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Michael J. Kanekane.michael@March 23, 2015Global Survey of Environmental, Social and Governance Policies of National Governments, International Organizations and Institutional Investors Table of ContentsIntroduction- Surveys and Trends- National Finance Development Agencies Promoting ESG Performance- National Securities and Exchange Agencies Promoting ESG Performance- National Stock Exchanges Promoting ESG Performance- National Stock Exchanges with Journalism Programs- National, Regional & Global Social & Environmental Exchanges Promoting ESG Performance- National Agencies Promoting ESG Performance- National Foreign Affairs, Economics and Trade Agencies Promoting ESG Policies- National and other Governmental Agency Pension Funds Promoting ESG Performance- National Parliamentary Organizations Addressing ESG Policies- National, Regional and Global Insurance Organizations Promoting ESG Performance- National, Regional and Global Index Providers Promoting ESG Performance- National and Regional Financial Organizations- National Sustainable Investment Programs and Associations- Multilateral Development Banks Promoting ESG Performance- International Organizations Promoting ESG Performance- Investor Initiatives Promoting ESG Performance- Investor Initiatives in Corporate Bonds Promoting ESG Performance- Investor Initiatives for Fixed Income Promoting ESG Performance- Banking Organizations Promoting ESG Performance- Bond Markets Promoting ESG Performance- Private Equity Organizations Promoting ESG Performance- International Financial Organizations- Professional Organizations- National and Global Non-Governmental and Consulting Organizations Promoting ESG Performance- Professional Service Providers- Global and Regional Ratings Programs Promoting ESG policies- Country Reports Promoting ESG policies in Capital Markets- Global and Regional Research Providers- Public Policy Organizations- Academic Programs Promoting ESG Performance- Key International Organizations for Future Partnerships- Resources for Research and Training- ESG Conferences*******IntroductionThe purpose of this survey is to provide examples of environmental, social and governance (ESG) policies and programs promoted by national governments, international organizations, institutional investors, and related organizations worldwide.Surveys and Trends- article re: global ESG disclosure and performance (November 2007)- IFC and Mercer release global survey in emerging markets: Gaining Ground: Integrating ESG factors into investment processes in emerging markets (March 2009)- - - EIRIS report At risk? How companies manage ESG issues at board level (May 2009)- - GovernanceMetrics releases first Country Rankings survey (September 2009)- - EIRIS report Taking stock: How leading stock exchanges are addressing ESG issues and the role they can play in enhancing ESG disclosure (November 2009)- pdf: - the Global Reporting Initiative releases Carrots and Sticks – Promoting Transparency and Sustainability; An update on Trends in Voluntary and Mandatory Approaches to Sustainability Reporting (May 2010)- - EIRIS report Sustainable Stock Exchanges: improving ESG standards among listed companies (September 2010)- pdf: Eurosif’s European SRI Study (October 2010)- MSCI’s 2012 ESG Trends to Watch (December 2011) EIRIS Sustainability Ratings is launched (March 2012)pdf: PwC report on private equity trends: Responsible Investment: Creating Value from Environmental, Social and Governance Issues (March 2012) SIF, Thomson Reuters release Tenth Annual Survey of SRI trends (July 2012) Business for Social Responsibility releases report Trends in ESG Integration in Investments (August 2012) Malk Sustainability Partners and the Environmental Defense Fund release report ESG in Private Equity (Fall 2012) Eurosif’s SRI Study 2012 (October 2012) EIRIS report Evolving Markets: What’s driving ESG in emerging economies? (October 2012) US SIF’s 2012 report on SRI trends in the US (November 2012)’s Asia Sustainable Investment Review 2012 (December 2012) Eurosif releases new European SRI transparency code (2012) Canada’s Social Investment Organization releases report Canadian SRI Review 2012 (January 2013) Global Sustainable Investment Alliance report Global Sustainable Investment Review 2012 (January 2013) Conflict Risk Network, with more than $3 trillion in assets, becomes part of EIRIS (May 2013) the Global Reporting Initiative, UNEP and others release Carrots and Sticks: Sustainability reporting policies worldwide (update from 2010 report; May 2013) NYSE Euronext joins UN Sustainable Stock Exchanges Initiative (July 2013) Networks of the Global Investor Coalition on Climate Change release 3rd annual report Global Investor Survey on Climate Change (August 2013) Eurosif report Shareholder Stewardship: European ESG Engagement Practices 2013 (September 2013) Corporate Knights and others release report Trends in Sustainability Culture: Benchmarking the World’s Stock Exchanges (October 2013) US SIF releases report on investment guide for foundations (January 2014) Eurosif report European SRI Study 2014 (October 2014) releases first annual Responsible Capitalism Survey (October 2014) releases report Global Finance Indices and Natural Capital Policies Assessment: Q3 2014 Baseline Analysis (November 2014) US SIF’s 2014 report on SRI trends in the US (November 2014)’s Asia Sustainable Investment Review 2014 (December 2014) Global Sustainable Investment Alliance report Global Sustainable Investment Review 2014 (January 2015) National Development Finance Agencies Promoting ESG Performance- US Export-Import Bank adopts carbon finance policy (November 2009)- US Export-Import Bank adopts Equator Principles (March 2011) Korea Eximbank Green Finance program 20 national agencies launch International Development Finance Club with UN collaboration (October 2013) IDFC announces $100 billion per year by 2015 for climate change investment (September 2014) Securities and Exchange Agencies Promoting ESG Performance- US SEC adopts rule requiring all US exchanges to revise their listing standards to comply with auditing standards in Sarbanes-Oxley Act of 2002 (April 2003)- - US GAO report Environmental Disclosure: SEC Should Explore Ways to Improve Tracking and Transparency of Information (July 2004)- US SEC releases Staff Legal Bulletin 14B re: shareholder actions (September 15, 2004) UK Accounts Modernisation Directive requires environmental reporting (2006)- China Securities Regulatory Commission releases Administrative Measures for the Disclosure of Information of Listed Companies (January 2007)- - Indonesia adopts Article 74 to require social and environmental responsibility programs for companies related to natural resources (July 2007)- - US SEC allows shareholders to file petition with Fidelity Mutual Fund re: human rights and genocide (January 2008)- China Securities Regulatory Commission releases document requiring environmental assessment with new public securities listings (February 2008)- - Taiwan Financial Supervisory Commission announces plans to require disclosure of CSR/ESG information for listed companies (December 2008)- 2011 update: - Bursa Malaysia, Securities Commission Malaysia and the Minority Shareholder Watchdog Group launch the Corporate Governance Index (June 2009)- - US SEC provides for shareholder resolutions on social and environmental matters (October 2009)- - US SEC approves enhanced disclosure of risk, compensation, corporate governance and board diversity (December 2009)- - Ontario Securities Commission releases OSC Corporate Sustainability Reporting Initiative (December 2009)-pdf: - US SEC provides guidance on disclosure of climate risk (January 2010)- pdf: - background: - US SEC advisory committee develops workplan to examine ESG matters (February 2010)- - US SEC will implement Financial Reform Act of 2010 for corporate disclosure re: conflict minerals (Title XV, Section 1502); mining (Section 1503); resource extraction (Section 1504) (July 2010)- - global background: - Canadian Securities Administrators releases Environmental Reporting Guidance (October 2010) - - text: US SEC proposes rule to require disclosure of mine safety violations (January 2011) US SEC allows shareholders to request vote on genocide policy of JP Morgan Chase (March 2011) US SEC requires disclosure of risk from natural gas drilling (hydraulic frackturing) (August 2011) US SEC staff summary of ethics compliance and enforcement program (October 2011) US SEC releases guidance on cybersecurity risk (October 2011) India’s Securities and Exchange Board requires Business Responsibility Reports (November 2011) US SEC announces new Investor Advisory Committee (April 9, 2012) US SEC adopts rules requiring payment disclosures for resource extraction (August 2012) US SEC adopts rule for disclosing use of conflict minerals (August 2012) US SEC releases notice for corporate disclosure of information related to Iran, Syria (December 2012) US SEC allows Boston Common Asset resolution at PNC Bank re: climate risk disclosure (February 2013) US SEC, FINRA and CFTC release guidance on business continuity planning, based on experience after Hurricane Sandy (August 2013) US SEC proposes rules for pay ratio disclosure (September 2013) Malaysia: Securities Commission Malaysia releases stewardship code (June 2014) SEC posts comments on disclosure effectiveness (Summer - Fall 2014) National Stock Exchanges Promoting ESG Performance-Brazil’s BOVESPA launches the Novo Mercado corporate governance program (December 2000)- - NYSE Euronext membership with the EU’s CSR Europe (Euronext: since 2001)- - NASDAQ OMX Corporate Sustainability- South Africa’s Johannesburg Exchange (since 2004)- - Tokyo Stock Exchange releases Charter of Corporate Behavior (2004)- Shanghai Stock Exchange and Shenzhen Stock Exchange create China Securities Index Co., Ltd to create indices for listed companies (September 2005)- - Brazil’s Bovespa Corporate Sustainability Index (since December 2005)- - Malaysia’s Bursa Malaysia: CSR Framework for Malaysian PLCs (since 2006)- - Israel’s Tel Aviv Stock Exchange with the Maala SRI Index (since 2006)- - Shenzhen Stock Exchange releases Social Responsibility Instructions for Listed Companies (September 2006)- National Stock Exchange of India collaboration with S&P, CRISIL on ESG Index (2007)- (under Indices)- Australian Securities Exchange Corporate Governance Council Guidelines (Principles 3 and 7) provide for ESG analysis in annual corporate governance statements (August 2007)- - Hanover Stock Exchange (Borse Hannover) launches Global Challenges Index with oekom research ratings firm (September 2007)- January 2013 update: Thai Stock Exchange releases corporate governance principles document (undated; circa 2008) - Shanghai Stock Exchange releases Guideline on Environmental Information Disclosure by Listed Companies (May 2008)- - Hong Kong Exchange signs Corporate Responsibility Charter and Carbon Reduction Charter (December 2008)- - 2010 update: - Deutsche Borse Group releases first annual Corporate Responsibility Report (2009)- - Vienna Stock Exchange launches Responsible Investment Universe Index (January 2009) - Korea Exchange launches Socially Responsible Investment Index in Fall 2009 NYSE Euronext and Asset4 announce partnership to make Asset4 software available to analyze ESG factors at companies listed on NYSE Euronext (May 2009)- - Indonesia Stock Exchange announces plans for the SRI-KEHATI Index (June 2009)- - NASDAQ OMX and CRD Analytics launch Global Sustainability 50 Index (June 2009)- - - - Warsaw Stock Exchange launches Respect Index (June 2009)- - Shanghai Stock Exchange launches Social Responsibility Index (August 5, 2009) Istanbul Stock Exchange becomes signatory of Principles of Responsible Investment (January 2010) Italian Exchange’s Ethical Finance Program (February 2010)- - Egyptian Exchange launches ESG Index (March 2010)- - China’s Hang Seng Index launches Corporate Sustainability Index (July 2010)- - - World Federation of Exchanges releases Exchanges, ESG and Investment Decisions (September 2010)- - NYSE Euronext and APX launch NYSE Blue for environmental and sustainable energy markets (September 2010)- - EIRIS report Sustainable Stock Exchanges: improving ESG standards among listed companies (September 2010)- pdf: - China Securities Index Company (Shanghai and Shenzhen stock exchanges) launches CSI ECPI China ESG 40 Equity Index (September 2010)- - NASDAQ OMX launches Green Indexes (September 2010) - Malaysia’s Bursa Malaysia launches Business Sustainability Programme and announces plans for ESG index (November 23, 2010)- - Mexico’s Bolsa Mexicana de Valores launches the Mexican Sustainability Index (December 2010)- - -NYSE Euronext launches NYSE Blue (February 2011)- -Spanish Exchange (BME) becomes member of UN Global Compact (March 2011) -Seven Asian stock exchanges launch ASEAN Exchanges (April 2011) - -Singapore Exchange releases Guide to Sustainability Reporting for Listed Companies (June 2011) Mexican Stock Exchange launches Sustainability Index (December 2011) PRI releases report: Sustainable Stock Exchanges: A Report on Progress (March 2012) major stock exchanges agree to promote ESG performance with companies listed on their exchanges: NASDAQ, BM&F Bovespa, Johannesburg, Istanbul and Egypt (June 2012) Hong Kong Exchange releases new ESG guidelines (August 2012) ’s Securities and Exchange Board requires Business Responsibility reporting with ESG information (August 2012) NASDAQ OMX joins UN Global Compact (November 2012) Italian Exchange’s new stewardship code (November 2012) NYSE Euronext and Vigeo launch ESG indices (March 2013)(+International+News+Releases) Luxembourg Stock Exchange launches Responsible Investment Index (July 2013) Deutsche Borse Group releases report Communicating Sustainability (September 2013) Stock Exchange and Indian Institute of Corporate Affairs sign agreement to develop CSR index (September 2013) Corporate Knights Capital releases report providing rankings of sustainability disclosure performance of listed companies on stock exchanges; in collaboration with UN Sustainable Stock Exchanges Initiative and others (October 2013) EIRIS releases progress report on sustainable stock exchanges (November 2013) Warsaw Stock Exchange joins UN Sustainable Stock Exchanges Initiative (December 2013) Stock Exchange announces plans for ESG research with MSCI (February 2014) Stock Exchange and CPA Canada release report A Primer for Environmental & Social Disclosure (March 2014)pdf: London Stock Exchange group joins Sustainable Stock Exchanges Initiative (June 2014) Securities Exchange joins UN Sustainable Stock Exchanges Initiative (July 2014) Stock Exchange joins UN Sustainable Stock Exchanges Initiative (August 2014) Stock Exchange joins UN Sustainable Stock Exchanges Initiative (September 2014) Stock Exchange launches sustainability index (September 2014) Sustainable Stock Exchanges 2014 Report on Progress (October 2014) Singapore Exchange to require sustainability reporting (October 2014) Santiago Stock Exchange joins UN Sustainable Stock Exchanges (December 2014) Nairobi Securities Exchange joins UN Sustainable Stock Exchanges (March 2015) National Stock Exchanges with Journalism ProgramsKyrgyz Stock Exchange Press Club (since mid-1990’s, with support from US AID, Soros Foundation, others) Thai Publica Online News Agency (2011) translation: National, Regional & Global Social & Environmental Exchanges Promoting ESG Performance- Brazil’s Environment and Social Investment Exchange (2003)- Beijing Municipal Government launches the China Beijing Environment Exchange (2008) Reporting & Investment Standards (2008) Global Impact Investing Network (2009) online directory: (2013)- Impact Investment Exchange Asia (2009)- - Global Social Investment Exchange launches global portal (2009)- - Portugal’s Social Stock Exchange (2010)- - Toronto’s Social Venture Exchange (summer 2011) UK’s Social Stock Exchange (June 2013)London National Agencies Promoting ESG PerformanceUS EPA establishes Environmental Finance Advisory Board (1989)’s Ministry of the Environment releases Environmental Reporting Guidelines (March 2004)pdf: - China’s State Environmental Protection Administration releases Measures on Open Environmental Information (February 2007; effective May 2008)- - UK Environment Agency report Environmental Disclosures: The Second Major Review of Environmental Reporting in the Annual Report & Accounts of the FTSE All-Share (2007)- - Australian Department of Treasury task force recommends ESG policy (June 2007)- : - Sweden’s Ministry of Enterprise, Energy and Communications requires all state-owned companies to follow new guidelines for public reporting (December 3, 2007)- China’s State-Owned Assets Supervision and Administration Commission releases CSR guidelines for state-owned enterprises (Spring 2008) - India’s Ministry of Corporate Affairs establishes the Indian Institute of Corporate Affairs and the National Foundation for Corporate Governance (2008)- IICA : - NFCG: - India’s Ministry of Corporate Affairs releases voluntary guidelines on corporate governance and on corporate social responsibility (December 2009) Japan’s Ministry of the Environment releases Principles for Financial Action Towards a Sustainable Society (March 2012) China’s State-Owned Assets Supervision and Administration Commission releases report 2011 Analysis Report of the CSR Reports of Central Enterprises (May 2012)Chinese: Foretica releases report on state-owned companies (June 2012) UN Global Compact and Maplecroft launch Working with State-Owned Enterprises (August 2012) Germany’s Ministry of Environment and UN PRI release handbook for investment (in German) (March 2013) adopts new Companies Bill on corporate governance (August 2013) Japan’s Financial Services Agency releases draft stewardship code (December 2013) China’s Development Research Center of the State Council releases report Greening China’s Financial System (January 2014)pdf: UK Law Commission report on fiduciary duty (July 2014) Foreign Affairs, Economics and Trade Agencies Promoting ESG Policies- UK Foreign & Commonwealth Office CSR program (since 1995)- - US Secretary of State’s Annual Award for Corporate Excellence (since 1999)- Japan’s Ministry of the Environment provides laws and guidance on environmental reporting, environmental management systems, and environmental accounting (since 2000)- - Germany’s Commission of the German Corporate Governance Code (since 2001)- Ministry of Economic Affairs releases annual Transparency Benchmarks for CSR Reports (since 2004) Japan adopts Law No. 77 re: business information and responsibilities (2004)- pdf: - Dutch Corporate Governance Code Monitoring Committee, established in 2004, revises code to expand CSR/ESG factors (2009) Norway’s Ministry of Foreign Affairs releases report Corporate Social Responsibility in a Global Economy (January 2009) - Egypt’s Institute of Directors (of the Egyptian Ministry of Investment) launches Egyptian ESG Index (January 2010)- India’s Ministry of Corporate Affairs releases National Voluntary Guidelines on Social, Environmental, and Economic Responsibilities of Business (July 2011) Germany’s Council for Sustainable Development adopts German Sustainability Code (October 2011) US Office of the Trade Representative and Department of State release new model bilateral investment treaty with stronger labor and environmental protection (April 2012) France’s Ministry of Commerce releases report on responsible investment (June 2013) Japan’s Ministry of Economy, Trade and Industry releases statement on investors and companies (November 2013) National and other Governmental Agency Pension Funds Promoting ESG Performance- Norway’s Ethical Guidelines for the Government Pension Fund- - Pension Fund link on left- Norway’s Norges Bank Investment Management- Norges Bank Database of ESG analysis at 4,000 companies (October 2011) - UK’s Environment Agency Pension Fund- - China’s National Pension Fund includes responsible investment as a core principle- - Canada’s CPP Investment Board Responsible Investing Policies and Initiatives- CalPERS Investment Policies- - Australia’s Regnan Ltd represents governmental and institutional funds of $50 billion- Pension Benefit Guaranty Corporation (US) establishes new policy for $55 billion investment (February 18, 2008)- - Association for Sustainable & Responsible Investment in Asia (ASrIA) releases report The Time to Lead is Now: The Adoption of ESG Analysis by Asian Government Pension Funds (July 2009)- Dutch pension fund APG management promotes ESG program Japan’s national pension fund for municipal employees adopts MSCI’s ESG Index (April 2012) South Africa’s Pension Funds Act, Regulation 28, requires fiduciary duty to address responsible investment and ESG analysis (2012) CalPERS report Towards Sustainable Investment: Taking Responsibility (January 2013) CalPERS launches Sustainable Investment Research Initiative (June 2013) CalPERS Transparency Report to PRI Association (2013-14) CalPERS Investment Policy for Investment Beliefs (July 2014) National Parliamentary Organizations Addressing ESG Policies- UK All-Party Parliamentary Group on Corporate Social Responsibility- - UK All-Party Parliamentary Group on Socially Responsible Investment- US Senate Subcommittee on Securities, Insurance and Investment: Hearing on Climate Risk Petition to the SEC (October 31, 2007) Turkish Parliament adopts law to promote corporate governance in new commercial code (December 2011) US Congress encourages US SEC to implement Dodd-Frank provisions on conflict minerals and resource extraction payments (June 2012) UK House of Commons report Green Finance (February 2014) National, Regional and Global Insurance Organizations Promoting ESG PerformanceThe Geneva Association (since 1973)Geneva Risk: of the Oceans and Implications for the (Re) insurance industry (June 2013) Financial Stability & Regulation Insurance in a Climate of Change (since early 1990’s)Lawrence Berkeley National LaboratoryUS Department of EnergyBerkeley, CA The CRO Forum is launched by insurance firms (2004)Netherlands CRO Forum Sustainability Framework; 2010 ClimateWise is launched by insurance firms in the UK (2007) - China’s Ministry of Environmental Protection explains progress using insurance for environmental protection (January 2009)- the National Association of Insurance Commissioners (US) adopts policy to require insurance companies to disclose financial risks from climate change (March 2009)- - NAIC Climate Change and Global Warming Working Group- - Arab Forum of Insurance Regulatory Commissions and Hawkamah release Policy Brief on corporate governance (March 2009)- - the Multilateral Investment Guarantee Agency of the World Bank Group and the Dubai International Financial Centre sign agreement to promote investment in the Middle East and Northern Africa (October 2009)- pdf: - Insurance Working Group of the UNEP Finance Initiative releases The global state of sustainable insurance (October 2009)- pdf: International Association of Insurance Advisors launches Access to Insurance Initiative (October 2009) background: IFC and World Bank launch Global Index Insurance Facility (December 2009) oekom Industry Focus: Insurance (July 2010) - UNEP Finance Initiative releases statement on climate and insurance in developing countries (September 2010)- - - report: International Scan of Sustainability Practices of Insurance and Non-Insurance Companies; Strandberg Consulting (November 2010)- European Union launches EIOPA, the European Insurance and Occupational Pensions Authority (January 2011) OECD Council adopts Guidelines on Insurer Governance (May 2011) Group of P&I Clubs (shipping reinsurance) adopts sanctions against Iran (March 2012) - UNEP Finance Initiative’s Principles for Sustainable Insurance (June 2012)- - report: PSI: Principles for Responsible Insurance (June 2012)- China’s Ministry of Environmental Protection and China Insurance Regulatory Commission release guidelines to require insurance in high risk industries (February 2013) Lloyd’s report Feast or Famine: Business and Insurance Implications of Food Safety and Security (May 2013) report The Insurance Industry and Climate Change (September 2013) UNEP Finance Initiative and others release statement Building Climate and Disaster-Resilient Communities and Economies (November 2013) UNEP Finance Initiative releases Insuring Climate Resilience (November 2013) report Insurers as Partners in Inclusive Green Growth; Evan Mills (2013)’s report Catastrophe Modelling & Climate Change (May 2014) Insurance Capital Standard Principles (September 2014) report ranking US insurance companies for climate programs (October 2014) National, Regional and Global Index Providers Promoting ESG Performance- ECPI Indices (since 1997)- - - Dow Jones Sustainability Indexes (since 1999)- report:Dow Jones Sustainability Emerging Markets Index Guide (February 2013) DJSI Diversified Family in collaboration with RobecoSAM (May 2013) - FTSE Group’s Socially Responsible Investment (FTSE4Good) Index (since 2001)- Environmental Markets Index Series - MSCI Indices- - - STOXX (Deutsche Borse) Environmental, Social and Governance Indices- MSCI, S&P and FTSE launch Index Industry Association (March 2012) members: STOXX (Deutsche Borse) launches ESG Leaders Index (May 2012) Thomson Reuters launches Corporate Responsibility Indices (April 2013) RepuTex launches ESG Data Source program with more than 1,000 companies in Asia (May 2013) National and Regional Financial OrganizationsChina Banking Association releases first Annual Social Responsibility Report of China’s Banking Sector (December 2008) - China Banking Association releases CSR guidelines for financial institutions (January 2009)- Danish Bankers Association and CSR (undated; circa 2009)- Fund and Asset Management Association releases report on responsible investment (April 2011) Swiss Sustainable Finance is launched (July 2014) National Sustainable Investment Programs and AssociationsPRI Networks (since 2008) Global Sustainable Investment Alliance (since 2012) Multilateral Development Banks Promoting ESG Performance- World Bank’s FIRST Initiative Program (ESG performance in emerging markets; since 2002)- Development Finance Institutions Approach Statement (since 2007) IFC releases report Banking on Sustainability: Financing Environmental and Social Opportunities in Emerging Markets (2007)- World Bank and IFC establish GEF Earth Fund platforms to encourage innovation in private sector investment (2008) - IFC releases report Future Proof? Embedding environmental, social and governance issues in investment markets (January 2009)- IFC signs PRI, announces priorities (March 2011) IFC updates Sustainability Framework (May 2011) IFC report Track Record: Lessons from IFC’s Corporate Governance Experience (June 2011) IFC launches FIRST for Sustainability web portal (July 2011) Development finance institutions adopt Corporate Governance Development Framework to promote sustainable development in emerging markets (September 2011) IFC Sustainability Framework effective January 2012 report Corporate Governance and Development (April 2012) Multilateral development banks adopt framework for harmonized approach to emissions reporting (November 2012) World Bank report: Sustainability indices raising the bar on corporate governance: a study of eight stock exchange indices (June 2013) link: and African countries launch African Corporate Governance Network (October 2013) Asian Development Bank report The Economics of Climate Change in the Pacific (November 2013) IFC and Global Corporate Governance Forum release Private Sector Opinion 32 by Steve Lydenberg, Emerging Trends in Environmental, Social, and Governance Data and Disclosure: Opportunities and Challenges (January 2014) Inter-American Development Bank releases book Managing Environmental and Social Risks: A Roadmap for National Development Banks in Latin America and the Caribbean (May 2014) Bank for Reconstruction and Development releases new Environmental and Social Policy (May 2014) Bank releases report on climate change and development (June 2014), China, India, Russia and South Africa launch New Development Bank (July 2014)Paragraph 11: Organizations Promoting ESG Performance- OECD Guidelines for Multinational Enterprises (since 1976) - OECD Guidelines and PRI: - OECD Principles of Corporate Governance (since 1999) Finance Initiative is launched (1991-92) UNEP Statement of Commitment by Financial Institutions on Sustainable Development (1991-92) UNEP Finance Initiative members of more than 200 financial institutions (since 2000)- UNEP Finance Initiative reports and work streams- OECD environmental standards for export credit agencies (December 2003; updated June 2012)- - European Union Modernization Directive Article 46 requires disclosure of non-financial information (2005)- OECD Guidelines on Corporate Governance of State-Owned Enterprises (2005) Principles for Responsible Investment (launched April 2006)- UN Global Compact’s Financial Markets Program- - EU Shareholder Rights Program (2007)- - The European Union’s European Investment Bank releases a revised Statement of Environmental and Social Principles and Standards (Fall 2008)- - the EU European Commission’s European Competitiveness Report 2008, Chapter 5, Overview of the links between Corporate Social Responsibility and Competitiveness (2008)- - UN Global Compact and IFC release Future Proof? Embedding environmental, social and governance issues in investment markets (January 2009)- - UNEP Finance Initiative releases report Fiduciary responsibility: Legal and practical aspects of integrating environmental, social and governance issues and institutional investment (July 2009)- PRI releases report on private equity (July 2009; updated 2011) PRI, UN Global Compact and others host Sustainable Stock Exchanges event at UN (November 2, 2009) UNEP Finance Initiative creates Banking Commission (January 2010)- - UN Finance Initiative and WBCSD release report Translating ESG into sustainable business value (March 2010)- - OECD releases Terms of Reference for an Update of the OECD Guidelines for Multinational Enterprises (May 4, 2010)-pdf: PRI, UNCTAD host Sustainable Stock Exchanges 2010 in Xiamen, China (September 8, 2010)- - Basel Committee on Banking Supervision of the Bank for International Settlements releases Principles for enhancing corporate governance (October 2010)- G-20 launches Mutual Assessment Process (November 2010) -UNEP Finance Initiative and UN Global Compact release Principles for Investors for Inclusive Finance (January 2011) PRI releases Principles for Responsible Investment in Farmland (September 2011), UN Global Compact, and others release The Responsible Investor’s Guide to Commodities (September 2011) EU European Commission announces new program with ICGN, PRI and EFFAS to build investor capacity to integrate ESG information with investment decisions (October 2011) UNEP Finance Initiative, Global Canopy Programme and Center for Sustainable Studies (Brazil) invite financial institutions to sign Natural Capital Declaration (October 2011) European Commission releases report A renewed EU strategy 2011-2014 for Corporate Social Responsibility (October 2011) EU European Commission releases finance, investment and business initiatives (October 2011) OECD long-term investment program (since 2011) UNEP and others release report Making Investment Grade: The Future of Corporate Reporting (June 2012) UN Rio+20 conference final document, paragraph 47, encourages corporate reporting (June 2012) UN Global Compact and PRI launch ESG Investor Briefing: A new framework for communicating value drivers at the company – investor interface (June 2012) EU European Commission proposal for mandatory ESG disclosure (July 2012) UN Global Compact and others release corporate water disclosure guidelines (August 2012) OECD report Defining and Measuring Green Investments (September 2012) UNCTAD, FAO, IFAD and World Bank release Principles for Responsible Agricultural Investment (October 2012) OECD Tracking Private Climate Finance Research Collaborative (February 2013) PRI releases report Building the Capacity of Investment Actors to Use Environmental, Social and Governance (ESG) Information (February 2013) PRI releases report Building the Capacity of Investment Actors to use Environmental, Social and Governance (ESG) Information (February 2013) releases private equity ESG framework (March 2013) European Union to require disclosure of payments to governments for natural resources (April 2013) European Union proposal to require corporate disclosure of non-financial information (April 2013) PRI releases new reporting framework (May 2013) OECD Working Party on Responsible Business Conduct releases report Environmental and Social Risk: Due Diligence in the Financial Sector (May 2013)pdf: Asian Development Bank releases report ASEAN Corporate Governance Scorecard: Country Reports and Assessments 2012-2013 (May 2013) UNCTAD report Best practice guidance for policymakers and stock exchanges on sustainability reporting initiatives (August 2013)pdf: PRI releases Sovereign Bonds: Spotlight on ESG Risks (September 2013) UN Global Compact launches the Global Compact 100 stock index (September 2013) PRI Academic Network launches research publication RI Quarterly (October 2013) UNEP launches research into the design of a sustainable financial system (January 2014) Inquiry reports: Inquiry on Slideshare: EU European Commission adopts IORP II, including provisions for ESG analysis (March 2014) (see last paragraph of press release) releases report Integrating ESG in Private Equity – a Guide for General Partners (April 2014) Parliament adopts corporate disclosure requirements (April 2014) commentary: Finance Initiative releases report Integrated Governance: A New Model of Governance for Sustainability (June 2014) Global Forum on Responsible Business Conduct releases report Expert letters and statements on the application of the OECD Guidelines for Multinational Enterprises and UN Guiding Principles on Business and Human Rights in the context of the financial sector (June 2014) Secretary General’s report on the international financial system and development (July 25, 2014) launches review of Principles of Corporate Governance and Guidelines on Corporate Governance of State-Owned Enterprises (September 2014) UNEP Finance Initiative and others launch The Portfolio Decarbonization Coalition (September 2014) Montreal Carbon Pledge (September 2014) FI, CISL report: Stability and Sustainability in Banking Reform: Are Environmental Risks Missing in Basel III? (October 2014) , UNEP release report The Case for Investor Engagement in Public Policy (November 2014) UNEP releases report Aligning the financial system with sustainable development: pathways to scale (January 2015) OECD report on social impact investment (February 2015) Investor Initiatives Promoting ESG PerformanceMedical Committee for Human Rights case (napalm case against Dow) on SEC proxy voting rights provides precedent for shareholder action (US Supreme Court; 1972) Interfaith Center on Corporate Responsibility is launched (1973) Social Venture Network (US) (1987) Business Council for Sustainable Development (June 1992) for Social Responsibility (June 1992) Mutual Fund Directors Forum is established (US) (2002) Investor Summit on Climate Risk convenes first biennial conference at the UN (2003) EIRIS launches EIRIS Convention Watch (March 2005) - Corporate Knights releases annual ranking of corporate performance (since 2005)- - Ceres, the Environmental Defense Fund, states and investors file petition with the US SEC to require corporate reporting on climate risk (September 2007)- - Aspen Principles report Long-Term Value Creation: Guiding Principles for Corporations and Investors chaired by the Aspen Institute (June 2007)- Goldman Sachs launches GS Sustain (since 2007) - Social Investment Research Analyst Network releases Sustainability Reporting in Emerging Markets: An analysis of the sustainability reporting in selected sectors of seven emerging market countries (January 2008) - SAM Group launches The Sustainability Yearbook (since 2008) - Aviva Investors CEO Alain Dromer calls for all stock market listing authorities to require ESG disclosure (November 2008)- - Norwegian institutional investors create Sustainable Value Creation collaboration and release report on ESG performance of companies on Oslo Stock Exchange (2008)- - Three Nordic pension funds from Sweden, Finland and Norway create Nordic Engagement Cooperation Initiative to promote ESG policies with 4,500 companies (December 2008)- - Domini Social Investments releases report on stock exchanges and regulatory bodies: Innovations in Social and Environmental Disclosure Outside the United States (December 2008)- pdf: - Interfaith Center on Corporate Responsibility and Trucost launch website with online database of 150 companies to receive shareholder resolutions on climate and other matters (February 2009)- - Association for Sustainable and Responsible Investment in Asia has published several reports on corporate disclosure in China- ESG – Reality Sets In: Trends in ESG Disclosure of Supply Chain Listings in Hong Kong (January 2008)- The Devil is in the Detail: Natural Resources Disclosure in China (March 2007)- A Cat and Mouse Game for Investors: Assessing ESG Disclosure of Supply Chain Listings in Hong Kong (August 2006)- Long Term Investors Club launched (April 2009) - Pax World Funds and KLD Analytics release first gender index (March 2009)- - Global Alliance for Banking on Values is launched by 11 banks (March 2009)- - Australian Council of Super Investors releases A Guide for superannuation trustees on the consideration of environmental, social & corporate governance risks in listed companies (October 2009)- - International Corporate Governance Network releases ICGN Corporate Governance Principles: 2009 (November 2009) Conference Board’s Director Notes Archives (since November 2009) Latin American Network of Corporate Governance Institutes is launched (2009) Finance Innovation Lab (March 2010) - Ceres report The 21st Century Corporation: The Ceres Roadmap for Sustainability (March 2010)- Fund Directors Forum releases report Risk Principles for Fund Directors: Practical Guidance for Fund Directors on Effective Risk Management Oversight (April 2010) Robert F. Kennedy Center for Justice and Human Rights launches investor dialogue Compass (mid-2010) Aviva Investors releases report at second annual UN Sustainable Stock Exchanges event: Sustainable Stock Exchanges - - Real Obstacles, Real Opportunities (September 2010)- - International Corporate Governance Network releases ICGN Corporate Risk Oversight Guidelines (October 2010)- - Ceres releases report Water Risk in the Municipal Bond Market (October 2010)- Trucost and RLP Capital release report Carbon Footprints, Performance and Risk of U.S. Equity Mutual Funds (November 2010) UK Social Investor Forum releases report Taking Responsibility: Achieving Resilience (July 2011) Institute of Directors Southern Africa and others release Code for Responsible Investing (July 19, 2011) Financial Services Council (Australia) and Australian Council of Super Investors release ESG Reporting Guide for Australian Companies (August 2011) Ceres report Proxy Voting for Sustainability (Summer 2011) Corporate Governance Network releases Model Mandate Terms Between Asset Owners and Their Fund Managers (September 2011) Investors CEO Paul Abberley and the Corporate Sustainability Reporting Coalition call for the UN to adopt an agreement for UN members to require listed companies to disclose sustainability information (September 2011) Eurosif releases report Corporate Pension Funds and Sustainable Investment (October 2011) Goldman Sachs Asset Management releases Statement on Responsible and Sustainable Investing (December 2011) Global investor coalition sends priorities list to US SEC (February 2012) China Social Investment Forum is launched (February 2012): Interfaith Center on Corporate Responsibility launches Recommended Guidelines for Responsible Land Investments (May 2012) Ceres releases report Clearing the Waters: A Review of Corporate Water Risk Disclosure in SEC Filings (June 2012) Business Roundtable (US) releases report Principles of Corporate Governance 2012 (June 2012) Ceres releases report Sustainable Extraction? An Analysis of SEC Disclosure by Major Oil & Gas Companies on Climate risk & Deepwater Drilling Risk (August 2012) Sustainable Investment Forum launches research program on investment management and ESG (September 2012) AXA releases Piloting ESG Integration (November 2012) Global Sustainable Investment Alliance releases report Global Sustainable Investment Review (January 2013) The Institute for Human Rights and Business, Calvert Investments and the Interfaith Center on Corporate Responsibility release report Investing the Rights Way: A Guide for Investors on Business and Human Rights (March 2013) As You Sow, Sustainable Investment Institute release report Proxy Review 2013 (March 2013) Ceres, the Investor Network on Climate Risk, BlackRock, NASDAQ and others launch consultation paper for Sustainability Disclosure Listing Standard for Global Stock Exchanges (April 2013) The Climate Principles Framework for the Finance Sector releases Shale gas exploration and production, Guidance note for financiers (March 2013) TEEB (The Economics of Ecosystems & Biodiversity) for Business Coalition and Trucost release report Natural Capital at Risk (April 2013) TEEB: Climate Bonds Initiative and others launch Green Sukuk Working Group (May 2013) Ceres releases report The 21st Century Investor: Ceres Blueprint for Sustainable Investing (May 2013) Ceres releases report on mutual funds and climate (June 2013) releases report The 21st Century Investor: Ceres Blueprint for Sustainable Investing (June 2013) Interfaith Center on Corporate Responsibility releases report Insights for Investors Working for Bolder Intervention on Climate Change (July 2013) US SIF Foundation releases report The Impact of Sustainable and Responsible Investment (September 2013) Latin American Sustainable Investment Forum is launched (fall 2013) Conservation Finance Network, based at Island Press (2013) Center on Corporate Responsibility and Sustainalytics release report Ranking the Banks (November 2013) International Corporate Governance Network releases principles for institutional investors (fall 2013) SDX: Shareholder – Director Exchange is launched (February 2014) Ceres releases report Cool Response: The SEC & Corporate Climate Change Reporting (February 2014) Governance Institute of Australia launches guidelines on shareholder engagement (February 2014) The Conference Board releases report Guidelines for Engagement (March 2014), BlackRock and others release report Investor Listing Standards Proposal: Recommendations for Stock Exchange Requirements on Corporate Sustainability Reporting (March 2014) Federation of Exchanges launches Sustainability Working Group (March 2014): Institute, ISS release report on investor engagement with corporations (April 2014) Corporate Governance Network Global Governance Principles (June 2014) US National Advisory Board on Impact Investing releases report on fiduciary duty (June 2014) launches Investor Forum (June 2014) Sustainable Finance is launched by 55 organizations (July 2014) Common Asset Management releases report Financing Climate Change: Carbon Risk in the Banking Sector (July 2014) report: A Roadmap to Sustainable Capital Markets (June 2014) You Sow launches executive compensation proxy initiative Power of the Proxy (August 2014) Global Investor Statement on Climate Change (September 2014) Infrastructure Investors Association is launched (October 2014) releases first annual Responsible Capitalism Survey (October 2014) New York City Comptroller launches Boardroom Accountability Project (November 2014) Global Sustainable Investment Alliance releases report Global Sustainable Investment Review (January 2015) pension funds release Guide to Responsible Investment Reporting in Public Equity (January 2015) Investor Initiatives in Corporate Bonds Promoting ESG PerformanceLiving Planet Fund for corporate bonds Teachers Pension Fund invests $271 million in ESG screened-fund for corporate bonds (January 2011) Oekom Research report on sustainability criteria for investors in corporate bonds (October 2014) Investor Initiatives for Fixed Income Promoting ESG PerformancePRI Work Stream for Fixed Income, launched June 2011 ESG Fixed Income Research & Analysis (October 2012) Nature Conservancy Conservation Note for fixed income investment (October 2012) MSCI and Barclays release Fixed Income Indices (June 2013) Principles for Responsible Investment releases report Fixed Income Investor Guide (September 2014) for Responsible Investment, others release report Financial Institutions Taking Action on Climate Change (September 2014)pdf: Organizations Promoting ESG Performance[Editor’s note: Please see my global survey of sustainable banking. A few highlights are listed below.]- 77 financial institutions have adopted the Equator Principles since 2003 (as of May 2013)- - EP III, May 2013: commentary: Global Alliance for Banking on Values is launched by 11 leading banks (March 2009)- - Eurosif releases banking sector report on European banking sector (September 2009)- - UNEP Finance Initiative creates Banking Commission (January 2010)- Markets Promoting ESG Performance- World Bank sustainable investing program (since 2008)- - US Government creates Build America Bonds, provides $106 billion as of June 2010 (since April 2009)- - Network for Sustainable Financial Markets launches the Climate Bonds Initiative with the Carbon Disclosure Project (December 2009)- - climate bond standard launch: - Asian Development Bank announces water bond market (February 2010)- - International Monetary Fund Staff Position Note Financing the Response to Climate Change (March 2010)- International Finance Corporation launches $200 million Green Bond program for climate-related investments (April 2010; February 2011; May 2011) European Bank for Reconstruction and Development launches Environmental Sustainability Bonds (December 2010)- - AMF launches insurance for bonds in emerging markets (2010) US Treasury launches community development bond program under new law, part of Community Development Financial Institutions Fund (September 2011) WWF and others release report Unlocking Forest Bonds: A High-Level Workshop on Innovative Finance for Tropical Forests (September 2011) Network for Sustainable Financial Markets and Carbon Disclosure Project launch Climate Bond Standard (November 2011) Gulf Bond and Sukuk Association releases standards for bond and sukuk issuers in the Gulf region (November 2011) Gulf Bond and Sukuk Association, Climate Bonds Initiative and others launch Green Sukuk Working Group (March 2012) Barclays, MSCI launch ESG index for fixed income market (May 2012) TIAA-CREF launches Social Choice Bond Fund with ESG guidelines (September 2012) Standard Life Investments launches SRI corporate bond fund (October 2012)background: IFC launches $1 billion green bond (February 2013) World Bank, GAVI Alliance, others launch vaccine bond for Japanese market (March 2013) Banking Working Group develops Framework for Green Bonds (October 2013) Barclays, MSCI launch Green Bond index for fixed income market (July 2014) Bonds Initiative launches Climate Bond Partners (October 2014) Private Equity Organizations Promoting ESG Performance- Private Equity Growth Capital Council (US) adopts Guidelines for Responsible Investment (February 2009)- - British Private Equity and Venture Capital Association (BVCA) creates Responsible Investment Board (May 2009)- Institutional Limited Partners Association releases ILPA Private Equity Principles (September 2009) Private Equity & Investment Funds -KKR ESG Overview; Green Portfolio -The Carlyle Group, the Environmental Defense Fund and The Payne Firm create ESG analytical program EcoValuScreen (2011)- - report Responsible Investment: creating value from environmental, social and governance issues (March 2012)pdf: KKR’s partnerships with Transparency International (May 2012), EDF, Business for Social Responsibility, others Emerging Markets Private Equity Association releases EMPEA Guidelines: Key elements of legal and tax regimes optimal for the development of private equity (June 2012)pdf: private equity firms participate with PRI to release ESG framework (March 2013) International Financial Organizations- International Organization of Securities Commissions report Objectives and Principles of Securities Regulation (May 2003) and Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities (October 2002)- Financial Services Board is established (2003) - World Federation of Exchanges report Exchanges and Sustainable Investment (November 2009)- - IOSCO releases Principles for Periodic Disclosure by Listed Entities (February 2010)- Financial Stability Board publications on disclosure (since 2001): FSB Transparency Initiatives; Gerald A Edwards, Jr. (May 2012) IOSCO report Development and Regulation of Institutional Investors in Emerging Markets (June 2012)pdf: Financial Stability Board’s report on banking disclosure (October 2012) Financial Stability Board releases Global Adherence to regulatory and supervisory standards on international cooperation and information exchange (November 2012) IOSCO releases report on capital markets for SMEs (September 2014)pdf: Organizations- EFFAS Commission on ESG (Environmental, Social and Governance) of the European Federation of Financial Analysts Societies- - Society of Investment Professionals in Germany releases KPIs for ESG: Key Performance Indicators for Environmental, Social and Governance Issues (September 2010)- - CFA Institute (Institute of Chartered Financial Analysts) releases Environmental, Social and Governance Factors at Listed Companies: A Manual for Investors (May 2008)- Sustainable Finance Geneva is launched (October 2008) - Responsible Investment Association Australasia announces plans for Responsible Investment Academy (February 2009) - CFA Institute (Institute of Chartered Financial Analysts) releases Shareowner Rights Across the Markets: A Manual for Investors; 22 countries reviewed (April 2009)- - 16 global accounting organizations sign sustainability principles of the Prince’s Accounting for Sustainability Project (July 2009)- - Institute of Chartered Accountants in England and Wales, with financial support from the UK Environment Agency, releases guide Environmental Issues and Annual Financial Reporting (September 2009) - Securities Analysts Association of Japan releases ESG Factors in Corporate Valuation (June 2010)- - Chartered Accountants of Canada releases Environmental, Social and Governance (ESG) Issues in Institutional Investor Decision Making (August 2010)- International Organization of Pension Supervisors: IOPS Principles of Pension Supervision (November 2010) International Federation of Accountants releases Sustainability Framework 2.0 (March 2011) Federation of European Accountants releases Environmental, Social and Governance (ESG) indicators in annual reports (May 2011) South Africa Insitute of Directors releases CRISA, the Code for Responsible Investing in South Africa 2011 (July 2011) IFC and the Principal Officers Association of South Africa sign agreement to develop program to promote ESG analyis in investment (November 2011) Financial Services Institute of Australasia report Implementing Environmental, Social & Governance Principles in Investment Decisions (January 2012) International Federation of Accountants releases report Investor Demand for Environmental, Social, and Governance Disclosures (February 2012) International Federation of Accountants committee, Professional Accountants in Business Committee, releases report Integrating Governance for Sustainable Success (October 2012) International Federation of Accountants, PAIB Committee, releases draft report Project and Investment Appraisal for Sustainable Value Creation (November 2012) CFA Institute releases Statement of Investor Rights (March 2013) International Federation of Accountants releases draft framework for Good Governance in the Public Sector (June 2013) CFA Institute launches Future of Finance (March 2013) Advisory Council: Principal Officers Association of South Africa and IFC release report Responsible Investment & Ownership: A Guide for Pension Funds in South Africa (September 2013) Sustainable Economy Association is launched in Brussels (2013) National and Global Non-Governmental and Consulting Organizations Promoting ESG Performance- Global Reporting Initiative Guidelines now used by more than 1,000 companies (GRI was launched in 1997; the guidelines were launched in 2000)- - SustainAbility’s Global Reporters Program has released four biannual reports on corporate non-financial reporting (since 2000)- Disclosure Project is launched in the UK (2002) Living Planet Fund is launched by WWF International (2003) - The Climate Group is launched by Tony Blair (April 2004)- - Association for Sustainable & Responsible Investment in Asia releases report on ESG disclosure for listings on the Hong Kong Stock Exchange (August 2006) Climate Disclosure Project (formerly Carbon Disclosure Project) (January 2007) CSR Europe report Valuing non-financial performance: A European Framework for company and investor dialogue (November 2008)- - International Organization for Standardization’s Advisory Group on Social Responsibility preparing voluntary guidance ISO 26000 (2010)- Luxembourg Institute for Global Financial Integrity is launched (April 2009)- World Resources Institute releases report Undisclosed Risk: Corporate Environmental and Social Reporting in Emerging Asia (June 2009)- - Business for Social Responsibility releases report ESG in the Mainstream: The Role for Companies and Investors in Environmental, Social and Governance Integration (October 2009) World Resources Institute releases report Accounting for Risk: Conceptualizing A Robust Greenhouse Gas Inventory for Financial Institutions (August 2009) Forest Footprint Disclosure Project is launched by Global Canopy Foundation, UK DFID, and others (2009) - International Integrated Reporting Committee is launched by The Prince’s Accounting for Sustainability Project and the Global Reporting Initiative (August 2010)- World Economic Forum releases Accelerating the Transition towards Sustainable Investing (2011) WWF annual survey of commodities standards (August 2011) Climate Group Guidance Note for banking: Financing New Coal-Fired Power Plants (October 2011)pdf: International Institute for Environment and Development report Investing for Sustainable Development? (2011)pdf: Asset Owners Disclosure Project is launched to address climate risk (October 2011) Carbon Disclosure Project releases report CDP Water Disclosure Global Report 2011 (November 2011) Sustainability Accounting Standards Board is launched (US; April 2012) Forest Footprint Disclosure Project merges with Carbon Disclosure Project (June 2012) Business for Social Responsibility releases report Trends in ESG Integration in Investments (August 2012) Tomorrow’s Company (UK) releases report Tomorrow’s Capital Markets (November 2012) WWF releases Palm Oil Investor Review: Investor Guidance on Palm Oil (2012) Footprint Network and UNEP Finance Initiative release report A New Angle on Sovereign Credit Risk (November 2012) and Trucost release report on carbon and water risks to securities markets in South Africa (November 2012) Global Witness releases report Transparency Matters: Disclosure of payments to governments by Chinese extractive companies (Shanghai-listed companies; January 2013) World Resources Institute and UNEP Finance Initiative prepare guidance for GHG analysis by financial institutions (fall 2013-2014) Climate Policy Initiative launches Global Innovation Lab for Climate Finance (June 2014) update: Service ProvidersEthics Metrics LLCCharlottesville, VA DeloitteNew York, NYGlobal Center for Corporate Governance KPMGKPMG Global Center of ExcellenceThe Netherlandsreport: Corporate Sustainability (2011) Climate Change and Sustainability Services KPMGWashington, DCKPMG Green Tax Index, since 2013 Pricewaterhouse Coopers Global SustainabilityVirginia- SAS InstituteCary, North Carolina- Sustainable Banking Paper: Global and Regional Ratings Programs Promoting ESG policiesEthics Metrics provides independent ratings on ethics, fiduciary conduct, and regulatory compliance by U.S. financial holding companies (since 2002) Management & Excellence publishes sustainability rankings for companies and banks in South America; based in Madrid and Sao Paulo (since 2005)- Funds Advice (since 2008) IRIS: Impact Reporting & Investment Standards (2008) Standard and Poor’s and Hawkamah announce plan for ESG index for 11 Middle East countries (2009)- - SIX Telekurs and Ethix SRI Advisors launch ESG ratings of 260 companies in Denmark, Finland, Norway and Sweden (November 2009)- - Standard and Poor’s and Hawkamah launch Pan Arab ESG index (January 2011) FTSE4 Good ESG Ratings (April 2011) Environmental Investment Organization launches Environmental Tracking Index Series (June 2011) Basel Institute on Governance launches Basel AML Index (April 2012) Bertelsmann Foundation releases report on sovereign risk: Blueprint for INCRA; An International Non-Profit Credit Rating Agency (April 2012)pdf: Equitable Origin launches ratings for oil and gas companies (April 2012) Regierung des Furstentums Liechtenstein launches ratings agency (July 2012) Fossil Free Indexes, LLC launches index (April 2013) (Environmental Tracking) Index (April 2014) Reuters Corporate Responsibility Indices (April 2014) Asia, Sustainalytics and others launch ratings (September 2014) Knights Capital and Solactive launch low carbon indices (September 2014) Reports promoting ESG Policies in Capital MarketsIFC’s Enterprise Surveys - India: Sustainable Investment in India; Delsus Limited; May 2007- Denmark’s CSR and investment programs (2009; earlier policies) - Brazil: Sustainable Investment in Brazil; Delsus Limited; June 2009- - China: Sustainable Investment in China; Business for Social Responsibility (September 2009)- pdf: (2).pdf - Austalia, New Zealand: Responsible Investment Association Australasia releases report Responsible Investment 2009 covering Australia and New Zealand (November 2009)- pdf: - UK, France: Novethic survey of UK and French ESG investment practices (November 2009)- pdf: - Korea: SolAbility report on Korea (December 2009)- China: CSR Asia and Oxfam Hong Kong release Corporate Social Responsibility Survey of Hang Seng Index Constituent Companies 2009 (April 2010)- - Korea: Emerging Market Disclosure Project releases report on Korean companies (April 2010)- - France: Novethic report Achieving Investment Objectives Through ESG Integration (March 2010)- - ASEAN: CSR Asia report, commissioned by ACCA: The Rise of the Report and the Regulator, Sustainability Disclosure Amongst Companies in Selected ASEAN Member Countries and Responses from Stakeholders (May 2010)- pdf: - Canada: Jantzi Sustainalytics and others release Corporate Social Reporting Initiative: Report to Minister of Finance (June 2010) - - close to 70 countries in the EIRIS analysis of sovereign bonds in Country Sustainability Ratings (June 2010)- 11 countries in Asia: Asia Corporate Governance Association and others release CG Watch 2010 (September 2010)pdf: - Brazil: SustainAbility releases report on corporate reporting in Brazil (October 2010)- - Austalia, New Zealand: Responsible Investment Association Australasia releases report Responsible Investment 2010 (November 2010)- Netherlands: Benchmark Responsible Investment by Pension Funds in the Netherlands (2010) Middle East and North Africa: Sustainable Investment in the Middle East and North Africa Report (January 2009) Academy of Social Sciences provides Report Guide 2.0 for corporate reporting (2011) Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru: OECD and GCGF report Achieving Effective Boards (June 2011) South Africa, Nigeria, Kenya: IFC report Sustainable Investment in Sub-Saharan Africa (July 2011) G-20 countries (19 countries and EU) described in rankings by new Environmental Rating Agency (June 2012) MSCI ESG ratings of sovereign debt (since January 2012) India: GIZ report Responsible Finance – A Catalyst for Responsible Business (March 2012): MSCI ESG IVA Country Report: China (September 2012) European countries: Novethic report ESG Strategies of Asset Owners; Different Scenarios Across Europe (November 2012) Nigeria’s Convention on Private Integrity (an organization) launches corporate governance ratings program (October 2014) China: China WTO Tribune report on CSR (June 2014, reviewing 2007-13) Global and Regional Research ProvidersARISTA (SRI trade association) releases revised SRI standard (November 2012) - Bloomberg Sustainability: Corporate Analysis, Enhanced ResponsibilityAustralia CAMRADATA Analytical Services launches ESG Geographic Portfolio Analysis (March 2012) - GES Investment Services research for Nordic exchanges (since 2004)- GMI Ratings IW FinancialPortland, MaineUSA Maplecroft - MSCI- - - Novethicreport: Overview of Extra-Financial Rating Agencies (September 2011) RegnanAustralia RepRisk AGSwitzerland RepuTexHong KongChina RepuTex ESG Connect Solaronbased in India; covers emerging markets SynTaoChina SustinvestKorea - Thomson Reuters ESG Research Data Sustainalytics Vigeo’s ESG Ratings your SRILiechtenstein Public Policy OrganizationsBrookings InstitutionWashington, DC paper: Mobilizing Ownership: An Agenda for Corporate Renewal; Stephen Davis (June 2012) Brookings Institution releases report The SEC and Capital Markets in the 21st Century: Evolving Accounting Infrastructure for Today’s World (September 2014) Resources InstituteWashington, DCFinance program: Academic Programs Promoting ESG PerformanceMillstein Center for Global Markets and Corporate OwnershipColumbia Law SchoolColumbia UniversityNew York, NY for Responsible InvestmentHauser Center at Harvard UniversityCambridge, MAreport: Emerging Trends in Environmental, Social, and Governance Data and Disclosure: Opportunities and Challenges; Steve Lydenberg (January 2014): On Materiality and Sustainability: The Value of Disclosure in the Capital Markets; Steve Lydenberg (September 2012) report: From Transparency to Performance: Industry-Based Sustainability Reporting on Key Issues; Steve Lydenberg, David Wood and Jean Rogers (June 2010)- Centre for Corporate EngagementSchool of Business and EconomicsMaastricht UniversityThe Netherlands Sustainable Finance Project of the Law and Financial Markets ProjectLondon School of EconomicsUnited Kingdom publications: article: What Makes a Bank a “Sustainable Bank”? (Fall 2012) UC Berkeley’s Haas school, National University?of Singapore, Tilburg University, Maastricht University, and Duisenberg finance school establish FSinsight portal on finance and sustainability: School of FinanceMaastricht UniversityAmsterdamThe NetherlandsProgrammes in Finance & Sustainability for Sustainability LeadershipUniversity of CambridgeUnited Kingdom report: Stability and Sustainability in Banking Reform: Are Environmental Risks Missing in Basel III? (October 2014) report: Climate Change: Implications for Investors & Financial Institutions (June 2014) Leaders Group report: The Value of Responsible Investment (May 2014) in Sustainable Commodities Rotman International Centre for Pension ManagementUniversity of TorontoTorontoCanadareport: Ten Strategies for Pension Funds To Better Serve Their Beneficiaries (June 2013) Key International Organizations and Programs for Future Partnerships- UNEP Finance InitiativeGeneva- UN Global CompactNew York- - Principles for Responsible Investment- Geneva, London- International Finance CorporationWashington, DC- Global Corporate Governance ForumInternational Finance CorporationWashington, DC- GCGF, IFC and International Center for Journalists release report Who’s Running the Company: A Guide to Reporting on Corporate Governance (2012) - International Organization of Securities CommissionsMadrid- World Federation of ExchangesParis- - Six Regional Stock Exchange Federations- Asia: Euro-Asia: Europe: - South Asia: - Americas: - Africa: - International Association of Insurance SupervisorsBasel- - Association for Sustainable & Responsible Investment in AsiaHong Kong- Equator Principles Association- - Global Alliance for Banking on ValuesThe Netherlands- for Research and Training International Corporate Governance Network’s ESG Integration Programme Global ESG Regulatory Academywebinar series Better Markets promotes financial markets reform (since 2010)Washington, DC IFC’s Enterprise Surveys - GMI Ratings- UNEP Finance Initiative report Demystifying Responsible Investment Performance (October 2007)- World Bank Program: Reports on the Observance of Standards and Codes- Program Policy Framework for Investment - Institute for Responsible Investment at Boston College report Handbook for Climate-related Investing Across Asset Classes (May 2009)- pdf: - Mercer report Shedding light on responsible investment: Approaches, returns and impacts (November 2009)- - IRRC Institute’s research program- report: Integrated Financial and Sustainability Reporting in the United States (April 2013) - Institute for Social BankingGermany- - Journal of Sustainable Finance & Investment (announced February 2010)- - launch: - Michael Krzus and Robert Eccles, One Report: Integrated Reporting for a Sustainable Strategy (March 2010)- Journal of Environmental Investing (April 2010)- - The Landscape of Integrated Reporting, Harvard Business School (November 2010)- Surprises is launched to address opportunities for investment community to reduce systemic risks (Spring 2011) Cherneva, The Business Case for Sustainable Finance (June 2012), published by a network of academic partners FSinsight publishes Lloyd Kurtz’s guide to social and sustainable investment (February 2013) Cary Krosinsky’s The Short Guide to Sustainable Investing (May 2013) Cambridge Handbook of Institutional Investment and Fiduciary Duty (April 2014) Financial Times publishes special reports on a range of themes on business and society during the year ESG Conferences- Conference listings (ESG matters and related themes)- UNEP Finance Initiative Roundtables (since 1994) UNEP FI Beijing Roundtable, November 2013 - TBLI Europe ESG Conferences (since 2000)- - ESG awards: - TBLI Asia ESG Conferences (since 2006)- TBLI US ESG Conferences (since 2013) EFFAS Commission on ESG (since 2007)- - ESG Europe (since 2008) - ESG USA (since 2009)New York Novethic Annual ESG Strategies for Responsible Investors (since 2008)- Paris- Financial Times and Social Investment Forum annual conferences (since 2009)New York, NY GMI Ratings annual conferences (since 2009)The Future of Corporate Reform: Public Funds Forum Sustainable Emerging Markets by Responsible Investor and others (since 2010)London Sustainable Finance Summit (December 2011)London Finance WatchBrussels Social Investment Forumannual conferences (since 2011)Washington, DC investment alliance members (since 2013) University of Geneva convenes Geneva Summit on Sustainable FinanceMarch 19, 2013 First Global Investor Forum on Climate ChangeHong KongAsia Investor Group on Climate ChangeInvestor Group on Climate Change, Australia and New ZealandInstitutional Investors Group on Climate Change, EuropeInvestor Network on Climate Risk, North AmericaJune 2013 Fiduciary Investors SymposiumAmsterdamOctober 2013 Annual Global Infrastructure Basel SummitBaselMay 27-28, 2015 ESG SummitNew York, NYJune 19, 2015 ................
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