News from Eurosif Member Affiliates
September / October 2007
New Member Affiliates
Highland Good Steward Management joins Eurosif
Highland Good Steward Management, LLC is a provider of innovative products to socially responsible investors around the world. Their approach to socially responsible investing is clear-cut. They simply work to develop socially responsible investment strategies for their clients with two goals in mind: to help clients achieve their return objectives with best-in-class investment strategies and practitioners, to allow clients to invest their assets in a way that is consistent and supportive of their mission and values.
Macif Gestion joins Eurosif
Macif Gestion is the asset management arm of the Macif Group, a leading insurance company in France. Founded in 1994, it specializes since 1998 in Sustainability Investments for institutional clients. Today, 70% of assets under management meet SRI criteria. A dedicated team of analysts carries out research and provides portfolio managers with accurate data. Macif Gestion expertise is based on its own research and an active European network. Macif Gestion offers a complete range of SRI funds in all asset classes.
Sustainable World Capital joins Eurosif
Sustainable World Capital is a company focused on connecting profitable sustainable companies of the future with institutional investors worldwide in order to raise capital and to increase financial market exposure.
http://www.sustainableworldcapital.com/
Member Affiliate News
ABP wants to double microfinance holdings
ABP expects to increase its investments in microfinance from $20m to around $40m (€28.4m) by the end of 2007. ABP thinks micro credit is an attractive long-term investment for pension funds because of the limited correlation with the return on equity and bonds, as well as arguing the social aspects of the concept add to microfinance’s appeal.
Caisse des Dépôts releases its 2006 Corporate Responsibility Report
The structure and contents of the Report have been inspired by the main reporting standards, both French and international. This edition focuses on CSR highlights over the past year. It also includes a presentation of Caisse des Dépôts, its impacts on society and a follow up on social and environmental programmes in-house, with relevant indicators. An extensive presentation of sustainability challenges within Caisse des Dépôts’s various spheres of activity and subsidiaries is available, as a supplement to the CR Report itself, in the form of short separate presentations concerning each.
Download the report from Caisse des Dépôts’s institutional website: http://www.caissedesdepots.fr/spip.php?article725
ECPI launches ECPI® Carbon Winners Equity Index
This index is designed to select the best-positioned companies in terms of their past and expected CO2 emissions in comparison with sector averages and their competitors. The Carbon Winners Equity Index is based on all carbon emission data and calculations performed by the recently established Global Carbon Advisory Service team of Arthur D. Little, a global consulting firm with strong expertise in sustainability issues. For more information contact: c.bossi@e-cpartners.com
EIRIS Foundation and UKSIF launch website to boost charity ethical investment
www.charitysri.org has been developed by the EIRIS Foundation and the UK Social Investment Forum (UKSIF) as a free online resource to address the disparity which exists between those charities who express an interest in investing their money ethically and those actually doing it. The website provides clear, accessible and comprehensive information on why and how to invest ethically – providing simple step-by-step guidance on the approaches, issues and options available, including: how to adopt ethical or socially responsible investment (SRI), social, environmental and ethical issues, the kinds of investments available, the legal context, financial performance and information on responsible investment products and services.
www.charitysri.org, www.eiris.org, www.uksif.org
Ethos celebrates its 10 year anniversary & adopts a new charter
Ethos was created in 1997 by Swiss Pension Funds. From inception, its founding members wanted its activities to be guided by a Charter. On the occasion of its 10th anniversary, Ethos decided to adjust its Charter to take into account the fast changes observed in the field of socially responsible investment (SRI) in recent years. The new Charter (German - French) clearly recalls that sustainable development is an essential prerequisite to ensure economic and social prosperity. In this framework, investors have a shareholder responsibility based on three pillars: Integrating environmental, social and governance criteria into asset management, Exercising shareholder voting rights and Engaging in active dialogue with company management.
F&C publish new report on climate change & insurance
The report entitled "In the Front Line: The insurance industry's response to climate change" outlines the key impacts of climate change on the insurance sector, while also making recommendations for how companies can respond. This report is the culmination of 18 months worth of research and engagement looking at the impact of climate change on the insurance sector and how individual companies in the US and Europe are preparing.
Fortis creates CSR advisory board
Banking and insurance group Fortis has created a corporate social responsibility (CSR) advisory board made up of seven international experts. The panel chaired by Fortis' chief strategy officer Lex Kloosterman includes representatives from the academic world, NGOs, CSR research and business. The panel will advise Fortis' executive committee and senior business management. They will meet twice a year with the first meeting scheduled for November 2007.
FTSE releases semi- annual review of the FTSE4Good indices
A total of 42 companies were added to the FTSE4Good Index Series, and 24 companies were deleted. The FTSE4Good inclusion criteria evolve over time, demanding continued improvement in corporate responsibility practices in order to gain or maintain inclusion in the index. FTSE’s in-house Responsible Investment Unit undertakes an extensive global engagement program with all FTSE4Good companies affected by new criteria requirements. Companies are made aware of the deadlines and what steps they have to take. www.ftse.com or contact info@ftse.com
Henderson retail SRI funds continue to receive top marks in carbon footprint audits
Henderson has now published the 2007 carbon audits for the Henderson Global Care UK Income fund and the Henderson Industries of the Future fund. This year, the analysis, conducted in conjunction with environmental experts Trucost, found that both funds continue to improve their carbon performance, and have a lower carbon footprint than their respective benchmarks. For the Global Care UK Income fund, the fund was 41% less carbon intensive than the FTSE All Share, whilst the Henderson Industries of the Future fund figure was 36% against the MSCI World Index. This year, a new methodology was applied to obtain a more accurate picture of the funds relative carbon efficiency performance compared with the wider stock market. To access the audits, visit: www.henderson.com/home/sri
Highland Good Steward Funds Management chooses ECPI
Highland Good Steward Funds Management (HGSFM) announced that they have retained ECPI to provide security analysis and screening services to HGSFM’s suite of socially screened investment products. HGSFM is the developer and Fund Manager of the Good Steward Enhanced Fund, a socially screened, multi-manager, multi-strategy hedge fund. AIG Global Investment Group acts as the Investment Advisor for the Good Steward Enhanced Fund. ECPI will provide what is known as “best in class” screening for the Good Steward Funds social policies.
HSBC Launches Climate Change Benchmark Index
HSBC has established four climate change indices to create portfolios for a diverse range of investment needs: the HSBC Climate Change Index, the HSBC Low Carbon Energy Production Index; the HSBC Energy Efficiency and Energy Management Index, and HSBC Water, Waste and Pollution Control Index.
INrate enhance client services
INrate, the largest independent Swiss sustainability rating agency is now increasing their analysis capabilities in order to enhance their range of services for their clients. Through their agreement with ASSET4, INrate is able to access the ASSET4 system, which is the largest system worldwide including information on the full range of environmental, social and corporate governance issues on the world’s largest companies. www.inrate.ch
KLD Research & Analytics, Inc. updated KLD Catholic Values 400SM (CV400) Index & launched KLD Global Sustainability SM Index (GSI) and Index series
The KLD CV400 is based on KLD’s Domini 400 SocialSM (DS400) Index. Launched in 1990, the DS400 was the first benchmark to be based on environmental, social and governance screens. KLD has calculated the CV400 internally for almost ten years.
KLD’s Global Sustainability Index consists of a broad representation of top environmental, social and governance (ESG) performing companies across all sectors in North America, Europe and Asia Pacific. The GSI and its North American, European and Asian Pacific sub-indexes are designed to meet institutional demand for sector neutral sustainability indexes.
Oikocredit joins a global partnership of financiers
This initiative creates a large and innovative fund to develop local currency products in developing countries worldwide. The Currency Exchange Fund N.V. (TCX) will start up with a transaction capacity of US$ 1.2 billion for long-term local currency financing by its investors. The result: drastically reduced default probability, improved business sustainability and a major contribution to the development of local capital markets.
SAM announces results of Dow Jones Sustainability Indexes Review
Following its latest global analysis of corporate sustainability leadership, SAM Group announced the results of the 2007 annual review for the Dow Jones Sustainability Indexes (DJSI). At the opening of equity markets on 24 September 2007, 42 companies will join the Dow Jones Sustainability World Index (DJSI World), while 33 firms drop out. The pan-European Dow Jones STOXX Sustainability Index (DJSI STOXX) will include 17 new companies with 22 firms falling out. 17 companies will join and 9 companies leave the Dow Jones Sustainability North America Index (DJSI North America). The complete press release, review presentation and lists of the new components, adds and deletes are available at http://www.sustainability-indexes.com/07_htmle/reviews/review2007.html.
SiRi Company partner Centre Info is selected by UN Refugee agency for ESG consulting services
The United Nations High Commissioner for Refugees (UNHCR) selected Centre Info to provide Environmental, Social and Governance (ESG) services. The UNHCR regularly partners with donors from the business sector in order to obtain the necessary funds and assistance to adequately fulfil the increasing demands from refugees around the world. In the context of this mandate, Centre Info will perform the task of analyzing the ESG compatibility of potential business partners with the UNHCR mission.
WestLB Extra-Financial Research team publishes report on GRI reporting
WestLB's extra financial research team has published its new report 'GRI reporting - Aiming to uncover true performance'. The research was done in cooperation with the Social Investment Research Analyst Network (SIRAN). The intention of this report has been to apply an analytical rigour to these general impressions, to determine how effectively current sustainability reporting communicates companies' social and environmental performance, and to offer suggestions for improved future reporting. For more information contact katrin.frank@westlb.de
