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Notes and related content Detailed map of International section Sitemap
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
§ 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.
· 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 >
§ Journal Articles > e.g.
· Gems from a Corporate Governance Guru – A Conversation with Mervyn E. King (.pdf, October 2006, 3 pp.)
· The Evolution of Business Reporting: Make Room for Sustainability Disclosure (.pdf, October 2004, 8 pp.; By: Sean Gilbert and Alyson Slater)
· The Transparency Evolution (.pdf, November 2002, 9 pp.; By: Sean Gilbert)
§ Podcasts > e.g.
· 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.
§ Newsletter >> e.g.
· 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
§ Press Resources >
· 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)
§ Blog >>
· Sustainability Reporting Central >> e.g.
o Labels: Investors
o Who are you?
§ »Access tailored GRI-resources from your stakeholder-category.«
§ >
· Investor
· 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 Or at WBCSD
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 (based in London and Washington D.C.) > 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.«
· By Type > e.g.
o Issue Briefs > e.g.
§ Materiality (March 2004; .pdf has 2 pp.)
§ 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 >> e.g.
· Learn from the Leaders (an online, searchable database and customized research tool that brings together years of experience reviewing, analyzing and benchmarking sustainability reports)
o Database includes hundreds of best practice examples, and you can search them in dozens of different ways, including:
§ SustainAbility’s Global Reporters benchmarking criteria: also
· Management >
o Investor relations
· KPMG Global Sustainability Services >>>
o KPMG International survey of corporate responsibility reporting 2008 (27 October 2008; .pdf has 118 pp.)
§ Or .pdf at KPMG Sustainability - The Netherlands
§ >>
· Special Focus: Investor Relations (pp. 33-34)
§ See also:
· Press Release (KPMG Sustainability – The Netherlands) at CSRwire: KPMG International Survey of Corporate Responsibility Reporting 2008 (28 October 2008)
· 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) > Others >
o RI Responsible Investment > Thematic engagement projects >
§ Climate Change
§ Enhanced analytics initiatives
· USS Report: Enhanced Analytics for a New Generation of Investor: How the Investment Industry Can Use Extra-Financial Factors in Investing
· Enhanced Analytics Initiative: changing the way the broker community analyses extra-financial issues and intangibles
· Founder members of Enhanced Analytics Initiative explain performance criteria
· Big investors want SRI research: European institutions to allocate part of brokers' fees to 'non-traditional' information
§ Pharmaceutical sector projects
§ Other projects > e.g.
· Corporate Disclosure
· Investors' Statement on Transparency in the Extractives Sector
· Fair Pensions »calls for responsible investment by UK pension funds.«
· LAPFF Local Authority Pension Fund Forum (UK)
· 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«
· ECCR The Ecumenical Council for Corporate Responsibility (Oxford, UK) > e.g.
o News
· CORE COrporate REsponsibility coalition (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.«
· Insight Investment (UK) is part of the HBOS Group > e.g.
o Sitemap >
· 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
o EIRIS is the leading global provider of independent research into the social, environmental and ethical performance of companies.
o EIRIS, a UK based organisation with an office in the USA and a representative office in Japan, and its international research partners together have a wealth of experience in the field of socially responsible investment (SRI) research.
o EIRIS provides comprehensive research of more than 2,800 companies in Europe, North America and Asia Pacific.
o We have over 70 institutional clients including pension and retail fund managers, banks, private client brokers, charities and religious institutions across Europe, the USA and Asia.
o > e.g.
§ EIRIS publications > Research 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 > e.g.
o 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. >
· 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 >
· RI Landscape 2008 Asset Owners survey (.pdf, 28 pp.)
o Reports > e.g.
§ Integrating ESG into Mainstream Portfolios (.pdf, October 2008, 19 pp.) > e.g.
· The importance of consistent and comparable ESG data. By Christopher Greenwald, Asset4
o Resource
· 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 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 70% of institutional investors believe they are responsible for the ESG strategies of the companies in which they invest (December 2008)
§ 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, 26 pp.).
§ 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.
§ 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.
· Virtuellen Kompetenzplattform Sustainability & Finance (SusFin) von Prof. Dr. Henry Schäfer und dessen Team an der Universität Stuttgart (Website in German) >>> e.g.
o Professor Dr. Henry Schaefer and his team from University Stuttgart, Germany, have published a survey of internationally established rating systems that measure Corporate Social Responsibility.
§ See also:
· Kompetenzplattform ARGUS (Architecture of Ratings in Company Related Global CSR/CS for Users and Stakeholders)
o ARGUS ist ein Forschungsprojekt, das die Lehrstühle Finanzwirtschaft und Wirtschaftsinformatik I der Universität Stuttgart in Zusammenarbeit mit der Deutschen Bundesstiftung Umwelt als Projektsponsor durchführen.
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 The survey was supported by German Bertelsmann Stiftung > e.g.
§ Wirtschaft >
· Gesellschaftliche Verantwortung von Unternehmen > e.g.
o 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)
o See also Messbarkeit von CSR
§ (Also English version of website):
· Economy >
o Corporate social responsibility (CSR) >
§ Project: Corporate social responsibility >>
· 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.
· 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)...
· Kirchhoff Consult AG (Hamburg, Munich, Zurich, Vienna; also English version of website) ist eine der führenden Beratungsgesellschaften und Designagenturen für die Kapitalmarktkommunikation. Wir sind spezialisiert auf Emissionsberatung, Finanz- und Unternehmenskommunikation.
· 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
· 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
· 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.)
· 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 3rd Corporate Responsibility Conference (19 November 2008; Congress Center Messe Frankfurt)
o 2nd Corporate Responsibility Conference (22 November 2007, Congress Center Messe Frankfurt)
· 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
§ 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 >
· Communication & Transparency >
o 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.)
§ InvestorValue.org > also
· Research >
o Source documents >
§ Count me out: The challenges of environmental, social and governance risks in making investment decisions (.pdf, 2008, 16 pp.; By Kenneth Amaeshi and David Grayson, Doughty Centre for Corporate Responsibility, Cranfield School of Management)
§ CSR Laboratories > all Laboratories >
· Transparency and Communication:
o Corporate responsibility and market valuation of financial and non-financial performance (November 2006 – December 2008)
§ 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.
§ Laboratory Leaders: Llyods TSB, Telecom Italia
§ Publications >
· Reports >
o CSR and the role of investor relations: from switchboard to catalysts (2003)
o News
o »Search« might be useful
· 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 PR Newswire or directly 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
· 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 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)
o 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)
· Europa >> European Commission >>
o Employment, Social Affairs and Equal Opportunities >
§ Working for you > 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 >
· Corporate social responsibility > e.g.
o Forum Meeting, February 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)
§ 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)
· excerpt from Eurosif's May 2009 newsletter:
o European Commission organises workshops on ESG disclosure
§ Transparency and disclosure of ESG information emerged as a key issue at the plenary meeting of the European Multi-stakeholder Forum on CSR on 10 February 2009, particularly following Eurosif’s statements.
§ These issues have taken on particular importance in the context of the current economic and financial crisis.
§ The EC will convene within the CSR Multi-Stakeholder Forum five one-day workshops between September 2009 and March 2010 to discuss these issues. Each workshop will focus on a common set of core questions, but examined from the perspective of a different stakeholder group in each case.
· EWMI East-West Management Institute (New York; Budapest representative office, Hungary) »EWMI is committed to assisting economic reform in developing and transition economies.« & USAID (United States Agency for International Development) >
o Partners for Financial Stability (PFS) Program >
§ 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 Sectors >
§ Related Departments > e.g.
· Financial & Private Sector Development
· Environment and Social Development >
o Products and Services > Sustainability Business Innovation >
§ Sustainable Investing (formerly Sustainable Financial Markets Facility)
· Sustainable Investing works with international organizations, institutional investors and investment research houses to provide research and convening around new trends in sustainable finance.
o Publications >
o News > e.g.
§ Media tools >
· Sustainable Investor newsletter
o (monthly e-newsletter of news and trends in emerging market finance and development.)
o >?>
§ IFC Policy Review >
· Archived Consultation Information >
o E-Discussion on Disclosure Policy
§ Between May 10-21 2004, the World Bank Institute (WBI) and the International Finance Corporation (IFC) designed and organized a global multistakeholder e-discussion on Disclosure of Information and Consultation in Private Sector Projects.
o News > e.g.
§ Press Releases > e.g.
· 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)
· UNEP FI (Finance Initiative) »innovative financing for sustainability« >
o Work Streams >
§ Investment > e.g.
· Emerging Market Responsible Investment Project
· EIRIS Ethical Investment Research Services > e.g.
o EIRIS publications >
§ Research publications >
· A Review of ESG Practices in Large Emerging Market Companies (2009) (.pdf, March 2009, 38 pp.)
o Media and events > e.g.
§ Press releases > e.g.
· EIRIS report highlights new opportunities for SRI in emerging markets (.pdf, September 2006, 3 pp.)
o Ethical Investment Research Services (EIRIS) has issued a report examining 50 emerging market companies and identifying potential socially responsible investments (SRI). The »Broadening Horizons for Responsible Investment« report found that the majority of the 50 companies showed evidence of addressing at least some of environmental, social and governance (ESG) issues. Only eight of the companies produced no ESG information, whilst others produced data equivalent to their best-performing developed market counterparts.
o See also related article at SocialFunds.com:
§ Emerging Markets Emerging as Socially Responsible Investing Opportunities (26 September 2006; By Bill Baue)
· 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...
· Mercer >> e.g.
o IFC-Mercer Report shows sustainable investment is rising in emerging markets (31 March 2009)
§ 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)
· 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)
· Eldis »sharing the best in development policy, practice and research« >
o Topics > Resource guides >
· EITI Extractive Industries Transparency Initiative
o The EITI sets a global standard for companies to publish what they pay and for governments to disclose what they receive.
o > e.g.
§ Supporters > Institutional Investors
· UN Global Compact > e.g.
o Issues > e.g.
· Publications > e.g.
o Who Cares Wins - Future Proof? - Embedding environmental, social and governance issues in investment markets (.pdf, January 2009, 44 pp.) - Outcomes of the Who Cares Wins Initiative 2004–2008
§ The report summarizes the strategic outcomes of the Who Cares Wins Initiative, a series of working conferences and financial industry consultations that took place between 2004 and 2008. The report, released by the International Finance Corporation, the UN Global Compact and the Swiss government, proposes a number of actions to further integrate ESG issues into mainstream investment decision-making and ownership practices.
§ See also
· Related article at SocialFunds: Who Cares Wins Initiative Issues Final Report (4 February 2009) - Final report in a five-year series documents improvements in integration of ESG issues by corporations and investors, but sees much work yet to be done.
o Who Cares Wins - New Frontiers in Emerging Markets Investment (.pdf, August 2007, 31 pp.) – Conference report: Who Cares Wins Annual Event 2007 (Thursday, 5 July 2007)
o Who Cares Wins - Communicating ESG Value Drivers at the Company-Investor Interface (.pdf, October 2006, 39 pp.)
§ Annual Event 2006; Thursday, 28 September 2006; Zurich, Switzerland
· See also related news (3 October 2006).
o Principles for Responsible Investment
o »Who Cares Wins« – One Year On (.pdf, Autumn 2005, 27 pp.; Or at IFC site)
§ Read related article at SocialFunds.com (By William Baue, 10 November 2005)
o Environmental, Social and Governance Factors… Gaining Momentum in Mainstream Investing . . . or Not? (.pdf, October 2005, 8 pp.; Report by The Conference Board)
o Investing for Long-Term Value - Integrating environmental, social and governance value drivers in asset management and financial research (.pdf, 32 pp.; Conference Report, Zurich, 25 August 2005)
o Who Cares Wins – Connecting Financial Markets to a Changing World (.pdf, December 2004, 58 pp.)
§ »The mainstream financial industry today is presented with a unique opportunity to bring social and environmental issues into investment analysis, research and recommendations.
§ The industry, including asset management companies, investment banking houses, securities brokerages and other organizations, can be a major lever of positive change by recognizing and rewarding companies that have a commitment to social and environmental principles.
§ Nearly 20 major investment companies, under the auspices of the Global Compact, developed and endorsed the “Who Cares Wins” initiative and report, which sets out bold recommendations on how the industry and other financial stakeholders should be addressing the issues.«
· Documents & Standards > e.g.
o Promoting Corporate Environmental, Social and Governance Policies with National Governments and Investors (.pdf, Revised 5 February 2008, 10 pp.; By Michael J. Kane)
§ The purpose of this list is to provide examples of environmental, social and governance (ESG) policies promoted by national governments, international organizations, investors, and related organizations worldwide.
· Further Links
o News & Events >> e.g.
§ Archive >
· News Archive >>
o Investors Give New Twist to Good COP/Bad COP (12 January 2009)
§ … And the UN Global Compact’s system of reporting, which demands the production of a Communication on Progress (COP), provides an important way for the investment community to analyse a company’s performance on those ESG issues…
· Event Archive >
o Leaders Summit 2007 (5-6 July 2007, Geneva) >
§ News items on the 2007 Leaders Summit >
o Goldman Sachs research: Introducing GS Sustain (.pdf, 179 pp.)
§ Goldman Sachs analyzed the companies with respect to three areas: ESG performance; how well they are positioned vis-à-vis long-term industry trends; and the strength of their underlying financial returns.
· ILO International Labour Organization >??>
o The BASI (Business and Social Initiatives) Database >>
§ Corporate social responsibility topics >
· Implementation and evaluation processes >
o Shareholder initiatives / resolutions (updated ??)
· CorpGov.net (since 1995; Editor of Site: James McRitchie; Emphasis on USA)
o Many Links (also non-USA)
· WBCSD World Business Council for Sustainable Development > e.g.
o Focus Areas >
§ Business Role > e.g.
· WBCSD news > e.g.
o Reporting: What? How Much? To Whom? (2 July 2007)
· Publications > e.g.
o Beyond Reporting: Creating business value and accountability
§ June 2005; .pdf has 24 pp.
§ By: Travis Engen, President & CEO, Alcan and Samuel DiPiazza, CEO, PwC PricewaterhouseCoopers
· This publication »is about new ways of looking at accountability – beyond financial accountability as the sole route to create shareholder value. The ‘new’ accountability focuses on connecting people in different ways, and getting organisations to think and act differently, in a way that builds shareholder value.«
o Projects/Initiatives > e.g.
§ Capacity Building >
· YMT Young Managers Team > e.g.
o YMT 2005 >
§ Finance sub-group: Making SD add up
· »The finance sub-group chose investor relations professionals as its main focus, and explored strategies to assist them to better communicate the business value of sustainability to investors.«
· >
o YMT 2005: Making SD add up (Part 4/4)
o YMT 2004 >
§ Financial Analysts (= Language the market understands) > e.g.
· Generation Lost? Young financial analysts throw cold water on the business case for sustainability (WBCSD article; August 2005)
o Title of the report: Generation lost: young financial analysts and environmental, social and governance issues (August 2005, .pdf has 6 pp.; Summary)
§ See also related article at SocialFunds.com: Generation Gap: Young Sell-Side Analysts Fail to Fill Void in Sustainability Research (by William Baue)
· Hill & Knowlton's Corporate Reputation Watch > e.g.
o Downloads >
§ Return on Reputation surveys
· examine the various ways investment analysts assess company performance and shareholder value and identifies the key factors driving investment decisions.
· UBS
o UBS is the world's largest wealth manager, a top tier investment banking and securities firm, and a key global asset manager.
o In Switzerland, UBS is the market leader in retail and commercial banking.
o UBS, headquartered in Zurich and Basel, is present in all major financial centers worldwide.
o >> e.g.
§ Media Releases >> e.g.
· Climate change: beyond whether (31 January 2007)
o »As scientists tip 2007 to be the hottest year since records began, UBS Wealth Management Research publishes comprehensive research on what this means for investors.«
· UBS Investment Bank publishes new Q-Series report on Corporate Social Responsibilities: ‘Why try to quantify the unquantifiable?’ (12 April 2005)
o Directly to .pdf (100 pp.) at GPPi website
· Pharma Futures: Prescription for Long-Term Value is an ambitious investor-led dialogue between the pharmaceutical industry and its investors about how to manage a rapidly changing operating environment to deliver long-term value.
o The main purpose is to facilitate the propagation of advanced policy solutions, improved co-operation between stakeholders, increased awareness across the board, and superior equity and debt investment decision making for the investment community.
· SocialFunds.com >>
o Environmental, Social and Governance Standards: Glass Half-Empty or Half-Full? (28 November 2007; Article by Bill Baue) - The spread of voluntary and mandatory ESG disclosure and performance standards for business raises the question, how robust is implementation and enforcement?...
· Historical website (??):
o CSWG Corporate Sunshine Working Group (USA) »is an alliance of investors, environmental organizations, unions and public interest groups working to enforce and expand Securities and Exchange Commission (SEC) corporate social and environmental disclosure requirements.«
· US GAO Government Accountability Office >>
o Environmental Disclosure: SEC Should Explore Ways to Improve Tracking and Transparency of Information (.pdf, July 2004, 1 page; Full document, 80 pp.; News at GreenBiz.com)
§ See also related article at SocialFunds.com:
· GAO Finds Federal Corporate Social Responsibility Programs Widespread But Uncoordinated (28 September 2005; By William Baue)
· SCCE The Society of Corporate Compliance and Ethics (Minneapolis, Minnesota, USA)
· NIRI National Investor Relations Institute (USA) > e.g.
o Free webcast – The Future of Corporate Reporting (29 June 2005; Sponsored also by CFA)
§ »Topics will include: transparency and the quality in business reporting to help restore investor confidence; non-financial value drivers and their place in the future of corporate reporting; the future of XBRL (eXtensible Business Reporting Language), a method for labeling and communicating business data.«
· See also related press release at CSRwire
· US SIF Social Investment Forum > e.g.
o Our Work > e.g.
§ The Social Investment Research Analyst Network = SIRAN is an analyst network that supports more than 150 North American social investment research analysts from 30 investment firms, research providers, and affiliated investor groups. > e.g.
· Projects >
o Analyst Statement on Sustainability Reporting
o S&P 100 Sustainability Report Comparison
§ »In January 2005, SIRAN analysts launched a project to benchmark GRI reporting by companies in the U.S. S&P100 index.«
§ See also:
· GreenBiz >>
o More S&P 100 Companies Reporting CSR Progress: Study (22 July 2008)
· KLD Research & Analytics > KLD In The News > e.g.
o SIRAN-KLD Study Shows Nearly Half of S&P 100 Index Companies Now Report on Environmental, Social, and Governance Issues (.pdf, 25 April 2007, 3 pp.)
o EM Reporting Comparison (= Emerging Markets Reporting Comparison)
§ >>
· A Review of ESG Practices in Large Emerging Market Companies (.pdf, March 2009, 38 pp.)
§ February 2009 update to the Emerging Markets Disclosure Project (.pdf, February 2009, 3 pp.; (EMD Project))
§ Investor Statement on Sustainability Reporting in Emerging Markets (.pdf, February 2009, 4 pp.)
§ SIRAN issued its first-ever analysis on the environmental and social reporting practices of emerging market companies in January 2008, conducted by independent investment research firm KLD Research & Analytics, Inc. >
· Sustainability Reporting in Emerging Markets: An analysis of the sustainability reporting in selected sectors of seven emerging market countries (.pdf, January 2008, 24 pp.)
o See also:
§ related news at GRI Global Reporting Initiative: Coalition of investors call for more disclosure in emerging markets (28 February 2008)
§ related article at Responsible Investor: $199bn investor coalition pushes emerging markets sustainability disclosure (13 February 2008) - Study shows South Africa leading and China lagging on transparency.
§ See also:
· US SIF > Our Work >
o IWG International Working Group
§ SIRAN analysts support corporate disclosure of comprehensive Equal Employment Opportunity (EEO) information as a means to help foster progress on hiring, promoting and retaining minority and female employees.
§ See also:
· related article at SocialFunds: Corporate Glass Ceiling for Women and Minorities is yet to be Shattered (4 November 2008) - Reports on diversity in the workplace find women and minorities in executive positions remain in short supply, and corporations resistant to sharing data on diversity practices.
· SEC Action Center
· Shareholder Resolutions
· Proxy Voting
· AndBEYOND communications »is an investor relations firm that advises CEOs on developing high-performance, ethical communications and practices.«
o The company publishes annual benchmarked-rankings of CEO shareholder letters from annual reports. These rankings are correlated with stock price performance to show the dollar value of CEO communication.
o > e.g.
§ Articles/Interviews > e.g.
· Scrooge takes a holiday: 50 Percent More CEOs Report on Corporate Social Responsibilities (27 December 2004)
o See also:
§ article at Boston College Center for Corporate Citizenship: CEO Candor Key for Social Reports (February 2007)
· William Blackburn Consulting Inc. (Long Grove, Illinois, USA; Bill Blackburn – ex Baxter International Inc., Chief of Corporate EHS) »Providing clients with 30 years of professional experience on the leading edge of environment, health and safety management, sustainable development and emergency response.« >
o Publications / Presentations > e.g.
§