October 2016

Editorial

Dear Colleagues,

Positive signs for sustainability and investors in this third quarter, not only in Europe but at global level, mark a convergence of interests which highlights the seriousness of the debate around sustainability and ESG issues in today’s economy.

At an international level, there are clear indications of a marked interest in ESG investments. As Japan’s Government Pension Investment Fund (GPIF), worth Euro 1.04 trillion, decided to establish a new forum by the end of the year to accelerate progress on ESG, they look for an ESG index to try and maximise L-T investment returns through minimising externalities related to environmental and social issues. CalPERS, already a member of this forum, is taking a renewed commitment to sustainability with a new five-year ESG strategic plan. The pension fund says the plan is the next stage of evolution of CalPERS’ work on sustainable investing, focusing on: reporting standards & transparency, engagement and research.
Positive news also came from China, where the G20 included ‘green finance’ as one of its major policy themes for the first time, ahead of the G20 Leaders Summit in September. This was a major shift which means that it will lead to policy in G20 member states. The G20 was very decisive in crystallising the commitment of the Paris Agreement on Climate Change and bring them into force as soon as possible.
As the debate around corporate reporting in Europe intensifies, and the European Commission finalises its work around the guidelines for non-financial reporting, across the Atlantic, the Securities and Exchange Commission (SEC) is increasingly aware that the information companies are reporting on as part of their SEC filings, are falling short of investor’s expectations. As US law requires public companies to tell shareholders of substantial events that relate to their business, such as lawsuits, financial performance and overall business trends, the Commission has noticed that certain relevant information that allows shareholders to get the full picture of how companies are managing the threat of climate change were missing and is therefore considering changing the rules on environmental disclosure.

In September, green bonds remained at the top of everyone’s agendas, as the EIB (the European Investment Bank) decided to submit its comprehensive statement (CAB) describing, in detail, its Green Bond activities in 2015 to a third party audit and get an Independent Reasonable Assurance Report issued by KPMG Luxemburg. This move will lead to a higher degree of assurance and standardisation (as part of limited assurance) which adds further substance to the green bond market, while offering enhanced reliability to the information provided by the EIB, in full support of the Green Bond Principles of the International Capital Market Association (ICMA). This step marks the EIB’s intention to take transparency, one step further, on the path to standardisation for green bonds.

More transparency is demanded from companies and investors even in Switzerland, as the nation’s Federal Office of the Environment launched a public consultation in October, inviting stakeholders to express their view on how to help investors “actually assess the CO2 relevance of assets”. Although Switzerland already has a levy on C02 emissions, and an independent emissions trading scheme that could potentially link up to the EU Emissions Trading System, the country intends to undergo a total revision of its CO2 legislation, in order to be able to implement the conditions of the Paris climate agreement.

The European Commission is preparing to develop its strategy on Sustainable Finance and in view of that is going to set up an Expert Group made of specialists that can help shape the objectives and targets for a sustainable Europe. Eurosif looks favourably at this initiative and following from the European Union ratification of the Paris Agreement, eagerly awaits discussions around the start of implementation of the Paris Agreement, at COP 22.

Against this backdrop, Eurosif is putting the finishing touches on the 2016 edition of the SRI Study, which has been prepared in collaboration with all the SIFs and which will be launched in Brussels on the 10th of November.

See you there!

Flavia Micilotta
Eurosif Executive Director

The Eurosif 2016 SRI Study

We’re launching the 7th edition of our seminal SRI Study in Brussels on the 10th of November.

Unique in its kind, the Eurosif Sustainable and Responsible Investment (SRI) Study is the benchmark report on the European SRI market. The study is one of the few sources detailing the European SRI market. Findings from the SRI studies are regularly quoted and used in research papers, in various forums and international bodies, as well as by Eurosif member affiliates. The media regularly quote the results of the SRI studies. Thought leaders from asset owners and managers, pension funds, European institutions and companies alike regularly refer to the findings.

Join the key players of sustainable investment as we unveil the trends that have shaped the SRI market in the past two years and discuss the future of SRI in Europe.

For more information, please click here.

Policy Points

The Paris Agreement
On the 4th of October, the European Parliament has approved the ratification of the Paris Agreement by the European Union. Eurosif welcomed the news, as we consider this landmark agreement could make a key difference in the climate change debate on both a European and national level.
As the ratification was approved by the EU parliament, the bloc of countries will not have to wait for each country to finalise the domestic approval procedures, meaning the Paris Agreement should enter into force just in time for COP22!

PRIIPs

Last month, the European Parliament voted in favour of rejecting the PRIIPs proposed regulatory technical standards (RTS). This came after the ECON Committee voiced concerns that “they might not achieve the aim of providing accurate, accessible and comparable information“. Shortly after, he S&D Group sent out a press release, in which MEP Pervenche Berès declared that she “will do everything possible to reach an agreement on PRIIPs, because such information is critical in the current environment”. Eurosif supports MEP Berès and her willingness to obtain a strong and transparent PRIIPs.

The European Commission must now propose a new RTS to implement PRIIPs, with a PRIIPs implementation expected for year end.

Eurosif Member News

Sustainable Finance in the spotlight: Italian SRI Week 2016 from November 15th to 24th
The fifth edition of the Italian SRI Week includes ten events that are going to be held in Milan and Rome. The main topics to be discussed are climate change, impact investing, the importance of environmental, social and governance (ESG) issues for Italian Foundations, financial education, engagement on children’s rights.
Once again this year a full program of cultural events (concerts, theatrical performances and workshops in schools) are going to be held alongside the conferences, in order to involve a wider audience into the issues related to sustainable finance.
Finance and sustainability do affect all of us – says Francesco Bicciato, FFS’ Secretary General – That’s why it’s important to stimulate the public debate on this topic, so that more people can make informed choices and contribute to the environmental, social and economic transition that our society needs.
For further info, visit the official website.

Investors’ workbook on article 173 of the Energy Transition Law

French SIF just released this 40 pages’ workbook including interviews and testimonies from ministers Ségolène Royal and Michel Sapin, NGO leaders Pascal Canfin and Nicolas Hulot, and various experts of responsible finance. It focuses on the spirit of the law and gives an investors’ roadmap towards an ESG-Climate investment strategy and reporting. It will soon be available in English.
Download the workbook (in French)

Responsible Finance Week in France
The Responsible Finance Week organized by French SIF was launched on September 26 by Ségolène Royal, Minister of Environment. She announced the « crowdfunding for green growth » label and urged the financial community to commit towards responsible and green finance. This year, under the new name of Responsible Finance Week, 47 events or operations to promote SRI, impact finance and crowdfunding were organized all over France with various topics like gender diversity, fintech, executives’ remuneration, green finance…
The Week’s website (in French)

SRI label
To date, 16 funds of 4 asset managers (Amundi, BNP Paribas IP, Fédéral Finance, La Financière Responsable,) have been audited by Afnor Certification or EY France and obtained the SRI label. More than 50 funds are expected to receive it by the end of the year. Nicole Notat, CEO of Vigeo Eiris has been nominated by Michel Sapin, Finance Minister to chair the label committee. This committee will have the important role of reviewing the label guideline in the following years.

Climate label (TEEC)
HGA Obligation vertes a green bonds fund of Humanis Gestion d’Actifs recently obtained the Climate Label (which auditors are EY France and Novethic). Acofi Gestion, Demeter Partners, Mirova, RGreen Invest and Sycomore AM have obtained labels before summer and assets under management reach now one billion euros.

In memory of Eric Loiselet
It is with great sadness that we have learned of the passing of Eric Loiselet at the age of 56. Eric was a director of the FIR and one of its co-founders in 2001. Until recently, he was one of the strongest advocators for Article 173 of Law Energy Transition to Green Growth; an article whose pioneering nature and ambitions are now internationally recognised. Eric will be remember for his charisma and good nature.

FNG-Label event 23rd November 2016

FNG and its subsidiary GNG will announce the funds awarded with the FNG Label 2017 in Berlin on 23 December 2016. The certification proofs that the respective mutual fund meets the standard for sustainable investment in German speaking countries. The label auditor is Novethic.
In order to obtain certification of compliance with FNG’s criteria, funds must satisfy a range of minimum requirements. These include criteria relating to transparency and processes, the exclusion of weapons and nuclear power, and consideration of the four areas of the UN Global Compact: human rights, labour rights, environmental protection, and combatting corruption and bribery. Furthermore, at least 90% of the portfolio must be analysed against ESG criteria.
An award for exceptional performance is given to funds which are distinguished by a particularly consistent and rigorous sustainability strategy in relation to product standards, institutional credibility, selection and the exertion of direct influence on companies. The applicants may be awarded a maximum of three stars here.
The event takes place at Deutsche Kinemathek – Museum für Film und Fernsehen, Potsdamer Str. 2 in 10785 Berlin on 23 November 2016 from 10am to 4pm.
Please find the program of the event here.
For registration, please send an email to fng-siegel@g-ng.eu.

VBDO’s Dutch SRI Week is coming up
From the 21st to 25th of November 2016, the Dutch SRI Week will be taking place. Furthermore, VBDO will publish its ‘Tax Transparency Benchmark 2016’ on 31 October. A few weeks later, the VBDO will publish the ‘Benchmark Sustainable Investing by Dutch Pension Funds’.

For more information about upcoming events and reports, please visit the VBDO website.

Annual Event Spainsif 2016

Spainsif is gearing up for the 7th edition of the Spain SRI Annual Event on the 18th of October, sponsored by Cecabank (principal sponsor), Vdos, Nordea and Morningstar.
This year, we will welcome Mr. Eric Usher, Head of United Nations Environment Programme Finance Initiative (UNEP FI) as well as several key administration representatives (Spanish Economic and Social Council, National Stock Market Commission, Ministry of Economy and Ministry of Employment and Social Security).
Furthermore, this year we have three consecutive workshops tackling current issues such as Sustainable management tools, ESG in real assets and taxation in the SRI. Speakers will include representatives of main SRI asset managers, asset owners and advisers firms in Spain. The attendance is free!
For the full programme, please click here and to register, please click here.

2nd Financial Education Day

The Spanish Financial Education Plan, to which Spainsif is a contributor and whose promoters are the Spanish National Stock Market Commission and the Banco de España, held its second financial education day. On this day, promoters and contributors presents their indicatives in financial education.

To find out more about the day, please click here.

Progress in an agreement with the Ministry of Employment and Social Security

Spainsif and the Ministry of Employment and Social Security laid the groundwork for action within the agreement. Meanwhile, the Ministry has included a section about SRI on its website, linking to the Spainsif website.

For more information on the Spanish SRI market, subscribe to the Spainsif newsletter!

Swesif launches improved “ESG Profile” in January 2017
A lot has happened since the ESG Profile (“Hållbarhetsprofilen”) was first developed by Swesif together with its member companies in 2013. In May 2015 Swesif launched the ESG profile on the private market in Sweden. After one and a half years, 47 fund companies have already joined and today more than 700 funds are reporting their sustainability efforts on www.hallbarhetsprofilen.se. In addition, the ESG Profile is distributed to seven fund platforms.
In 2015 Swesif initiated a project to further develop the ESG Profile together with its member companies. The aim was to create a clearer structure and transparency in order to raise awareness among savers and improve the ability to compare different funds.
The work is now done and in January 2017, the new version of the ESG Profile will be launched.
In connection with the launch, Swesif is implementing a few changes. A new technical platform has been procured in order to build the new version with greater functionality. Furthermore, the change will mean that licensing costs are lowered considerably for the fund companies.

Find more information about the ESG Profile here.

Good Money Week 2016
UKSIF is currently working flat out on Good Money Week (30th October-5th November), our annual campaign that promotes responsible finance to the general public. It kicks off with an event in London on 24th October to launch materials and a new animation we have had produced. That event will feature panels between millennials and finance since our opinion polling (also being launched in GMW) continues to show that millennials have desires different to those of the wider market. We will also hear a short address from Rob Wilson MP, the minister for civil society who is responsible for the Government’s new Inclusive Economy Unit that will develop policy on social investment and responsible business.Beyond GMW, we are drafting a letter to a Parliamentary Committee which is responding to the new Prime Minister’s interest in corporate governance.

For more information please see our website.

National SIF Calendar

27/10 – 23/11
SpainSif – Ciclo de Conferencias de Otoño

31/10 – 05/11
UKSIF: Good Money Week

10/11
E urosif 2016 SRI Study Launch15/11 – 24/11
FFS – Italian SRI Week

Industry Events

World Forum for a Responsible Economy 2016
Eurosif was invited to attend the World Forum for a Responsible Economy in Lille on the 10th of October to discuss and launch proposals to accelerate CSR integration in the world economy. This 10th edition of the World Forum focused on an economic, but also social responsibility: what is the role of companies? How far can it go? Are companies being asked too much? Or could more be expected from them?For an overview of the forum and for more information, please click here.

Voluntary Sustainability Standards and the Role of the Government
On Friday the 21st of October, a high-level day of discussions was jointly coordinated by DIE, BDI and UNFSS to mark the launch of the 2nd UNFSS Flagship Report. This second edition seeks to dissect the interplay between VSS and public governance processes by striving to answer the following question: What are the optimal dynamics between public policy processes and voluntary sustainability standards to ensure sustainability objectives are most effectively met? It can be downloaded here.Eurosif explored the relevance of SRI and international standards on a panel with DEG’s Katharina Hermann, BMZ’s Anja Wagner, ICTSD’s Dr S. Wallace Change and FNG’s Ms. Gesa Vogele.

GRI Standards Launch
Between October 2016 and May 2017, GRI will be hosting launch events around the world with experts guiding participants through the benefits of the new GRI Standards, offering an excellent oversight on the changes from current version, the GRI G4 Guidelines.

For more information and to register, please click here.

Invest Week
Launching on Monday 28 November 2016 in Brussels, Belgium, Invest Week aims to support the European institutions in delivering an Investment Plan for Europe, by providing a forum for the investment industry, public investment agencies, corporate investors, entrepreneurs and employee organisations to meet with policymakers and explore a positive agenda focused on Europe’s economic future. Eurosif is a partner of Invest Week.Invest Week will provide a major platform for attracting investors and investment bodies from outside of Europe, promoting the strength of the world’s largest economic area as an investment destination.

For more information, please visit the Invest Week website.

About Eurosif

Eurosif is the leading European association for the promotion and advancement of sustainable and responsible investment across Europe, for the benefit of its members.

Eurosif’s purpose is to:

1. Promote best practice in Sustainable and Responsible Investment (SRI) on behalf of its members
2. Lobby for European regulation and legislation that supports the development of SRI
3. Support its members in developing their sustainable and responsible investment business
4. Promote the development of, and collaboration between SIFs across Europe
5. Provide research and analysis on the development and trends within the SRI market across Europe
6. Raise awareness of and increase demand for SRI throughout the European capital markets

www.eurosif.org

Eurosif’s EU Transparency registration number with the European Commission is 70659452143-78.

Our mailing address is:
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Editorial

Dear Colleagues,

This second quarter 2016 of EU policy was an interesting roller coaster of events which kept us on the edge of our seats in different ways. Panama papers, IORPs decisive last trialogue negotiations which seem to have closed on a positive note for the ESG community, and, of course, Brexit (see below) are some of the main topics that dominated our scene in the past few months.

During the EU Green Week, the European Commission discussed how more sustainable environmental practice can contribute to a more successful economy. This discussion took place while the European Commission looked at environmental policies, and specifically at how the European Fund for Strategic Investments can mobilise finance for green projects. The event sent some powerful signals to European investor’s community ‘that a change of culture is both possible and profitable’ these the words of Commissioner Vella, analysing how to facilitate access to finance specially for SMEs. Supporting the growth of more sustainable investment tools seems to have been a rising trend in recent months, as not only corporates and banks; but also municipalities and pension funds, have issued new Green Bonds.

All this activity has prepared the ground for the recent update of the Green Bond Principles through the ICMA. This is expected to add significantly to market transparency and further clarify the process of Green Bond issuer alignment with the GBP. Meanwhile, the market continues to grow exponentially and investors expect it to continue growing ‘into a trillion-dollar behemoth by the next decade’, as the EBRD issued its biggest ever green bond of 650 million dollars. The ‘’State of the Market 2016” report, published by the Climate Bond Initiative estimates an increase of climate bonds by $96 billion on last year’s report, including a total made up of approximately 3,590 bonds. Green bonds were also high on the Commission’s agenda as it organised a stakeholder meeting late last month, convening all the key stakeholders who are collaborating with the Green Bond Principles and the Climate Bond Initiative. Different scenarios and plans were discussed as part of the draft report, prepared by a consultancy consortium for the DG.

Sustainability and long-term investment as part of the Capital Market Union was also the topic that animated the debate on the 1^st of June at the Eurosif event, organised with the support of the S&D MEP Zanonato. This first Eurosif event organised at the European Parliament included a very interesting set of panellists, who exchanged opinions on the potential of the CMU to unlock new opportunities for a more sustainable economy on both a social and environmental level. For a more detail report, please click here.

As Eurosif is preparing its 2016 SRI study, positive feedback in the industry comes from France where a new study commissioned by Candriam, reported that over 52% of European financial advisers offer SRI funds today. As we ponder on how to further encourage the European market expansion and building on this encouraging news from France, where the Energy Transition for Green Growth bill passed into law late last year, we dare to ask ourselves and our readers – should this ambitious corporate climate-reporting model go global? In addition, what is the future of a number of policy negotiations in a Brexit context? Climate negotiations risk being more difficult without the British, as they have been among the supporters of an ambitious reform of emission trading and have set themselves important national targets. On the other hand, negotiations could be unlocked on a number of dossiers, for instance renewable energy, where the UK has exerted a deep-rooted scepticism overall. What remains essential is to ensure that the Commission overcomes the initial shock of the new situation and continues to seize the moment to help Europe transition to renewable energy.

As always, enjoy your reading!

UKSIF on Brexit

Following the outcome of the British referendum in June, Eurosif spoke with UKSIF’s Executive Director, Simon Howard to discuss what Brexit might mean for UKSIF and its members.

Flavia Micilotta, Eurosif’s Executive Director: When did you start thinking Brexit would really happen?

Simon: The opinion polls suggested a tight race throughout, and as such the result should not have been a surprise – even though it was to most of the UK political and business classes. Commentators are discussing how the voting pattern highlights disconnections between different groups: young and old, urban and rural, and I think that is right. I think that the danger for the UK sustainability sector is that issues such as climate change, governance and wider stakeholder rights which did not have a high political profile in the 2015 General Election, and which in the referendum were presented as being the domain of the remain campaign, might now be seen as having been rejected – implicitly – by the electorate. In any case there is a danger that the UK government agenda will now be dominated by Brexit as other issues are squeezed out.

I’m not qualified to comment in respect of other countries but I would be surprised if the unhappiness with the status quo which the UK vote may reflect, and which may also be evident in US politics, is not present elsewhere.

F: Have you discussed it with your membership? What are their main concerns?

S: We haven’t discussed the result formally. Informal feedback confirms that member companies were not expecting the outcome and many individuals were upset. Each of our member segments sees possible mainstream business negatives: falling asset values have an impact in fund management; delays to banking and other transactions affect the bankers; a slowing in retail investment flows is feared in the adviser community; our pension fund members see the level of liabilities (priced off falling bond yields) rise. In respect of sustainable finance sector business flows, I imagine most people feel that it is harder to promote new styles of investment and finance against a background of uncertainty.

F: There is no way of telling the precise implications of Brexit today, but can you present our readership with two scenarios – best and worst cases?

S: Well the worst scenario is easily described: no trade deal and bankrupt French farmers, bankrupt German industrial firms and bankrupt British financial service firms. The best is a grown up deal which allows close neighbours to trade together, and which allows those that choose to make laws on a multi-national basis.

I have no idea what will happen about immigration. I think current UK concerns probably stem from a perception, often apparently held by those living far away from where immigrants are settling, that EU migration is driven by economic factors and drives down pay. These fears are not unique to the UK. BBC radio carried an interview this morning with a Parisian waiter saying the same thing.

F: How do you see UKSIF relation to Eurosif evolve? And will anything change in the way your constituency responds to the EU policy-making agenda?

S: I think the relationship will get closer. The issues we face demand international co-operation and that can deliver irrespective of the political structures which pertain – just look at COP 21. In Europe there are real opportunities. So, Flavia, you have drawn SIF attention to the developments on RI which are stemming from the EU’s desire to have clearer terminology in respect of PRRIPs and CMU. This echoes issues that were discussed at an UKSIF event this week on the use of ratings for RI funds. At that event, the point was made that the need for understanding of our issues cannot be driven solely by the UK context but also needs to consider the European and global perspectives.

I think the obvious need for coordinated work on these issues highlights that we need to establish a model whereby all SIFs in the European region seek to influence all governance bodies – national, regional for EU members, and global – in the most effective way. I look forward to continuing to cite Eurosif views in the UK as evidence of what an informed and expert group thinks makes sense on issues. I think UK support for your submissions to the EU can only support your contention that the thinking they contain is correct. We know each other well enough to make sure that when we operate on a global issue through the GSIA, the language is appropriate.

But to cut to the chase: we face critical sustainability issues and no one should let Brexit slow progress. UKSIF will do its best to keep things moving forward in the UK, Europe and globally.

For more information, please contact Simon Howard and Flavia Micilotta.

Can long-term investing unlock the potential of the CMU? Towards a Sustainable Capital Markets Union

On the 1st of June, Eurosif and the Italian Sustainable Investment Forum – Forum per la Finanza Sostenibile – with the kind collaboration of MEP Flavio Zanonato (S&D, IT) organised a conference on Long-Term investment as part of the Capital Markets Union. In view of the European Commission’s recent release of its Capital Markets Union (CMU) Action Plan defining the building blocks of an effective and integrated CMU to be put in place by 2019, Eurosif wanted to stress the important drivers that need to be part of the policy equation. These drivers guarantee, on one side, that the CMU is able to deliver economic growth and job creation as it commits to, while not denying the main pillars of sustainability.

For a full debrief of the event, please click here.

What should be the top priorities for a sustainable Capital Markets Union?

A significant gap has emerged between global and EU commitments to put financial markets on a sustainable footing. International momentum has picked up greatly in recent months, the world’s governments signed the landmark Paris Agreement at the end of 2015 and the G20, Financial Stability Board and many national governments are looking at the actions they can take to ‘green’ financial markets. To date, the European Commission has done relatively little on sustainable finance, despite it being recognised as an area for attention as part of its Capital Markets Union initiative.

We’d like your views on how this could be remedied. Environmental think tank E3G have developed a set of policy proposals which aim to help build a sustainable Capital Markets Union in the EU. Join the debate on how this can be achieved by completing this short 5 minute survey, which asks for your opinion on their proposals.

To take the survey, please click here.

Eurosif Member News

29 % growth for Responsible Investment in France

By the end of 2015, the French Responsible Investment market was worth 746bn€ according to the last annual study released by Novethic and French SIF. More than 7% of this market (54bn) can be considered as « high-impact SRI ». More details.

First French public climate labels attributed
As of today, 7 funds have obtained the Energy and Ecological Transition for Climate (TEEC) label, representing a total of 735M€ of assets under management. Three of mirova’s funds got the label as well as one each for Acofi Gestion, Demeter Partners, RGreen Invest and Sycomore AM. Both EY France and Novethic have been designated as auditors and can be chosen by candidate funds. More information on the label can be found here.

Public SRI label
Label committee members are still to be designated and one more official auditor of the SRI label is still to be announced. Both the French normalisation association, Afnor, and EY France have been designated auditors. The first labels should be attributed during autumn.

The SRI Week becomes the Week of Responsible Finance
The newly renamed Week of Responsible Finance (changed to be better understood by the general public) will take place from 26 September to 2 October 2016. It will include impact investment events including ones carried by crowdfunding platforms. Consult the Week’s website for more details.

Investors’ workbook on article 173 of the Energy Transition Law
The workbook is on track and should be released in September, in both French and English.

For all the latest news from the French SIF, visit www.frenchsif.org

FNG Label 2017 will be awarded on November 23 in Berlin

The FNG Label, introduced to the German speaking market in 2015, will be awarded for the second time, in Berlin on November 23, 2016. The Label offers fund providers the opportunity to document the quality and the sustainability standards of their investment products and, at the same time, allows them to make an active contribution to the further development of the sustainable investment market in the German-speaking countries. The label’s methodology consists of minimum requirements and a multi-grade model which promotes competition to pursue more ambitious sustainable investment strategies. Each certification is valid for one calendar year.

For all the latest news from FNG, visit www.forum-ng.org

National Dialogue on Sustainable Finance (NDSF) launched in Italy
The Italian Ministry of Environment, Land and Sea and UNEP – in the framework of the international programme UNEP Inquiry – Design of a Sustainable Financial System – has launched the “National Dialogue on Sustainable Finance” (NDSF) in Italy.
The initiative is aimed at identifying a common roadmap for greening the Italian financial system, through eight Working Groups involving the key stakeholders of the Italian market such as banking institutions, insurance companies, asset managers, pension funds, financial market authorities, etc.
The Italian SIF (FFS), together with Fondazione Cariplo, is the co-leader of the WG ”Greening Institutional Investors”. The final report will be publicly presented in autumn 2016.

Coming up next: the 5th Italian SRI Week
Launched in 2012 by the Italian SIF (FFS), the SRI Week has already become the most important event on sustainable finance in Italy. The 2016 edition, scheduled for November 2016 (exact dates TBA soon), will feature the presentation of a Guideline on finance and climate change and a Report on ESG integration, addressed to Italian Foundations. Also, the figures of the Eurosif European SRI Study 2016 will be presented within the initiative, together with the second edition of the Benchmark “Responsible Investment by pension plans”.
“I have big expectations for the 2016 edition of the SRI Week in Italy” declares Francesco Bicciato, Secretary General of the Italian SIF “as the interest towards SRI shown by financial players is growing, we are also sensing an increasing consensus from the Italian Government: these look like the perfect conditions for the SRI market to show its full potential. ”

For all the latest news from the Italian SIF, visit www.finanzasostenibile.it

Next steps in embedding corporate responsibility – AGM report 2016

The latest VBDO report was published in early July. This report contains the results of VBDO’s engagement with 37 Dutch stock listed companies around their Annual General Meeting. The incredible progress on responsible tax shows the impact VBDO’s engagement has had addressing this topic year after year, starting as one of the first organizations actively questioning responsible tax four years ago.

To read the full report, please click here.

VBDO report shows: Dutch listed companies lag behind in commitment to living wage

Dutch listed companies lag behind in commitment to paying living wage in international supply chains. The new report from the Dutch sustainable investment forum found that only 2 out of 37 investigated Dutch listed companies have made a commitment to paying living wage in upcoming economies or developing countries.

“We expect listed companies to respect internationally recognised human rights,” said VvH/AL. “The Living Wage affords people the opportunity to provide for themselves and their families. We expect listed companies to take care of this in their international supply chains. Respecting human rights is part of sustainable international supply chain management and CSR policies”.

Very few companies make a reference to the payment of living wage in their supplier code of conduct. Only 2 out of 37 companies have made a commitment to paying a living wage and only 1 company has made sure that all its key suppliers have signed their code of conduct which contains a reference to paying a living wage. VBDO believes that the definition and application of a living wage should receive more attention.

VBDO considers Gemalto as having a good practice on paying a living wage in the supply chain. Gemalto has developed a CSR purchasing chapter, which has been signed by all key suppliers, in which it has formulated a commitment on providing ‘fair and reasonable wages, enough to ensure basic living needs without excessive overtime’.
For more information contact: Ingmar.schuurmans@vbdo.nl or Vicky.vanheck@vbdo.nl

For all the latest news from VBDO, visit www.vbdo.nl

Spain SRI week 2016
This year, the SRI week was held across three Spanish cities (Madrid, Barcelona and Valencia). We reached a new attendance record with a 60% increase on the previous SRI week.
One of the many events was held with UNPRI, to mark their 10th anniversary, and several Spanish PRI signatories participated.
More information can be found here.

Spainsif appeals to corporate governance and long-term approach to face uncertain times

During Spainsif’s Seventh General Assembly, the Members concluded that governance will be the central element in the agenda of investors in the coming years.
For more details, please click here.

Spainsif and the General Direction of insurance and pension funds present a new model of information on occupational pension plans

This tool, which can be voluntarily used by managers, unifies the criteria in the statement of the principles of investment policy. It facilitates work for managers and for General Direction, which will get comparable data in these issues as a result.
For an overview, please click here.

Disability and Sustainability, a consolidated binomial

Article by Carla Bonino, European Programmes Unit, Fundación ONCE

On May 19th 2016 in Amsterdam, during the 5th GRI Global Conference titled “Empowering Sustainable Decisions” – one of the most renowned international events related to CSR and Sustainability – disability was, for the first time, a visible part of the agenda.

Read the full article here.

Spain SRI news

For more news of Spain SRI market, subscribe to our newsletter!

UK Policy
It is a time of massive political upheaval in the UK. After the referendum vote to leave the EU, British political parties are in turmoil with leadership elections taking place for the Greens, UK Independence Party, Labour and the Conservatives. As Andrea Leadsom dropped out of the Conservative race, Theresa May became Prime Minister on Wednesday (13th) following David Cameron’s resignation. In her last speech of the election contest, May outlined radical reforms to the UK economy, including the corporate governance regime. More information on the implications of the Brexit vote on SRI in the UK is available here.

UKSIF activity

UKSIF is currently gearing up for the 9th annual ‘Good Money Week’ campaign which takes place this year from the 30th of October to the 5th of November. Good Money Week is an opportunity for UKSIF members, and others, to showcase the products, thought leadership and innovations emerging from the UK’s vibrant SRI sector. Last year, the campaign achieved a wide variety of positive press coverage and saw over 50 events, tailored to a variety of audiences, happen up and down the country. We look forward to finalising plans for this year and raising awareness of all forms of ‘good money’. Visit www.goodmoneyweek.com for more information.

“UK politics is moving very fast. The new Prime Minister, Theresa May, has outlined policies on corporate governance and housing which look radical and at odds with those of the recent past. The need now is to make sure that UK sustainable finance plays a full part in shaping the better definition of these aspirations.” Simon Howard, Chief Executive, UKSIF

For all the latest news from UKSIF, visit www.uksif.org

Candriam Investors Group further strengthens its SRI proposition
After 20 years of sustainable and responsible investments, Candriam Investors Group has further strengthened its SRI proposition with the launch of an Institute for Responsible Investment.

For more information, please click here.

National SIF Calendar

26/09 – 02/10
FrenchSif – La Semaine de la Finance Responsable

18/10
SpainSif – Evento Anual

30/10 – 05/11
UKSIF – Good Money Week

23/11
FNG – FNG Label 2017 Awards

TBA
FFS – Settimana SRI

Industry News

The Euromoney/GlobalCapital Sustainable & Responsible Capital Markets Forum, 6 September, Amsterdam.

Euromoney Conferences and GlobalCapital are joining forces in 2016 to provide an unrivalled platform for thought leadership and comprehensive global coverage of the fixed income market’s embrace of socially responsible investing and environmental finance.

The market will convene on 6 September in Amsterdam for a one day Forum of in depth discussion and debate. We’ll be looking at how to keep growing the green and social bond market and at how issuers and investors can utilise the capital markets to finance a more sustainable and socially responsible future.

An Awards Ceremony will take place following the conference that will celebrate the issuers, investors and intermediaries that have pioneered and innovated in the green and social bond markets. Market participants are asked to vote in a wide-reaching poll.

To apply for your place, view the draft agenda and to find out more information about the event, please click here.

Sustainable Development Programme 2016

ITCILO is the training arm of the International Labour Organization (ILO), the United Nations agency entrusted with promoting social justice, including internationally recognized human rights and labour standards. ITCILO offers a range of learning modalities, mostly professional training courses and Masters programmes (in association with the University of Turin, the University of Barcelona and SciencesPo, Paris).

This year, a selection of open short courses will be offered by the Sustainable Development Programme (SDP) in the four areas of: Procurement Management; Programme and Project Cycle Management; Green Jobs; and Multinational Enterprises and Global Supply Chains.

The full brochure is available here.

Sustainable seafood and responsible investment

A new report was published by Aviva Investors and Sustainable Fisheries Parthership (SFP), calling on seafood companies and policy makers to protect the global supply through improved sustainability.

Launched to coincide with the UN’s World Oceans Day, 2016, the report argues that overfishing has led to a significant decline in many fish stocks, all while our need for increased food production grows more pressing.

The full report can be downloaded here.

About Eurosif

Eurosif is the leading European association for the promotion and advancement of sustainable and responsible investment across Europe, for the benefit of its members.

Eurosif’s purpose is to:

Our mailing address is:
Eurosif aisbl
Avenue Adolphe Lacomblé 59
B-1030 Schaerbeek | Belgium

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