SRI News in Europe & Elsewhere
September / October 2007
Dexia Insurance part of first Belgian PRI signatory
Three of Belgium's main institutional investors: Arcopar (financial holding), Dexia (insurance reserves) and Sepia (sectoral pensions) have contributed funds to Portfoilo 21 making it one of the biggest SRI projects in Belgium. Portfolio21 is open to pension funds, sectoral pension schemes, insurance companies and other institutional investors who wish to subscribe in a systematic and transparent manner to the basic conventions of the International Labour Organisation (ILO) in their portfolio policy. After three years of operations, the investors of Portfolio21 report in accordance with the Principles for Responsible Investment, making them the first Belgian asset owners to do so.
US SIF ICCR SEC campaign reaches record numbers for letters sent
In response to the proposed changes regarding shareholder rights at the SEC, at the close of the comment period on October 2nd the SEC had received 30,000 letters, the most letters they have ever received on any release. The US Social Investment Forum has worked extensively to fight to preserve shareholder rights.
http://www.saveshareholderrights.org/
Carbon Disclosure Project Issues its 5th Global Corporate Climate Change Report
The fifth report from the Carbon Disclosure Project was launched in New York on September 24th 2007. This is the fifth annual report by the CDP tracking carbon disclosure and attitudes toward climate change in the world's largest companies. The CDP additionally this year launched the Climate Disclosure Leadership Index (CDLI), an honour roll for companies who are best addressing climate change issues.
OECD to revise governance guidelines
The Organisation for Economic Cooperation and Development (OECD) will revise its guidelines on the governance of pension funds. The organisation is also drafting new guidelines on financial education on insurance and pensions aimed specifically at governments and financial institutions.
Swiss market for ESG-inclusive investments doubles between June 2006 and June 2007
The Swiss market for ESG-inclusive investments continues to show strong growth, according to a biannual market survey produced by onValues. Swiss assets (including funds, mandates and structured products) that are managed with the explicit inclusion of environmental, social and governance issues totalled approximately CHF 25 billion at the end of the first half of 2007. This represents an increase of 39% relative to the volume per end of 2006, and a doubling of ESG-inclusive assets in the past 12 months. Interesting trends observed are the increasing share of private client investments and the strong growth of new products with a focus in sustainable themes such as climate change, water and alternative energy.
English version of the Operational Guidelines on Banking Corporate Social Responsibility now available
An Italian Banking Association publication, the tool aims to provide operational support to those banks that are interested in incorporating CSR into their own strategies. A modular approach is proposed: i.e., social responsibility does not follow one single path and its design should vary depending on how mature CSR culture is within the banks, the initiatives taken, individual multi-faceted CSR aspects and cases the enterprise is faced with.
To receive a hard copy of the Guidelines, please write to a.tanno@abi.it
Survey on CSR in 40 largest Bulgarian companies released
The Economic Policy Institute (EPI), Sofia announced the publication of two inaugural Bulgarian surveys: “Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria” and “Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria.” The surveys were co-financed by a PFS Program Grant and are part of an ongoing regional initiative launched by the PFS Program in 2001.
http://www.pfsprogram.org/capitalmarkets_research.php
Merrill Lynch Introduces New Energy Efficiency Index
Merrill Lynch has introduced a new index, identifying industry sectors that should benefit from the global drive to improve energy efficiency. The index is currently comprised of 40 companies globally that Merrill Lynch believes should benefit from the growing momentum to reduce CO2 emissions and the cost of energy.
http://www.ml.com/index.asp?id=7695_7696_8149_74412_80055_80859
Goldman Sachs study shows benefits of corporate responsibility
The GS Sustain report released in July 2007 showed that among six sectors covered – energy, mining, steel, food, beverages, and media – companies that are considered leaders in implementing environmental, social and governance (ESG) policies to create sustained competitive advantage have outperformed the general stock market by 25% since August 2005. In addition, 72% of these companies have outperformed their peers over the same period.
