SRI News
January 2008
IFC, Standard and Poor's, Crisil and KLD launch "S&P ESG India"
This is the first investable index of companies in India whose business strategies and performance demonstrate a high level of commitment to meeting environmental, social and governance (ESG) standards.
Enhanced Analytics Initiative Publishes Results of the 7th Evaluation of Investment Research
EAI members reward research providers that are effective at analysing material extra-financial issues and intangibles. The following (in alphabetical order) have been evaluated as providing the best analysis of extra-financial issues between May and October 2007: CA Cheuvreux, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan, Oddo Securities and UBS.
Nine out of 10 Emerging Market Companies now offer some Sustainability Disclosure
A study of emerging market companies indicates nearly nine out of 10 firms (87 percent) now offer at least some sustainability disclosure, according to a major new report released by the Social Investment Research Analyst Network (SIRAN), a working group of the Social Investment Forum (SIF), and conducted by the independent investment research firm KLD Research & Analytics, Inc. The report found that among the seven countries in the study, South Africa emerged as the overall leader in sustainability reporting, with six companies meeting all five criteria, accounting for 75 percent of the country sample.
www.siran.org, www.socialinvest.org, www.kld.com
PGGM divests from PetroChina due to Human Rights violations
PGGM, one of the main pension funds in the Netherlands, has decided to disinvest from PetroChina because of its involvement in human rights violations in Darfur, Sudan. PetroChina, an important participant in the Global Compact, is controlled by the China National Petroleum Company (CNPC). CNPC is the largest company in the Sudanese oil industry. According to PGGM, CNPC is therefore one of the main providers of financial resources to the Sudanese government.
GRI & KPMG seeks opinions on sustainability reports
The Global Reporting Initiative (GRI) is currently conducting a project to collect readers' views on sustainability reports. It aims to further improve sustainability reporting by meeting the report users’ needs. KPMG strongly supports this initiative. Investors and asset managers are increasingly using sustainability information in their decision-making processes. As a consequence, it is essential that these actors’ views are taken into account.
Contacts: Sarita.bartlett@kpmg.no & bartels.wim@kpmg.nl
http://awards.globalreporting.org/say.do
Norwegian Government Pension Fund reviews Ethics of its investments
Norway’s finance ministers plan an extensive review this year into the ethics of its $380 billion pension fund. The Norwegian government has decided to evaluate the pension fund's ethical guidelines during 2008 to “ensure they function as intended." So far the fund has excluded just 25 -- 20 arms producers, three for environmental damage and two for human or worker rights abuses -- from its "investment universe" on ethical grounds.
http://www.norges-bank.no/Pages/Article____41137.aspx
Ceres-Commissioned Study ranks 40 of World’s largest banks on response to Climate Change Risks
The report analyses 16 US, 15 European, five Asian, three Canadian and one Brazilian banks and finds that European banks are ahead of the pack (with HSBC Holdings and ABN AMRO in the lead) in their climate governance responses. The study scores the banks on a 100-point system, based on a Climate Change Governance Index. The Index consists of 14 indicators that evaluate five bank governance areas: board oversight, management execution, public disclosure, emissions accounting, and strategic planning. RiskMetrics Group conducted the study.
