Sustainability in KfW s Portfolio Management
|
|
- Rosalind Barnett
- 8 years ago
- Views:
Transcription
1 Sustainability in KfW s Portfolio Management August 2013 Bank aus Verantwortung
2 Motivation of KfW New corporate claim: Responsible Banking Responsible Banking implies: Reinforcing growth: Financing for renewable energy sources, energy efficiency and environmental technologies Boosting innovation: Financing the foreign projects of German companies makes a key contribution to the exchange of knowledge, technologies and innovation Increasing stability: Increasing stability is about financing private-sector investment in developing and emerging market countries KfW signed UN PRI in
3 The UN Principles for Responsible Investment Principles for Responsible Investment A financial initiative of the United Nations Environment Programme (UNEP) and the UN Global Compact Development of a framework for responsible investing 6 principles Integrate the consideration of environmental, social and governance (ESG) issues into investment decision-making Transparent communication and raising awareness on sustainability issues in the capital market Signatories Currently more than 1200 institutional investors, asset managers and financial service providers Approx. USD 34 trn assets under management 3
4 KfW s Liquidity Portfolio Approximately EUR 21 bn Objective in 2007: Implement a sustainable investment approach for KfW s liquidity portfolio, starting in 2008 Apart from credit assessments of bond issuers, sustainability aspects are also taken into consideration in investment decisions Liquidity Portfolio: Implementation of Portfolio strategy PRI since 2008 Pure fixed income portfolio Buy-and-Hold strategy Risk reduction via guidelines addressing minimum ratings, bond duration and diversification. Single issuer exposure is capped by overall limit process Portfolio objective Ensure liquidity of KfW return targets are of lesser importance Asset Mix Sovereigns, agencies, supranationals, covered bonds and financials 4
5 Sustainable Investment Approach 1. ESG-Integration 2. Exclusion Criteria 3. Engagement Environment Social Governance Exclusion criteria according to the IFC Exclusion List Ł ESG-analysis of all issuers Issuer categories 20% NNN 60% NN 20% N 100% Limit 90% Limit 70% Limit 5
6 Experiences since 2008 Ratings are relative upgrades or downgrades can occur although a specific issuer s score has not changed Approximately 10 rating adjustments per month on average Limits can be exceeded: no forced selling language, but investment stop Overall portfolio effect: Total limit size has been reduced by about 8%, i.e. KfW does not use available limit size of more than EUR 3 bn! Exclusion criteria: only few excluded companies so far Approach of KfW is new (implementation April 2011) little experience, approach has to be monitored closely Engagement: 95 letters have been sent to issuers at the beginning of 2013 overall positive feedback 6
7 Outlook Engagement Intensify communication and dialogue with issuers Work together with other PRI signatories regular meetings of the German PRI-network Cooperation in PRI-workstream Fixed Income, support for E-RISC project of UNEP FI Further development of our own approach Enhance sustainability practices of issuers 7
8 Current Sustainability Ratings of KfW 82 scores B- / Prime Positive Sustainalytics: 82 points out of 100, third place among 73 non-listed banks Oekom Research: Prime status among the group of best-rated financial institutions. The sustainability rating is B- (on a scale ranging from D- to A+) imug: 26 points out of 36, second place among 127 banks worldwide 8
9 portfolio institutionell Award 2011 KfW awarded as Best Responsible Investor 9
10 Contact Treasury Dr. Solveig Pape-Hamich Asset Allocation - Investmentstrategies Ext.: solveig.papehamich@kfw.de Marion Marinov, CFA Asset Allocation - Investmentstrategies Ext.: marion.marinov@kfw.de KfW Bankengruppe Palmengartenstrasse Frankfurt am Main Phone Ext EN_Home/index.jsp 10
11 Annex: The 6 Principles We will be active owners and incorporate ESG issues into our ownership policies and practices We will incorporate ESG issues in investment analysis and decisionmaking processes We will each report on our activities and progress towards implementing the Principles We will seek appropriate disclosure on ESG issues by the entities in which we invest We will promote acceptance and implementation of the Principles within the investment industry We will work together to enhance our effectiveness in implementing the Principles 11
12 Annex: ESG-Criteria for Non-Governmental Issuers Environment Social Corporate Governance Formal Environmental Policy Environmental Management System Programmes and Targets to Reduce Direct GHG Emissions Programmes and Targets to Increase Renewable Energy Use Carbon Intensity Trend % Primary Energy Use from Renewables Environmental & Social Standards in Credit and Loan Business Assets Under Management in Responsible Investment Policy on Freedom of Association Formal Policy on the Elimination of Discrimination Programmes to Increase Workforce Diversity Employee Turnover Rate Activities in Sensitive Countries Guidelines for Philantrophic Activities and Primary Areas of Support Policy on Bribery and Corruption Whistleblower Programmes Signatory to UN Principles for Responsible Investment Tax Transparency Policy on Money Laundering Disclosure of Directors Remuneration In-house Team Dedicated to Responsible Investment/Finance Board Independence 12
13 Annex: Exclusion Criteria for Non-Governmental Issuers 1. Production or activities involving harmful or exploitative forms of forced labour or child labour as defined in the ILO core labour standards. 2. Production, use of or trade in pharmaceuticals, pesticides/herbicides, chemicals, ozone depleting substances and other hazardous substances that are subject to international bans. 3. Trade in animals or animal products that are subject to the provisions of CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora). 4. Production of cosmetics etc. involving testing on animals. 5. Commercial logging operations for use in primary tropical moist forests. 6. Production of wood or wood products other than from sustainably managed forests (enterprises with less than 50% FSC-certified production are excluded, FSC Forest Stewardship Council). 7. Production or trade in controversial weapons or important components for the production of controversial weapons (anti-personnel mines, biological and chemical weapons, cluster bombs, radioactive ammunition, nuclear weapons). 8. Production or trade in tobacco. 9. Drift net fishing in the marine environment using nets in excess of 2.5 kilometers in length. 10. Controversial forms of gambling: operation of casinos, production of devices or other equipment for casinos or betting offices or companies that generate turnover via online betting. (So-called "short odds" are defined as "controversial forms of gambling"). 11. Any business activity involving pornography. 12. Production or distribution of racist, anti-democratic and/or neo-nazi media. 13
14 Annex: ESG-Criteria for Sovereign Issuers Environment Social Corporate Governance Country Ecological Footprint Achieving CO2 Reduction Targets Annual CO2 Emissions per Capita Trend Total Annual CO2 Emissions Percentage of Energy from Renewable Sources Change of Forest Area between 2000 and 2005 Proportion of extinct and endangered Species Agricultural Water Stress Index Risk Exposure to Natural Climate Catastrophes Human Development Index GNI per Capita Child Labour GINI Index Global Gender Gap Public Expenditure on Education as % of GDP Net Primary Enrolment Rate Quality of Life Index HIV prevalence (% aged 15-49) Number of Internet Users per 100 people Number of Homicides per 100,000 people Political Rights Press Freedom Rule of Law Government Effectiveness Regulatory Quality Capital Market Access Global Competitiveness Corruption Perception Index Military Expenditure (% of GDP) Conflict Involvement Treaties and Conventions 14
15 Annex: KfW Bankengruppe at a Glance Germany s flagship development bank, founded in 1948 Shareholders: 80% Federal Republic of Germany, 20% German federal states Headquartered in Frankfurt am Main, branches in Berlin, Bonn and Cologne Worldwide presence: over 70 representative offices Total assets as of 2012: EUR bn Explicit and direct guarantee from the Federal Republic of Germany, expressly provided in the KfW law Rating: AAA/Aaa/AAA outlook stable/negative/stable 0% risk weight of KfW s bond issues One of the leading issuers in the international capital markets 15
16 Annex: Business Areas: Overall Business Volume as of 31 December 2012 (EUR 73.4 bn) KfW Mittelstandsbank (SME Bank) KfW Privatkundenbank (Private Client Bank) Promotion of small- and medium-sized enterprises, business start-ups and other commercial clients in Germany Housing programmes, environmental and climate protection, and educational finance for private clients in Germany 33% 24% KfW Kommunalbank (Municipal Bank) Financing for public clients, such as municipalities and regional promotional banks 12% International project & export finance Promotion of developing & transition countries Capital Markets Customized financing for exports and project & corporate financing world-wide KfW s public (KfW Development Bank) & private sector (DEG) development cooperation activities Treasury and funding, securitisation and other capital markets-related activities 18% 8% 5% 16
This is a summarised version of 3i s full policy. Responsible Investment policy APRIL 2014
This is a summarised version of 3i s full policy Responsible Investment policy APRIL 2014 Our policy 3i will use its influence as an investor to promote a commitment in our investee companies to: Comply,
More informationWater Projects in German Development Cooperation Finance matters!
Water Projects in German Development Cooperation Finance matters! Overview KfW Entwicklungsbank - Who we are KfW Entwicklungsbank and R&D in the water sector Finance as core challenge 23 60 Years of KfW
More informationDirect Fixed Income Sovereign
Direct Fixed Income Sovereign Responsible investment report 2012 Public report February 2013 PRI disclaimer The contents of this report are being piloted this year for signatories and stakeholders to provide
More informationMedia Tour to Germany s KfW Energy efficiency Programme
Media Tour to Germany s KfW Energy efficiency Programme Introduction of KfW Bankengruppe 8 th November 2012 Bank aus Verantwortung More than 60 years of KfW Financing with a public mission Promotional
More informationESG Integration - our approach. Nordea Asset Management
ESG Integration - our approach Nordea Asset Management Table of Contents Our mission 5 Nordea Asset Management 6 ESG and the investment process 8 Our ESG products 11 3 4 Our mission is to deliver returns
More informationPEACENEXUS INVESTMENT GUIDELINES
PEACENEXUS INVESTMENT GUIDELINES Introduction The overall purpose of PeaceNexus (PN) is to improve the effectiveness of peacebuilding. An investment that is aligned with this purpose does not fuel conflict,
More informationSustainability guidelines of KfW Bankengruppe. The sustainability guidelines of KfW Bankengruppe consist of three interdependent elements:
The sustainability guidelines of KfW Bankengruppe consist of three interdependent elements: The sustainability mission statement defines the guiding framework for joint action and work. The sustainability
More informationGerman Financing of Vocational Education Projects in China
German Financing of Vocational Education Projects in China Mr. Jens B. Bessai (Head of Division) KfW Beijing, September 16, 2014 Bank aus Verantwortung Introduction to KfW Financing with a public mission
More informationResponsible Investment Solutions. Summary criteria
Responsible Investment Solutions For professional investors only Responsible Investment Solutions Summary criteria Responsible investment solutions BMO Global Asset Management (EMEA) has a progressive
More informationPromoting Energy Efficiency in housing. KfW s experience and best practice
Promoting Energy Efficiency in housing KfW s experience and best practice KfW Bankengruppe Financing with a public mission Promotional bank of the Federal Republic of Germany Founded in 1948 as Kreditanstalt
More informationINVESTMENT CODE. as appropriate, minimise adverse impacts and enhance positive effects on the environment, workers, and all stakeholders;
INVESTMENT CODE CDC s mission is to generate wealth in emerging markets, particularly in poorer countries, by providing capital for investment in sustainable and responsibly managed private sector businesses.
More informationTriodos Minimum Standards and Exclusions
Triodos Minimum Standards and Exclusions Triodos Bank, Triodos Investment Management and Triodos Private Banking (in this document Triodos Bank) finance and invest in companies, institutions and projects
More informationTo refer to the key figures as you read, please fold out the next page.
Semi-Annual Report 2006 KFW BANKENGRUPPE. Development of operations. In the first half of 2006 the volume of financing commitments made by KfW Bankengruppe was, at EUR 33.3 billion, 45 % higher than in
More informationAEGON N.V. Investment Policy
the hague, november 2011 AEGON N.V. Responsible Investment Policy life insurance pensions asset management 1 / 7 Introduction AEGON N.V., through its member companies that are collectively referred to
More informationKfW Financing education, the foundation for future economic growth
KfW Financing education, the foundation for future economic growth Investment Plan for Europe and Education: Joint Event European Commission and European Investment Bank Kerstin Kiehl First Vice President,
More informationThird Quarterly Report 2006.
Third Quarterly Report 2006. KFW BANKENGRUPPE. Development of operations. In the first three quarters of 2006 the total financing volume of KfW Bankengruppe rose to EUR 51.8 billion, up by more than a
More informationEnvironmental and Social Management System. Environmental Risk Management for the Financial Sector
Environmental and Social Management System Environmental Risk Management for the Financial Sector Agenda The basics of an Environmental and Social Management System (EMS) Objectives and conditions for
More informationKfW Kommunalbank. New Funding for Integrated Urban Development and Energetic Refurbishment: Urban Energy Efficiency Rehabilitation Grant
KfW Kommunalbank New Funding for Integrated Urban Development and Energetic Refurbishment: Urban Energy Efficiency Rehabilitation Grant Dr. Kay Pöhler KfW Bankengruppe, Germany Urb.Energy Final Conference
More informationpoor medium good excellent
oekom orporate Aareal Bank AG : GIS : ountry: ISIN: Bloomberg Ticker: Financials/Mortgage & Public Sector Finance Thrifts & Mortgage Finance Germany DE0005408116 ARL GY Equity Status Prime Threshold Prime
More informationFirst Quarterly Report 2008.
First Quarterly Report 2008. KFW BANKENGRUPPE. At the beginning of the year 2008 KfW adapted the reporting system of KfW Bankengruppe to take better account of the greater need for information about its
More informationOLD MUTUAL S RESPONSIBLE INVESTMENT POLICY
OLD MUTUAL S RESPONSIBLE INVESTMENT POLICY >> CONTENTS 1 OLD MUTUAL S RESPONSIBLE INVESTMENT POLICY 01 Our understanding of responsible investment Responsible investment compared to investment in sustainability
More informationFrequently Asked Questions MSCI ESG RESEARCH. FAQs for the Corporate Community October 2014. msci.com
Frequently Asked Questions MSCI ESG RESEARCH for the Corporate Community MSCI ESG RESEARCH Frequently Asked Questions General: What is MSCI? MSCI is a leading provider of investment decision support tools
More informationKfW Development Bank: Our Activities in Turkey
KfW Development Bank: Our Activities in Turkey KfW Office Ankara Bank aus Verantwortung We Are Part of KfW Bankengruppe Domestic promotion International business We promote Germany We ensure internationalisation
More informationKingfisher Global Reporting Initiative Index
Kingfisher Global Reporting Initiative Index Our report contains some standard disclosures from the Global Reporting Initiative Sustainability Reporting Guidelines. This Index is intended to aid comparison
More informationThird Quarterly Report 2008.
Third Quarterly Report 2008. KFW BANKENGRUPPE. KfW Bankengruppe s financing business remained strong in the third quarter of 2008. Although the financial crisis placed an additional burden on the already
More informationExperiences with the KfW program Energy Efficient Renewal of Urban Areas
Experiences with the KfW program Energy Efficient Renewal of Urban Areas Integrated Concepts for Urban Areas Conference Vilnius, 24/25 September 2015 Dr. Kay Pöhler Vice President Product Management Infrastructure
More informationFNG Quality Label Presentation. 2016 edition (second round)
FNG Quality Label Presentation 2016 edition (second round) 2 Agenda 1. FNG Label Project 2. Methodology 3. Labelling process 4. Good reasons 5. How to apply 1. FNG Label Project Purpose of the project
More informationAn introduction to the. Principles for Responsible Investment
An introduction to the Principles for Responsible Investment Message from the UN Secretary-General The Principles have quickly become the global benchmark for responsible investing. Launched in April 2006,
More informationSustainable & Responsible Investment Policy
Sustainable & Responsible Investment Policy Local Government Superannuation Scheme Effective date: 1/05/2015 Purpose of policy The Local Government Superannuation Scheme (LGS) is established under a multi-division
More informationEBRD s Environmental & Social (E&S) Risk Management Procedures for Mortgage Lending
EBRD s Environmental & Social (E&S) Risk Management Procedures for Mortgage Lending Any EBRD partner Financial Intermediary (FI) must have clearly defined environmental and social management systems in
More informationPNO Media Pension Fund. Pension special. Information on the investment policy of PNO Media Pension Fund 31 January 2008
PNO Media Pension Fund Pension special Information on the investment policy of PNO Media Pension Fund 31 January 2008 Socially Responsible Investment Code The fact of twilight does not mean you cannot
More informationFirst Quarterly Report 2005.
First Quarterly Report 2005. FIRST QUARTER AT A GLANCE. Business Development of Kf W Bankengruppe: First quarter operations went according to plan. First quarter 2005 commitments of KfW Bankengruppe totalled
More informationKfW Development Bank. German Financial Cooperation with Developing Countries. Bank aus Verantwortung
KfW Development Bank German Financial Cooperation with Developing Countries Bank aus Verantwortung More than 60 years of KfW Financing with a public mission Promotional bank of the Federal Republic of
More informationPRI Reporting Framework 2013 Data Preparation Tool
PRI Reporting Framework 2013 Data Preparation Tool June 2013 reporting@unpri.org +44 (0) 20 7749 5106 Table of Contents Introduction 3 Indicator Presentation 4 Indicators (by module) 5 Organisational Overview
More informationMuenchener Hypothekenbank eg
oekom orporate Muenchener Hypothekenbank eg : GIS : ountry: ISIN: Bloomberg Ticker: Financials/Mortgage & Public Sector Finance #N/A Germany 1032Z GR Equity Status Prime Threshold Prime ompany Profile
More informationIntegrating environmental, social and governance risks and opportunities into the portfolio
POSITION PAPER Integrating environmental, social and governance risks and opportunities into the portfolio Background Different investors take different approaches to managing environmental, social and
More informationThe PNO Media Pension Fund Code for Responsible Investing
The PNO Media Pension Fund Code for Responsible Investing Table of Contents Introduction... 1 SECTION 1. Vision and departure points... 2 1.1 Investment objective... 2 1.2 Social responsibility... 2 1.3
More informationKfW Experience in Financing Grid- Connected Renewable Energy
KfW Experience in Financing Grid- Connected Renewable Energy International Grid-Connected Renewable Energy Policy Forum, Mexico City, February 1-3, 2006 Ulrich Schoppmeyer, KfW, Director Office for Central
More informationYour investment in the LGS Account-Based Pension Plan is not guaranteed. The value of your investment can rise or fall.
Statement Fact How we invest your money This Fact Sheet is dated 6 January 2016. It provides additional information not contained in the PDS and therefore forms part of the Local Government Super (LGS)
More informationSustainability and Materiality in the Natural Resources Sector
Sustainability and Materiality in the Natural Resources Sector ABOUT SUSTAINALYTICS Sustainalytics is an international and independent sustainability research and services provider. Our global perspective
More informationSECOND PARTY* OPINION ON SUSTAINABILITY OF ABENGOA S SUSTAINABLE GREEN BOND
SECOND PARTY* OPINION ON SUSTAINABILITY OF ABENGOA S SUSTAINABLE GREEN BOND VIGEO OPINION SCOPE Vigeo was commissioned to provide an independent opinion on the sustainable credentials of Abengoa s Green
More informationSustainalytics Communication on Progress 2014
Sustainalytics Communication on Progress 2014 Submitted to the UN Global Compact May 2014 About Sustainalytics Sustainalytics supports investors around the world with the development and implementation
More informationUNITED NATIONS ENVIRONMENT PROGRAMME. Environment for Development
UNITED NATIONS ENVIRONMENT PROGRAMME Environment for Development UNEP is the voice for the environment within the United Nations system UNEP s mission is to provide leadership and encourage partnership
More informationSummary of Credit Suisse s Sector Policies and Guidelines
ccc Summary of Credit Suisse s Sector Policies and Guidelines CONTENT INTRODUCTION SUMMARY OF FORESTRY AND AGRIBUSINESS POLICY SUMMARY OF MINING POLICY SUMMARY OF OIL AND GAS POLICY SUMMARY OF CONTROVERSIAL
More information1. Deutsch Türkisches Innovationsforum Energie 2013 Finanzierung von EE in der Türkei
1. Deutsch Türkisches Innovationsforum Energie 2013 Finanzierung von EE in der Türkei Dr. Peter Thimme Director Europe / Middle Ease / Central Asia Berlin, 20. 21. November 2013 DEG at a glance Facts and
More informationContents 1 Editorial Policy 2 Overview of Honda 3 Message from the President and CEO 4 Special Feature 5 Sustainability Management
Performance Report 1 Environment 2 Safety 3 Quality 4 Human Resources 5 Social Activity Supply Chain 7 8 Assurance 9 Financial Data General Standard Disclosures 7 Strategy and Analysis Organizational Profile
More informationIntegrating ESG criteria into fixed income investments
WHITE PAPER May 2015 For professional investors Integrating ESG criteria into fixed income investments Making better informed investment decisions Edith Siermann Integrating ESG criteria into fixed income
More informationKyrgyz Investment and Credit Bank
Ex post evaluation report Kyrgyzstan: Kyrgyz Investment and Credit Bank OECD sector BMZ project ID Project executing agency Consultant 24020 / Financial sector policy a) 2000 65 631 (first credit line,
More informationNN Sustainable Equity
NN Equity Distinctive quality stock picking Guido Veul, CFA Client Portfolio Manager Equities March 2016 www.nnip.com1 NN Investment Partners EUR 187 bln* (USD 204 bln*) in Assets under Management Manages
More informationA systematic comparison of the German Sustainability Code with the principles of the UN Global Compact and the OECD Guidelines for Multinational
A systematic comparison of the German Sustainability Code with the principles of the UN Global Compact and the OECD Guidelines for Multinational Enterprises STRATEGY Strategic Analysis, Strategy and aims
More informationSemi-Annual Report 2008.
Semi-Annual Report 2008. KFW BANKENGRUPPE. KfW s financing remains high. In the first half of 2008 KfW Bankengruppe was again able to keep its financing activities at the previous year's high level. This
More informationSuccess factors in microfinance fund design
Success factors in microfinance fund design New York, October 2013 Monika Beck, Head of Division, Financial Sector Development Africa and Global Funds Bank aus Verantwortung Table of Contents 1 KfW Development
More informationResponsible Investment Policy
Responsible Investment Policy 2014 Responsible Investment (RI) Policy Preamble Responsible Investing (RI) is an investment practice that advocates consideration of environmental, social and governance
More informationDEPFA BANK plc: Presentation to Merrill Lynch s Banking & Insurance Conference 2005
DEPFA BANK plc: Presentation to Merrill Lynch s Banking & Insurance Conference 2005 DEPFA BANK: History 1922... 1991 1993... 1998 1999 2001/02 2003/04 2005 DEPFA is established as a non profit German State
More informationResponsible Investment Framework. Guardians of New Zealand Superannuation
Responsible Investment Framework Guardians of New Zealand Superannuation June 2016 PG 2 Overview Policy and Framework Standards Activities and Procedures PG 3 Policy and Framework Our responsibilities
More informationBIOENERGY IN GERMANY: STATUS QUO AND OUTLOOK
fnr.de BIOENERGY IN GERMANY: STATUS QUO AND OUTLOOK Berlin 24 Oct 2014 Vincent Pelikan Outline Bioenergy in Germany The Agency for Renewable Resources (FNR) A Success Story Status quo o Bioenergy as a
More informationpoor medium good excellent
oekom Corporate Agence Française de Développement Industry: GICS Industry: Country: ISIN: Bloomberg Ticker: Financials/Development Banks #N/A France TH098903Q600 223338Z FP Equity Status B- Prime poor
More informationGreen Bonds: financing the development of low carbon & climate resilient cities
Green Bonds: financing the development of low carbon & climate resilient cities Bringing solutions to capital Investment required $2.6tn+ p.a. $2tn+ p.a. IEA: Investment, not cost! Discovery Risk-Bridging
More informationHow To Manage Sustainability In Investment
Interview How sustainable is sustainable investment? 30 Update IV/2014 Editor-in-chief Marty-Jörn Klein talking to Dr Steffen Hörter, Co-Head Investment Consulting & Portfolio Analytics, AllianzGI Global
More informationLessons schedule (Part I - business ethics)
Business ethics and social accounting AA 2014/2015 Silvana Signori University of Bergamo silvana.signori@unibg.it Lessons schedule (Part I - business ethics) Tuesday 18/09 8,30-10,30 Rusconi Friday 19/09
More informationSustainable bond investing at Newton
June 2016 For professional investors only. Please read the important disclosure at the end of this document. Sustainable bond investing at Newton The significant growth in sustainable and responsible investing
More informationThe Norwegian Government Pension Fund Global
The Norwegian Government Pension Fund Global l Tore Eriksen Paris 1 June 2012 1 Part I The Role of oil & gas in the Norwegian economy 2 Discovery of oil on December 23. 1969; the Ekofisk oil field Foto:
More informationPortfolio Carbon Initiative
Portfolio Carbon Initiative Acting as market makers, capital providers, and advisers, financial institutions (FIs) are important actors in the shift to a low-carbon economy. As providers of debt and equity,
More informationESG and Fixed Income Investing
ESG and Fixed Income Investing ESG and Fixed Income Investing Laura Nishikawa, Head of ESG Fixed Income Research CSR Investing Summit New York, NY 22 July 2014 3 Introducing MSCI ESG Research ESG ratings
More informationFinancial sector leadership on natural capital
Financial sector leadership on natural capital The Natural Capital Declaration A commitment by financial institutions to mainstream natural capital in financial products and in accounting, disclosure and
More informationNIBC Retail Services
NIBC Retail Services 1. INTRODUCTION NIBC provides a range of financial services to the retail services industries. Specifically, we finance or advise clients involved in fashion, specialty retailing,
More informationAXA GROUP GLOBAL RESPONSIBLE INVESTMENT POLICY. July 2013
AXA GROUP GLOBAL RESPONSIBLE INVESTMENT POLICY July 2013 AXA GROUP GLOBAL RI POLICY AXA 2013 1 CONTENTS BACKGROUND 1. POSITION, DEFINITION & BELIEFS 2. POLICY SCOPE POLICY 3. RESPONSIBLE OWNERSHIP ENGAGEMENT
More informationPRESENTATION 2 MAJOR ENVIRONMENTAL PROBLEMS
UNEP GLOBAL JUDGES PROGRAMME APPLICATION OF ENVIRONMENTAL LAW BY NATIONAL COURTS AND TRIBUNALS PRESENTATION 2 MAJOR ENVIRONMENTAL PROBLEMS OUTLINE OF PRESENTATION A) Major environmental issues B) Responses
More informationPower to Change. DEG Deutsche Investitions- und Entwicklungsgesellschaft mbh
DEG: Renewable Wir finanzieren Energy Finance Chancen. DEG Deutsche Investitions- und Entwicklungsgesellschaft mbh Spezialist für Wachstumsfinanzierung in Entwicklungs- und Schwellenmärkten Power to Change
More informationACF morning workshop. Is your investment committee asking the right questions?
ACF morning workshop Is your investment committee asking the right questions? Contents 1. Why would a charity want to consider a total return investment policy? What do we mean by total return? 2. Finding
More informationDJSI Diversified Family
DJSI Diversified Family RobecoSAM DJSI Diversified Family 06/2015 RobecoSAM AG www.sustainability-indices.com www.robecosam.com Investment Rationale The Dow Jones Sustainability Diversified Indices (DJSI
More informationDirector General Martin Skancke, Asset Management Department, Norwegian Ministry of Finance 1
Statement by Director General Martin Skancke, Asset Management Department, Norwegian Ministry of Finance 1 Before The subcommittee on Domestic and International Monetary Policy, Trade and Technology and
More informationInvestment for charities. Good thinking. Well applied.
Investment for charities Good thinking. Well applied. 1 2 Balancing capital preservation and income generation Royal London Asset Management (RLAM) has around 200 charity clients from a wide variety of
More informationThe Renewable Energy Sector in Cyprus
Energie The Renewable Energy Sector in Cyprus Dr. Isabelle Riesenkampff, German Energy Agency (dena) Cologne, 29 November 2010 Conference Solar Industry in the Republic of Cyprus Outline: The Renewable
More informationIncorporating Environmental, Social, and Governance (ESG) into the Investment Process
August 212 Incorporating Environmental, Social, and Governance (ESG) into the Investment Process Jeffrey A. Urbina, CFA, Partner Portfolio Manager The UN Principles of Responsible Investing Aspirational
More informationSustainable bond investing at Newton
June 2016 This document is for institutional investors only. Please read the important disclosure at the end of this document. Sustainable bond investing at Newton The significant growth in sustainable
More informationAll rates are GST exclusive. Information accurate in July 2015.
online advertising web cover image Both displayed on front page of msa.monash.edu web banner e-news Peak periods impressions: 100k per month Off peak impressions: 35k per month digital screens $200 $650
More informationENVIRONMENTAL AND SOCIAL RISK ASSESSMENT IN LENDING
ENVIRONMENTAL AND SOCIAL RISK ASSESSMENT IN LENDING Barclays has a strong and longstanding commitment to managing the environmental and social risks associated with commercial lending. We recognise that
More informationSupplier Analysis Tool Providers
SPLC Information Series Title Supplier Spend Analysis Tool Providers No. 2015-002 Rev. Feb 04 2015 Pages 8 2015 SPLC. All rights reserved. Supplier Analysis Tool Providers The tables in this document describe
More informationWorld Economic Forum Insurance and Asset Management Council. Joachim Faber. Low Carbon Economy Finance Paper Q4 2011
World Economic Forum Insurance and Asset Management Council Joachim Faber Low Carbon Economy Finance Paper Q4 2011 Frankfurt / Munich, Oct 2011 Introduction The Low Carbon Economy and Finance by the Insurance
More informationMSCI Global Socially Responsible Indices Methodology
MSCI Global Socially Responsible Indices Methodology 1. Introduction Globally, investors are increasingly seeking to invest in accordance with their values such as religious beliefs, moral standards, or
More information8 Aerospace and Defense
This table shows a list of topics identified as relevant by different stakeholder groups. They can be considered as stakeholders suggestions or requests for topics to be monitored or disclosed by organizations.
More informationBest Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt
Best Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt Warsaw, March 16 th, 2005 BA-CA Corporate Finance & Public Sector Agenda Bank Austria Creditanstalt AG Sustainability
More informationIndicators of Sustainable Development Principles and Practices
Indicators of Sustainable Development Principles and Practices Division for Sustainable Development United Nations Department of Economic and Social Affairs Policy demand for SD indicators (UNCED) Chapter
More informationBusiness Principles September 2014
Business Principles September 2014 1. INTRODUCTION 2. BUSINESS PRINCIPLES 2.1 Core Principle We behave honestly, fairly and with integrity 2.2 Overarching Principle We manage risk and seek to continually
More informationBlueBay Asset Management LLP Environmental, Social and Governance (ESG) Investment Risk Policy
BlueBay Asset Management LLP Environmental, Social and Governance (ESG) Investment Risk Policy INTRODUCTION This policy document outlines BlueBay Asset Management LLP s ( BlueBay ) approach to integrating
More informationHow To Be Sustainable With Tourism
QUÉBEC DECLARATION ON ECOTOURISM In the framework of the UN International Year of Ecotourism, 2002, under the aegis of the United Nations Environment Programme (UNEP) and the World Tourism Organization
More informationCOMMUNICATION ON PROGRESS. Statement SAP YEAR 2008
COMMUNICATION ON PROGRESS SAP YEAR 2008 Statement SAP is an early endorser of the United Nations Global Compact with signature recorded in 2000. We remain committed to promoting all ten principles both
More informationLLOYDS BANK HELPING BRITAIN PROSPER ESG BOND FRAMEWORK
LLOYDS BANK HELPING BRITAIN PROSPER ESG BOND FRAMEWORK Based on the Helping Britain Prosper Responsible Business Plan June 30 th, 2014 Key ESG Highlights: Environmental Lending to agricultural enterprises
More informationAccounting firm: audit, tax and financial advice
PwC Accounting firm: audit, tax and financial advice Advisory services related to Climate Change and Sustainability: - Due-Diligence for carbon investments - Design and implementation of voluntary emission
More informationof bioenergy and actions
SustainabILITY of bioenergy Fortum s POSITION and actions The key opinions and actions in the sustainable utilisation of bioenergy at Fortum are presented below. The guidelines contribute to Fortum s Sustainability
More informationPromoting Anti-Corruption Collective Action through Global Compact Local Networks
Promoting Anti-Corruption Collective Action through Global Compact Local Networks UN Global Compact ANTI-CORRUPTION INTRODUCTION The 10th Principle against Corruption commits UN Global Compact participants
More informationDescription Reference Section
GRI INDEX Global Reporting Initiative (GRI) G3 Content Assessment. Referenced page numbers refer to our printed Integrated Annual Report for which is also available in pdf format on our, the other references
More informationRathbone Ethical Bond Fund Product brochure
The information contained in this literature is for use by investment advisers only and must not be circulated to private clients or to the general public. We recommend that if you are not an investment
More informationPrinciples for Responsible Investment in Farmland
Principles for Responsible Investment in Farmland September 2011 Preamble ln recent years, investment in farmland A has emerged as a new asset class for institutional investors. These Principles for Responsible
More informationSustainable Finance: Implications of Equator Principles 3.0 for Financiers and Developers
CLIENT MEMORANDUM Sustainable Finance: Implications of Equator Principles 3.0 for Financiers and Developers March 5, 2014 AUTHORS William Thomas Annise Maguire The third iteration of the Equator Principles
More informationForest Stewardship Council
using the Minimum list of applicable laws, regulations and nationally-ratified international treaties, conventions and agreements What is this document to be used for? This document has been developed
More informationFinancing renewable energies. The role of the banking sector
Financing renewable energies The role of the banking sector Milan, 20 June 2014 UniCredit at a glance Key figures (March 2014) UniCredit is a leading European commercial bank with an international network,
More informationVers une industrie agroalimentaire plus responsable!! oekom s key findings on the sustainability performance of the food & beverages sector!!!
Vers une industrie agroalimentaire plus responsable oekom s key findings on the sustainability performance of the food & beverages sector Paris, 7.2.2014 Isabelle Reinery, Senior Analyst, oekom research
More informationThe NEST Ethical Fund
The NEST Ethical Fund Contents 1. What is ethical investment? page 2 2. What does NEST mean by ethical investment? page 2 Our ethical investment policy at a glance 3 Our ethical investment policy in depth
More information