Toolkit for Sustainable Investment and ESG


    TOOLS

    Financial Valuation Tool (FV Tool) for Extractive Industries  http://commdev.org/section/tools/fv_tool
    Community Investment Quality Assessment Tool  http://commdev.org/content/document/detail/2778/
    Stakeholder Engagement: A Good Practice Handbook for Companies Doing Business in Emerging Markets  http://www.ifc.org/ifcext/enviro.nsf/AttachmentsByTitle/p_StakeholderEngagement_Full/$FILE/IFC_StakeholderEngagement.pdf
    From Words to Action: The Stakeholder Engagement Manual  http://commdev.org/content/document/detail/942/
    The Case Study Toolbook: Partnership Case Studies as Tools for Change  http://commdev.org/content/document/detail/699/
    IFC Environment and Social Development Good Practice Documents can be found here: http://www.ifc.org/ifcext/enviro.nsf/Content/Publications_GoodPractice
    The Partnering Toolbook  http://commdev.org/content/document/detail/882/
    Equator Principles   http://www.equator-principles.com/index.php/best-practice-resources
    ICCR History http://www.iccr.org/about/
    Innovations in Financing PPPs by CLIVE HARRIS Practice Manager, PPP, World Bank Institute, March 13, 2012 Time : 10:00AM EST http://einstitute.worldbank.org/ei/webinar/innovations-financing-ppps


    FRAMEWORKS

    Actis_ESG_Code v1.2.pdf
    http://www.act.is/custom/actis-web/res/editor/Misc/Actis_ESG_Code_English.pdf

    CFA Institute: Environmental, Social, and Governance Factors at
    Listed Companies: A Manual for Investors (May 2008): p.1-35
    http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2008.n2.1

    UBS Investment Research Global Equity Research SRI & Sustainability Theme Piece ESG Analyser, South African Analyser, South Africa, by Julie Hudson, CFA et al, 3 September 2010 www.ubs.com/investmentresearch
    Corporate Governance Disclosure in Emerging Markets: Statistical analysis of legal requirements and company practices, February 2012   http://unctad.org/en/docs/diaeed2011d3_en.pdf



    INDUSTRY REPORTS

    • Eurosif 2008 European SRI Market Study http://www.eurosif.org/publications/sri_studies
    • Annual Study of the French SRI Market Novethic, June 2010  http://www.novethic.com/novethic/french-sri/investment-ethics/sri-indices.jsp#
    • IFC / BSR Sustainable Investment in China 2009 Overview, September 1, 2009 http://www.ifc.org/ifcext/sustainability.nsf/AttachmentsByTitle/p_SustainableInvestmentinChina2009_overview/$FILE/IFC+Sustainable+Investment+in+China+-+overview.pdf
    • Food and Beverages: Corporate Responsibility, Global Socially Responsible Investment, Equity Research, UBS Investment, 25 October 2005. Hudson et al.



    ACADEMIC ARTICLES


    •       Why Sustainability Is Now the Key Driver of Innovation, HBR Articles
    by Ram Nidumolu, C.K. Prahalad, M.R. Rangaswami, 1 September 2009
    http://hbr.org/2009/09/why-sustainability-is-now-the-key-driver-of-innovation/ar/1
    •       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
    http://www.greenleaf-publishing.com/jcc
    •       What Matters in Corporate Governance? By Lucian Bebchuk, Alma Cohen,
    and Allen Ferrell, The Review of Financial Studies, 22:2, 2009,
    783-827. http://www.rfs.oxfordjournals.org/cgi/content/full/22/2/783
    •       Socially Responsible Investing: Growth and Development in
    International Markets, Sheryl A. Law and Jot Yau in Advances in
    international investments: traditional and alternative approaches by
    Par Hung-gay Fung, Xiaoqing Eleanor Xu, Jot Yau, 2008
    http://books.google.fr/books?hl=fr&lr=&id=sIHQ-kPJ_GgC&oi=fnd&pg=PA31&dq=sustain*+invest*+perform*+sri+esg&ots=_oEhGKiz4c&sig=NytGrk5_9nCDKvAWnxAa-YHcA5w#v=onepage&q&f=false
    •       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
    •       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
    http://www.iijournals.com/doi/abs/10.3905/joi.2009.18.3.070
    •       Non-Governmental Organizations, Shareholder Activism, and SRI, Guay,
    Doh, Sinclair ; Journal Of Business Ethics 52: 125–139, 2004
    •       - "The Wages of Social Responsibility," by Meir Statman of Santa
    Clara University and Denys Glushkov of Barclays Global Investors
    http://www.socialinvest.org/resources/research/documents/2008WinningPrize-Moskowitz.pdf
    •       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:
    http://ssrn.com/abstract=1448524
    •       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: http://ssrn.com/abstract=1586146
    •       ESG Implementation in Venture Capital Investments - A qualitative
    study of Swedish State-owned Investors, M Adestam, S Husberg -
    umu.diva-portal.org, September 2010
    http://umu.diva-portal.org/smash/get/diva2:328426/FULLTEXT01
    •       Identifying impediments to SRI in Europe: a review of the
    practitioner and academic literature, Carmen Juravle and Alan Lewis, 3
    JUN 2008, Business Ethics: A European Review, Volume 17, Issue 3,
    pages 285–310, July 2008
    http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8608.2008.00536.x/abstract
    •       The Challenges of mainstreaming Environmental, Social and Governance
    (ESG) issues in Investment Decisions A mini-survey of practitioners’
    reports, Kenneth Amaeshi (Cranfield School of Management) and David
    Grayson (Cranfield School of Management) https://www.som.cranfield.ac.uk/som/dinamic-content/media/Research/Research%20Centres/Doughty%20Centre%20for%20Corporate%20Responsibility/2meta%20analysis.pdf.
    Putting Sustainable Investing Into Practice: A Governance Framework For Pension Funds, Claire Woods and Roger Urwin, 2010  http://www.geog.ox.ac.uk/research/transformations/wpapers/wpg10-03.pdf
    US SIF and Journal of Business Ethics 2007 Winning Paper: "Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices" http://www.socialinvest.org/resources/research/documents/Moskowitz2007Paper.pdf
    2006 Winning Paper: “Monitoring the Monitor: Evaluating CalPERS’ Activism”  http://www.socialinvest.org/resources/research/documents/Moskowitz2007Paper.pdf
    2005 Winning Paper: “The Economic Value of Corporate Eco-Efficiency”
    http://www.socialinvest.org/pdf/research/Moskowitz/2005%20Winning%20paper%20-%20Moskowitz.pdf


    NEWS ARTICLES

    Critique Of SRI By Paul Hawken  http://Www.Responsibleinvesting.Org/Database/Dokuman/SRI%20Report%2010-04_Word.Pdf
    Investing Responsibly By Lorne Abramson, 31 December 2009  http://www.indexuniverse.com/sections/features/7090-a-survey-of-current-esg-index-a-passive-asset-class-funds.html
    U.S. Lawmakers Raise Concern About World Bank Loan to Eskom By Sandrine Raste, Bloomberg, 5 April 2010  http://www.bloomberg.com/apps/news?pid=20601130&sid=aHZ_izvakz68
     Profiting from poverty? Microfinance IPO sparks debate by Rina Chandran – Analysis, Reuters MUMBAI, Fri Apr 9, 2010 3:53am EDT  http://www.reuters.com/article/idUSTRE63814G20100409
    Dutch asset managers engage with Shell over tar sands, by Leen Preesman IPE 22 Jan 2010 14:30
    http://www.ipe.com/news/dutch-asset-managers-engage-with-shell-over-tar-sands_33835.php
    Investors ask companies to report water use by Vincent Bevins, guardian.co.uk,  Friday 9 April 2010 13.36 BST http://www.guardian.co.uk/sustainable-business/investors-cdp-water-footprint
    Investing Responsibly By Lorne Abramson, 31 December 2009 Related
    ETFs: KLD / JVS http://www.indexuniverse.com/sections/features/7090-a-survey-of-current-esg-index-a-passive-asset-class-funds.html
    WSJ COMMENTARY What Should Bill Gates Do? By JON ENTINE January 26, 2007; Page A11 Http://Www.Aei.Org/Article/25519
    U.S. Lawmakers Raise Concern About World Bank Loan To Eskom By Sandrine Raste, Bloomberg, 5 April 2010 http://Www.Bloomberg.Com/Apps/News?Pid=20601130&Sid=Ahz_Izvakz68
    Profiting From Poverty? Microfinance IPO Sparks Debate By Rina Chandran – Analysis, Reuters MUMBAI, Fri Apr 9, 2010 3:53am EDT Http://Www.Reuters.Com/Article/Idustre63814g20100409
    Tightening Up On Bribery: Changes To The OECD Convention By Thomas Mcinerney, Responsible-Investor.Com, May 4th, 2010  http://Www.Responsible-Investor.Com/Home/Article/Bribery_Feature/
    BP Crisis Highlights Value Of Sustainability Research By Sophia Grene FTfm Investment Strategy June 13 2010 10:50
    Http://Www.Ft.Com/Cms/S/0/F8ab92c8-7581-11df-86c4-00144feabdc0.Html
    "Seriousness" Of Firms' Commitment To The UN Principles For Responsible Investment Questioned, Global Compact Critics, Wednesday, February 10, 2010
    Http://Globalcompactcritics.Blogspot.Com/2010/02/Seriousness-Of-Firms-Commitment-To-Un.Html
    Toward Sustainable Capitalism By Al Gore And David Blood, The Wall Street Journal, JUNE 24, 2010  http://Online.Wsj.Com/Article/SB10001424052748704853404575323112076444850.Html?Mod=Dist_Smartbrief
    Interview Stephane Voisin, 20 July 2010
    http://www.ca-cib.com/mediaroom/interviews/stephane-voisin-a-pioneer-in-2005-ca-cheuvreuxs-sri-research-is-now-reaping-the-rewards-of-its-expertise.htm
    A framework for monitoring the performance impact on a global equity portfolio, 15 June 2010 Written by: Rebecca Dixon http://www.mercer.com/referencecontent.htm?idContent=1382280
    UK Pension Fund Goes Green Posted on June 28, 2008 by Susan Mangiero
    http://www.pensionriskmatters.com/2008/06/articles/socially-responsible-investing/uk-pension-fund-goes-green/
    The Price of Green : Specialized funds invest in alternative energy and avoid polluters. But a narrow scope can mean big risk. By ANNA PRIOR, OCTOBER 5, 2009
    http://online.wsj.com/article/SB10001424052970204518504574418683155971954.html



    MULTIMEDIA


    Socially Responsible Investing: Beyond ESG Factors From the 2008 CFA
    Institute European Investment Conference by Andrew C. Canter, CFA
    http://www.cfainstitute.org/learning/products/multimedia/Pages/12886.aspx
    David Blood: The Case for Sustainable Business, Gresham College, 21
    January 2008 http://www.gresham.ac.uk/event.asp?PageId=45&EventId=720
    2008 Eurosif, Mat Christensen, October 2008
    http://www.youtube.com/watch?v=PyXBitCsvqo&feature=related
    The Enhanced Analytics Initiative, Dr Raj  Thamotheram, Gresham College, 2 June 2006
    http://www.gresham.ac.uk/event.asp?PageId=45&EventId=426
    Graham Sinclair interview CNBC Africa Power Lunch, 10 Sep 2010
    AfricaSIF launch roadshow event 2 : Cape Town, 9 Sep 2010
    Guardian Investing in a low carbon economy Presented by Zara Maung, produced by Isabel Mena-Berlin, guardian.co.uk, Thursday 17 December
    2009 http://www.guardian.co.uk/sustainable-business/video/1
    World Investment Report 2010: Investing in a low-carbon economy August 10, 2010
    http://psdblog.worldbank.org/psdblog/2010/08/world-investment-report-2010-investing-in-a-low-carbon-economy.html

    @AboutInvestment: 2013 Kaplan Schweser CFA Level 2 Videos http://t.co/eQeV8Dkb



    INITATIVES & EXAMPLES


    Oxfam Better Returns Project 2009 -2010
    http://www.oxfam.org.uk/resources/issues/privatesector/investment-workshops.html
    Thomson Reuters Extel And Uksif 2010 Socially Responsible Investing & Sustainability Survey Results
    http://www.webwire.com/ViewPressRel.asp?aId=123394
    London Accord
    http://www.london-accord.co.uk/index.php?option=com_content&view=article&id=51&Itemid=62
    ESG ratings update: Measuring and monitoring your investments, Laureen Bird, 14 June 2010
    http://www.mercer.com/referencecontent.htm?idContent=1382290
    Green Financing Turns Forest Decay Into Energy and Savings
    http://ahead.bankofamerica.com/qir-article/green-financing-turns-forest-decay-into-energy-and-savings-full-article/


    SUSTAINABILITY RANKINGS AND ESG INDEXES

    Newsweek's 2012 Green Rankings: This time it's serious By Joel Makower Greenbiz.com Published October 22, 2012 http://www.greenbiz.com/blog/2012/10/20/newsweeks-2012-green-rankings-time-its-serious?page=full
    NEWSWEEK's 2010 Green Ranking  http://www.newsweek.com/feature/2010/green-rankings.html
    MSCI Barra ESG  http://www.mscibarra.com/products/indices/thematic_and_strategy/esg_indices/
    KLD 400 the longest-running ESG index  http://blog.riskmetrics.com/esg/2010/09/msci-esg-indices.html
    HOW NOW, GREEN DOW: Is The Dow Jones Sustainability Index Worth A Damn? BY Grist 14 SEP 2009 7:12 AM
    Http://Www.Grist.Org/Article/2009-09-14-Dow-Jones-Sustainability-Index-Worth-A-Damn/
    Sustainability Indexes: Pros And Cons: Environmental, social and governance criteria are the basis, by Marla Brill, FA Green, September 2009 issue http://www.fa-mag.com/component/content/article/14-features/4445.html?Itemid=131
    A.T. Kearney, Inc, titled Green Winners: The Performance of Sustainability-focused Companies in  the Financial Crisis http://www.atkearney.com/index.php/News-media/companies-with-a-commitment-to-sustainability-tend-to-outperform-their-peers-during-the-financial-crisis.html
    Taking the Long View on Sustainability By Daniel Mahler, Partner and global coordinator for the Sustainability practice, March 2010 http://www.atkearney.com/index.php/Publications/taking-the-long-view-on-sustatinability.html
    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.
    http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6WJ7-4JWFMPG-3&_user=10&_coverDate=03%2F31%2F2007&_rdoc=1&_fmt=high&_orig=search&_sort=d&_docanchor=&view=c&_searchStrId=1384144652&_rerunOrigin=google&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=a1f1ce48eba8b1543d8c1b2e61218ae8



    BOOKS

    Investing 101 by Kathy Kristof, Bloomberg Press; 2nd, Updated and Expanded Edition edition (August 1, 2008), ISBN-10: 1576603075  http://www.amazon.com/gp/product/1576603075/ref=ox_sc_act_title_10?ie=UTF8&m=ATVPDKIKX0DER




    TOOLKIT
    An investment analyst’s most useful skill is keeping sources somewhat organised in one’s head, where, if synapses are firing, one may retrieve information quickly, or at least get a sense of where to start looking. Organising material intuitively is every researcher’s task. Some tools  are:
    10KWizard: You could not ask for a more complete source of filings of the US Securities and Exchange Commission. Searchable by name or company and with so many pull-down boxes that I often have to re-do my search because Ive forgotten some nuance that makes all the difference.
    European Private Equity and Venture Capital Association: For someone with precious little background in the financial industry who is called upon to learn on the job, this source provides an overview as well as supplying plausible reasons that the industry serves a purpose for the greater good, even while its leaders are making personal fortunes. EVCA gives industry performance information and, once a year, company performance rankings.
    The Internet Prospector: I always learn something new from this very readable newsletter of useful tips and sources for the prospect research community. Published since 1994, it has a useful archive of past editions online.
    WealthBulletin.com : Fairly new to me, but I have high hopes for it becoming one of my standard sources for European prospecting and probably for a fresh perspective on wealth. I especially like the attention to Finance and Philanthropy, and the Rich Monitor.
    ACRIS (Automated City Register Information System ) New York City gateway to property registration information, providing access to document images going back to 1966 for Manhattan, the Bronx, Brooklyn and Queens. Whether the property is owned as a co-operative share of a
    building or a condominium that is assessed in the individuals name makes a big difference in what details can be found. http://hbswk.hbs.edu/item/6560.html?wknews=06132011 Lessons from the

    VIDEOCLIPS AND INVESTOR INTERVIEWS


    1. Useful videoclips of "From Potential to Action": "Bringing Social Impact Bonds to the U.S." http://shar.es/q8Zjb #ESG #socimp
    2. Prince Alwaleed, Chairman, Kingdom Holding Company  http://www.charlierose.com/view/interview/10825
    3. China Triumph and Turmoil  Niall Ferguson examines China's ascendancy, and asks what the future holds for the world's most populous country and its relationship with the rest of the world  http://www.channel4.com/programmes/china-triumph-and-turmoil/4od  http://www.amazon.co.uk/China-Triumph-and-Turmoil-DVD/dp/B0078Z9JBG/ref=sr_1_1?ie=UTF8&qid=1332153052&sr=8-1&intcmp=brandabout
    4. Neville Isdell, former chairman and CEO of the Coca-Cola Company with Neville Isdell in Business on Monday, January 30, 2012 http://www.charlierose.com/view/interview/12117
    5. Neville Isdell, former chairman and CEO of the Coca-Cola Company with Neville Isdell in Business on Monday, January 30, 2012 http://www.charlierose.com/view/interview/12117
    6. Mohamed Ibrahim with Mohamed Ibrahim in Business on Wednesday, April 28, 2010  http://www.charlierose.com/view/interview/10985
    7. A conversation with Jacqueline Novogratz with Jacqueline Novogratz in Business, Books, Current Affairs  on Wednesday, March 25, 2009  http://www.charlierose.com/view/interview/10176
    8. A conversation with Wole Soyinka with Wole Soyinka in History on Tuesday, August 12, 2008 http://www.charlierose.com/view/interview/9217
    9. Gita Wirjawan in Business  on Tuesday, March 1, 2011Gita Wirjawan, Chairman of Indonesia’s investment coordinating board  http://www.charlierose.com/view/interview/11513
    10. Ameerah Al-Taweel in Current Affairs, Business, Lifestyle on Tuesday, February 7, 2012 http://www.charlierose.com/view/interview/12142
    11. Jim O'Neill in Business, Current Affairs, Books  on Thursday, January 19, 2012 http://www.charlierose.com/view/interview/12097
    12. A conversation about Turkey with Rahmi M. Koç, Honorary Chairman Koç Holding with Rahmi M. Koç in Current Affairs, Business on Wednesday, November 2, 2011http://www.charlierose.com/view/interview/11976
    13. with Warren Buffett in Business on Friday, September 30, 2011 http://www.charlierose.com/view/interview/11919
    14. Gao Xiqing, President, China Investment Corporation with Gao Xiqing  in Current Affairs, Business on Wednesday, September 28, 2011 http://www.charlierose.com/view/interview/11917
    15. with Michael Lewis  in Business, Books on Monday, October 3, 2011 http://www.charlierose.com/view/interview/11924
    16. Counting the Cost - China's economic transformation http://www.youtube.com/watch?v=Vzl2cINb95o&feature=related
    17. with Arminio Fraga  in Business  on Wednesday, June 29, 2011 Arminio Fraga of Gavea Investments on Brazil's economy http://www.charlierose.com/view/interview/11755
    18. 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' http://www.charlierose.com/view/interview/11579
    19. Sany looks beyond China http://www.youtube.com/watch?v=lgezcUf6Xc0
    20. FTFM from MARKETS: Engagement is not always best, Apr 19 2012  http://video.ft.com/v/1571420558001/Engagement-is-not-always-best


     
     


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