the most fundamental sri topic? corruption screening experiences
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Christine Tørklep Meisingset, Head of SRI - Storebrand - NorwayTRANSCRIPT
The most fundamental SRI topic? - corruption screening experiences
Christine Tørklep MeisingsetHead of SRI
StorebrandNovember 2006
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”Our major contribution to society will comethrough our core business, rather thanthrough our philanthropic programs.
If action to address such issues is to be substantial and sustainable, it must also be profitable.
The WBCSD report (2006) "From Challenge to Opportunity"
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Storebrand’s SRI angle
Long term perspective
Reduce risk
Build trust
Our most significant contribution to sustainable development
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Group wide SRI standard
72 companies are excluded from investment in all Storebrand’s funds and pension portfolios (September 2006)
Based on international standards and norms: FN, ILO, OECD, Ottawa, Kyoto ++
Human rights and labour rights (4)
Corruption (11)
Severe environmental degradation (1)
Landmines (1)Cluster bombs (6)
Nuclear weapons (11)
Tobacco (11)
10% worst companies in high risk industries (33)
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The logic behind corruption screening
Threat to financial markets
Legal compliance
Costs
Reputational risks
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Unacceptable at what point?
Misuse of trusted position to obtain personal or commercial advantages
”any undue advantage”:
- give and offer
- receive and accept
- public and private
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Negative screening
Best in Class analysis
Engagement
Methodology
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Corruption screening procedure
Monitoring
Quarterly meetings
Responsible investment committee
Analysis
2600 companies Dialogue + advisor
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Responsible investment committee
Hans AasnæsManaging Director, Storebrand Investments
Frederic OttesenGroup Finance Director, Storebrand Life Insurance
Hans Henrik KloumanGeneral Counsel, Executive VP
Egil ThompsonCorporate Communications and Public Relations, Excecutive VP
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Still learning..
Where to draw the line
Companies’ participation
Legal references
Best practice
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Storebrand's responsibility is to create value,but we are not indifferent to how this is achieved
Idar KreutzerCEO, Storebrand