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How to align investments with your mission:
a workshop for religious investors
September 27, 2013 Montréal, Québec
Hosted by: Sustainalytics and the Shareholder Association for Research and Education (SHARE)
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Agenda Opening reflection
1. Global responsible investment trends
2. Selecting and monitoring your investment manager
3. Shareholder activism for small investors
4. Key environmental, social and governance issues
5. Human rights and the extractive sector
6. In the wake of Rana Plaza: investor action
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Presenters
Laurence Loubières, Director, Advisory Services,
Sustainalytics
Peter Chapman, Executive Director, SHARE
Anne Wittman, Director of Law and Policy, SHARE
Kevin Thomas, Senior Analyst, SHARE
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Sustainalytics
Award-winning global provider of sustainability research and analysis with broad coverage of global capital markets.
140+ staff and more
than 70 analysts
Coverage: more than
4,000 companies in
developed and
emerging markets
Over 20 years’
experience working with
institutional investors
to develop and
implement responsible
investment policies and
strategies.
Received the 2012 Best
RI Analysis Firm
according to the
Thomson Reuters Extel
RI Survey
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What We Do
5
Data E S G Insights
Environment Social Governance
We help investors turn vast quantities of environmental, social and
governance information into insightful, value-added analysis
to enable more informed investment and business decisions.
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1. RI trends and drivers
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Sustainability is Being Driven by Converging Macro Trends
7
World’s economic output will rise by a factor of 6.3 by 2050
Macro Trends Population
Growth
Developing World
Convergence Urbanization
Younger Populations
Environmental Issues
Climate Change
Water Crisis Stressed
Ecosystems
Natural Resource Scarcity
Energy
Increased Per Capita
Consumption
Social Issues Poverty Human and
Labour Rights
Business Ethics
Stakeholder Engagement
Transparency
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Impacts of ESG risks
• Financial
• Reputational
• Operational
• Legal
8
Lower returns Risks for investors
Result of a power outage in NYC
Local community disrupting access to a mine
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ESG Opportunities
• Companies that integrate ESG issues in their – Business models – Governance structures – Risk management systems – Relationships with
stakeholders
are likely to benefit from sustainability-related opportunities
• Investors – will benefit from identifying
leaders and laggards in ESG integration
– need to be aware of ESG issues and monitor them to generate value
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Source: Global Sustainable Investment Alliance (GSIA), Global Sustainable Investment Review, 2012
Global RI Assets by Region
• $13.6 trillion in RI strategies (using broad definition of RI strategies) • 21.8% of total global assets under management now managed under an RI strategy • Europe, United States and Canada combined account for 96% of global investments referencing ESG
considerations
1
2
3
4
5
6
7
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RI Approaches
Active Ownership/ Engagement
Positive Best in Class/Screening
Negative Exclusionary
Screening
Norms-Based Screening
Integration in Investment Process
Positive Thematic and Impact investing
• Direct and collaborative corporate engagement • Explicit ESG considerations within proxy voting
• Investing in the top ESG performing companies across sectors
• Excluding poor ESG performers and/or companies that are involved in controversial business lines, e.g. tobacco, gambling
• Excluding companies that are in violation of basic societal norms, e.g. controversial weapons
• Incorporating ESG information into the traditional investment process: identification of positive signals and adjusting price targets
• Investments focused on companies that are solving sustainable development challenges, e.g. clean technology, water.
How ESG Factors are Integrated by Investors
11
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Fragmented Marketplace: RI Strategies Vary Amongst Investors
Source: Global Sustainable Investment Alliance (GSIA), Global Sustainable Investment Review, 2012
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The UN Principles for Responsible Investment • Voluntary principles launched in
2006 • 1231 signatories in September
2013 • Main countries represented: USA,
UK, Australia, France • Brazil has more signatories than
Canada • Framework for global best practice
in Responsible Investment.
13
1. We will incorporate ESG issues into investment analysis and decision-making processes.
2. We will be active owners and incorporate ESG issues into our ownership policies and practices.
3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.
4. We will promote acceptance and implementation of the Principles within the investment industry.
5. We will work together to enhance our effectiveness in implementing the Principles.
6. We will each report on our activities and progress towards implementing the Principles.
Asset Managers
765 62%
Asset Owners 271 22%
Service Providers
195 16%
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What is Driving RI Markets?
Main drivers
Regulatory Risk: Legislation and International Treaties/Conventions • Europe: controversial weapons • U.S.: divestment from Sudan, Dodd-Frank and conflict minerals, California Transparency in Supply Chains
Act • UN Guiding Principles on Business and Human Rights • Global Compact, ILO
Client Demand: • Widen or maintain client base • Demand for product: fixed income, EMs, other asset classes • Access to European client base (largest RI market)
Search for Materiality • Risk management: fiduciary duty • Financial performance: new players are entering the RI market seeking alpha - impact investing, private
equity, alternative assets
Contribution to Sustainable Development • Universal ownership: capital markets play a leading role in addressing long-term systemic concerns
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2. Selecting and monitoring your investment manager
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Responsible investment strategy for faith-based organisations
• Connect
– Responsible Investment policy
– Asset management
– ESG research
– Engagement
– Reporting
Responsible investment
policy
Asset management
ESG research
Engagement
Reporting
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RI policy Identification of sensitive issues • Mission related
– Human rights – Environment – Care for disadvantaged or
vulnerable populations – Life issues – …
• Industries
– Oil and gas – Mining – Food and beverage – …
• Company behaviours – Relationships with local
communities
• Topics – Human rights, – Child labour – Corruption, – Anti-competitive practices
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Screening methodology 1. Negative Impact
Category 5 (raw score = 0 point) complicit violations of human rights, most serious forms of corruption
or fraud, most serious environmental crimes
Category 4 (raw score = 20 points) several controversies with major impact on stakeholders
Category 3 (raw score = 50 points) serious controversies with significant impact on stakeholders but not a
structural issue of the company
Category 2 (raw score = 80 points) recurring controversies, minor impacts on stakeholders, weak
operational procedures…
Category 1 (raw score = 99 points) minor controversies
No evidence of relevant controversies(raw score = 100 points)
Based on Sustainalytics controversy research; Sustainalytics tracks controversies related to 10 topics in the research framework: employees, local communities, environment, business ethics…
Hurricane scale used for assessment : 5 categories (1: lowest – 5 :
maximum)
Assessment based on various considerations including: Impact of the incident on internal and external stakeholders Level of recurrence (determines if the controversy is isolated or fits a
pattern of missteps) Degree of exceptionality (measures the magnitude of the controversy
relative to a company’s peers and industry) Company Responsibility (determined through ownership structure,
operational control and parent-subsidiary relationship) Company Response (determines a company’s preparedness to address
controversies) Outstanding Risks to the company and investors (includes financial,
legal, operational and reputational risks)
Example : Companies assessed at a Category 4 or 5 controversy level are ineligible
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Screening methodology 2. “Worst in Class”
• Sustainalytics assesses company performance based on 150 Environmental, Social, and Governance indicators
• Indicators assess the quality of policies, programs and management systems; actual performance; and impact on stakeholders
• Companies are assigned an overall ESG score
• Companies are also ranked within their peer group supporting best-of-sector analysis
Exemple: Companies that rank within the bottom 5% of their peer group are ineligible
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Screening methodology 3. Product Involvement
Adult entertainment
Alcohol
Controversial Weapons
Firearms
Fur and Specialty Leather
Gambling
Genetically Modified Organisms
Military Contracting
Nuclear power generation
Pesticides
Tobacco
Embryonic Stem cell research
Abortion
Product Involvement research highlights companies that manufacture products, run operations, and/or provide services that could be viewed as controversial
Involvement is classified as either direct or related
Threshold of involvement is defined in terms of the
percentage of total annual revenue derived from involvement
Example : Companies that derive 10% or more of their revenues from tobacco will be ineligible
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How to select an Asset Manager?
• The firm – UNPRI signatory? – Range of experience and number
of years of involvement in RI – Contribution to networks,
publications
• ESG offer – Mutual funds / Segregated funds? – Track record : performance vs.
index – ESG rating of RI funds vs. ESG rating
of index – Size of AUM with ESG integration
vs. total AUM – Examples of other mandates – Fees – Philanthropic sharing mechanisms
attached?
• ESG process – Before or after financial
evaluation? – Outsourced or internal? – Throughout all asset management
or just for some funds? – Size of internal ESG team, level of
integration with other teams – Biographies of RI team members,
number of years experience, turnover in the last 3 years
– Access to research providers? – Process type: screening criteria,
best in class, controversies? – Proxy voting? – Engagement?
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Monitoring the relationship
Define holding / selling strategies
Ask for regular reporting about the implementation of your policy Invite your AM to present regularly at your Investment committees Ask for reporting on screening, challenges, examples of decisions Ask for reporting on voting Get involved in decision making over specific companies
Company not
meeting filters
Hold company
Engage
directly or through coalitions or multi
stakeholder initiatives
Pay attention to AGM and vote
Exclude company
Put on watch list and reassess
eligibility later
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3. Proxy voting and engagement: Shareholder activism for small
investors
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Exercising your ownership rights
“Investors and other financial institutional
have a responsibility to exert influence
where possible on companies they invest
in to prevent or mitigate adverse impacts”
- Netherlands NCP for OECD Guidelines on
Multi-national Enterprises
September 25, 2013
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Building capacity for collective action
• Proxy voting: Your votes count more than ever because results are not so one-sided any more. See annual Canadian Key Proxy Vote Survey
• Engagement: Investors speaking together have a stronger voice
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Engaging companies together
Pooled Capacity
Foundation
Pension Fund
Religious Investor
Pension Fund
Foundation
Religious Investor
Mutual Fund
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Environment
Governance Social
• Executive Compensation • Board Diversity • Sustainability Reporting
• Climate Change • Pollution • Hydraulic Fracturing • Toxics
• Supply Chain Standards • Decent Work • Human Rights
ESG engagement themes
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4. Key ESG Issues
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Selected 2013 Industry Issues
Industry ESG Issue Industry ESG Issue
Banks & Diversified Financials
Corporate Governance Risk management Tax Havens Executive Compensation Political contributions Responsible Investment and lending practices Speculation on Food commodities
Hi Tech Supply chain monitoring (labour rights, working conditions, health and safety Exposure to conflict minerals
Food, Beverage and Tobacco
Supply Chain Management Palm Oil Relationships with local communities Toxic emissions, carbon footprint
All Sectors Implementation of the UN Guiding Principles on Business and Human Rights • policy on human rights, • due diligence mechanisms • access to remedy in cases of human
rights violations
Oil, Gas, Coal and Consumable Fuels
Fossil fuel divestment Shale Gas Development Oil Sands Mountain top removal Community impacts Environmental preparedness
Source: Sustainalytics research team, 2013
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Selected 2013 country focused ESG issues
Country/Region Key ESG issue Industry Risk
China Corporate Governance
• Banks/Diversified Financials
• Oil, Gas, Coal and Consumable Fuel
• Utilities
Operational
Regulatory
United States Political Transparency
• Banks/Diversified Financials
• Oil, Gas, Coal and Consumable Fuel
• Food, Beverage and Tobacco
Reputational
European Union Tax Havens • Banks/Diversified Financials Regulatory
Reputational
Australia Water
• Food , Beverage and Tobacco
• Oil, Gas, Coal and Consumable Fuel
• Utilities
Operational
Reputational
Canada Oil Sands • Oil, Gas, Coal and Consumable Fuel Reputational
Russia Corruption • Oil, Gas, Coal and Consumable Fuel Regulatory
Operational
Brazil Deep Water Drilling • Oil, Gas, Coal and Consumable Fuel Regulatory
Operational
Indonesia Palm Oil • Food, Beverage and Tobacco Reputational
Sub-Saharan Africa Land Grabbing • Food, Beverage and Tobacco
• Diversified Financials
Reputational
Regulatory
Source: Sustainalytics research team, 2013
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5. Human rights and the extractive sector: what should investors
expect?
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Key issues for responsible investors
• What are the human rights responsibilities of extractive companies?
• How do we measure the human rights performance of extractive companies?
• How do we engage with extractive companies in human rights issues?
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What are the human rights responsibilities of extractive companies?
• UN Guiding Principles on Business and Human Rights: companies have a responsibility to RESPECT human rights
• Human rights standards: International Bill of Rights, ILO Declaration of Fundamental Principles and Rights at Work
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How do we measure the human rights performance of extractive companies?
• UN Guiding Principles require: human rights policy statement, human rights due diligence (assessment, management system, grievance mechanism, tracking and communication), and remediation
• Performance measured against internationally recognised human rights norms
• Key areas for extractives: labour rights, indigenous rights, environmental rights (ie right to water) and rights relating to security forces
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How do we engage extractive companies?
• Ask about policies and procedures
– What human rights standards they use
– How they operate across the company
– How they track their performance
– How they address impacts
– Approach to specific problems
• Where conflicting information
– May recommend independent assessment
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4. In the wake of Rana Plaza: investor action
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Couldn’t the Rana Plaza disaster have
been prevented?
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Known risks in Bangladesh
• Fire and building safety: dozens of incidents with hundreds of deaths before Rana Plaza
• Treatment of workers: arrest and killing of union organizers
• Wages below basic subsistence levels
All of these are problems that can be fixed.
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Collective responsibility
Each has the power – and therefore responsibility – to contribute to the solution
Solutions
Governments
Buyers
Civil Society
Suppliers
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The Accord on Fire and Building Safety
• Independent inspections
• Transparency
• Funding for improvements
• Worker involvement
• Widespread endorsement
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Investor action
• Open letters endorsing the Accord from investors with more than $3 trillion in assets
• Approaches to individual companies
• Taking it beyond Bangladesh: supply chain responsibility and transparency
• The power – and responsibility – to contribute to the solution
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Questions ?
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Thank you !
For more information contact:
Laurence Loubieres Sustainalytics [email protected]
Peter Chapman SHARE [email protected]