Sustainable Investment Masterclass

HEC Paris MBA Elective MB02FIN036

Professor Graham Sinclair
Monday 10 - Friday 14 September 2012 



The objective of this course is to understand the marketplace for sustainable investment and to provide the basic tools to understand the evolving approaches to making investment decisions integrating environmental, social and governance [ESG] factors. Trillions of euro are today invested in sustainable investment, but the intention and impacts differ. The course provides an introduction to basic sustainable investment concepts: discusses how sustainable investment works in practice and in theory, as well as the future/s for sustainable investment. We put the student in contact with basic theory and standard tools used in the sustainable investment industry to analyze the sustainable investment opportunity of emerging markets. Using the case study approach, the discussion with your classmates should help you learn the skills that will help you use the tools, techniques and concepts that combine to create the ability of the case corporations to move down the path to making the sustainable investment case. At each stage questions faced by investors, analysts and marketers are asked and answered.

The seminar is attractive to students of finance, investment, strategy, policy and sustainable development. The knowledge and skills obtained in this elective will be built on the students’ previous studies in finance, investment and/or sustainability. The seminar case-study method encourages:
1.    collaborative learning by working in groups to expand insights and cover more perspective
2.    articulate arguments based on facts through presentation of investment conviction
3.    enhanced analytical capabilities through expressing opinions based on facts drawn from multiple and sometimes conflicted sources
4.    inquiry and academic rigour by applied experiential learning. 
This seminar will maximize the real-world exploration and experience of the challenges and opportunities of sustainable investment in 2012. 


The Sustainable Investment Masterclass seminar will meet for direct contact 18 hours during the one-week period plus your preparation time in the weeks beforehand and your self-study time.  

Our seminar is interactive. We follow the Socratic method of case-based learning from a platform of theoretical basics. We start with the basics of the business of investment management in 2012 and explore the state of sustainable investment. The case method is utilized to provide a participative and realistic forum that enables students to learn about sustainable investment while also developing the skills to use the information. 

Seminar sessions will be of the standard seminar type with 20% lecture and 80% student participation through case studies and presentation. Prof. Sinclair will give a short introduction to each topic, outlining the key points to keep in mind, and will provide feedback on the presentations given. The measure of your individual progress in any of the case discussions should not be based on your assessment of whether your ideas were right; but rather on how much you took from the discussion that you didn’t know or understood when you entered the discussion.


When you successfully complete this course, you should be able to:
•  Analyze investment policies, processes and practices integrated ESG factors
•  Define and apply knowledge of key concepts such as ESG factor analysis, investment value chain, 4M model, 7P framework, alpha, and valuation techniques.
•  Identify and explain the sustainable investment theme and be able to discuss how investors are integrating ESG factors into sustainable investment strategy.
•  Explain the value of building the sustainable investment case and the necessary steps required to develop the investment case for investing in sustainability
•  Assess the elements of an investor and/or company sustainability proposition and and how to compare and contrast different approaches to integrating ESG factors.


The course is organized in six parts and covers the following topics:

1.  Unpacking The Asset Management Value Chain
Key components: interactions and reactions
Mapping the value chain
Making the investment case for sustainability.

2.  Describing Sustainable Investment (SI)
Definitions and debates
Language of sustainable investment and investment policy statements
Valuation techniques and adaptations

3.  Dynamics Of SI Policies
Frameworks and toolkits: CDC ESG Toolkit & Actis ESG, IFC E&S, Equator Principles 3
Examples from institutional investors
Examples from emerging markets
Criticisms of SI Policies.

4.  Making the Sustainable Investment Case
Expanding on “ESG integration”? 
Lessons from food & beverage sector and Access to Nutrition Index Project
Impact investing, Project Finance & Private Equity
Critiques of Sustainable Investment Case.

5.  The Challenges and Opportunities For Sustainability Indexes
ESG ratings, rankings and indexes
Impacts and logic models
Examples: MSCI ESG Index, JSE SRI Index, Istanbul Stock Exchange Sustainability Index, Hang Seng Corporate Sustainability Index. 

6. Topics In Sustainable Investment - Role of initiatives: 
Carbon Disclosure Project (CDP) Water Project, Emerging Markets Disclosure Project (EMDP), Principles for Responsible Investment (PRI), Global Impact Investing Network (GIIN), International Corporate Governance Network (GIIN), Africa Sustainable Investment Forum (, Global Reporting Initiative (GRI), Integrated Reporting Initiative (IRI), Long Finance.


Students are required to actively prepare for and participate in this seminar by following these steps:


Read and understand this syllabus.
Email the Professor with questions/clarifications. PPT template  - see attached in TOOLBOX below - to be used for all your submissions.

Download and/or print and read/review all required readings. Read all material before the seminar (high-level and conceptual reading, not memorizing).

Complete the pre - seminar online opinion survey BEFORE deadline 5PM CET Fri 7 September 2012 - There is no right answer, we are polling your "before" opinion on aspects of sustainable investment.

4.  CASE - 3 slides
Prepare a short presentation on the HBS Generation Investment Management case study outlining: key facts, key questions, sustainable investment case, and how you recommend the protagonist/s acts in the given case situation and why. One slide must include your calculations, estimates or financial workings.

5.1 PRESENTATION - 1 slide
As individual, use this definition of “sustainable investment” from the IFC - "an umbrella term for all investment techniques that integrate environmental, social and governance (ESG) value-drivers into financial  research and investment processes” and translate it directly into text in your home language / mother tongue (we expect it to not transalte perfectly), then take the definition and interpret it into text in your home language / mother tongue , re-phrasing for what the better meaning in your home language / mother tongue matches the original English. See example PDF below.

5.2 PRESENTATION - 1 slide
Using one PPT slide, write your maximum 300 word biography + headshot photo, including your LinkedIn URL. See worked example below in TOOLBOX.


6.    PRESENTATION - 2 slides
In one country you have an affinity for (for example your “home” country, country of birth etc), explain:
i.    SLIDE 1:  Using the major country stock index (eg USA = S&P500, France - CAC-40) and map the performance of the stock market index from 1 July 2008 – 30 June 2012 – use Reference and source all material - see attached in TOOLBOX below a worked example.
ii.    SLIDE 2:  List the major environmental, social and governance (ESG) issues likely to impact investment over next 10 years in that country (maximum 9 total) - see attached in TOOLBOX below a worked example.

7.   PRESENTATION - 3 slides
In group, lead 20min seminar discussion on ONE required reading [assigned, see reading list below]. NOTE you are not to master the material, but rather to present the key highlights to kick-off class discussions. Reference and source all material.
- 1 slide - prepare THREE multiple choice questions with 4 possible answers each highlighting correct answer [use PPT template, attached in TOOLBOX below, and worked example]. Reference and source all material.

8.   PRESENTATION - 3 slides
In group, prepare and present to the seminar a 8 minute, 3 slide PPT presentation describing [via comparing and contrasting] how 2 major food & beverage companies reference any ESG sustainability indexes / rankings / ratings / prizes / awards in their company investor relations webpages, using a pair of  [chosen from this list: Unilever, Nestle, Pepsico, Coca-Cola, Danone, Kraft, Kellogs, General Mills, Britannia Foods, Bunge], pointing out similarities and differences using quotes etc. Reference and source all material. See example from Credit Suisse website.

9.    PRESENTATION - 3 slides
In group, prepare and present to the seminar a 8 minute, 3 slide PPT presentation describing [via comparing and contrasting] the sustainable/responsible investment definitions/language/policies of TWO institutional investors [asset owners or asset managers] listed at pointing out similarities and differences, pros and cons of the two institutional investors you review by visiting their PRI-linked webpage/s to explain their approach (see example of Allianz Global Investors France). Reference and source all material.


Successfully complete the online, open-book 50 question multiple choice quiz built from questions submitted by the students for task 7 [above], weblink


Participants will be evaluated on a continuous basis at the discretion of the instructor:
•    Group participation: 
Class participation and presentations/materials scored as a group. Team members may be asked to provide 360-degree reviews on team mates’ throughout the experiential learning exercises.
•    Individual participation: 
Grades will be made available by the Professor to university administration within 48 hours of the close of the required work for grading.


We shall use online, open-book 50 question multiple choice quizzes to affirm student learning and to test understanding regularly during the seminar. In preparing for the seminar multiple choice quiz and the paper/presentation components, one should pay particular attention to the topic of integration or relationships between the topics as you participate in class discussion. Grading for the presentation and/or writing exercise/s is based upon the following criteria:
• Application of the materials to the case/article
• Clear understanding of the material presented
• Support of your arguments with references to the materials, in APA style
• Speaking/writing competency and clarity of your arguments

Your presentation/s and/or report/s, if clear and concise, will merit a “B” for a grade. We expect that you will include additional readings (with properly cited references – see the reference guide) and pertinent web sites. You will have to make an extra effort for an “A.” This may involve posing an original idea, some further research on the topic or other aspects that indicate a truly exceptional effort. 

HEC Paris MBA Program Evaluation Guidelines September 2007

MBA Grading Policy
MBA Program course grades are awarded according to the pre-defined grading criteria for each class and as published in the course description. Course expectations (including required exams and deliverables) should be clarified with participants as of the first class session.
The MBA grading scale is detailed below. The grading scale is ECTS (European Credit Transfer System) based which is an European norm. Note that the corresponding point value to respective letter grades differs from the North American system. Keep in mind as well that there are no + or – grades.

Grading Scale:
A: Excellent (4 grade average)
B: Very Good (3.5 grade average)
C: Good (3 grade average)
D: Satisfactory (2.5 grade average)
FX: Unsatisfactory
F: Very Unsatisfactory or Incomplete
Notes: Only FX and F are failing grades. There is no + or –.
In the case of a re-take, E (2) is the only passing grade that can be awarded.
It is the professor’s discretion and to establish and communicate the level required to attain respective grades. There is no % equivalency (out of 100) for the above grades, nor is there an established equivalency to correspond to traditional French (out of 20), or for any other system. Rather it is the professor who will communicate these expectations to you by course.

MBA Code of Conduct
All participants are bound by the MBA Code of Conduct, by which they must abide to successfully earn the MBA degree. All participants are expected to behave appropriately and arrive in a timely fashion for class. The MBA Academic Program will only officially authorize absences in the case of illness or exceptional circumstances.

Grade Publication
By MBA policy, participants only receive grades once they have completed the course evaluation.


Seminar participants are required to prepare for our shared learning by having completed reading of these materials BEFORE the start of the seminar on each day. Reading materials must be on hand during the seminar. Students are NOT required to master the details of each reading, and will work in teams to cover the material. Students may be split into groups and given a reading and/or case study that they will have work on together and then present interactively to the seminar. Yes, this seminar does not have a short reading list. HOWEVER, unlike in your other courses, you will not be tested on the content of the reading. Instead, you will learn to make arguments and defend them with credible information from your reading.


We use a text book and limited number of readings. Students are NOT required to master the details of each reading, but of course the better prepared the seminar is, the better our shared learning experience will be.  Two cases will be covered [university administration will liaise with students on the purchase of the case studies, we recommend you buy and download it yourself]. Please download all these readings and have them available in class every day from the first lecture.


Read for understanding not repetition!

  1. IFC + SinCo Sustainable Investment in Sub-Saharan Africa report, July 2011 
  2. Eurosif 2010 European Market Study
  3. 2012 PRI Annual Report
  4. HOW NOW, GREEN DOW: Is the Dow Jones Sustainability Index worth a damn? BY Grist 14 September 2009 7:12 AM
  5. CDC Toolkit on ESG for Fund Managers and Actis ESG Code
  6. Food and Beverages: Corporate Responsibility, Global Socially Responsible Investment, Equity Research, UBS Investment, 25 October 2005 (see PDF below in TOOLBOX)
  7. Unburnable Carbon – Are the world’s financial markets carrying a carbon bubble? Carbon Tracker Initiative, Sep 2011
  8. "Mainstreaming the Economics of Nature: A synthesis of the approach, conclusions and recommendations of TEEB" 20 October 2010 at the CBD COP10 meeting in Nagoya, Japan 
  9. Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever, GMO Quarterly Newsletter April 2011 by Jeremy Grantham (see PDF below in TOOLBOX)
  10. CalPERS–Towards Sustainable Investment 2012
  11. DB Climate Change Advisors (DBCCA) June 2012 "Sustainable Investing: Establishing Long-Term Value and Performance"


Read for enlightenment and advanced understanding


CASE 1:  Generation Investment Management by Sandra J. Sucher, Daniela Beyersdorfer, Ane Damgaard Jensen [Harvard, 2009. – students to purchase online [$7].


In accordance with good academic practice expected of graduate students at a leading B-school, you are expected to cite sources in your PPT and/or report/s. All submitted papers/presentations prepared should use the APA Style for citations. There are guides to APA style basics available on the web. 

Examples Using APA Style: below are some examples of in-text citations and a reference list entry for an electronic source...
In text/PPT source:
• Spangenberg & Greenwald (1999) reported that a one-session experiment was used successfully to study a “socially significant” self-prophecy effect (p.71).
• A one-session experiment was used successfully to study a “socially significant” self-prophecy effect (Spangenberg & Greenwald, 1999, p.71).
Entry in reference list:
• Spangenberg, E. R., & Greenwald, A. G. (1999). Social influence by requesting self-prophecy [Electronic version]. Journal of Consumer Psychology, 8(1), 61-89.
Note the “hanging” paragraph style used for the reference list. All entries are listed in alphabetical order, by author’s last name. Cite dates as follows: (2000) for journals, books, and audiovisual media; (2000, April) for papers presented at meetings and for monthly magazines and newsletters; (2000, April 21) for daily and weekly periodicals, such as newspapers; (n.d.) when no date is available.


Graham SINCLAIR                                         

MBA Villanova University Graduate School of Business, 2004
LL.B Howard College School of Law, University of Natal, 1994
Numerous investment and retirement funds industry qualifications over 18 years in pensions and investment industry, specialist in sustainable investment since 2003.

Professional Experience: 
Sustainable investment strategist, ESG investment architect and global project leader, Principal at SinCo since November 2006. Research and advisory engagements model investment architecture integrating environmental, social and governance factors in emerging and frontier markets, especially Africa. Consultant to UNEP Finance Initiative 2007-2008 - Emerging Markets Head at Principles for Responsible Investment [PRI] 2007-2008. Product Manager at KLD Research & Analytics, Inc [now MSCI Riskmetrics ESG] 2005-2006. Pensions consulting and investment banking in southern Africa 1994-2002 with Alexander Forbes, Old Mutual, Nedcor Investment Bank and SEI Investments. Lecturer in Sustainable Finance, CSR Diploma University of Geneva 2008-2011. Visiting Adjunct Professor, University of North Carolina-Chapel Hill, 2007-2009, conducted Sustainable investment masterclasses at leading Business Schools in Europe and USA from 2006-present. Chair of Prudential Assets Working Group of Responsible Investment sub-committee of the Association of Savings and Investment South Africa, 2009-. Co-founder and President of (Africa Sustainable Investment Forum ( 2009-current. He is a lifetime member of Net Impact and the Investment Analysts Society of Southern Africa. In 2011, he wrote 3 chapters for Evolutions in Sustainable Investing: Strategies, Funds and Thought Leadership (Wiley Finance), December 2011. He is managing the Frontiers in Sustainable Investment (FinSI) book project 2012-2013.

Research Or Special Interests: 
Sustainable investment. Private Equity. Infrastructure Development. Sustainability Indexes. ESG Architecture in Investment Decisions. Institutional investment decision-making.

More detailed biography at...


CAI, Zilan
GASNOS, Matthieu, Gonzague, Pierre-Cyr
HSU, Wei-Lu
KIM, Jeehoon
MOORE, Robert
QAZI, Rahat
SARAF, Suchit
SHI, Rui
TEJEDA, Carlos
WANG, Peina
YOSHIDA, Yukihiro


Monday, September 10
8am to 11:10am
1pm to 4:10pm

Wednesday, September 12
8am to 11:10am
1pm to 4:10pm

Friday, September 14
8am to 11:10am
1pm to 4:10pm

18 hours contact + preparation and self-study


If you feel you need some bridging knowledge to the world of finance and investment, try some of these lectures and/or quick studies:

  1. Review the undergraduate course Financial Markets 2011 by Robert Shiller Yale University on Itunes U
  2. Corporate Valuation by David THESMAR HEC Paris
  3. Afena Capital's second edition, Unpacking Jargon 2011, contains 106 new investment terms, bringing the total to 284.
  4. The Wall Street Journal Guide to Understanding Money and Investing by Kenneth M. Morris, August 2, 1999
  5. The Financial Times Guide to Investing: The Definitive Companion to Investment and the Financial Markets (The FT Guides)
  6. What Is an Investment by Frank Paiano, Southwestern College
  7. Banking and Money by the Khan Academy
  8. Financial Management by Dr Kent Ragan Missouri State University
  9. Investment Risk by The Open University
  10. Interviewing On Wall St by Villanova University
  11. APM Marketplace Whiteboard (and donate to public radio online)  or
    1. Assets: What are they anyway?
    2. What is Private Equity?

Or check with your financial advisor or retirement planner for easy investment guides.


Expert interviews with ESG practitioners puts the student in contact with basic theory and standard tools used in the sustainable investment industry to analyze the sustainable investment opportunity of emerging markets. Interviewing practitioners helps students align theory with practice, live from investment centres in major cities around the world. We plan to interview live via Skype/telcon with...

  1. 9.00AM CET = 3PM HKT 12 Sep 2012 - Adam Lane, Manager, Advisory Services at Business for Social Responsibility
  2. 10AM CET = 9AM UK 12 Sep 2012 - Mark Goldsmith, Director Responsible Investment, Actis, UK
  3. 2.30PM CET = 1.30PM UK 12 Sep 2012 - Tamara Hardegger, Product Manager ESG (Asset4) Thomson Reuters, UK
  4. 3.10PM CET = 9.10AM EST 12 Sep 2012 - Jason A Sohigan, teaching fellow Harvard University and Deputy Director, Armenia Tree Project NGO
  5. 10.30AM CET = 9.30AM UK 14 Sep 2012 Lila Preston, Partner, Generation Investment Management LLP, UK
  6. 3PM CET = 9AM EST 14 Sep - Lauren Compere is a Managing Director and the Director of Shareholder Advocacy at Boston Common Asset Management

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1. "Ce n'est pas possible" generation investment
 Investment as usual fails to price externalities, leaving ESG risks - and opportunities - ignored. Next generation investment management integrates all factors, includin environmental, social and governance factors. Defining sustainable investment. ESG approaches. Asset management in 3 steps - asset gathering, generating risk-adjusted returns while reporting, liquidating back to owners net fees. Making the sustainable investment case. [Sustainable Investment in Sub-Saharan Africa. Eurosif]

2. The Lorax "...who will speak for the trees?"
Enlightened self-interest. Role for carrots and sticks - regulations and incentives. Active roles as consumer, voter and investor. Making the case for sustainability - values vs value. Defining sustainability - Brundtland Commission. Inter-generational equity. Internalising ESG in investment value chain. [Grantham. Planetary Boundaries]

2. Forrest Gump " is like a box of chocolates."
Differences between price and valuation. Approaches to investment - asset classes, investors and valuation techniques. Understanding critical assumptions. Toolkits and frameworks. ESG in stages in the investment life cycle. Supply and demand in asset management business. [CDC. Actis. UBS Food and Beverages]

4. All That You Can't Leave Behind "...long term horizons"
Long term thinking, long term investment horizons. Applying quantitative and qualitative factors. End of "alpha"? Debate re efficient markets vs behavioural finance. Sustainability case - business vs investment case. Performance metrics and experience. Too similar to "business as usual". Forward looking. Role of intangibles. Pricing stakeholder relations. Empathy? [PRI. DBCCA]

5. (Un)happy Feet " can we tell them what they're doing?"
Footprinting ESG. Carbon. Water. Role of ESG ratings, rankings and indexes. No one footprint. Ability to integrate ESG factors into company, sector and portfolio footprints. [Unburnable Coal. DJSI. UBS Food and Beverages]

6. Call Me, Maybe? ...networks, relationships and investment ecosystems.
Applying reputational, social and financial capitals. Legacy. Role of integrity and leadership. Links in investment value chain. Business of asset management. Continuous learning. Engagement towards learning. Writing to sharpen clarity. [CalPERS. Generation Investment Management]


Group: The Sustainable 4
Matthieu Gasnos, HEC
Aurore Pringuet, HEC
Rym Sullivan, HEC
Carlos Tejeda, HEC

Group: Azyr
Ryan Rastegar, HKUST
Yukihiro Yoshida, HEC
Atsuki Sakamoto, HEC
Zilan Cai, CEIBS

Group: Other than A
Rick Shi, HEC
Rahat Qazi, HEC
Shohei Maekawa, HEC
Ryan Yanaro, Georgetown University
Marc Ferrer Capdevila, Esade

Group: Green House
Daniel Georges, UCLA Anderson
Robert Moore, Yale SOM
Prerna Sabarwal, HEC
Suchit Saraf, HEC
Ian Sessions, UCLA Anderson

Group: Rhinos
Peina Wang, HEC
Paras Aggarwal, HEC
Wei-lu Hsu, HEC
Steve Southwick, Chicago Booth
Jeehon Kim, HEC
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  1. ‘CLIMATE CHANGE IS JUST GETTING WORSE AND WORSE…’ Posted by Yale University Press London on September 6, 2012
  2. CFA Institute Centre for Financial Market Integrity, July 2008  
    1. Environmental, Social, and Governance Factors at Listed Companies: A Manual for Investors (PDF)
    2. The Corporate Governance of Listed Companies: A Manual for Investors (PDF)
  3. Final version of the the DVFA/EFFAS KPIs for ESG 3.0
  4. Environmental, Social and Governance (ESG) indicators in annual reports - An introduction to current frameworks
  5. 2011 Environmental, Social and Governance Report
  6. Global Impact Investing Rating System
  7. Impact Investments
    1. Accelerating Impact: Achievements, Challenges and What’s Next in Building the Impact Investing Industry by ET Jackson and Associates and commissioned by The Rockefeller Foundation
    2. Gateways to Impact: Industry Survey of Financial Advisors on Sustainable and Impact Investing, Calvert Foundation and Hope Consulting / June 06, 2012 / Publications
    3. An Emerging Asset Class, J.P Morgan and The Rockefeller Foundation, November 29, 2010
    4. Useful videoclips of "From Potential to Action": "Bringing Social Impact Bonds to the U.S."
    5. Impact Investor @ CASE Duke U
  8. Why Sustainability Is Now the Key Driver of Innovation, HBR Articles
    by Ram Nidumolu, C.K. Prahalad, M.R. Rangaswami, 1 September 2009
  9. Mainstream or Daydream: The Future of Responsible Investment, S.
    Lydenberg and G.M. Sinclair, The Journal of Corporate Citizenship
    Issue 33, April 2009 ; issN 1470-5001, p. 47-67
  10. What Matters in Corporate Governance? By Lucian Bebchuk, Alma Cohen,
    and Allen Ferrell, The Review of Financial Studies, 22:2, 2009,
  11. Assessing and Unlocking the Value of Emerging Markets Sustainability Indices (July 2011)
  12. Future of Investing
  13. FT Special Reports Long-term investment
  14. Financial Valuation Tool (FV Tool) for Extractive Industries
  15. Community Investment Quality Assessment Tool
  16. Stakeholder Engagement: A Good Practice Handbook for Companies Doing Business in Emerging Markets  
  17. From Words to Action: The Stakeholder Engagement Manual
  18. Corporate Governance Disclosure in Emerging Markets: Statistical analysis of legal requirements and company practices, February 2012
  19. Impact of the FTSE4Good Index on firm price: An event study, M.
    Martin Curran, Dominic Moran, Journal of Environmental Management,
    Volume 82, Issue 4 , March 2007, Pages 529-537.
  20. Socially Responsible Investing: Beyond ESG Factors From the 2008 CFA
    Institute European Investment Conference by Andrew C. Canter, CFA
  21. David Blood: The Case for Sustainable Business, Gresham College, 21
    January 2008
  22. Sustainability Indexes: Pros And Cons: Environmental, social and
    governance criteria are the basis, by Marla Brill, FA Green, September
    2009 issue
  23. Investing In Socially Responsible Companies Is A Must For Public
    Pension Funds – Because There Is No Better Alternative, S. Prakash
    Sethi, Journal Of Business Ethics 56: 99–129, 2005
  24. Guidelines for Integrating Socially Responsible Investment in the
    Investment Process by Frank Jan de Graaf , Alfred Slager, The Journal
    of Investing  Fall 2009, Vol. 18, No. 3: pp. 70-78
  25. "The Wages of Social Responsibility," by Meir Statman of Santa
    Clara University and Denys Glushkov of Barclays Global Investors
  26. Are Ethical Investments Good? (August 11, 2009). - Chow, Gariet,
    Durand, Robert B. and Koh, Sze Kee, 22nd Australasian Finance and
    Banking Conference 2009. Available at SSRN:
  27. The Relationship between Environmental Social Governance Factors and Stock Returns, Evans, John R. and Peiris, Dinusha, (April 7, 2010), UNSW Australian School of Business Research Paper No. 2010ACTL02.
    Available at SSRN:
  28. A.T. Kearney, Inc, titled Green Winners: The Performance of
    Sustainability-focused Companies in  the Financial Crisis
  29. Charlie Rose interviews...
    1. Prince Alwaleed, Chairman, Kingdom Holding Company
    2. with Howard Schultz in Business on Tuesday, March 29, 2011 oward Schultz, chairman and CEO of Starbucks on his book 'Onward: How Starbucks Fought for Its Life without Losing Its Soul'
    3. Neville Isdell, former chairman and CEO of the Coca-Cola Company with Neville Isdell in Business on Monday, January 30, 2012
    4. Mohamed Ibrahim with Mohamed Ibrahim in Business on Wednesday, April 28, 2010
    5. A conversation with Jacqueline Novogratz with Jacqueline Novogratz in Business, Books, Current Affairs  on Wednesday, March 25, 2009
    6. with Warren Buffett in Business on Friday, September 30, 2011
    7. Gao Xiqing, President, China Investment Corporation with Gao Xiqing  in Current Affairs, Business on Wednesday, September 28, 2011
  30. Socially Responsible Investments: A Tool for preventing future European sovereign debt crisis? HEC Paris Accounting and Control Department and the MSc in Sustainable Development during the 2011 October FrenchSIF ( week for Socially Responsible Investment (SRI)
  31. Fact File: S&P 500 Sigma Events, Jason Voss, CFA, CFA Blog, 27 August 2012
  32. The Red-Yellow-Green Report was released by Diligence Review Corp. on August 1, 2012
  33. 13F Watch: Bullish on Consumer Staples and Health Care Stocks, Bearish on Technology and Energy, CFA Blog 22 August 2012, David Larrabee, CFA
  34. Social Impact Bonds: Turning the Recidivism Rate into an Internal Rate of Return, Usman Hayat, CFA, CFA Blogs, 20 June 2012
  35. Innovation in Impact Investing: Social Impact Bonds (Video), Usman Hayat, CFA, CFA Blog, 19 June 2012
  36. CFA Institute Integrity List: 50 Ways to Restore Trust in the Investment Industry, CFA Institute, 7 May 2012
  37. Aswath Damodaran on Applying the Tools of Corporate Valuation, Peter M.J. Gross CFA Blog, 20 August 2012
  38. Mike Mayo, CFA: Lessons for Financial Analysts from the Exile on Wall Street, Charlie Henneman, CFA, CFA Blog, 9 May 2012 

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THE 2006 GREEN PORTFOLIO: The Future Is Green, Vanity Fair, May 2006

THE SOURCE KEEPER: LI MOXUAN, watchdog. The Yellow River is in danger of running dry, says Li Moxuan, a climate researcher and campaigner with Greenpeace China. She was part of a team that made a horrifying trip to the upper reaches of Anyemaqen Mountain, where the river valley known as "the cradle of Chinese civilization" begins. Photographed by Andrew Rowat at the Li River in Xingping, Guangxi Province, China, on February 25, 2006. Source: Vanity Fair

"It was my pleasure taking your class. It was really an eye-opening. I gained a new viewpoint in reading newspapers and asking questions whether the news is ESG related, how related." -  MBA candidate, HEC Paris, France

"Professors teaching method was amazing, nothing like what I have experienced so far in my MBA program. He made the class very interactive and got the best out of all the students." - MBA candidate, HEC Paris, France

"In my opinion, the constant interaction with the professor and peers next to the expert interviews made the course really valuable and rewarding." - MBA candidate, HEC Paris, France

"I liked the way the class tried to offer us as many tools and viewpoints as possible to think about SRI." - MBA candidate, HEC Paris, France

"This class always provided me with a perspective of investors which is missing piece for me. In the classroom, some students including me, sometimes confused sustainable investments with just corporate social responsibilities. It's often the case with students who don't have financial and investment background." - MBA candidate, HEC Paris, France

"Thank you for...last week, it was a very interesting, while demanding course. My only regret is that it should be spread over more than one week so we can have time to dig deeper with lectures and be filled with the subject." - MBA candidate, HEC Paris, France

"Great class to get an overall view on how to appreciate the complexity of factoring in ESG matters in the investment process.
I think the best part of the course remains the expert interviews as they allow a direct view of the field issues. As an MBA candidate, it opened my eyes to how much work there is left to do to reach some kind of standardization and therefore the amount of opportunities there might be in the future." -  MBA candidate, HEC Paris, France

"It was great to attend your lectures. The seminar has definitely expanded my thinking + skill set as an MBA. Through the seminar, I could deepen my understanding of Sustainable Investment and could see more concrete issues that I need to elaborate. I learned that there are several well structured methodologies and research regarding ESG that I did not know (SI definition by IFC, investment and management frameworks of CDC and Actis, structured process of general management, etc). Simultaneously, I learned there are still some challenges in implementations of ESG investments and managements (DJSI is imperfect, PRI is not necessarily a dominant principles of investment, not enough information disclosures..." -  MBA candidate, HEC Paris, France

"Your seminar constantly reminded me of things I lack. I realized my thought didn't go beyond "CSR" or whatever, not a sustainable investment. I have few perspectives as an investor. That's one of my takeaways!" - MBA candidate, HEC Paris, France

"It was interesting to see how many opportunities exist in this field, too bad the course only lasted one week." - MBA candidate, HEC Paris, France

"I would say that first, this seminar expanded my views and knowledge on how investors and asset owners can help to shape our future by incorporating new factors and consideration into the investment process. Second of all, it reminded me how important is to follow a structure and be strict about how to deal with real investment/business cases as if it were in real life. At last but not least, I would like to mention that it gave me a set of tools to better understand the investment sector, specially in the sustainable investments facet." -  MBA candidate, ESADE, Spain

"Thank you once again for the course, it was one of the best electives I have attended in my MBA. I really appreciate your efforts to arrange live conferences, taking time out from work. Thank you once again sir, and I look forward to a sustainable long term association!"  -  MBA candidate, HEC Paris, France

"It was really cool to do this course with you. Its been very inspirational for me in a lot of ways."-  MBA candidate, HEC Paris, France

"Thank you very much for all the lectures this week. I learned a lot from the course and I am now definitely smarter than I was on Monday morning."  -  MBA candidate, HEC Paris, France

“The CAS-CSR's Sustainable Finance Module at UNIGE was one of the best in the program. It was interesting, challenging and inspiring. Graham definitely put Finance under a fresh new light for me with his knowledge, experience and enthusiasm.”    -  Executive Education student, Geneva, Switzerland

“Graham's deep knowledge of and personal dedication for the Sustainable Investment industry made this module particularly insightful even for someone which already had a medium to advanced background in finance as well as CSR. I can but recommend Graham for his lecturing on Sustainable Investments as well as for his selection of pertinent reading materials/case studies and participating presenters.”  -  MBA student

“Thanks to his dynamism, his outstanding teaching qualities and expertise, Graham conveys easily to his students his passion and knowledge regarding socially responsible investments and the development of ESG approach. It has been a pleasure attending his course.”   -  MBA student

“Graham combines great teaching abilities with a natural authority. He encourages students to think for themselves and come to their own conclusions: this creates the perfect storm for creative debate and progress of everyone involved. Thanks to him, students, partners and colleagues get more sensitive to sustainability issues, contributing to making SRI a norm rather than a niche.”    -  MBA Student, HEC Paris, France

“Graham taught me the SRI module at CAS in CSR from Geneva University and demonstrated his solid expertise in this field, explaining the complex sustainable investment value creation process in a clear and simple way that I cannot forget. He is a great and inspiring communicator, making people feel that every one can matter to create a more sustainable world.”   -  Executive Education student, Geneva, Switzerland

“It was a great pleasure being taught by Graham as part of the UniGe Certificate in Advanced Studies in Corporate Social Responsibility programme. Graham came across as deeply knowledgeable in sustainable investment. He taught us complex notions through easy-to-grasp analogies. He was persistent in getting us to understand the logic of and system behind sustainable investment. He used plenty of real-life examples. He had a great sense of humour. His class was an eye-opener in sustainable investment and sustainability for me.”    -  Executive Education student, Geneva, Switzerland

“Graham taught my Investment Strategies for Sustainability class in the Spring of 2007. It was a 2 day seminar class. The class was well structured. It was a nice balance of lecture and interactive presentations that the students created. Graham is a demanding teacher, requiring an extensive amount of reading. However, the readings were very relevant and important. In fact, at a Social Responsible Investing conference that I attended this past fall, several of the readings were referenced as a part of the discussion. Overall, I enjoyed the class and gained a broad understanding on the current state, challenges, and opportunities of sustainable investing. Graham has comprehensive knowledge on the subject, and I felt he was able to transfer that knowledge well.”  - MBA candidate, top ten B-school, USA

“Graham is an extremely personable and highly knowledgeable professor who demands the best out of his students. The exercises and lectures provided interesting insight into the new and exciting field of sustainable investment.”  -  MBA candidate, top ten B-school, USA

“Graham is truly passionate about the work he does as is evident in his lively, informative and creative presentations. He is well-versed in topics ranging from the investment value chain to the complexities of ESG architecture. His talent lies in his ability to use illustrative examples, insights, and experience to engage audiences on the subject of investments. Graham is looking to spread the message about the importance of integrating ESG factors into investment decisions at the individual and institutional level and I have every confidence this message will be heard as a result of his influence in this space.”  -  MBA candidate, University of Geneva, Switzerland

“Graham taught my Investment Strategies for Sustainability class in December 2007. This 3 day seminar class was well structured and I enjoyed it a lot. It was a nice balance of lecture, real-life business cases and interactive presentations created by students. Graham is a demanding teacher. The extensive amount of reading required for the class is a necessary basis for thinking, discussion and debate in class and is well completed by practical assignments (e.g. company selection for a SRI fund) As a French student with a previous experience in SRI, I learned a lot about the current state and challenges of SRI in North America. Moreover, Graham managed to create a great atmosphere among the students, which also demonstrates his great teaching skills.”  -  MBA candidate, top ten B-school, USA

“Graham was an exceptional adjunct professor teaching Investments in Sustainability when I met him. He is an exceptionally talented speaker able to keep everyone in the class engaged throughout the 8 hours sessions. Graham has an uncanny ability to take difficult concepts and break them into easy to digest bits. He is refreshingly genuine, incredibly articulate and passionate about his trade.”  -  MBA candidate, top ten B-school, USA

"I really enjoyed the masterclass that you taught at Exeter and that the information you provided has been very enlightening...the course was extremely beneficial and well conceived."  - Masters in Finance candidate, University of Exeter Business School, England

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