
· GFI Global Finance Initiative (GFI Share Space)
o The GFI is a project of Global Action Network Net (GAN-Net) and iScale, supported with funding from the Ford Foundation.
o >
§ GFI Final Report and Call for World Commission on Global Finance (.pdf, 26 March 2009, 47 pp.), entitled »Creating a Global Finance System for the 21st Century: An Action Strategy«
o See also
§ related news at CSRwire: Finance Stakeholders Call for World Commission on Global Finance (26 March 2009)
· Canadian Social Investment Organization (SIO) >> e.g.
o A statement to world leaders from the global sustainable and responsible finance industry (ASrIA, Eurosif, RIAA, SIF (U.S.), SIO Canada, UKSIF): Transforming global capital markets: Leadership for economic stimulus and financial reform (.pdf, 1 April 2009, 2 pp.; Or at ASrIA (.pdf)) > also
§ … Long-term financial re-regulation:
· Mandatory disclosure of environmental, social and governance factors in:
o the continuous disclosure obligations for reporting issuers
o investment, voting and ownership policies of pension funds, mutual funds and other major asset owners
§ See also
· Related articles at
o RI Responsible Investor:
§ SIFs join for G20 green appeal, UK fund managers petition Gordon Brown (2 April 2009)
§ What can responsible investors expect from this week’s G20? (31 March 2009; By Penny Shepherd, UKSIF) - Furthering the dialogue on ESG with governments and regulators after the London Summit is key.
o SocialFunds: Leading Sustainable Finance Organizations Call on G-20 to Adopt ESG Considerations (1 April 2009)
· Finance for a Sustainable Recovery (UKSIF Blog)
· UNEP FI (Finance Initiative) »innovative financing for sustainability« > Work Streams >
o Investment >
§ Principles for Responsible Investment (or directly to special website – PRI)