Eurosif Update Eurosif opens Brussels officeOn October 24, Eurosif opened its Brussels office in Rue du Progrès, 331. This move reflects an enhanced strategic focus on EU advocacy activities. The proximity to the EU institutions is a benefit for closer integration into EU decision-making. SponsorshipThere are still opportunities to sponsor Eurosif's established reports, such as the fifth edition of the SRI Market Study and the third edition of the HNWI and Sustainable Investment Study. Please contact Francois Passant for more information.
Eurosif Speaking EngagementsEurosif was a panel member in the Ernst & Young Roundtable on ESG Reporting and SRI, October 21, 2011, Brussels.
Eurosif spoke in the MSCI webinar on Measuring ESG Effectiveness
November 14, 2011.
Eurosif will participate in the next CSR Multi-Stakeholder Forum preparatory meeting organised by the European Commission
February 2, 2012, Brussels.
For details of significant SRI events coming up please see http://www.eurosif.org/events/sri-events Back to top
EU UpdateMember Affiliates can find more details on the news items below in the fourteenth edition of EU Insider which describes Eurosif's role in shaping EU SRI policy.
Eurosif responds to EC Consultation on Social Business Funds
The Commission consultation on Social Business Funds offered the possibility to influence an area of growing importance. See Eurosif's response here http://www.eurosif.org/policy/positions. Eurosif participated in the EU Expert Group on Non-Financial DisclosureEurosif, as a member of the Commissions's Expert Group on Disclosure of Non-Financial information by EU Companies, participated in three sessions between July and September 2011. A legislative proposal on the disclosure of non-financial information by companies is planned in 2012.
Eurosif responds to EC communication on CSRThe long-awaited Commission communication on CSR was released on October 25. It contains numerous high-level policy statements, including the intention of the Commission to bring forward a new legislative proposal improving company disclosure of social and environmental information. See Eurosif's response here: http://www.eurosif.org/policy/positions.
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Member Affiliates News
Axa Investment Managers report on the Deloitte certification of their Responsible Investment funds. For more information please see here.
Invitation to become a 2012 Carbon Disclosure Project (CDP) signatory: deadline 20 January 2012. CDP is seeking signatories for Investor CDP, CDP Water Disclosure and CDP Carbon Action Initiative. Visit www.cdproject.net.
DB Advisors has been named the ‘Best ESG Asset Manager’ in Germany by World Finance magazine in its ESG Awards 2011. World Finance is a UK-based publication that provides in-depth coverage and analysis of the financial industry and global economy to a global readership of key decision-makers. Now in their third year, the World Finance ESG awards recognize companies that are re-shaping the global SRI marketplace, leading the way in integrating ESG strategies into their investment decision making processes and fully embracing ESG principles into their company's ethos.
For further information please contact sandra.kaefer@dws.com.
On December 1, ECODES, the Carbon Disclosure Project and PwC launched the CDP Iberia 125 Report 2011 at the Madrid Stock Exchange. The report revealed the main trends and developments of the climate change strategies implemented by the 125 largest listed companies in Spain and Portugal. Most Spanish and Portuguese companies (96% of those that responded to the questionnaire) have incorporated climate change into their business strategy. The strategic importance of climate change is also reflected in the products and services that the majority of companies are developing to help others reduce their carbon emissions (79%). Click the following link to access the report https://www.cdproject.net/en-US/WhatWeDo/Pages/Spain.aspx
Etica SGR, the asset management company developing and promoting exclusively socially responsible investments, is one of the three finalists at “Oscar di Bilancio 2011". This National Award recognises the best financial communication strategy in terms of continuity, effectiveness and innovation towards all target publics. Etica Sgr is the only asset management company listed among the finalists by the Jury and is the first Italian asset management company that integrated the Annual Report with social, environmental and governance indicators. See here for more details.
Forética and MSD with the collaboration of Fundación Carolina, announce the V Award for research in the field of business ethics. The six thousand euros prize recognizes research that contributes to knowledge in this field at an international level. All post-graduate students, professionals and teams researching or developing plans for improving management ethics and social responsibility could be eligible. To enter, please send your relevant research written in Spanish which has been published in any country, by January 31, 2012. Read more here.
Inrate assisted in the successful launch of the Unigestion-Ethos Environmental Sustainability LP, by providing research services. The new "fund of funds" closed its first subscription period on 30th June 2011 with 60.5m euros. It invests in up to 15 private equity funds that are active in the most promising environmental sustainability subsectors (including energy efficiency, alternative energy production, water treatment and pollution control). Working with the original concept and mandate designed by Ethos, Inrate began preparing its research in 2009 and is now able to offer a special methodology to suit non-listed companies.
For more information see here or contact Stefano Gilardi, Head of Market Relations at Inrate (stefano.gilardi@inrate.com).
KPMG International and SAM (Sustainable Asset Management) announced a global alliance to help companies measure and enhance their corporate sustainability performance, a key differentiator valued by investors.
The alliance leverages the expertise and sustainability benchmarking capability of SAM, the official partner with Dow Jones Indexes for the publication of the Dow Jones Sustainability Indexes, and KPMG’s Climate Change and Sustainability consulting services, to provide CFOs and ultimately investors with a tangible, results-focused roadmap to help enhance a company’s sustainability strategy. Read more here.
Oikocredit, an international development finance institution, has continued to strengthen support to its partners to remain focused on client welfare. As part of integrating social orientation into the financial goals of microfinance institutions (MFIs), Oikocredit has welcomed Anton Simanowitz as in-house social performance specialist. Anton will help build capacity for balancing both social and financial goals at all levels: Oikocredit staff, local consultants and most importantly, microfinance partners. Anton comes from a strong practitioner and research background, heading the research department for a leading South African MFI followed by more than a decade with the Imp-Act consortium at the University of Sussex. Recently, Anton provided social performance training for an Oikocredit partner in Tanzania, Belita. More on Belita balancing financial and social return on YouTube: http://www.youtube.com/oikocreditiso#p/a/f/0/FPr7MubkpPw.
Created in 2011, yourSRI.com is a global online portal (database) with more than 800 SRI organizations promoting their activities to a global audience. This service is free of charge. In November 2011 yourSRI.com launched its discussion group on XING, a social network for business contacts. Around 140 members, primarily institutional clients and young academics have joined the yourSRI group on XING already. More details are here www.yourSRI.com.
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Member Affiliate Policy and Research
Bank Sarasin has just published its highly anticipated study about the solar industry. Many producers of photovoltaic (PV) modules and solar energy project developers are anxiously seeking attractive sales markets with minimal risks and good rates of return. In its latest sustainability study "Solar industry: Survival of the fittest in a fiercely competitive marketplace", Bank Sarasin has examined the 20 most attractive PV markets and presented them in the form of a country attractiveness matrix. Although their rates of growth are slowing, existing markets such as Germany, Italy and France continue to show plenty of potential. More information is available here.
Blue Orchard has issued its social report 2011 http://www.blueorchard.com/jahia/Jahia/pid/589.
The main conclusion of Ethos Fund's survey about fighting corruption in Switzerland is that companies need strict rules. The survey published by Ethos and Transparency International Switzerland examined the legal framework surrounding corruption and related practices by Swiss companies. It found that the largest listed companies in Switzerland are committed to fighting corruption. However, major differences are observed in the implementation of anti-corruption policies. This particularly relates to issues not sufficiently regulated under Swiss law. The main recommendation was that this legal uncertainty should be addressed. More details are here.
Utility companies and their sustainability practices do not indicate that there is an energy revolution according to oekem research AG. In its latest industry analysis, oekom research evaluated 154 companies from the utilities sector. Among the network operators, the Italian company Terna Rete Elettrica Nazionale, the Portuguese holding company REN, Redes Energéticas Nacionais, and the Spanish company Red Eléctrica Corporación achieved the top rankings, each scoring a B+ on a scale from A+ (highest) to D- . Among the energy and water suppliers, the Brazilian group EDP, Energias do Brasil, the French supplier Suez Environnement and the Portuguese company EDP, Energias de Portugal achieved the best overall ratings, each scoring a B. More details are here.
Increasingly, the rights of indigenous people to participate in decisions affecting their land and resources are being recognized by development agencies, governments and companies alike. In "License to Operate: Indigenous Relations and Free, Prior and Informed Consent in the Mining Industry", Sustainalytics discusses some of the challenges to implementing FPIC (Free, Prior and Informed Consent) and the extent to which the industry has endorsed the concept. Given the materiality of community relations to the mining sector, this report encourages investors to put pressure on companies to implement these tools and to further the debate on FPIC. More information is here.
Vigeo’s 11th edition of the “Green, Social and Ethical funds in Europe” study covers annual SRI mutual funds in Europe. It provides data regarding the number and size of funds and information about SRI approaches, top performing funds, specific costs, companies within the portfolios and asset allocation. More details are here.
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SIF News
Forum per la Finanza Sostenibile (FFS) has sent to Consob, the Italian financial markets Authority, a document asking for improved disclosure requirements for listed companies, concerning remuneration of board members, top management and key personnel. FFS has suggested amendments to the draft rules, that Consob submitted for public consultation. These amendments seek to clarify whether, to what extent and how listed companies have adopted incentive schemes that link key personnel remuneration to non-financial performance indicators, such as ESG metrics. FFS has also suggested to Consob measures to encourage corporations to adopt long term incentives (rather than focusing on short term performance) and ex-post compensation mechanisms. The latter will allow the AGM to ask past managers to give their bonuses back, if the strategy they implemented exposed the corporation to high risk. Finally, FFS demanded a greater influence for shareholders on incentive schemes, asking for a mandatory (and binding) vote of the AGM on a company's remuneration policy statement. FNG Forum Nachhaltige Geldanlagen (FNG) reports that the sustainable investment markets in Germany, Austria and Switzerland continue the growth that was seen in 2010. This was the finding of FNG’s annual report on sustainable investments, presented in Berlin on 22 November. According to the results of the study, the volume of sustainable investment funds and mandates in all three countries amounts to 51.9 billion Euros. Furthermore, if one adds market segments that have not been captured so far, sustainable investments amount to 94.5 billion Euros.
See FNG’s annual report on sustainable investments in Germany, Austria and Switzerland in German here. The executive committee of Spainsif held a round of meetings with public and private agencies related to SRI in order to present an SRI proposal endorsed by five sections of Spainsif. Parties involved in the discussions included the Directorate General of Insurance, the Department of the Treasury, the investors association INVERCO and the investment market regulator CNMV. For more information www.spainsif.es. UKSIF's response to the BIS (The Department for Business, Innovation and Skills) consultation on the Kay Review on the effect of UK Equity Markets on the competitiveness of UK business is now available here. The response builds on the UKSIF investor seminar with BIS officials supporting the Kay Review held this month, hosted by Sarasin & Partners. The response received coverage in FTfm and other publications. For more details please contact penny.shepherd@uksif.org.
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SRI Initiatives
Bloomberg launched a new sustainability sectionBloomberg recently launched a new sustainability section http://www.bloomberg.com/sustainability/ . Back to top
SRI JobsPlease see the Jobs Page of our website for current job openings. |
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