News from Eurosif member affiliates
December 2006
New Member Affiliates
INrate AG joins Eurosif
INrate is a Swiss-based agency for sustainability ratings. Inrate evaluates companies from all economic sectors worldwide as well as countries according to their ethical, ecological and social performance. Companies and countries with above average performances are included into the investment-universe of sustainable business conduct, which makes the genetation of social, ecological and ethical portfolios possible.
http://www.eurosif.org/member_affiliates/list_of_member_affiliates/inrate
Oddo Securities joins Eurosif
Oddo Securities is a pan-European broker specialising in French stocks. Oddo Securities offers to its institutional clients expertise in execution and research on a large range of products: equity, fixed income, structured products, derivatives and options. The equity research team is composed of 50 analysts with high-calibre educational backgrounds and in many cases, experience in the industries they cover. Two of them are SRI analysts.
http://www.eurosif.org/member_affiliates/list_of_member_affiliates/oddo_securities
Pictet Asset Management SA joins Eurosif
Pictet Asset Management (PAM) is the institutional investment management arm of Pictet Group and encompasses all the operating subsidiaries and divisions of the Pictet Group dedicated to institutional asset management. PAM has been active in managing SRI assets since 1997 and has developed a unique quantitative approach to sustainable investment providing clients with an optimal risk-sustainability ratio.
http://www.eurosif.org/member_affiliates/list_of_member_affiliates/pictet
Member Affiliate News
Bank Sarasin published the 2006 study about the solar energy industry
This annual update examines the current market situation and outlook for solar energy, and more specifically for the three key applications: photovoltaics, solar thermal energy and solar thermal power stations.
The outlook for photovoltaics seems very bright – particularly from 2008 onwards. For the period 2011-2020 Bank Sarasin’s forecasts anticipate annual growth rates of 21% for photovoltaics and 20% for solar collectors.
Contact: sustainability@sarasin.ch
Caisse des Dépôts goes carbon neutral
Caisse des Dépôts, the French public financial institution, announced that it will achieve carbon neutrality by the end of 2006, through a combined approach of reduction and compensation of its GHG emissions.
http://www.caissedesdepots.fr/FR/espace_presse/index.php
Ethix & BankInvest’s SRI solution for Global Emerging Markets awarded Socially Responsible Investment Campaign Programme of the year 2006 by Funds Europe
As one of Scandinavia’s largest emerging market equity and debt investors, BankInvest has pioneered positive SRI screening and uses its investment muscle to promote ESG issues within companies. The BankInvest approach is new and refreshing, relying on dialogue with the investee companies to provide an opportunity for many organisations that would otherwise not be allowed to invest in emerging markets due to their investment restrictions. The fund has a two-step investment process. First a negative screening identifies companies with unacceptable or controversial practices, either ruling them out or underweighting them in the fund. Then a positive scoring is conducted, assessing improvements and intentions. The screening and scoring is carried out by Ethix SRI Advisors together with its partner Innovest. For more information, contact Ulrika Hasselgren at Ulrika.hasselgren@ethix.se
FEE hosted a Roundtable on Assurance on Sustainability on November 21, 2006
The Roundtable was held following the publication of the FEE Discussion Paper “Key Issues in Sustainability – An Overview” to discuss the publication in a wider context addressing the possible need for assurance on sustainability and a related international sustainability standard. The discussion was held around the following questions: Where and how can assurance generate value for the reporting organisation and its stakeholders? What are the key elements of an effective assurance approach? Are there sufficiently developed standards and criteria to enable assurance? Is there a need for a global sustainability assurance standard?
To access the conclusions of the Roundtable, visit: www.fee.be or contact: michael.sotiriou@fee.be
Forética publishes a study about the evolution of CSR in Spain
The report has an interesting section on consumer trends. To download the report in Spanish:
http://www.foretica.es/imgs/foretica/informe_foretica2006.pdf
GES Investment Services was chosen in the SRI tender from the four AP funds
A joint socially responsible investing tender from four Swedish buffer funds (AP1, AP2, AP3 and AP4), with assets in excess of €80bn, has been awarded to GES Investment Services.
GES will provide ethical and environmental analysis and advice.
Launch event for FTSE4Good Index 5 Year Report & New Climate Criteria
This will take place on February 6th in London - please send an email to david.harris@ftse.com if you are interested in attending the event.
KLD: Barclays Global Investors announces the first socially responsible Exchange-Traded Fund based on the Domini 400 Socialsm Index
The iShares® KLD 400 Social Index Fund seeks to maximize exposure to companies that have positive environmental, social and governance (ESG) characteristics. The Fund seeks to track the Domini 400 SocialSM Index created and maintained by KLD Research & Analytics, Inc., a Boston-based independent investment research and index firm with expertise in socially responsible investing (SRI). The iShares KLD 400 Social Index Fund has an expense ratio of 0.50% and is listed on the American Stock Exchange under the symbol “DSI.”
Contact indexes@kld.com if you have any questions.
Oikocredit hosted ecumenical seminar "Pushing SRI and Transparency within Church Investment Policy"
Financial experts from the LWF, Church of England, Church of Sweden, WCC and others came together on the basis of their commitment to encourage churches to voice their support for transparency and SRI. They focussed this time on specific needs church financial leaders and asset managers have when they want to invest money socially responsible.
It was concluded to move forward by developing a website 'churchinvest' and by organizing a Europe-wide conference for spiritual and financial leaders to promote SRI and transparency regarding investment policies within churches and church networks.
For more info, contact bweinbrenner@oikocredit.org
SAM Group and Robeco create the leading sustainability platform
SAM Group and Robeco join forces to launch the global number 1 Platform for Sustainability Investments. This strategic co-operation will open new business opportunities and generate promising growth potential for the combined group. Two leading players join their respective forces to form a global "powerhouse" in sustainability investing, capitalizing on the booming demand for sustainability products and services.
http://www.sam-group.com/htmle/main.cfm
The integration of Avanzi SRI Research into Vigeo has been finalised
Vigeo, European Corporate Social Responsibilty Rating Agency, finalised the integration of the Italian Avanzi SRI Research, hence consolidating its leadership position in Europe. After Paris, Casablanca and Brussels, Milan becomes the fourth site of the Vigeo Group.
On December 12th 2006, Vigeo SAS associates approved the transaction, making the purchase of Avanzi SRI Research effective, with it becoming a 100% subsidiary of Vigeo. The present Avanzi SRI Research Shareholders (Avanzi srl and Federico Versace) are now Vigeo shareholders.
WWF / SAM Group publish study "Carbonizing Valuation"
German power producer RWE could lose up to 17% of its value if its business strategies fail to take into account climate change policies, environment group WWF and the independent and leading Sustainability Investment Manager SAM Group announced in their study “Carbonizing Valuation”. For further information: Carbonizing Valuation (Abstract).
This study will be presented in a joined launch event with the “Carbon Disclosure Project Report 2006 on Utilities” end of January 2007 in London. To request a free copy and/or an invitation to the launch in January 2007, please send an email to: info@sam-group.com
Fonds de Réserve pour les Retraites (“FRR”) names three providers of "extra-financial" advice
FRR, the €29bn French Pensions Reserve Fund, has named Vigeo, Eiris and Trucost as advisers to enable the FRR to achieve three objectives. These include: measuring the environmental, social and governance quality of its portfolio; assessing the extent the SRI investment approach contributes to sustainable development; and identifying the financial threats and opportunities to which it may be exposed.
This reporting program is also aligned with the UN Principles for Responsible Investment, which the FRR formally signed in April 2006. Vigeo will analyze the fund's €13.7billion European equities portfolio while Eiris will produce a report on compliance with international covenants. Trucost will assess the environmental footprint of the global equity portfolio, the threats to it and the opportunities available.
