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© EIRIS EIRIS 7 September 2009 Greeneye SRI Seminar Signatory to the
© EIRIS 2 Introduction to EIRIS EIRIS is an established not for profit research organization specializing in environmental, social and governance research on publicly listed corporations. Founded 25 years ago, EIRIS was created as a collaborative research project to assist a group of churches & charities put their principles into practice. Our mission is to conduct high quality research on extra- financial issues to encourage improved social and environmental performance.
© EIRIS 3 EIRiS Foundation Governed by Trustees Ethical Investment Research Services (EIRiS) 100% owned commercial subsidiary Governed by Company Board Governance of EIRIS
© EIRIS 4 A Short History 1983 – Founded by churches and charities interested in issues related to South Africa 1990 – EIRIS helps launch the UK Social Investment Forum 2000 – Launches Ethical Portfolio Manager – Provides research for Norwegian Petroleum fund – Goes global with research and sales partners across Europe, North America, Asia and Australia 2001 – Launch of FTSE4Good Indices, supported by EIRIS research 2004 – EIRIS announces the opening of offices in the US and Japan in 2005. 2005 – Launch of Convention Watch product 2006 – Launch of country sustainability ratings 2008 – Launch PRI & Climate change toolkits
© EIRIS 5 Our Staff & EIRIS Network of Partners Our 50+ staff are highly educated and come from a variety of professional and academic backgrounds Our analysts are frequently called upon for their expertise in methodology development, reporting standards and social & environmental best practice We can build customized teams according to the specific needs of the client – ensuring a high level of competency and project specific solutions EIRIS works with partner organisations to gain local knowledge, language skills and provide extensive additional resource
© EIRIS 6 Short-term performance vs. long-term sustainability Increasing number of investors concerned with ESG related risks Conflicts over ESG and fiduciary duty still remain (common law jurisdictions) Long term nature of ESG risks conflicts with short term measurement of fund manager performance Source: www..cartoonstock.com
© EIRIS 7 Helping clients Provision of Due Diligence services For integration For stock selection For Engagement positive screening negative screening tilting portfolios Provision ESG data & advice Carbon profile Engagement reviews Sustainability report card PRI report card ID of risks & opportunities
© EIRIS 8 What data do we hold? a) Coverage Note larger coverage available on Controversial weapons and news services
© EIRIS 9 Human rights Labour standards Supply chains Indigenous rights Equal opps Training Health & safety Trade unions Risk management Specific sector risks E.g. Access to medicine Military Nuclear power Animal testing GMOs etc Chemicals of concern Sustainable timber Product Stewardship Transport Alcohol Tobacco Gambling Pro-life Stakeholder Responsibility Board Structure & Practice Board Ethics Bribery & Corruption EmployeesCommunity Customers & suppliers Human rights Climate Change Biodiversity Policy Systems Reporting Performance Product and process Sins Other involvements Convention Watch SEE risk Governance Social / Stakeholder Specific concerns Environment EIRIS criteria = Risk / impact linked assessments b) Criteria
© EIRIS 10 Most clients access data via EPM = flexibility
© EIRIS 11 Climate Change Toolkit 3 Products: Carbon Profile –To identify risks in a portfolio Carbon Engager –Encourage companies to address climate change risks Carbon Risk factor –Quantify carbon risk
© EIRIS 12 Example Carbon Profile
© EIRIS 13 Carbon Engagement assessment
© EIRIS 14 Score for each company on a scale from zero to 100 Below 50 considered unmitigated risk Above 50 risk is considered mitigated Above 75 considered a carbon solutions company Carbon Risk Factor
© EIRIS 15 Case Study Asset Management arm of Lloyds Banking Group Two SRI Retail funds – SWIP Environmental Investor and SWIP Ethical Fund Two carbon profile reports completed on Environmental fund Twice as many companies in portfolio have adopted a good carbon strategy as benchmark Advice on engaging with high impact companies in portfolio
© EIRIS 16 PRI Toolkit 3 Products: EIRisk –To integrate ESG considerations into investment mangement UNGC Engager –Encourage companies to address global compact issues Report Monitor –Improving Corporate ESG reporting
© EIRIS 17 Case Study 5 th largest insurance group globally PRI signatory Manage institutional and retail funds in accordance with responsible investment guidelines Use Global Compact Engager to flag ESG risks facing companies for portfolio managers
© EIRIS 18 Breach result identifies companies with unaddressed (No evidence) Convention Watch allegations Companies that are low risk in all areas are identified separately
© EIRIS 19 EIRisk (ctd.) As well as generating a result and a score for each company, the EIRisk policy will come with a secondary policy identifying High/Medium/Low risk companies based on combination of issues: Company name SectorEIRisk rating Total scoreRisk level Co AMiningRisks mitigated 23High Co BMiningSome weak areas 10High Co CMediaSome weak areas 2Low Same result but different risk level – may want to treat them differently
© EIRIS 20
© EIRIS 21 Convention Watch Covers 5 main issue areas (reflecting UN Global Compact) Enables investors to identify allegations of company breaches of the spirit of international conventions on human rights, labour standards, the environment, corruption and landmines Quarterly reports Available on paper or though EIRIS EPM software 2,800 companies researched + bespoke Each company with allegations is contacted for their response Transparent methodology and thorough research process using a wide range of sources
© EIRIS 22 Case study: ATP Danish state pension fund 4.5 Million members, assets approx 40 Billion Recently established ethical committee International norms-based approach Seeking severe or repetitive allegations –Do the allegations represent one-off issue or management failure? Combined approach: exclusions and watch list
© EIRIS 23 How is this applied at ATP? Quarterly EIRIS reports Internal analysis – examples: –Watch list 1: Single issue (acceptable) –Watch list 2: Varied repeated issues i.e. 1 addressed, 1 not addressed (acceptable) –List 3: Repeated breaches i.e. 2 not addressed (unacceptable) May disagree with EIRIS assessment Ethical committee approval –Case by case evaluation and final decision Exclusions made on unacceptable cases
© EIRIS 24 Using EIRIS Research Screening EngagementGovernance
© EIRIS 25 Screening
© EIRIS 26 Engagement = Active Ownership
© EIRIS 27 Governance Social, environmental and (SEE) issues relate to corporate governance –Increased interest in how board manages risk and reputation –Association of British Insurers (ABI) guidelines: assessing the board –SEE risk: impact on long-term profitability –Investors want disclosure on risk management – SEE risk affects share price
© EIRIS 28 Public Client List includes: Over 100 Institutional clients + index providers, HNW individuals and charitable organisations ACT Pension Fund AEGON Asset Management AIB Investment Managers Allianz Global Investors France AMP New Zealand ASB Community Trust ATP Australian Conservation Foundation AXA Investment Managers Bank fuer Kirche und Caritas Bank of Ireland Asset Management Bansabadell BI Management (BankInvest) BlackRock Boston Common Asset Management Brewin Dolphin Bristol Zoo British Ecological Society Brown Shipley Investment Managers CajaMadrid Capital International Cats Protection League Cazenove Fund Management Chiswell Associates CIS Co-operative Bank Credit Suisse Dalton Nicol Reid Etica Newton Investment Management Nomura Asset Management Norwegian Government Pension Fund Norwegian Red Cross Oxfam Pen-Sam PKA Plan International Prosecur Red Cross Australia Robeco Institutional Asset Management Royal Geographical Society Royal London Asset Management Santander Gestion de Activos Schroders Investment Management Scottish Widows Investment Partnership Setanta Asset Management Souls Fund Management St. Patricks Missionary Standard Life Investment Management Strathclyde Pension Fund Suntrup Portfolio Management Union Investment Unipension World Vision WFF F & C Asset Management Fauna & Flora Federis Gestion dActifs FIDH FRR FTSE Geographical Association HSH Nordbank Inhance Investment Management Insight Investment Invesco Perpetual Johannesburg Stock Exchange (JSE) Joseph Rowntree Charitable Trust KBC Asset Management Kleinwort Benson L&P Financial Trustees Legal & General Investment Management Legg Mason Investment Council Lupus Alpha M & G Investment Management Macif Gestion Martin Currie Investment Management Merrion Investment Managers Methodist Church Central Finance Board Mondrian Investment Partners Morgan Stanley Nataxis Asset Management New Star Asset Management New Zealand Superannuation Fund
© EIRIS 29 Expert, Independent & Holistic Research Expert: Clear methodology - designed with relevant stakeholders & centralised quality control Holistic & Flexible: EPM – data on wide range of issues Enabling Rankings, Screening & Engagement Independent: - Owned by EIRIS Foundation - Derives no income from corporate consultancy. EIRIS USP
© EIRIS 30 Contact details Stephen Hine Head of Responsible Investment Development 80 - 84 Bondway London SW8 1SF tel: 44 (0) 20 7840 5716 (direct) 44 (0) 20 7840 5700 (switchboard) fax: 44 (0) 20 7735 5323 web: www.eiris.orgwww.eiris.org
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