ESG Asia 2012 - Responsible Investor · Welcome to ESG Asia 2012, organised jointly by Responsible-investor.com and Responsible Research. Responsible-investor. com is the specialist,

ESG Asia 2012SPECIAL REPORT

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Award-winning, independent ESG research

Responsible Research is an independent ESG research provider covering Asian and other key emerging markets. Since 2009 we have built a strong reputation among asset managers and owners, who use our award-winning analysis to identify both risks to earnings and new opportunities for investment. Our products and services include portfolio screening, weekly client insights, company and sector reports, and engagement projects. We also produce a proprietary annual rating of the largest companies in Asia according to their disclosure on key ESG metrics, the Asian Sustainability Rating™ (ASR™) that is a widely cited barometer of progress on corporate sustainability within Asia.

Our research has covered issues such as palm oil, coal, autos, telecoms, food, beverages, pharmaceuticals, and real estate. We also undertake commissioned reports on specialist topics with key partners such as the Sustainable Stock Exchange series (Aviva Investors), forestry (First State Investments), the consumer sectors (Arisaig Partners), and marine sustainability (The David and Lucile Packard Foundation). This last report, The Future of Fish in Asia, was the winner of the 2011/12 Farsight Award.

Focusing on business-critical news and data, Responsible-Investor.com is the leading global newswire reporting on environmental, social and governance (ESG) issues for sustainable investment and finance. Thousands of members worldwide, from asset managers and research agencies, to consultants, corporations and investors, rely on Responsible Investor to keep up-to-date with the latest developments in the industry.

Subscribers benefit from full access to the Responsible-Investor.com web-based service, including high quality news, features, reports and specialist briefings.

Our subscribers also receive exclusive o!ers and discounts to our conferences which have built a reputation for the quality of their content and seniority of the delegates. Responsible Investor’s conferences in 2012 will include: ESG Asia (27 Mar, Singapore), ESG Europe (04 Oct, Amsterdam), ESG USA (11 Dec, New York), and ESG in RFPs (14 Sep, New York and 12 Oct, London).

For further information please visit: Responsible-Investor.com

About Singapore Exchange

Singapore Exchange (SGX) is the Asian Gateway, connecting investors in search of Asian growth to corporate issuers in search of global capital. SGX represents the premier access point for managing Asian capital and investment exposure, and is Asia’s most internationalised exchange with more than 40% of companies listed on SGX originating

outside of Singapore. SGX o!ers its clients Asia’s broadest span of equity index derivatives, uniquely centred on Asia’s three largest economies - China, India and Japan.

In addition to o!ering a fully integrated value chain from trading and clearing, to settlement and depository services, SGX is also Asia’s pioneering central clearing house. Headquartered in Asia’s most globalised city, and centred within the AAA strength and stability of Singapore’s island nation, SGX is a peerless Asian counterparty for the clearing of financial and commodity products.

Being a leading exchange, SGX aims to attract leading companies with leading standards into our marketplace. We are committed to upholding a sustainable, quality marketplace for our listed companies and market participants. We have long focused our e!orts on governance practices and is also committed to fostering and improving our environment and social initiatives. In June 2011, SGX launched the Sustainability Reporting Guide in an e!ort to promote increased disclosure of Environment, Social and Governance (ESG) issues by SGX listed companies. SGX views Corporate Social Responsibility (CSR) as a key pillar of our corporate culture. SGX is committed to building a highly trusted marketplace for the long term benefit of all investors and issuers.

Contact:

Executive Director:Lucy [email protected]

Institutional Relations: Claire [email protected]

Contact:

Editorial:Hugh [email protected]

Commercial:Tony [email protected]

1

WELCOME NOTEWelcome to ESG Asia 2012, organised jointly by Responsible-investor.com and Responsible Research. Responsible-investor.com is the specialist, global news and information portal for responsible investment, ESG and sustainable finance. This is the first year the on-line magazine has brought its highly successful series of ESG events – ESG Europe and ESG USA - into Asia. We are delighted to present ESG Asia 2012 in partnership with Responsible Research, the Singapore and London-based research group, which brings to the event its on-the-ground knowledge and expertise in key ESG themes in Asia. We are equally pleased to be hosted by the Singapore Exchange. We thank them for their generous hospitality and look forward to the keynote introduction by their Chief Executive O!cer, Magnus Böcker.

The growing importance of environmental, social and governance issues for institutional investment in Asia is underlined by the calibre of our associate partners for this conference. They include the United Nations Principles for Responsible Investment (UN PRI), whose Executive Director, James Gi"ord, will open today’s panels. Our other associates are the Association for Sustainable & Responsible Investment in Asia (ASrIA), the Responsible Investment Association Australasia (RIAA), the UK Sustainable Investment and Finance Association (UKSIF), the European Sustainable Investment Forum (Eurosif ), the Investment Management Association of Singapore (IMAS), the Asian Corporate Governance Association (ACGA) and the Carbon Disclosure Project (CDP). We thank them all for their support and for their partnership in some of the additional events that have been taking place in advance of the conference.

The geographical and topical depth of these partners demonstrates how ESG in Asia is of huge interest, both internationally for outside investors placing capital in the region - and vice versa - but also for exchanging knowledge on practices and themes that are developing locally. The conference brings together Asia-focused asset owners, government agencies, stock exchanges and regulators, asset managers, banks, ESG service providers and selected corporates to highlight THE key sustainability risks and opportunities and major regulatory developments in the region. It promises some fascinating discussions!

We hope you enjoy ESG Asia 2012 and look forward to meeting you.

Hugh Wheelan, Managing Editor, Responsible-investor.com

Lucy Carmody, Executive Director, Responsible Research

02AGENDA

04ASIA’S PATH TO SUSTAINABLE CONSUMPTIONArisaig Partners

07The Emerging Markets Disclosure Project: Global Investors and Researchers Collaborate to Build Transparency in Local MarketsBoston Common Asset Management

09THE EQUITIES STYLE GUIDEResponsible Research

10MORE FROM LESSOsmosis Investment Management

13AS EUROPEAN ASSET OWNERS EMBRACE SRI, WHAT ARE THE LESSONS FOR ASIAN INVESTORS?European Corporate Pension Funds and SRI

14S&P/IFCI CARBON EFFICIENT INDEX OUTPERFORMINGS&P Indices

16HAS FINANCE LOST ITS DHARMA? First State Stewart

20OH, TO BEGIN AGAIN!Responsible Investment Association Australasia and RI Academy

24INSIGHTS FOR IMPROVING CSR DISCLOSURE BY COMPANIES LISTED ON THE SHANGHAI STOCK EXCHANGEBSR Beijing O!ce

26-40SPEAKER BIOGRAPHIES

Contents Panel

2 ESG Asia 2012 Singapore

8:00 - 8:50 Registration and Networking Breakfast 9:00 - 9:15 Welcoming Remarks James Gi"ord, Executive Director, United Nations Principles for Responsible Investment 9:15 - 9:30 Keynote Presentation: Magnus Böcker, Chief Executive O!cer, Singapore Exchange 9:30 - 10:00 Plenary Session: Can Asian markets deliver higher growth with sustainability? Growth forecasts and key trends. Return forecasts and top-down ESG issues: food, ageing, health and urbanisation.

Scott Foster Senior Analyst, Technology (Sustainability) Equity Research, BNP Paribas Securities (Japan) Limited Neil Brown SRI Fund Manager, Aviva Investors

Moderator: Hugh Wheelan, Managing Editor, Responsible Investor 10:00 - 10:45 Breakout Session 1: Integrating SRI

Session A: Responsible investment: The rationale and business case

Greg Chipman Director, Responsible Investment Academy Edoardo Gai Head of Sustainability Services, SAM Gerard van Baar Managing Director Center for Finance and Sustainability, Holland Financial Centre

Moderator: Lucy Carmody, Executive Director, Responsible Research ATRIUM

Session B: ESG implementation in the investment process (experienced level)

Gerrit Heyns Partner, Osmosis Investment Management Benjamin McCarron Head of Research, Responsible Research Marcel Jeucken Managing Director Responsible Investment, PGGM

Moderator: Hugh Wheelan, Managing Editor, Responsible Investor AUDITORIUM

10:45 - 11:15 Co!ee/Tea Break 11:15 - 12:00 Breakout Session 2: Active Ownership in Asia Session A: Corporate governance in the Asia Pacific region: getting tougher?

David Smith, Head of Corporate Governance, Aberdeen Asset Management Asia Rakhi Kumar, Vice President Corporate Governance, State Street Global Advisors Gordon Hagart, Head of ESG Risk Management, Australian Government Future Fund

Moderator: Christopher Leahy, Advisor, ACGA AUDITORIUM

Session B: Investors engaging with corporates in Asia: what works, what doesn’t?

Erik Breen Head of Responsible Investment, Robeco Rebecca Lewis Investment Analyst, Arisaig Partners Sashi Reddy Portfolio Manager, First State Investments


12:00 - 12:45 Plenary Session: Corporate sustainability in Asia. Is it improving and how is it impacting investment? Mairead Hancock Head of Client Services, EIRIS Jeremy Prepscius Managing Director Asia, BSR Clarence Yang Head of Corporate Governance and Responsible Investment Asia (ex Japan), BlackRock

Moderator: Hugh Wheelan, Managing Editor, Responsible Investor 12:45 - 14:00 Lunch sponsored by Robeco Presentation from Tony Edwards, CEO Asia Pacific, Robeco

AGENDA ESG ASIA 2012

3

14:00 - 14:45 Plenary Session: Sustainable Stock Exchanges: Global initiative, local impacts

Presentation from: Jaideep Panwar Responsible Investment Analyst, Responsible Research

Followed by panel: Yeo Lian Sim Chief Regulatory O!cer, Singapore Exchange Kris Douma Head of Responsible Investment & Governance, MN Services

Moderator: James Gi"ord, Executive Director, United Nations Principles for Responsible Investment

14:45 - 15:30 Breakout Session 3

Session A: Sustainable property in the region: assessing green buildings and investing

Tim Shen, Head of Sustainability, Asia, CB Richard Ellis Cary Chan, General Manager - Technical Service & Sustainability, Swire Properties Ltd

Moderator: Hugh Wheelan, Managing Editor, Responsible Investor ATRIUM

Session B: Minimising risk: How ESG screens can identify potential for corporate reputation, brand and investor governance risk. What to do when you spot it!

Michael Jantzi, CEO, Sustainalytics Antti Savilaakso, Director, Nordea Asset Management David Harris, Head of Responsible Investment, FTSE

Moderator: Moderator: Melissa Brown, Advisory Council Member, United Nations Principles for Responsible Investment and Director, Responsible Research AUDITORIUM

15:30 - 16:00 Co!ee/Tea Break 16:00 - 16:45 Breakout Session 4 Session A: Environmental investment: the Asian opportunity

Alka Banerjee, Vice President Strategy and Global Equity Indices, S&P Indices Sabine Chalopin, Investment Manager, ESG O!cer, Armstrong Asset Management David Li, Investment Manager, Impax Asset Management.

Moderator: Hugh Wheelan, Managing Editor, Responsible Investor AUDITORIUM

Session B: Human rights and labour in Asia

YK Park, Senior Sustainability Specialist, APG Seiji Kawazoe, Associate General Manager, Sumitomo Trust & Banking Lauren Compere, Managing Director, Boston Common Asset Management


16:45 - 17:30 Plenary Session: Asia Pacific: development of asset owner and manager ESG strategies in the region

Dr Xintiing Jia Principal, Head of Asia, Responsible Investment, Mercer Kelly Christodoulou Environmental, Social & Corporate Governance Manager, Investments, AustralianSuper Xavier Desmadryl Global Head of ESG Research & PRI, HSBC Global Asset Management (Hong Kong)

Moderator: Hugh Wheelan, Managing Editor, Responsible Investor

17:30 - 17:45 Concluding Remarks Amanda McCluskey, Head of Responsible Investment, Colonial First State Global Asset Management 18:15 - 20:15 Jazz and Cocktails sponsored by Arisaig Partners Hosted by Lindsay Cooper, Partner, Arisaig Partners Level33 - MBFC Tower 1, 8 Marina Boulevard, Singapore 018981


ASIA’S PATH TO SUSTAINABLE CONSUMPTION

By 2020, Asia is expected to represent the biggest group of consumers in the world, spending USD 32 trillion per annum.

Whilst this is music to the ears of the consumer companies across Asia, investors are increasingly aware that meeting the “eat, drink, wear, wash, shop” demands of the region’s burgeoning middle class will not be without its challenges. Scarcer water supplies, evolving labour standards, heightened food safety regulations, volatile raw material prices and increasingly vocal, web-enabled consumers will make this a sector where only the strongest will survive.

In order to proactively manage environment, social and governance (ESG) risks, as well as identify opportunities, investors are increasingly aware of the need to develop a deeper understanding of the interface between consumer businesses and the society in which they operate.

The unlimited scope of ESG research, confusing array of reporting standards and lack of agreed metrics mean that the task of integrating ESG data into forward-looking financial models is not for the faint of heart.

A first glance at the consumer sector will leave an investor swamped by the volume of reporting by the subsidiaries of the multinational consumer giants. These are the companies that often appear on sustainability indices and perform better on our own ESG benchmark.

The likes of Nestlé and Unilever have learnt the hard way that being on the front foot in terms of disclosure is a vital part of managing sustainability and have been around long enough to experience the benefits of being fully integrated into the local economies in which they operate. Sustainable agriculture initiatives not only help secure long term supply contracts at competitive prices, but also build the company’s brand in rural communities. With yesterday’s recipients of support becoming today’s buyers of goods, these companies are being handsomely rewarded for their fore-sight.

Reporting is certainly not the whole story and direct engagement with the company remains the most valuable

tool for long-term investors. Not only does this by-pass any shortcomings in reports, but it enables analysts to probe the most material issues with management and move beyond an assessment of ‘disclosure’ to one of ‘performance’.

The issues are always complex. The modern retail debate continues in India with the positive impacts – increased productivity, investment, job creation, reduced supply chain waste and lower prices for consumers – being set against the negative impacts of industry concentration, which puts neighbourhood “kirana” stores out of business and disrupts local economies and cultures. Whatever the political outcome in India, the long-term winners will surely have to design a strategy that will share the value created from the opening up of this sector with a demanding local supplier base.

Although the evolution of modern retail in China is well underway, local circumstances mean that management attention must be focused on food safety. Here we find Beijing’s largest supermarket operator, Wumart, has been able to reduce costs by going direct to farming co-operatives for fresh produce. Farmer incomes improved by 10-20% in the process but the most important benefit has been that the improved “traceability” of products from field to the shop floor that has helped to rebuild trust with skeptical consumers.

The best companies will not wait to be pushed, but will innovate their products and processes to ensure that they are ahead of consumer pressure or regulation. In India, aware of consumers’ growing health awareness (and India’s title as the ‘diabetes capital of the world’) Britannia Industries has launched its NutriChoice ‘Diabetic Friendly’ range of biscuits, removed trans-fats from all products, and introduced new lines of fortified foods that aim to reduce childhood malnutrition.

Perhaps these companies will even have a role in changing future regulations to support more sustainable growth for the countries in which they operate. India’s Godrej Consumer has already begun to lobby the Indian government for a small concession in the import rate applied to palm oil certified as sustainable by the Roundtable for Sustainable Palm Oil.

We know that the best consumer companies today are experts in meeting consumers’ needs. Investors seeking long-term returns in the consumer sector should be focused on identifying the companies that can continue to do this whilst ensuring that the needs of future generations are not compromised. These will be the winners in emerging markets.

Rebecca Lewis, Investment Analyst, Arisaig Partners

The global source forsustainable finance and ESG newsResponsible Investor is the leading global newswire of choicefor reporting on Environmental, Social and Governance (ESG)issues for sustainable investment and finance.

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Simply visit our website at responsible-investor.com andenter the special discount code ESG ASIA 20.

“Responsible Investor has filled a huge information void. I particularly value the fact thatthe editors highlight newresearch and initiatives. It is agreat reminder that innovation isa crucial part of the responsibleinvestment world.”

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7

The Emerging Markets Disclosure Project (EMDP) is an international initiative to improve corporate environmental, social and governance (ESG or sustainability) reporting in emerging markets. The EMDP is under the leadership of a steering committee including Boston Common Asset Management, Calvert Investments, EMDP Country Team representatives, and the US SIF: The Forum for Sustainable and Responsible Investment, with technical advisory support from the United Nations Principles for Responsible Investment (UNPRI).

“A growing camp of investors view good corporate management of environmental, social and governance issues as a proxy for good overall management, indicating prospects for long-term growth,” says Boston Common Asset Management Managing Director Lauren Compere. “Moreover, in emerging markets, where legal protections or enforcement structures might not be as well developed, investors are looking for greater assurances from companies that they have internal safeguards to manage these issues proactively, so that they do not react to them ine!ectively when crises are bu!eting them.”

The EMDP has unfolded in three distinct phases. The first involved research to assess the state of corporate ESG disclosure in emerging markets. In January 2008, the group released the first benchmark report, Sustainability Reporting in Emerging Markets: An Analysis of the Selected Sectors of Seven Emerging Market Countries. The report assessed ESG disclosure in 75 companies across three sectors—energy, materials and telecommunications—in China, India, Taiwan, South Africa, Brazil, Korea and Russia. The report found that although a significant number of the companies had begun to report on ESG issues, the practice was not yet widespread, and most reports did not conform to a global standard. Brazil and South Africa exhibited some of the best sustainability reporting and overall transparency practices, while firms in China and India lagged.

The second phase sought to demonstrate investor support for greater corporate ESG disclosure in emerging markets. A global investor survey conducted by EMDP summarized investor attitudes toward transparency in emerging markets, and cited lack of ESG disclosure as the key challenge to investment. EMDP also used an investor statement as a tool to call on companies to improve their management and disclosure of ESG issues. The statement was endorsed by 50 global institutional investors with more than $1 trillion in assets under management, showing that investors are increasingly viewing ESG disclosure as imperative to assessing

the fundamentals and competitive positioning of international companies.

Through country teams, the third phase of the project is focused on outreach and direct engagement with companies in Brazil, Indonesia, South Africa, and South Korea. The country teams are led by institutional investors from the local markets, or by global investors partnering with local partners from those markets. The EMDP created an ESG Scorecard (http://ussif.org/projects/iwg/documents/EMDPScorecard.pdf ) to assess corporate performance and measure progress. Country teams were able to tailor the scorecard to raise other issues of particular importance to their home markets.

As one example of country team engagement activities, the EMDP Korea Team completed a baseline study in April 2010 called Unlocking Investment Potential: ESG Disclosure in Korean Companies, authored by the Korea CSR Research Service (KOCSR) with significant support from EIRIS and Responsible Research. EMDP Korea shared the report findings with all ten companies highlighted therein, and met with five of them in June of 2010 (Hyundai Motors, LG Chemical, POSCO, Samsung Electronics, and Shinhan Financial Group). The report found that the number of South Korean companies publishing CSR reports has increased rapidly since 2006; however, many companies, particularly those in the financial and service sectors, still do not publish them. Additionally, most Korean companies have, thus far, regarded environmental management as a key ESG strategy, but show inadequate understanding of social issues apart from corporate philanthropy for the local community. These findings were generally true across country teams. More robust disclosure on social issues, especially human rights and stakeholder engagement, may be the most daunting challenge facing emerging market companies, and yet the most essential to addressing growing global norms.

We hope that the EMDP’s collaborative model of global research providers working with local counterparts to raise the quality of ESG research, and of global and local investors working together to establish a corporate engagement framework that incorporates local cultural norms will inspire others to duplicate this model in other markets.

For more information on the Emerging Markets Disclosure Project, please contact Lauren Compere at [email protected] or visit the website at http://ussif.org/projects/iwg/emdp.cfm.

The Emerging Markets Disclosure Project: Global Investors and Researchers Collaborate to

Build Transparency in Local Markets

Lauren Compere, EMDP Chair and Managing Director, Boston Common Asset Management

Robeco, established in Rotterdam in 1929, o"ers investment products and services to institutional and private investors worldwide. It has approximately USD 195 billion in assets under management (at 31 December 2011). The product range encompasses equity and fixed-income investments, money-market funds, responsible investing and alternative investments, including private equity, hedge funds and structured products. The various strategies are managed from Rotterdam (head o!ce), Boston, Hong Kong, New York, Paris and Zurich.

SAM is a global investment boutique focused exclusively on Sustainability Investing. The firm’s o"ering comprises asset management, indexes and clean tech private equity. SAM partners with Dow Jones Indexes in the publication and development of the Dow Jones Sustainability Indexes (DJSI).

This document has been carefully prepared by Robeco. It is intended to provide the reader with information on Robeco’s capabilities, but does not constitute a recommendation to buy or sell securities or investment products. The contents of this document are based upon sources of information believed to be reliable, but no warranty or declaration, either explicit or implicit, is given as to their accuracy or completeness. The value of your investments may fluctuate. Results obtained in the past are no guarantee for the future. All copyrights, patents and other intellectual property in the information contained in this document are held by Robeco. No rights whatsoever are licensed or assigned or shall otherwise pass to persons accessing this information.

Important information

Watermark Robeco is introducing the RI watermark, which expresses the company’s

business approach and its commitment to RI and ESG principles.

This watermark will be present prominently in all our marketing,

communication and sales materials, albeit at secondary level. In this way

we will constantly be able to communicate our ambitions in terms of

Responsible Investing.

Responsible Investing is more than just branding. Being responsible as a

company can make commercial sense too, and it responds to the growing

expectations of customers, prospects and society as a whole.

In short

Responsible Investing naturally fits in with Robeco’s heritage

and brand reputation. For years Robeco has been at the

forefront of innovation to promote the best interests of

our clients. For Robeco, Responsible Investing is a logical

progression. Robeco advocates Responsible Investing.

In the long run, Responsible Investing will help us to achieve

more responsible returns for our clients and for ourselves.

It pays to be responsible.

Robeco. The Investment Engineers.

A powerful group of asset managers, representing around

USD 2 trillion in assets under management, are arguing that

integrating environmental, social and governance (ESG) factors

into our investment analysis and decision making processes is

no longer just a luxury, it is a responsibility. Within Robeco, we

call this ESG integration.

Five interrelated elements

For Robeco Responsible Investing consists of five interrelated elements.

We are a responsible investor that engages in an active dialogue with

companies and makes use of its voting rights. We are transparent

about product risks, costs and returns. We have an excellent range

of sustainable and responsible investment products. We are further

integrating environmental, social and governance criteria into our

investment analysis. And we apply the principles of social responsibility to

our own operational management.

Different customer groups have different views on Responsible Investing.

Retail clients associate Responsible Investing with transparency on risks,

costs and returns. Institutional customers attach more value to how the

ESG factors are being integrated and to how Robeco engages in an active

dialogue with the companies in which it invests.

Robeco advocates Responsible Investing, because we are convinced that solid

corporate governance and corporate responsibility will increase shareholder value.

Over the years, this conviction has gradually become a key element in our business

approach, enhanced by the fact that Responsible Investing is expected to strongly

appeal to our clients and prospects.

Responsible Investing

4. Implic

atio

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r ana

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s an

d in

vest

men

t p

olic

y

1. Engagement and voting

5. Operational management

3. Responsible products and sustainability investments

2. Transparency and risk management

4a. ESG- integration

4b. Exclusion policy

Engagement and votingFor years Robeco has used engagement and voting to encourage the

companies in which we invest to act responsibly. We seek to engage

these companies in an active dialogue on good corporate governance

and responsibility.

Our definition of responsible investing is based on international

codes of conduct like the United Nations Principles for Responsible

Investment.

Transparency and risk managementCurrent markets and clients demand

transparency and risk management.

Transparency helps clients to gain

a better understanding of their

investments and to be aware of the

risks involved. Robeco communicates

its investment philosophy actively and

is clear about product risks, costs and

returns.

Operational managementRobeco is a full subsidiary of Rabobank, known for its initiatives

in Socially Responsible Investing. In 2009 the success of Robeco’s

engagement activities was reflected in its excellent level of compliance

with the UNPRI (UN Principles for Responsible Investment).

In 2010 Robeco will operate in an even more responsible manner in

every aspect of its business. We will reduce our carbon footprint, use

FSC-certified paper, and encourage our employees to use resources even

more responsibly.

Implications for analysis and investment policy

a. ESG integrationRobeco integrates Environmental, Social

and Governance criteria into its investment

analysis and decision making processes.

We expect ESG integration to improve risk/

return, to lead to more comprehensive

company assessments, to improve our

company risk assessment, and to result in

earlier discovery business opportunities.

Reporting on ESG integration has become

an integral part of Robeco’s information

package for each product.

b. Exclusion policyRobeco applies an exclusion

policy to its investment

products.

Responsible products and sustainability investmentsRobeco has been active in responsible investing since 1999, when

we introduced our first responsible investment fund, ‘Robeco

Duurzaam Aandelen’ (Robeco Sustainable Equities). And we are

pioneers in Clean Tech and Responsible Private Equity.

Within Robeco, SAM is the boutique for sustainability investing. A

member of Robeco since 2007, SAM offers a range of world class

sustainability theme funds, such as its Water Fund, its Smart Energy

Fund, and its Climate Fund.

Sustainability Investing forms part of the concept of Responsible

Investing. It is an investment approach that enhances traditional

valuation models by integrating extra-financial criteria which

influence shareholder value.

0800 8010 www.robeco.nl

Financieel maatwerk volgens Robeco

Younique van Robeco is een handelsnaam van Robeco Direct N.V., Rotterdam. Robeco Direct N.V. is als bank geregistreerd bij de Nederlandsche Bank N.V. en als beleggingsonderneming bij de Autoriteit Financiële Markten. Handelsnummerregister 24257977. De waarde van uw beleggingen kan fluctueren. In het verleden behaalde resultaten bieden geen garantie voor de toekomst.

“Dat Azië-fonds is niks voor jou.”Niet dat het niet goed gaat in Azië. Onze Azië-fondsen presteren

juist erg goed. Toch zou onze adviseur je kunnen afraden om in

zo’n fonds te stappen. Want het is maar de vraag of het bij je past.

Dat heeft niet alleen te maken met het rendement. Maar ook met

het risico. En met je doelstellingen. Of dat je nog wel lekker slaapt

Robeco advocates Responsible Investing

Voting. Robeco exercises voting rights on behalf of clients as part

of its engagement services.

Risk. Robeco strives to diversify risks and is open regarding the

development of your assets.

Costs. Robeco is transparent regarding the costs of investing. You

see exactly what you pay for.

More about Responsible Investing www.robeco.com

Responsible Investingwww.robeco.com

Operational managementRobeco is a full subsidiary of Rabobank, known for its initiatives in socially responsible investing. Robeco will focus even more on being responsible in all its activities, we will reduce our CO2 footprint, use less paper without an FSC certificate and encourage our employees to use resource responsibly. As a responsible investor, Robeco attaches considerable importance to doing business in a respectable and open manner. Robeco treats people and the environment responsibly. Robeco can only be successful if its employees feel committed to these ambitions and core values.

Engagement and votingFor years Robeco has used engagement and voting to encourage the companies in which we invest to act responsibly. We seek to engage these companies in an active dialogue on good corporate governance and responsibility.

Our definition of responsible investing is based on international codes of conduct like the United Nations Principles for Responsible Investment.

Transparency and risk managementCurrent markets and clients demand transparency and risk management. Transparency helps clients to gain a better understanding of their investments and to be aware of the risks involved. Robeco communicates its investment philosophy actively and is clear about product risks, costs and returns.

Responsible products and sustainability investments

Robeco has been active in responsible investing since 1999, when we introduced our first responsible investment fund. And we are pioneers in Clean Tech and Responsible Private Equity. Within Robeco, SAM is an investment boutique for sustainability investing. Corporate sustainability is a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments. Sustainability Investing forms part of the concept of Responsible Investing. It is an investment approach that enhances traditional valuation models by integrating extra-financial criteria which a"ect shareholder value. Based on its Corporate Sustainability Assessment, SAM has compiled one of the world’s largest sustainability database and analyzes over 1,200 listed companies annually. SAM’s proprietary research and sustainability data are fully integrated into its o"ering.

Implications for analysis and investment policy

a. ESG integrationRobeco integrates Environment, Social and Governance criteria into its investment analysis and decision making processes. We expect ESG integration to improve risk/return, to lead to more comprehensive company assessments, to improve our company risk assessments, and to result in earlier discovery business opportunities. Reporting on ESG integration has become an integral part of Robeco’s information package for each product.

b. Exclusion policyRobeco applies an exclusion policy to its investment products.

Responsible Investing at Robeco Robeco advocates responsible investing because we believe that good corporate governance and social responsibility enhance long-term shareholder value. In recent years, this conviction has developed into an important element of our approach. In addition, responsible investing corresponds closely to our clients’ requirements.

9

“One size fits all” does not apply in ESG integration, where sustainability analysis needs to be embedded to complement the approach of the fund manager.A growing number of equity investors are realising that there are several ways to use ESG analysis within mainstream portfolios besides setting aside money for a dedicated fund of sustainability-oriented stocks. However, the challenge is to find an approach that works for their particular fund management style. A simple classification of the di"erent sustainability plays can help ESG and financial analysts present the right stocks to the right fund managers in an Asian context.

Starting at the topFor a top-down active investor, the sustainability-related themes of resource depletion and the growth of an emerging market middle class are often considered alongside the macro-economic factors they influence, such as GDP growth, inflation and interest rates. A typical process will identify companies that supply into these longer-term trends and so find an extra pocket of demand. This kind of strategy is frequently applied to larger companies where the top or bottom lines are more likely to respond to macro-economic factors. An example of an indirect play on resource depletion is Singapore’s Keppel Corporation [KEP SP], which supplies a variety of products and services to the o"shore oil and gas industry, though the industry has environmental detractors. Meanwhile, Taiwan based HTC [2498 TT] directly addresses the Asian middle classes and is experiencing particularly robust growth in China, but does not have the heavy environmental footprint of some other consumer stocks such as autos.

Bottom-up investors often play lower down the market cap rankings. Growth-oriented types will look for top line success, typically paying a premium for access to that growth. Given the higher valuations paid on entry, any mis-step can result in rapidly diminishing returns. ESG analysis can provide supporting evidence for the quality of management and can identify issues that may prevent companies from realising their

potential. Food safety is a case in point. Pork producer China Yurun Food Group [1068 HK] su"ered last year on reports that some of its meat contained the additive clenbuterol, while Ajisen China Holdings [538 HK] also faced reputational fallout after it was found to have exaggerated the health benefits of its products, and shortcomings were identified in its food hygiene practices.

The other dominant style is value investing, which seeks to invest capital into companies out of favour with investors generally or industries with under-appreciated assets. Companies with lower valuations may be more immune to ESG controversy, but investment holding periods can be longer, giving more time for potential problems to crystallise. Sustainability analysis can head o" these lurking issues through early diagnosis – and correction – of the problem. On the plus side, constructive ESG analysis and engagement can also help identify new sources of demand or help steer a company towards a more forward-thinking and sustainable course of business.

Arguably, solar provides an example of value investing these days as overcapacity has led to tumbling share prices. But those investors brave enough to step in also need to navigate a separate ESG concern: poor waste disposal practices and toxic dumping. This a"ected JinkoSolar [JKS US] last year, while Suntech Power [STP US] was punished a few years before.

Categorising companies While di"erent fund management styles have di"erent approaches to stock selection, there are three overlapping categories of companies where ESG or sustainability credentials can underpin the investment thesis. First there are ‘lucky’ companies (or industries) that find themselves in favour in resource-constrained environments. Palm oil is one current example, despite the fact that many of the industry’s companies have poor ESG credentials. The industry has benefited greatly as palm oil prices have been buoyed by crude oil’s supply constraints.

The second obvious play is ‘solutions providers’ where the business purpose addresses sustainability needs either on the environmental side or on the social side, such as health and education. These are usual growth stocks.

Thirdly, there are ESG leaders. These tend to be larger companies for which sustainability leadership is a key strategic di"erentiator or a source of durable competitive advantage. They often progressively move their business into value chains with enhanced sustainability characteristics. One of the best regional examples is CLP Holdings [2 HK], with its long-term targets for reducing the CO2 intensity of power generation and commitment to flue gas desulphurisation ahead of legal requirements.

For each category, the role and tools of the ESG analyst are slightly di"erent. The first category requires blue-sky thinking and an assessment of long-term trends; the second involves the ability to pore through a wealth of mid-cap companies; the third requires some form of benchmarking process. In each case, a thorough grounding in the companies as well as the issues can help steer the fund towards pockets of value rather than value-traps.

THE EQUITIES STYLE GUIDE

Benjamin McCarron, Head of Research, Responsible Research


How far down the continuum of care does the investment manager’s responsibility persist? A better question would be why do we need principles to help us make responsible investments?

Let’s face it, one of the unfortunate by-products of the ESG/Sustainability debate is that many well-meaning people want so badly to find a magically direct connection between doing good and producing investment returns. And this in financial markets whose core construct is to channel capital initially and reward financial performance generally.

It’s not that doing good is bad. That’s not the point. The world will be better o" as more of us consider social and environmental issues more deeply. It’s that the desire for markets to make the distinction is flawed. People are blinded by a holy grail that doesn’t exist.

We all know that the world is growing at an incredible rate. With an expanding middle class, demand is growing even faster. And as it does so, the resources we use to satiate demand are diminishing at an accelerating rate. The inconvenient truth is that population growth and its demands are creating an ugly unsustainable world.

What can the investment community do to help alleviate the problem? Well, the reality is that many large publicly listed companies are well ahead of investors. They have been addressing many of these issues for decades. And further, financial markets have praised and priced their e"orts all along the way. The markets work.

Cement is a good example. Holcim Cement is a global business based in Switzerland. In order to better compete in their market, they created a technology to manufacture cement more e!ciently by burning wood chips in their kilns. Many people applaud them for their environmentally friendly practice, but they’ve been burning wood chips since the 90’s, well before it was cool to be sustainable.

Their objectives were purely economically driven. They lowered their energy costs. The result is that they are able to compete more e"ectively. This is forward thinking by management. No regulation required. No coaxing, just economic value creation. And by the way, the market has rewarded Holcim shareholders relative to their peers.

What is needed in ESG is more pragmatism. Return oriented investors are rightly sceptical about overly subjective measures of sustainability. A recent academic study trying to connect corporate returns with sustainable actions examined corporate conference calls, counting the number of times sustainability words were mentioned. Some people might find that interesting (if not slightly odd), but it’s hardly a practical metric to aid investment decision making or even connecting sustainability to returns.

Freeport McMoran is one of the largest producers of copper in the world. It’s hard to put copper production into the category of an environmentally friendly endeavour in any way. It’s ugly. But it is also one of the many metals that we cannot do without for even the shortest time frame in our lives. From a purely pragmatic perspective, we must mine copper in order to live the lives that we live, at every end of the economic spectrum. This kind of thinking is a prime example of pragmatic sustainability.

Why talk about Freeport? As one of the largest producers of copper, Freeport McMoran is as ugly as the next. But Freeport is one of the most resource e!cient producers of copper globally. That is, they use less energy and water and create less waste in generating a unit of revenue that most of the other copper producers in the world. They are pragmatically sustainable.

And like most resource e!cient corporations, Freeport exhibits higher return on assets, higher return on equity and better operating margins that most of their competitors. And guess what; the market pays them for those qualities and has done for as long as they have displayed them. The market rewards pragmatic sustainability and always has done. It’s good business.

Investors should be searching for companies that are able to create more using less rather than counting words in a conference call. Why? The simple answer is that markets are reasonably e!cient. They reward the qualities that greater e!ciencies bring to a company, and rightly so. They also tend to be collectively suspicious of idealism; and again, rightly so.

GERRIT HEYNS, Partner, Osmosis Investment Management

Gerrit Heyns is a Partner at Osmosis Investment Management, a London based investment firm focused on identifying investment returns in a resource constrained world.

MORE FROM LESSGerrit Heyns, Partner, Osmosis Investment Management

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To subscribe to our research, or to create bespoke screening and ESG intelligence solutions to enhance your portfolio management, please contact us on [email protected].

Responsible Research is an independent research provider covering Asian and other key emerging markets. We focus on analysis of environmental, social and governance (ESG) factors across a broad range of listed companies, sectors and industries.

Since 2009, when Responsible Research was established, we have built a strong reputation among asset managers and owners, who use our award-winning ESG analysis to identify both risks to earnings and new opportunities for investment. Our position outside of mainstream investment banking gives us the clarity of vision to provide unique insights, even in heavily researched companies and sectors. This independence also enables us to be nimble and responsive to trends. Additionally, our location in Singapore, where our analytical team is based, ensures we can keep close to the companies and countries we cover throughout the Asian region.

Our products and services, developed for the global responsible investment community, include news monitoring, portfolio screening, weekly client insights, company and sector reports, and engagement projects. We also produce a proprietary annual rating of the largest companies in Asia according to their disclosure on key ESG metrics, the Asian Sustainability Rating™ (ASR™). In the three years of its existence, the ASR™ has become a widely cited barometer of progress on corporate sustainability within Asia.

Since inception, Responsible Research has published research on industries and sectors including palm oil, coal, autos, telecoms, food, beverages, pharmaceuticals, and real estate. On a select basis, we have also undertaken commissioned reports on specialist topics with key partners. Examples include the Sustainable Stock Exchange series (Aviva Investors), forestry (First State Investments), impact investing (Willow Tree Capital), the consumer and food sectors (Arisaig Partners), and marine sustainability (The David and Lucile Packard Foundation). This last report, The Future of Fish in Asia, was the winner of the 2011/12 Farsight Award, selected from of a total of 117 entries.

Our clients and partners are signatories to the UN-backed Principles of Responsible Investment (PRI), an investor initiative. They have committed to incorporate ESG issues into their investment analysis and to support the development of ESG tools, metrics and methodologies. As a signatory to the PRI ourselves, we contribute time and resources to many collaborative initiatives focused on improving sustainability through appropriate capital allocation. Responsible Research is also a proud supporter of UKSIF, EuroSIF, ASrIA, the Responsible Investment Academy and a founder member of the Asian Association of Independent Research Providers.

Responsible Research - Award-winning, independent ESG research

13

As European asset owners embrace SRI, what are the lessons for Asian

investors?

European Corporate Pension Funds and SRI

The landmark Corporate Pension Funds and Sustainable Investment Study (the Study) released by the European Sustainable Investment Forum (Eurosif ) has left little doubt that European asset owners are increasingly incorporating environmental, social, and governance (ESG) factors into their investment strategies. Of the 169 corporate pension funds surveyed, 56% have an SRI policy in place today, 60% respond that ESG factors a"ect long-term performance, and 66% state that having an SRI policy in place is part of their fiduciary duty. The proportion of funds with an SRI policy is set to rise as about a quarter of those without an SRI policy intend to have one on the coming year.

For the first time on this scale, it has been shown that the inclusion of ESG factors in the investment philosophies of European pension funds is becoming the norm, not the exception. Certainly, there is still a long way to go but the Study clearly shows that a majority of pension funds take their fiduciary duty seriously. As Asian corporate and national pension funds grow in scope and scale, some inspiration can be found in the Study for inclusion of ESG factors in their long-term stewardship of assets.

Equities, bonds and real estate are the asset classes most commonly covered by SRI policies of respondents to the Study. This is not a surprising finding, given that these asset classes typically represent the largest portion of pension fund assets. As shown in figure 1, almost all respondents with an SRI policy cover equities. Many of the SRI strategies in the equity portfolio can also be applied to bonds and therefore it is natural that the majority of the SRI policies also extend to bonds.

Another finding of Eurosif’s study is that although investors’ role in the commodities market has received a lot of media and political attention, only 7% of the study respondents have an SRI policy that covers this asset class. Looking beyond the average, however, it is noteworthy that a higher proportion of pension funds in countries where investment in commodities is traditionally higher, such as Switzerland, Sweden, the Netherlands and Norway, have implemented an SRI policy for this asset class.

Turning to how the SRI policy is implemented, the Study also that the three strategies most commonly used are voting, negative screening and integration. However, as shown in figure 2, a broad range of strategies are used with no clear favourite.

For Asian asset owners in general and pension funds specifically, the message is that having an SRI policy has now become a need rather than a want. For funds looking to adopt an SRI policy, equities and bonds are often the most available for coverage by research providers, and therefore the natural starting point for asset class implementation. As shown in the Study, there are many di"erent ways to implement SRI coverage, from voting to collaborative e"orts. In Europe, there is no dominant strategy among respondents, so local preference and culture will drive this choice.

For Asian corporate pension funds looking to adopt an SRI policy, one unexpected finding of the Eurosif Study is that 85% of respondents feel that the CSR/sustainability policy of the funding company is significant when formulating the policy – that company CSR culture should inspire pension investments.

The Study provides a first European-wide benchmark for the adoption of SRI policy by Corporate Pension Funds. It reflects to some extent cultural, regulatory and asset allocation di"erences across European countries. It also highlights the need to continue to educate pension funds and other institutional investors about the merits of socially responsible investment as lack of knowledge has been identified as a key barrier to adoption. Finally, it stresses the need to think about how to expand SRI policies into multiple asset classes, beyond equities and bonds. All these represent key e"orts to which Eurosif contributes.

Created with the support of DB Advisors (Deutsche Bank Group) and HSBC Global Asset Management, Eurosif ’s 2011 Corporate Pension Funds & Sustainable Investment Study was based on a survey of 169 respondents from 12 EU Member States.


S&P/IFCI Carbon Efficient Index Outperforming

Michael Orzano, CFA, Associate Director, Global Equity Indices & Alka Banerjee, Vice President, Global Equity & Strategy Indices, S&P Indices

The S&P/IFCI Carbon E!cient Index was designed to closely track the performance of the benchmark S&P/IFCI LargeMidCap Composite, but with index weight adjustments utilizing the Carbon Footprint metric1. In this regard, the S&P/IFCI Carbon E!cient Index was conceived as a “beta” product that would serve as a benchmark emerging market index for investors interested in reducing the carbon footprint of their portfolio. Over time, however, the S&P/IFCI Carbon E!cient Index has outperformed its underlying broad benchmark by a significant margin, suggesting that investments in companies with more carbon e!cient operations may have some potential for generating alpha within the emerging markets.

Year-to-date through February 29, 2012, the S&P/IFCI Carbon E!cient Index has gained 18.27% on a total return basis, outperforming the 17.90% return of the S&P/IFCI LargeMidCap Composite by 37 basis points (bps). Likewise, since its December 10, 2009 public launch, the 23.43% cumulative return of the S&P/IFCI Carbon E!cient Index has outperformed that of the S&P/IFCI LargeMidCap Composite by 427 bps.

While past performance is not a guarantee of future results, it is important to note that the level of performance noted above has been relatively consistent and not heavily concentrated in any particular period. Over the 27 monthly periods since the index launch, there have been just eight

months in which the S&P/IFCI Carbon E!cient Index has underperformed its benchmark. Furthermore, in five of these eight periods, the underperformance has been by 11 or fewer bps.

Likewise, over the 19 monthly periods in which the S&P/IFCI Carbon E!cient Index has outperformed the benchmark, the monthly alpha has been less than 25 bps on ten occasions, between 25 and 50 bps on seven occasions and greater than 50 bps on just two occasions. The largest monthly di"erential has been 78 bps. Furthermore, outperformance has been demonstrated in 2010, 2011 and year-to-date through February 2012.

It may be impossible to draw any firm conclusions regarding the source of the alpha generation, particularly over a relatively short time period. However, the index design, which ensures that the country and sector weights of the S&P/IFCI Carbon E!cient Index mirror those of the S&P/IFCI LargeMidCap Composite at each annual reconstitution, does suggest that obvious sources of variation such as sector or country weight di"erences are most likely not the cause.

Note: A version of this article first appeared in the July-August 2011 issue of Environmental Finance magazine. See www.environmental-finance.com.

Historical Performance Comparison (Dec. 9, 2009 - Feb. 29, 2012)

Source: S&P Indices. Data as of February 29, 2012. Charts are provided for illustrative purposes. Past performance is not a guarantee of future results.

1 Carbon footprint is calculated by Trucost Plc, and is defined as a company’s annual greenhouse gas emissions assessment, expressed as tons of carbon dioxide equivalent divided by annual revenue.

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We are in the o!ce of the CEO of one of India’s largest banks, struggling to make ourselves heard. Just to the right of the sofa we are sitting on is a large statue of Lord Vishnu, enclosed in a glass case. Every ten seconds he comes alive, glows bright red and broadcasts a loud mantra across the room. Om Namo Narayana. We quickly learn to time our questions between chants. To our left is an equally large TV screen, where the Business Anchor of the hour is shouting at us above the flashing stock prices. The CEO seems unfazed.

“Here, we do not work for pay.”

This is a bank which was founded four years before Partition. It remains extremely proud that during Partition, it honoured all deposits on both sides of the dividing line, unlike some of its counterparts at the time. The CEO returns to his theme.

“Our duty is banking. My mission is to create lots of

vibrations, to touch the hearts and spread the smiles.”

We leave dazed and confused.

Indian companies have much to teach the rest of the world on the topic of sustainable finance. The subcontinent is home to some of the world’s worst companies in terms of responsible business practices. Thankfully, it is also home to a large number of wonderful, world-leading companies, for whom sustainable business practices have always come naturally. This combination of best and worst throws up many lessons for investors willing to learn. Three in particular stand out.

Most important is the Indian concept of dharma, a word that has multiple, complex meanings but can be loosely translated as “duty”.

The most famous explanation of dharma is in the Bhagavad Gita, part of one of India’s Hindu epics. In it Lord Krishna explains in great detail the concept of dharma to the warrior prince Arjuna, who is reluctant to enter into battle.

“To action alone hast thou a right and never at all to its fruits; let not the fruits of action be thy motive.”The global financial industry is sorely lacking in dharma. Perhaps more than any other ‘profession’, it has lost its sense of purpose. There is an over-emphasis on the fruits of action rather than action itself. Arguably this has been the primary driver of the twin deficits of modern finance today. It has led to a dramatic collapse in the time horizon with which we allocate society’s capital, as we look to generate instant returns and instant rewards. It has also led to the steady erosion of ethics from the industry.

John Bogle tells the story of a greyhound who retires in his prime, having finally discovered that after all that running, the rabbit he was chasing wasn’t even real. His point is that for many people working in financial markets, the rabbit they are chasing is not real either.

Until the finance industry rediscovers its own dharma, it will be very di!cult to reverse investment time horizons or promote ethical behaviour.

A second lesson to be learnt from Indian companies is that cutting social, environmental or governance corners costs shareholders in the long-run. Sustainable investment is still regarded by many as a restrictive way of investing that will, by definition, limit opportunities to make decent returns. This is upside-down thinking. The aim of sustainable investment is to identify those companies, who by their approach and positioning, are particularly well placed to generate long-term returns.

Perhaps nowhere is this link between sustainability and returns clearer than in India.

In part it is due to the huge sustainability challenges facing every Indian company that cannot be ducked or bypassed. A cursory look at any daily newspaper is telling. There are hunger strikes against corruption and graft, illegal sonography clinics to be shut and bombs in Assam. Child marriages and caste-related violence. Malnutrition. An obesity epidemic. The world’s most expensive home. Slum clearances and slum reprieves. Malaria, polio and cholera. Women and children lie down in protest against a steel plant. Company o!cials are set alight.

Has Finance lost its Dharma?

David Gait, Senior Portfolio Manager, First State Stewart

17

Poor corporate governance has brought large Indian companies such as Satyam Computers to their knees. Allegations of corruption and bribery have seen the share prices of many property and infrastructure companies plummeting. Poor community relations have delayed multi-billion dollar projects.

A third lesson India’s best companies can teach the rest of us is the need to reset the investment compass. As Sunita Narain, the head of Delhi’s Centre for Science and Environment, notes,

“India and China have no alternative but to reinvent the

development trajectory.”

In China the Government has led the way, creating from a standing start solar and wind industries that now lead the world. In India, leadership has come not from the Government, but from India’s best companies who understand the need to reposition their businesses for a di"erent development path.

It was the Godrej Group, not Electrolux, who launched the world’s cheapest fridge, costing less than U$100. Powered o" a battery more commonly found in laptops, running costs are less than two rupees per month.

The world’s most a"ordable clean water solution has been launched not by Nestle, Danone or Coca Cola, but by an Indian fertilizer company, Tata Chemical. The Swach, which does not need electricity or running water, can provide safe water to a family of five for an estimated one rupee per day.

It was India’s Dabur, not Aveda or Estee Lauder, that pioneered the use of natural, herbal, ayurveda-based ingredients in personal care products back in the 1960s.

One of the many remarkable things about the current crisis in the West is the absence of meaningful debate on why economies became so unbalanced in the first place. Perhaps this debate will never happen. Either way, developed and developing economies alike will be forced to move away from the debt-dependent, unbalanced, resource-intensive economic growth models of the past and move towards more genuinely sustainable development paths. While it may takes years, or even decades, for this shift to happen, companies that are overly-exposed to the old economic growth model are likely to face sti"ening headwinds.

EIRIS is a leading global provider

of independent research into the

environmental, social, governance

(ESG) and ethical performance

of companies. With almost 30

years’ experience of conducting

research and promoting responsible

investment strategies, EIRIS provides

services to more than 100 asset

owners and asset managers and

major index providers worldwide.

Why is Responsible Investment important in Asia?

Globalisation – global investors expect companies in Asia to align with international best practice when managing their ESG risks. Asian companies need to demonstrate an awareness of sustainability to attract the widest pool of investors. Legislation – several countries in Asia have set

company level - how a company approaches their targets may lead them to be penalised/ incentivised. Stock exchanges – a number of Asian stock exchanges have issued guidance on ESG reporting. Several local sustainability indices have been developed in the last few years, with more expected to do so.

Examples of material ESG risks for investors in Asian stocks EIRIS research is based on a fully transparent and holistic research methodology which is certified according to external industry quality standards.

Human rights >90% of Asian companies with high exposure to human rights risks have no evidence of a human rights policy. This could potentially lead to human rights abuses and subsequent NGO/ media pressure.

Hidden environmental risks >Asia is correctly perceived to be making some progress on environmental issues, but the region stills behind its European counterparts. 60% of Asian companies do not have a comprehensive environmental policy that deals with all environmental risks. Reporting – especially on emissions to air and water - is another area of weakness.

Climate change >There is real scope for improvement on company policies on Climate change. For example, no companies in South Korea are adequately managing their exposure to climate change.

Lack of accountability and responsiveness >Various companies identified by EIRIS have had severe allegations of ESG failings made against them publicly which they have not addressed.

Poor governance >There is significant scope for Asian companies to improve their governance, especially in the area of the independence of the board of directors.

Bribery & corruption >There is a severe lack of adequate bribery policy and systems in Asian companies. This is translating into real costs for companies as corruption is increasingly exposed in the media. EIRIS has identified 16 companies facing significant corruption allegations in Asia, but little evidence of companies adequately addressing these allegations.

EIRIS Global research for responsible investors

www.eiris.orgEmpowering Responsible Investment

What actions should investors take?

Assess their portfolios to identify which stocks are vulnerable to poor ESG risk management

Prompt companies to disclose and address egregious allegations of poor ESG performance

Engage with companies to encourage movement on ESG gaps – the initial steps only need to be small and often examples of peer companies in the same region can be provided to prove thresholds of risk management can and are being reached.

Encourage companies to stay ahead of the inevitable regulation in certain areas

Collaborate with other investors to drive forward the ESG agenda with companies


How can EIRIS help?EIRIS research is based on a fully transparent and

according to external industry quality standards. Investors use our research to:

Create enhanced portfolios Identify and manage risk Integrate ESG issues Screen portfolios on particular issues Create investment opportunities Engage effectively with companies

EIRIS publishes research reports examining the State of Responsible Business Asia. These are available at www.eiris.org/publications.html

About EIRIS30 years’ experience working with investors to incorporate ESG risk into their investment decisions:

> A global platform of 50 research analysts, physically present in 9 geographical regions. All clients have access to our expert analyst team

> Access to a dedicated client team of 11 staff and an in house software support team.

> A proven track record – EIRIS currently work with 150 asset managers and owners globally.

> Research process certified to an externally audited quality system.

> EIRIS does not partake in corporate consultancy and is wholly owned by the EIRIS foundation

Contact us

call +44 (0)20 7840 5727, email [email protected], or visit www.eiris.org


EIRIS is a leading global provider

of independent research into the

environmental, social, governance

(ESG) and ethical performance

of companies. With almost 30

years’ experience of conducting

research and promoting responsible

investment strategies, EIRIS provides

services to more than 100 asset

owners and asset managers and

major index providers worldwide.

Why is Responsible Investment important in Asia?

Globalisation – global investors expect companies in Asia to align with international best practice when managing their ESG risks. Asian companies need to demonstrate an awareness of sustainability to attract the widest pool of investors. Legislation – several countries in Asia have set

company level - how a company approaches their targets may lead them to be penalised/ incentivised. Stock exchanges – a number of Asian stock exchanges have issued guidance on ESG reporting. Several local sustainability indices have been developed in the last few years, with more expected to do so.

Examples of material ESG risks for investors in Asian stocks EIRIS research is based on a fully transparent and holistic research methodology which is certified according to external industry quality standards.

Human rights >90% of Asian companies with high exposure to human rights risks have no evidence of a human rights policy. This could potentially lead to human rights abuses and subsequent NGO/ media pressure.

Hidden environmental risks >Asia is correctly perceived to be making some progress on environmental issues, but the region stills behind its European counterparts. 60% of Asian companies do not have a comprehensive environmental policy that deals with all environmental risks. Reporting – especially on emissions to air and water - is another area of weakness.

Climate change >There is real scope for improvement on company policies on Climate change. For example, no companies in South Korea are adequately managing their exposure to climate change.

Lack of accountability and responsiveness >Various companies identified by EIRIS have had severe allegations of ESG failings made against them publicly which they have not addressed.

Poor governance >There is significant scope for Asian companies to improve their governance, especially in the area of the independence of the board of directors.

Bribery & corruption >There is a severe lack of adequate bribery policy and systems in Asian companies. This is translating into real costs for companies as corruption is increasingly exposed in the media. EIRIS has identified 16 companies facing significant corruption allegations in Asia, but little evidence of companies adequately addressing these allegations.




“The most difficult subjects can be explained to the

most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is

firmly persuaded that he knows already, without a

shadow of a doubt, what is laid before him.”

This quote by Tolstoy, written in 1897, is the opening gambit to Michael Lewis’s best-selling book, The Big Short, a critique of the Global Financial Crisis that is as much about the human condition as it is about the condition of America’s financial services sector.

It’s also about the colossal level of resistance by some of our finance leaders of Wall Street to the idea that the system that had rewarded them and their colleagues for so long, which they had built piece by complicated piece, could indeed fail, and fail so absolutely.

In stark contrast, the blossoming finance sector of Asia, with all the makings of a 21st century powerhouse, has at its feet an opportunity that traditional world financial services sectors are not blessed with. It is the ability to start afresh, with little baggage. To establish norms, systems and regulation from the bottom up, in a new economy, with all the benefits of hindsight, unburdened by entrenched thinking and outmoded models of success.

To paraphrase Tolstoy, as the Asian financial markets develop and grow, there will be no need “to make clear to the most intelligent man” that new approaches to business, finance and investment are required. For those without entrenched preconceived ideas, this is already crystal clear following the GFC.

In most Asian nations, financial services systems, investment and capital markets are still taking root. So there is no need, either, to develop hefty reform agendas to retrofit complex systems that are ill-equipped to generate solutions for the modern global economy.

When a new city is built in China from the ground up, there is no question as to the need to integrate sustainability considerations into urban planning. It is unthinkable that it would not be. Sustainable infrastructure for water, energy and farming has also become well understood throughout Asia. Prevailing circumstances in relation to population, urbanisation, rising energy and water use, resource scarcity and weather events dictate that a sustainable pathway forward is now a given.

In light of these significant changes, are Asia’s fast growing financial services system, investment and capital markets equally prepared to support best practice moves toward sustainability and risk management?

In this context, as Asia begins to build a solid finance sector that will service and support its future plans, there is another powerful synergy that could be capitalised on – Asia’s education and training revolution. For decades education has been a key pillar across the region to achieve growth, productivity and modernisation. In more recent years, investment in this area has skyrocketed.

It is vital then that all o"erings across finance, business and legal education and training incorporate at their foundations the importance of ESG factors for investment and business decision making and sustainability outcomes. It is a once in a generation opportunity to ensure that solutions to the complex challenges facing Asia in the coming decades are aligned with investment, financial services and capital markets’ architecture that enhance these goals, not work against them.

The new economy, and the financial services, investment and capital market structures we will need to make it a success, require new and additional skills that have previously been paid insu!cient attention to. Asia, with its rich awareness of history and commitment to education and training, has a wonderful opportunity to redress these key issues and demonstrate a pathway to stability and prosperity which is wholly aligned with sustainable outcomes…the world depends on it.

OH, TO BEGIN AGAIN!Louise O’Halloran, Group Executive Director & Greg Chipman, Non-Executive Director,

Responsible Investment Association Australasia and RI Academy

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ESG USa delegate pack 2_Layout 1 06/12/2011 16:46 Page 25

HFC focuses its attention on a number of priority areas. These are areas in which the Netherlands have already built up a strong position, and which have considerable potential for global expansion. The Dutch financial industry has a particularly strong reputation in the areas of sustainability and financial services (Finance & Sustainability), pension expertise and management (Retirement Management), cheap and e!cient payment systems (Financial Logistics) and as a centre for securities trading (Trading Venue).

Sustainability & the Netherlands

Sustainability is all around in the Netherlands. Multinationals like AKZO Nobel, DSM, Philips, Royal Dutch Shell and Unilever, are at the forefront in their respective sectors of the Dow Jones Sustainability Index. In the Food & Agri sector Dutch companies excel in e!cient use of land, water and resources. They not only made the Netherlands one of the biggest food and agri exporters in the world, but also are crucial in exporting techniques and education (Wageningen University) in order to make it possible to feed a rapidly growing world population.

The financial industry in the Netherlands is also at the forefront of the ongoing developments around finance and sustainability. Specialized banks like Triodos and ASN are leading examples of sustainable business models, Triodos being awarded the Sustainable Bank of the year in 2010 by Financial Times. Clean Tech funds know their way to Robeco and AlpInvest as renowned anchor investors. SNS Impact Investing play a strong role in enabling microfinance projects. Dutch financials like APG and PGGM play an important role in developing global guidelines for example with PRI and UNEP FI. The leading position of the Netherlands in Responsible Investment may be best illustrated by the following figure from the Eurosif publication European SRI 2010.

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The Holland Financial Centre foundation is a joint public/private venture launched by a number of parties in the financial industry and the government, who have joined together to form a broad-based interest group. Participants in the foundation, which was set up in 2007, include banks, brokers, pension funds and asset managers, as well as consultants, accountancy and legal firms, the Dutch government, the Authority for the Financial Markets (AFM), the Dutch Central Bank (DNB), and the City of Amsterdam. The objective of HFC is to develop initiatives aimed at preserving a strong, open, internationally competitive financial industry in the Netherlands.

Source: Eurosif European SRI Survey, 2010Note: Bubble Size represents the size of Core SRI. The chart only includes countries which showed comparable data

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The figure shows that the market share of core SRI as part of national asset management is by far the largest in the Netherlands compared with six other European countries. Also the absolute size of Core SRI is the largest in the Netherlands.

Additionally the head o!ce of the Global Reporting Initiative (GRI) is located in Amsterdam and renowned companies in the sector such as Sustainalytics and TBLI are based there as well.

Centre for Finance & Sustainability

The Holland Financial Centre for Finance & Sustainability has been specifically created to build on this track record and spread the knowledge gained by the Dutch financials on sustainable financing across the board, including:

Sustainable investing

Financing the transition to sustainable energy and clean tech including energy e!ciency

Sustainable financing

Carbon trading & finance

To spread the knowledge the Holland Financial Centre for Finance & Sustainability is working with the Duisenberg school of finance in Amsterdam to embed the course ‘Finance & Sustainability’ into their existing Master programs led by Professor Noreena Herz.

Professional education around Finance & Sustainability will be developed, making it possible for companies to have their management participate in bespoke coursework on the topics.

Together with Duisenberg school of finance, University of Maastricht and University of Tilburg the Centre has taken the initiative to start a truly global web portal for Finance & Sustainability under the name www.fsinsight.org.

The portal has been o!cially launched on the February 1st, 2012. It partners with global leading academia around the world from the outset. Berkley, National University of Singapore and Mistra (Sweden) already have joined forces. Chinese and Brazilian partners have been talked to and will join soon. We will start to approach financial institutions to partner with us. The portal will spread cutting edge, leading thought in the area of Finance & Sustainability. The result should be an international platform for discussion on Finance & Sustainability.

Green Investment Corporation

An important initiative HFC is working on is the Green Investment Corporation. Together with 17 partners (banks, pension funds, ministries, insurance companies, consultants), HFC is looking into the feasibility of a public/private partnership that is aimed at co-investing/financing those sustainable energy products that do not immediately gain funding. The main goal is to work as a catalyst and accelerate the transition towards sustainable energy.

Last but not least

Recently we have made possible the publishing of the book Financing Sustainability. The book touches on all the four topics of the Centre for Finance & Sustainability. It can be downloaded for free at FSinsight.org as well as the web address of hollandfinancialcentre.com.

A Mandarin version will be available soon.

‘In order to create wealth worth having, we need to have well informed skilled investors and an attractive narrative of what a sustainable global economy looks like. This book will help us better understand what we must do and how attractive the prospect is.’

- James Cameron, Executive Director and Vice Chairman, Climate Change Capital

Further Information

For further information on the finance & sustainability programme at Holland Financial Centre, please contact Gerard van Baar at [email protected] or visit www.hollandfinancialcentre.com.


Cross sector collaboration is needed to create e"ective industry-specific ESG (environmental, social and governance) disclosure guidelines for Chinese listed companies. This was the key takeaway from a recent focus group co-hosted by BSR and the Shanghai Stock Exchange to gather investor perspectives on CSR disclosure by Chinese companies. The January 16, 2012 get-together was organized by BSR for the stock exchange, which is conducting research for an updated set of disclosure guidelines to supplement those published in 2008. The event was attended by representatives from two SRI fund managers, a mainstream asset manager, a development finance institution, an ESG data provider and a UNPRI signatory financial services company. All told, the meeting yielded a number of surprisingly detailed findings and opportunities for the future.

Why investors careGenerally speaking, Chinese companies are skeptical of ESG disclosure. Many companies view it as an expense and believe the capital market disregards data on sustainability. Still, investors who participated in the January focus group said they use ESG reports for a variety of purposes. Some use ESG data—particularly governance data—to identify growth companies with good management teams. Others use ESG information to avoid investment missteps, either to assess pre-IPO companies’ risks and opportunities or to protect the investors’ reputations from being linked with potential future company scandals. Some investors also reported using ESG disclosures to support their stock selection processes. Nonetheless, a common challenge, faced by all investors, was the quality of ESG reporting in China. Consequently, the challenge is now to enable Chinese companies to deliver this data e!ciently and e"ectively.

Improving report deliveryCapitalizing on ESG disclosure reports is one thing; it is another thing entirely to think deeply about the way this information is delivered. Participating investors voiced a number of opinions on how report delivery could be improved. One suggestion: integrated reporting - through which a company’s financial and ESG reports are combined into one. Investors noted that these types of comprehensive reports demonstrate a clear understanding of the interconnectedness of issues surrounding sustainability with the business model. Other participants emphasized the importance of avoiding over-

disclosure, noting that too much information is useless to investors and possibly harmful for the company.

Addressing integrityA number of focus group participants raised questions about ESG report integrity, noting that senior-level ownership of ESG data is important. A lack of assurance of data by many companies was noted. BSR suggested that companies need to provide quantifiable data that has been validated by third parties. Investors agreed, adding that regulations are necessary to drive improvements.

Embracing regulationsFormal reporting regulations would solve a number of major problems. First, published guidelines and expectations would standardize the data itself—currently many Chinese companies report only what they think investors want to see and may not fully understand the desire for data from investors. Regulations would also work to provide a framework for ESG reporting and could provide instruction to companies as to which requirements are voluntary and which are compulsory. But most importantly, investors agreed that given the di"erences among industries, industry-specific reporting guidelines are needed to provide a complete and useful picture of each company.

Institutionalizing collaborationDeveloping a new set of e"ective industry-specific guidelines would involve cooperation amongst the Shanghai Stock Exchange, investors and listed companies, underlining the need for a collaborative approach. Training and education are also important in order to improve both transparency and comparability of data and can be carried out by a variety of types of organizations. Finally, enforcement action by the government is important to enabling market drivers for good ESG performance.

ConclusionFor all the benefits of ESG reports, many Chinese companies have yet to understand the value of good reporting and regard it merely as an expense. Participants in the BSR-Shanghai Stock Exchange focus group hope to change that, and more. The group called for reporting integrity, new regulations and cross-sector collaboration to make this a reality. The process undoubtedly will take time. In the end, however, aligning ESG with financial incentives is important to creating a more just and sustainable world.

About BSR

BSR works with its global network of nearly 300 member companies to build a just and sustainable world. From its o!ces in Asia, Europe, and North and South America, BSR develops sustainable business strategies and solutions through consulting, research, and cross-sector collaboration. Visit www.bsr.org for more information about BSR’s more than 20 years of leadership in sustainability. For further details, please contact Adam Lane at [email protected]

Insights for Improving CSR Disclosure

by Companies Listed on the Shanghai Stock

Exchange

Lindsey Lim, Associate, BSR Beijing O!ce

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ALKA BANERJEE

Vice President Strategy & Global Equity Indices

Standard & Poor’s

Alka Banerjee is Vice President of Global Equities within Standard & Poor’s Index Services group. Ms Banerjee is responsible for the design and methodology governing these indices. She oversees the creation and management of Standard & Poor’s global indices, focusing on creating new benchmarks for international equity markets and promoting their use amongst global clients.

Ms Banerjee’s special areas of interest are emerging and frontier markets, Islamic Finance and global REITs, and most recently ESG and carbon e!cient indices.

Prior to joining Standard & Poor’s in 2000, Ms Banerjee worked for The Bank of New York where she was responsible for the creation, maintenance and marketing of The Bank of New York ADR Index. Before coming to the US, she worked for the State Bank of India for ten years in India.

Ms Banerjee holds a Masters in Economics from Lucknow University in India and an MBA in finance from Pace University, New York.

SPEAKER LISTESG ASIA 2012

GERARD van BAAR

Managing Director Finance & Sustainability

Holland Financial Centre

Gerard van Baar is responsible for the Finance & Sustainability section within Holland Financial Centre (HFC). HFC is a public private foundation with participants from the financial industry, consultants, audit and legal firms as well as government (both central and local) and regulators. The objective of HFC is to develop initiatives aimed at preserving a strong, open internationally competitive financial industry in the Netherlands. Gerard is in charge of the initiatives for Finance & Sustainability a.o. the Green Investment Corporation, the launching of a dedicated global web portal for finance and sustainability together with Universities of Tilburg, Maastricht, Berkeley, Singapore and Duisenberg School of Finance (www.fsinsight.org), and integrating education on F&S into the existing masters at Duisenberg. Before joining HFC in 2010, Gerard was in charge of Deloitte’s European Centre of Excellence on Energy & Commodity Risk Management. He worked with the major European utilities and was Trustee on several electricity auctions throughout Europe. He lived several years in Vietnam and was involved in the CDM market and wind farm development. Gerard holds a Masters in Economics from the Vrije Universiteit Amsterdam.

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MAGNUS BÖCKER

Chief Executive O!cer

Singapore Exchange

Mr Magnus Böcker joined SGX as Chief Executive O!cer on 1 December 2009. He currently serves as a non-independent director on the SGX Board. Mr Böcker has over two decades of leadership experience in the exchange industry, including being president of NASDAQ OMX during 2008 and 2009, spearheading the creation of OMX (the Nordic Exchanges Company), and subsequently playing a key role in the merger of OMX and Nasdaq in 2008.During his tenure with OMX, Mr Böcker served in various capacities, including CFO, COO and President of the OMX Technology division, before he became CEO of OMX AB in 2003. Under his leadership, OMX became the world’s largest provider of technology solutions for exchanges, clearing organisations and securities depositories.

Mr Böcker is currently a member of “The Mount Sinai Hospital Surgery Advisory Board” in New York and a council member of the Institute of Banking and Finance in Singapore.

ERIK BREEN

Head of Responsible Investment

Robeco

Erik Breen is senior vice president and head of the Responsible Investing department at Robeco. This department is responsible for entering into pro-active constructive dialogues with invested companies on corporate governance and sustainability (engagement) and for exercising voting rights. Furthermore the team provides the portfolio managers with sustainability issues per company. The team is responsible for Robeco’s Engagement Overlay, Robeco’s Exclusion policy and Robeco’s own Corporate Responsibility. Erik began his career with Robeco in 1996 and held positions as senior Portfolio Manager at various teams at the investment department. Erik is fund manager of Robeco DuurzaamAandelen (Sustainable Equity Fund) since 2002 and he is the architect behind Robeco’s current Responsible Investing strategy. He is a member of the Board of Governors of ICGN (International Corporate Governance Network), Co-Chair of the ICGN’s Taskforce for Corporate Risk Oversight and a member of ICGN’s Shareholder Responsibilities Committee and Finance Committee.

Erik chaired Eumedion’s Investment Committee from 2006 to 2010. Erik holds a Master of Econometrics from the University of Groningen, earned an EFFAS CFA and is registered with the Dutch Securities Institute.

MELISSA BROWN

Advisory Council Member, UNPRI

Director, Responsible Research

Melissa has been a spokesperson for ESG issues in the Asia investment community since 2003. She is a partner in Serasi Capital (Hong Kong ) Ltd, a private equity advisory firm and a member of the UN PRI Advisory Council. From 2003 to 2008, she was Executive Director of ASrIA, where she was lead author and editor of benchmark studies on ESG and climate change trends in Asia and has spokenwidely on the Carbon Disclosure Project, which she managed in Asia. Prior to ASrIA, Melissa spent 15 years undertaking Asian equity research, including roles as the Regional Utilities Analyst for JP Morgan and Salomon Smith Barney. She held roles with Senior Research Management responsibility, including developingthe South Korean operation for BZW. She also covered emerging growth stocks for Lord, Abbett & Co. in New York, and worked for a speciality tax policy magazine in Washington, D.C.


LUCY CARMODY

Executive Director and Founder


Lucy is the Executive Director of Responsible Research and is based in London. From 2009 onwards she built the highly respected independent ESG research team that produces sectoral, thematic and company research highlighting sustainability performance in Asian listed companies. Lucy also co-developed Asian Sustainability Rating™, a tool which currently benchmarks 750 companies on ESG performance. Prior to setting up Responsible Research Lucy ran CSR Practice, a responsible investment and strategic corporate consultancy. Her background is in investment banking, with over a decade of experience in managing Asian equity research and sales with top tier banks including Barclays. She held senior institutional client relationships in London, HK and New York and wrote equity investment research from Bangkok, Jakarta and Kuala Lumpur. Lucy is Chair of the Asian Association of Independent Research Providers, an Advisory Board Member of Impact Exchange Asia and an advisor to the Asian Water Project. She has consulted on projects for IFC, UNCTAD and the Emerging Market Disclosure Project.

NEIL BROWN

SRI Fund Manager

Aviva Investors

Neil is a fund manager on the Sustainable Future funds at Aviva Investors responsible for the Pan European funds.

Neil joined the SRI team at Aviva Investors in February 2008 with responsibility for assessing the sustainability of companies and integrating this analysis into investment decisions.

Prior to that Neil held the position of Head of Governance and Responsible Investment concurrently with his role as Equity Analyst at Threadneedle Asset Management. Neil held responsibility for all governance and responsible investment research, voting and engagement activity while also covering the Pan European Consumer and Technology sectors as an investment analyst.

Prior to that he was at Pensions and Investments Research Consultants (PIRC) from 2002 as researcher and senior researcher.

SABINE CHALOPIN

Investment Manager & ESG O!cer

Armstrong Asset Management

Sabine Chalopin is Investment Manager and ESG O!cer at Armstrong Asset Management, a private equity fund investing in renewable energy and resource e!ciency projects in Southeast Asia. Armstrong Asset Management strives to implement sustainability in the context of social, environmental, governance and financial best practice where they can have the most impact.

In her role, Sabine works with investee companies in assessing and addressing ESG issues and implementing ESG processes. This includes working in partnership with stakeholders, local communities and non-government organisations.

Sabine has worked in the clean energy space for 8 years both in London and Asia. Previously at Kyoto Energy, a Clean Development Mechanism project consultant based in Singapore, Sabine was responsible for Southeast Asian business development. Prior to moving to Singapore, Sabine was based in London and was part of the early team at Berkeley Energy. Berkeley Energy is Manager to the Renewable Energy Assets Fund and invests private equity in clean energy infrastructure assets in Asia.

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CARY CHAN

General Manager, Technical Services and Sustainability

Swire Properties Limited

Ir Cary W H Chan is a professional engineer and is currently responsible for overseeing the sustainability policies and strategies for Swire Properties. Over the years, he has carried out a lot of researches and energy saving initiatives with substantial improvements in energy performance of buildings. Some of his work has won international awards, which includes Low Carbon operation, client of the year award by the Chartered Institution of Building Services Engineers in 2010. Mr Chan is also active in serving the professional and business communities with his expertise. He is currently a Director of HK Green Building Council, the BEAM Society and the Business Environment Council. Cary also chairs the Technical Review Committee of the BEAM Society who oversees the quality and the development of BEAM Plus.

Cary is also a member of the Energy Advisory Committee and the taskforce in the establishing of the Mandatory Building Energy Code for Hong Kong.

GREG CHIPMAN

Non-Executive Director

Responsible Investment Academy

Greg is Co-Founder and Managing Director of CJC Global a boutique financial services firm advising clients with operations in Asia Pacific, Europe, Middle East and North America. Prior to CJC Global, he has held senior management positions with Goldman Sachs JBWere and KPMG, specialising in the Australian and global wealth management and broader financial services markets (at both a retail and institutional level). His clients include numerous blue-chip financial institutions in both local and global markets and he also advises Government & regulators, professional services firms, peak industry bodies and HNW consumers on key domestic and global issues a"ecting the international financial services industry. He is a regular media & industry commentator, including at international forums. He holds Bachelor of Commerce and Bachelor of Laws degrees, and has completed post graduate studies in taxation, financial services regulation and international energy and climate law. Greg has also previously completed DFP / CFP studies and has been admitted as a Legal Practitioner to the Supreme Court of New South Wales.

KELLY CHRISTODOULOU

ESG Manager, Investments

AustralianSuper

Kelly is the Environmental, Social and Corporate Governance (ESG) Manager in Investments at AustralianSuper. She is responsible for integrating ESG issues into the Funds $42 billion investment portfolio. Kelly was the Investment Analyst for Australian Retirement Fund (ARF) for two years prior to the merger with STA to form AustralianSuper. Prior to AustralianSuper, Kelly worked for four years in investment banking in London. Kelly has a Bachelor of Commerce and a Masters of Finance.


LINDSAY COOPER

Co-Founder & Director

Arisaig Partners

Lindsay Cooper is the co-founder of Arisaig Partners, an independent investment management company that invests only in dominant consumer sector businesses in emerging markets. The Asia Consumer Fund was launched in 1997; Africa Consumer Fund in 2007; and Latin America Fund in November 2010. The combined assets under management are now circa USD 2.8bn. Lindsay is a graduate of Edinburgh University and qualified as a Chartered Accountant in 1989 with Ernst & Young in Edinburgh before moving to Hong Kong in 1990 to work in the Audit and Business Services Department of PricewaterhouseCoopers. He joined Crosby Securities in 1992 where he headed the regional small companies research unit, before leaving in 1996 Lindsay to co-found Arisaig Partners.

LAUREN COMPERE

Managing Director

Boston Common Asset Management

Lauren Compere is Managing Director and the Director of Shareholder Engagement at Boston Common Asset Management (www.bostoncommonasset.com), an employee-owned investment management firm specializing in U.S. and international responsible investing. She has primary responsibility working with Boston Common clients and oversees Boston Common’s global shareholder engagement initiatives. Ms. Compere has worked in the responsible investment industry for over 20 years and has 14 years of experience in global responsible investing and. She is a frequent speaker at industry conferences.

Ms. Compere sits on the Governing Board of the Interfaith Center on Corporate Responsibility (ICCR) and is a member of the ICCR Finance Committee. She is the Co-Chair of the Emerging Markets Disclosure Project (EMDP) and serves as the co-lead for the EMDP Korean team. She also sits on the Expert Committee for the Access to Nutrition Index, a project of GAIN (Global Alliance for Improved Nutrition).

XAVIER DESMADRYL

C.E.F.A., Global Head of ESG Research & PRI

HSBC Global Asset Management (Hong Kong) Limited

Xavier is the Global Head of ESG Research and PRI since June 2010. He joined the HSBC group in 1999 and before that, held various banking and asset management positions within companies like CDC (Caisse des Dépôts et Consignations), Credit Agricole and Bank Paribas.

He is active in many ESG/SRI initiatives like the UNEP FI (United Nations Environmental Program Finance Initiative) where he served as co-chairman of the Asset Management Working Group. He has also contributed to the initial experts’ panel in charge of defining the PRI (Principles for Responsible Investment).

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KRIS DOUMA

Head of Responsible Investment & Governance

MN Services

Mr. Kris Douma (1961) joined MN as Head of Responsible Investment & Governance in April 2007. Before that he worked 15 years at Dutch FNV trade unions, lastly as head of strategy and consultancy at FNV Bondgenoten, the largest Dutch trade union. Between January 2003 and November 2006 he was a Member of Parliament for the Dutch Social Democratic Party (PvdA). MN is the fiduciary manager for 15 Dutch and 3 UK pension funds, with #75 assets under management (AUM). The major clients of Mn Services are signatories of the UN Principles for Responsible Investment. At MN Kris Douma advises the pension funds on their responsible investment policy, coordinates responsible investment in all asset classes, including private equity, and is the holder of shareholder rights in approximately 2000 companies worldwide, responsible for exclusion, voting, engagement and legal actions. He is actively involved in dialogue with major Dutch, European and global companies on their CSR-policies and practices.

TONY EDWARDS

Chief Executive O!cer Asia Pacific

Robeco

Tony Edwards joined Robeco Group as Chief Executive O!cer Asia-Pacific in September 2011. Tony has 22 years of experience as a senior investment and capital markets participant.

Between 1990 and 1999, Tony worked in the Asian equity capital markets, based in Hong Kong and London, in various research, sales and ECM roles. In 1999 he joined AllianceBernstein (“AB”) as Head of Australian and New Zealand marketing, sales and client service, based in Sydney, Australia. In 2003, Tony moved with AB to London having accepted a senior role as a member of AB’s new European client and consultant facing business development team. In 2005, following his completion of the Finance programme at London Business School, Tony moved back to Asia, by accepting a new investment role with AB. Initially he joined AB’s Global Research Growth Portfolio Oversight Group (“POG”), helping manage an $80Bn global equity fund. He also became a member of AB’s local Asia ex-Japan, China and Indian POGs, managing local & global equity portfolios typically for Asian Sovereign Wealth & large Australian Superannuation funds. In 2009, following approximately 5 years of investment experience, Tony moved back into a business development and administration role, as Head of Neuberger Berman Asia ex-Japan “NB”.

SCOTT FOSTER

Senior Analyst, Technology (Sustainability)

BNP Paribas Securities

Scott Foster covers electronics and sustainability related companies. He has worked as an analyst in Japan and Korea since 1984, focusing on semiconductor, display and solar equipment, semiconductors, other electronics and engineering. He has also participated in underwritings and other sales of shares and convertible bonds on behalf of Samsung Electronics, Korea Mobile Telecom, UMCJ and other companies. Institutions he has worked for include Merrill Lynch, Lehman Brothers and HSBC. Scott has a BA from Stanford University and an MA from The Johns Hopkins School of Advanced International Studies.


JAMES GIFFORD

Executive Director

UNPRI

James Gi"ord is Executive Director of the PRI and has been guiding the initiative since its inception in November 2003. He worked with UNEP FI and the UN Global Compact leading the PRI drafting process, and after the launch and the establishment of the Secretariat in 2006, became its first Executive Director. He has a PhD from the Faculty of Economics and Business at the University of Sydney on the e"ectiveness of shareholder engagement in improving corporate environmental, social and corporate governance performance and is an Honorary Research Fellow in the School of Management at the University of St Andrews. He has a background in IT and environmental protection. James has degrees in Commerce and Law from the University of Queensland, and a Master’s of Environment Management from the University of New South Wales. He was named in 2010 by the World Economic Forum as one of 200 Young Global Leaders.

EDOARDO GAI

Head of Sustainability Services

SAM

Edoardo Gai is Head of Sustainability Services at SAM, He created this unit 2006 to answer the companies’ need on information and know-how on sustainability issues.

He joined SAM in 2000 as analyst for the ICT sector, he later became responsible for the process to collect and evaluate the sustainability data, as well as the selection process for the DJSI. Edoardo was also Co-Head of SAM Indexes in 2009-10.

Previously, Edoardo worked for Triodos NV in the Netherlands as sustainability analyst and for SiRi Group when it was just created. At the same time, he successfully finished his postgraduate education as environmental manager in Rotterdam participating at the EAEME program.

After graduating with a Master Degree in Electronic Engineering from the Swiss Federal Institute of Technology in Zurich, Switzerland (ETH), Edoardo worked as project leader at HMT microelectronics, where he was responsible for the design and development of integrated circuits.

GORDON HAGART

Head of ESG Risk Management

Future Fund

Prior to joining the Future Fund, Gordon was Senior Consultant at onValues Investment Strategies & Research in Zurich. Previously he was a Programme Manager with the United Nations Environment Programme in Geneva. Gordon began his career as an investment banking analyst with Greenhill & Co. in London. He has Bachelor’s and Master’s degrees in geophysics from the University of Cambridge.

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DAVID HARRIS

Director

Responsible Investment

David leads the development of FTSE’s Responsible Investment (RI) services, including FTSE4Good, ESG Ratings, FTSE Environmental Markets, and FTSE CDP Carbon Strategy Series. FTSE’s Responsible Investment Unit, which David heads, is responsible for RI index management, corporate engagement, managing research partnerships, and developing new RI services. David is Vice-Chair of the board for the UK Sustainable Investment and Finance (UKSIF) association, a judge for the FT Sustainable Finance Awards and a EUROSIF advisory committee member. Previously, David worked for ADL’s Environment & Risk Practice, and PwC’s climate change team. David has an MSc in Environmental Technology, an IMC from the UK Society of Investment Professionals, and a first class degree in Biological Sciences from Oxford University.

MAIREAD HANCOCK

Head of Client Services

EIRIS

Mairead joined EIRIS in 2001 and heads the client team which is responsible for looking after the needs of existing clients and developing new business. She works closely with FTSE and the JSE on their responsible investment indices as well as assisting a range of other clients to implement their socially responsible investment policies. Prior to EIRIS Mairead worked in tax accountancy, teaching and managed a research programme at the London Business School. She is a graduate in Business Studies with an MA in Linguistics and has completed her MBA at Warwick University in 2009.

GERRIT HEYNS

Partner

Osmosis Investment Management

Gerrit Heyns spent over 20 years building and managing institutional equity distribution networks across Asia and Eastern Europe. He has worked for global institutions like Kleinwort Benson, Lehman Brothers and JP Morgan, as well as domestic banks – Crosby Securities in Hong Kong and Troika Dialog in Moscow. He gave up his institutional career and his partnership at Troika Dialog in 2009 to pursue interesting innovative ways of making money. He joined his partners in forming Osmosis to do just that. He participates in several industry organizations in the sustainability space.

Gerrit holds a graduate degree in International Finance from Glasgow University and an undergraduate degree in Finance from Louisiana State University.


MARCEL JEUCKEN

Managing Director, Responsible Investment

PGGM

Dr Marcel Jeucken is Managing Director Responsible Investment and member of the Management Team of the portfolio managers unit at PGGM Investments. PGGM Investments is the fiduciary manager for amongst others Pensioenfonds Zorg en Welzijn, the second largest pension fund in The Netherlands and Europe, and has approximately 108 billion euro under management. The 11 persons strong Responsible Investment team has a central role in the implementation of PGGM’s responsible investment policy along all asset classes. These activities include integration of environmental, social and governance (ESG) factors into internal and external mandates, focussed ESG investments, voting, engagement, exclusions, and shareholder litigation. Marcel is amongst others a delegate of the PRI Board and member of the Steering Committee of the Institutional Investors Group on Climate Change (IIGCC). In 2009 Marcel was a member of the Corporate Governance Code Review Committee of the International Corporate Governance Network (ICGN) which published its revised corporate governance principles at the end of 2009.

MICHAEL JANTZI

Chief Executive O!cer

Sustainalytics

Michael Jantzi is the CEO of Sustainalytics. He was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael is a thought leader on sustainability investment and corporate social responsibility issues and regularly appears in the global media. He is the co-author of The 50 Best Ethical Stocks for Canadians: High Value Investing, published by MacMillan Canada. Jantzi Research won the 2006 Capital Markets Award for Sustainable Investment & Banking, awarded by the GLOBE Foundation and The Globe and Mail as part of the prestigious GLOBE Awards for Environmental Excellence program. In June 2010 Michael was awarded the Lifetime Achievement Award by the Social Investment Organization in recognition of his contributions to the Canadian socially responsible investment market thorough leadership, initiative, collaboration and innovation. Sustainalytics was also internationally recognized in 2010 as the Best ESG Research House of the Year by IPE-TBLI Group.

XINTING JIA

Principal, Head of Asia, Responsible Investment

Mercer

Dr Xinting Jia is Principal, Head of Asia, Responsible Investment at Mercer. Xinting works very closely with clients across Asia Pacific in formulating strategies for taking environmental, social and governance (ESG) issues into investment processes, with a focus on Asia. Xinting also researches RI thematic funds - renewable energy, water, agriculture, waste, and carbon and provides client advice.

Xinting co-authored Mercer and the International Finance Corporation (IFC) of the World Bank Group report, “Gaining Ground: integrating environmental, social and governance (ESG) factors into investment processes in emerging markets” and co-authored Mercer’s white paper on carbon risk and carbon trading. Xinting’s book “Corporate governance and resource security: The transformation of China’s global resources companies”, was published by Routledge in 2010 in New York. Xinting was also a contributor to Mercer Climate Change Scenarios and Asset Allocation Report (2011).

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SEIJI KAWAZOE

Associate General Manager

Sumitomo Trust & Banking

Mr Seiji Kawazoe graduated from University of Tokyo, obtained BA on social psychology. He joined Sumitomo Trust & Banking Co., Ltd. in 1987, experienced several junior positions in business operations and currency trading. Since 1995, he has moved to asset management and investment section at the bank, and he gained professional experience as a fund manager and as a senior fund manager for Global Equities for institutional accounts. He has been based in various locations (Tokyo, New York, London and Luxembourg) where he gained deeper insights into the global financial industry, particularly in the field of equity investments, including corporate disclosure issues and regulatory frameworks. He has recently taken on global business development including ESG services at Sumitomo Trust with a strong interest in ESG issues, after he returned to Tokyo o!ce. He is a CFA charter holder and has obtained an MBA at London Business School.

RAKHI KUMAR

Vice President, Corporate Governance

State Street Global Advisors

Rakhi Kumar is Vice President, Corporate Governance at State Street Global Advisors. Rakhi’s responsibilities include research and analysis of governance issues across domestic and global investment strategies, with a particular focus on remuneration, M&A transactions, proxy contests and emerging market investments. Prior to joining SSgA, Rakhi was Senior Research Analyst at Proxy Governance, Inc. (PGI), and has also worked at the Institute of International Finance (IIF), Moody’s Investors Service and Booz Allen Hamilton, among other organizations.

Rakhi has built expertise in evaluating corporate governance at the company and country level in developed and emerging market countries. At PGI, Rakhi provided voting recommendations on proxies of non-US companies and on M&A transactions. At the IIF, Rakhi made corporate governance policy reforms recommendations to governments of several emerging market countries and developed a best practice guide for financial institutions on lessons learned from the financial crisis.

RITU KUMAR

Director

Actis

Ritu joined Actis in 2006 as a member of the ESG team in London, and has over 20 years of experience working with industry on environmental and social issues. Ritu has worked with the United Nations Industrial Development Organisation and established the European a!liate of a leading Indian organisation, The Energy and Resources Institute (Europe), in 2000. Ritu holds a BA and MA in Economics from Delhi University and an MSc in Economics from the London School of Economics. She has a diploma in Environmental Economics from Harvard University and is a qualified social auditor.


REBECCA LEWIS

Investment Analyst

Arisaig Partners

Rebecca Lewis is an investment analyst at Arisaig Partners, an investment management firm who focus exclusively on listed consumer sector businesses in emerging markets. Rebecca leads the integration of Environmental, Social and Governance data into Arisaig’s investment process and ownership practices across Asia, Africa and Latin America. Previously Rebecca was a Responsible Investment Analyst at Responsible Research and has independent research projects for the United Nations Global Compact on the engagement of the private sector on climate change. Rebecca has a Masters Degree from Cambridge University and an MBA from INSEAD.

CHRIS LEAHY

Co-founder

Blackpeak Group

Chris Leahy, is a co-founder of Blackpeak Group, a strategic advisory firm, headquartered in Asia, dedicated to assisting clients to deploy capital more e"ectively. A former stockbroker, investment banker and CFO with more than 18 years’ experience in Asian business and capital markets Chris is based in Hong Kong. He is the former head of investment banking in Asia for Crosby and, prior to that, was an Executive Director of BNP Peregrine Capital. After joining Kroll in 2007, he built the firm’s Southeast Asian practice and was then appointed the head of its Asian business. Chris has been a member of the secretariat of the Asian Corporate Governance Association for the past eight years.

DAVID LI

Investment Manager

Impax Asset Management

David co-manages Impax’s Asia-Pacific Strategy portfolios. Based in Hong Kong, David is also Impax’s lead analyst for Greater China including Taiwan and Singapore. David joined Ajia Partners in April 2007 and has 14 years of experience in the investment industry. Previously, he was the Head of Small and Mid Cap Research for Asia ex-Japan at Deutsche Bank Securities, and Head of Regional Media Research at ING Securities. David also has experience in auditing and is a qualified CPA and CFA. David graduated from the University of New South Wales in Australia with majors in Accounting and Finance.

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YEO LIAN SIM

Chief Regulatory O!cer

Singapore Exchange

As Chief Regulatory O!cer, Ms Yeo oversees Risk Management & Regulation (RMR) that is responsible for maintaining a robust regulatory framework for SGX’s operation of a fair, orderly and transparent market. RMR encompasses member supervision, issuer and sponsor regulation, market surveillance, enforcement, clearing risks, risk management, and regulatory policy. They work closely with the Monetary Authority of Singapore (MAS) in developing and enforcing rules and regulations for market participants.

Ms Yeo has been with SGX since July 2004. Before SGX, Ms Yeo was at Temasek Holdings where she was responsible for capital resource management. For most of her career, she was at MAS where she held responsibilities in various areas, namely, managing the Singapore dollar exchange rate, money market operations and the investment of foreign reserves, as well as overseeing the regulation of the securities and futures markets.

BENJAMIN McCARRON

Head of Research


Benjamin heads the research team at Responsible Research, a boutique that provides Environmental, Social and Governance (ESG) solutions for institutional investors relating to their holdings in listed Asian companies.

Benjamin was most recently at The Co-operative Asset Management (TCAM), where he led integration of environmental and social analysis in their investment and engagement processes. During his time at The Co-operative Benjamin was the lead author of the Good Companies Guides, published in The Observer, which focused on issues such as gender balance and how sustainability a"ects business. He has been involved with several collaborative engagements through the PRI and sat as a steering group member on the Forest Footprint Disclosure project.

Benjamin’s previous career as a fund manager included time as a small cap pension fund manager at AXA Framlington, where he managed £100m of small cap UK pension money and significantly outperformed the benchmark. He also co-managed a global technology fund covering IT and healthcare research. Benjamin is an Associate of the CFA Society of the UK.

AMANDA McCLUSKEY

Head of Sustainability and Responsible Investment

Colonial First State Global Asset Management

In the role of Head of Sustainability and Responsible Investment, Amanda focuses on developing and delivering Colonial First State Global Asset Management’s strategy on Responsible Investment. Amanda works closely with the investment teams across all asset classes to build in a consideration of Environmental, Social and Governance issues and identify new investment opportunities. Amanda also engages the investment community more broadly to increase the awareness of the risks and opportunities for long term investors.

Amanda is the founding Deputy Chair of the Investor Group on Climate Change a non-executive director of the Great Barrier Reef Foundation and a non-executive director of the National Climate Change Adaptation Research Facility.

In recognition of her leadership, Amanda was named one of Sydney’s most influential people in 2009 and a Boss Young Executive of the Year in 2010.


JEREMY PREPSCIUS

Managing Director, Asia

BSR

Jeremy is in charge of serving and expanding the member base in Asia and integrating the work there into the BSR global approach, focusing on issues such as water, the next generation of social compliance work in the supply chain, the evolution of CSR with Chinese characteristics and the framing of CSR issues in Asia.

Jeremy has extensive experience in supply chain management, business integration, external communications, government relations and compliance operations. Prior to joining BSR in 2006, Jeremy spent more than 10 years on equipment sourcing, footwear production and corporate responsibility for NIKE Inc., and worked in China for five years as the North Asia Regional Compliance Director, covering CSR issues in Cambodia, Vietnam, China, Hong Kong, Macau, Japan, Korea, Taiwan, and the Philippines.

Jeremy holds master’s degrees in Economic Development from the Patterson School of Diplomacy and International Commerce at the University of Kentucky.

SASHI REDDY

Portfolio Manager

First State Investments

Sashi joined the investment team at First State Stewart in 2007. Sashi started his career as a software engineer for an IT firm in Bangalore in 2000. He spent a year at a family firm as a trainee before going for his masters in 2003. He then joined Irevna Research and worked as an associate with the European small and mid caps team at Credit Suisse before joining First State. Sashi’s research responsibilities include the Asia Pacific region with a particular focus on Indian Equities. He is also the co-manager of the Indian funds and the Asia Pac sustainability fund

JAIDEEP SINGH PANWAR

Senior Responsible Investment Analyst


Jaideep’s remit includes Research and Corporate Engagement. His most recent work has been on Sustainable Stock Exchanges: A Report on Progress. Prior to this, he has co-authored Responsible Research’s India-centric reports on water and microfinance as well as on ESG issues in automotives in Asia. Previously, he worked with Ernst & Young’s Climate Change and Sustainability Services practice, servicing clients in in India and the Middle East. There he collaborated with MNC clients in cement, mining-metals, automotive, engineering, IT and other industries in identifying sustainability metrics and provided an objective view of improvement opportunities. Much of this work culminated in corporate disclosure of sustainability commitments and performance. Jaideep holds an MSc in Environmental Management from the National University of Singapore.

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ANTTI SAVILAAKSO

Director of Responsible Investment & Governance

Nordea Asset Management

Antti Savilaakso is Director of Responsible Investment & Governance at Nordea, one of the largest banks in Nordic countries. He has 6 years of experience from the Responsible Investments. Mr Savilaakso has studied extensively corporate responsibility globally and how sustainable development impacts investments. He has previously worked with Environmental, Social and Governance analysis and corporate engagement at Responsible Research in Singapore, Dexia Asset Management in Brussels and ABN AMRO Asset Management in Amsterdam.

TIM SHEN

Director of Sustainability Asia

CR Richard Ellis

As CBRE’s Director of Sustainability for Asia, Tim is responsible for environmental and green building strategy development and implementation across the region overseeing the provision of services to clients as well as the implementation of CBRE’s internal corporate strategy throughout Asia with a primary focus on China, Hong Kong and Taiwan.

Tim advises developers, investors and occupiers on market trends, strategies and solutions to help them achieve corporate sustainability objectives and realise competitive business advantages through their real estate portfolios.

He also drives the implementation of new industry standards for green building services within CBRE’s existing business lines, including brokerage, corporate advisory and property management. This adds value to client assets and helps position them for green building certification, particularly with LEED for Existing Buildings Operation and Maintenance, where CBRE globally is an industry- leading consultant.

DAVID SMITH

Head of Corporate Governance, Asia

Aberdeen Asset Management Asia

David Smith is head of corporate governance, a role in which he supports Aberdeen’s Asian equities and fixed income teams through research and engagement. David joined Aberdeen in 2011 from ISS, where he was head of Asia (ex-Japan) research.

David has a PhD in corporate governance and an MA in Corporate Strategy and Governance from the University of Nottingham and a BSc in Business Economics from the University of Wales.


YOO-KYUNG PARK

Senior Investment Advisor - Sustainability & Governance

APG Asset Management

YK Park is the senior sustainability specialist at APG based in HK. Her role is to collaborate with investment professionals within the firm and provide ESG (environmental, social, and governance) inputs to all asset classes including listed equities, fixed incomes, infrastructure, and listed & non-listed strategic real estate investments. Her geographic coverage is whole Asia Pacific region including Japan and Australia. She actively engages with portfolio companies and other group of institutional investors on a variety issues such as corporate governance, climate change, environmental liabilities / opportunities, and human rights issues.

In her time at ASrIA (Association for Sustainable & Responsible Investment in Asia in HK), YK focused on the creation of the SRI (Sustainable / Responsible Investment) Funds and Toxic Chemicals Portals and the implementation of the Carbon Disclosure Project (CDP) in Korea. She has also provided research and analysis on sustainable investment issues to a broad range of Korean and global investors.

CLARENCE YANG

Head of Corporate Governance Asia ex Japan

BlackRock

Clarence Yang, is the Head of Corporate Governance Asia ex Japan and member of the Corporate Governance & Responsible Investment team within BlackRock’s Portfolio Management Group. He is currently responsible for voting and engagement in relation to the Asian (ex-Japanese) companies BlackRock invests in on behalf of clients. Mr. Yang’s service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was responsible for voting and engagement in relation to UK and European investee companies. In 2008 he was recognized as a Rising Star of Corporate Governance by the Millstein Center for Corporate Governance. Prior to joining BGI in 2005, Mr. Yang worked for Greenwich Associates as a corporate finance research associate. Mr. Yang earned a BSc degree in economics and philosophy from City University in 2000.

HUGH WHEELAN

Managing Editor & Co-Founder

Responsible Investor

Hugh Wheelan has written on investment, corporate and sustainability issues for national newspapers including The Observer and The Financial Times.

He won the respected Aon Consulting award for European Pensions and Investment Journalist of the Year in 2006, the PIRC Responsible Investment Journalist of the Year award in 2010 and in 2011, the Best Finance Journalist award from the Asian Sustainable and Responsible Investment Association (ASrIA).

From 2004 to 2007 he was Paris Correspondent and prior to that Fund Management Editor at Financial News. Prior to that he was Political and Economic Advisor to Irene Khan, Secretary-General of Amnesty International.

From 1997 to 2003 he worked at Investment & Pensions Europe (IPE) magazine where he held the position of Deputy Editor, launch Editor of IPE Real Estate and launch Editor of IPE.com.

Hugh trained in journalism as a Reporter on the Peterborough Herald & Post and has also worked for the Liverpool Echo.

Documents

ESG Asia 2012 - Responsible Investor · Welcome to ESG Asia 2012, organised jointly by Responsible-investor.com and Responsible Research. Responsible-investor. com is the specialist,