CONFERENCES 2013

PRI IN PERSON


Plenary 8: Aligning interests along the investment chain. Moderators from both sessions feedback to each other

Cape Town, South Africa, Wednesday 2 October 2013  4:15-4:45PM


Panel 5B: Investment manager and service providers: "How can Asset Owners help their Investment Managers improve their responsible investment practices during investment monitoring?"

Cape Town, South Africa, Wednesday 2 October 2013  2.45-3.45PM


@PRI_news #PRIinPerson2013 @SinCoESG @ESGarchitect

http://www.unpri.org/pri/pri-in-person-2013-cape-town/sessions/


SinCo works as a project partner to the PRI team producing their sixth @PRI_News conference 1-2 October 2013 in Cape Town, South Africa. This page captures our event collaboration. Follow tweets on @PRI_news and @SinCoESG, as well as @ESGarchitect. 


See also




CONFERENCES 2013

PRI IN PERSON


Plenary 8: Aligning interests along the investment chain. Moderators from both sessions feedback to each other

Cape Town, South Africa, Wednesday 2 October 2013  4:15-4:45PM


Panel 5B: Investment manager and service providers: "How can Asset Owners help their Investment Managers improve their responsible investment practices during investment monitoring?"

Cape Town, South Africa, Wednesday 2 October 2013  2.45-3.45PM


@PRI_news #PRIinPerson2013 @SinCoESG @ESGarchitect

http://www.unpri.org/pri/pri-in-person-2013-cape-town/sessions/

SinCo works as a project partner to the PRI team producing their sixth @PRI_News conference 1-2 October 2013 in Cape Town, South Africa. This page captures our event collaboration. Follow tweets on @PRI_news and @SinCoESG, as well as @ESGarchitect. 


See also



PRI in Person 2013 Cape Town

http://www.unpri.org/pri-in-person-2013-cape-town/


PRI in Person is the only opportunity of the year for all PRI signatories and potential signatories to meet, collaborate and learn from their peers. The conference is two full days packed with innovative roundtables, thought-provoking sessions, peer-to-peer dialogue and plenty of time to network. PRI signatories, industry experts and thought leaders will lead engaging panels, debates and round-tables. 


PRI in Person 2013 Cape Town

http://www.unpri.org/pri-in-person-2013-cape-town/


PRI in Person is the only opportunity of the year for all PRI signatories and potential signatories to meet, collaborate and learn from their peers. The conference is two full days packed with innovative roundtables, thought-provoking sessions, peer-to-peer dialogue and plenty of time to network. PRI signatories, industry experts and thought leaders will lead engaging panels, debates and round-tables. 

Plenary 8

Aligning interests along the investment chain


Successful responsible investment that delivers long-term sustainable returns requires that the interests of the various players in the investment chain be as closely aligned as possible.  In this session Asset Owners on the one hand, and Investment Managers and Service Providers on the other will go into separate rooms to allow frank discussion of where further progress is needed to achieve that goal.  A plenary report-back and discussion will then bring the groups together to share their conclusions.



Moderator: 

David Russell, Co-Head of Responsible Investment, USS Investment Management, (UK)

Moderator Asset Owner Session 5A

Panelists

Eric Wetlaufer, Senior Vice President of Public Market Investments, Canada Pension Plan Investment Board

Moderator Investment Manager Session 5B:

Graham Sinclair, Principal, SinCo

http://www.unpri.org/pri/pri-in-person-2013-cape-town/sessions/




Panel 5B: 

Investment manager and service providers: "How can Asset Owners help their Investment Managers improve their responsible investment practices during investment monitoring?" 


Moderator: 

Graham Sinclair, Principal, SinCo (USA/SA)

 

Panellists: 

Greg Elders, Senior ESG Analyst, Bloomberg (UK)

Malcolm Gray, Portfolio Manager, Investec (SA)

Seiji Kawazoe, Associate General Manager, Sumitomo Mitsui Trust Bank (Japan)

Linda-Eling Lee, Executive Director, MSCI (US) 


PRI in Person is the only opportunity of the year for all PRI signatories and potential signatories to meet, collaborate and learn from their peers. The conference is two full days packed with innovative roundtables, thought-provoking sessions, peer-to-peer dialogue and plenty of time to network. PRI signatories, industry experts and thought leaders will lead engaging panels, debates and round-tables.

 

 

INVITATION FROM PRI

July 2013

You have been recommended by several of my colleagues as an expert in this regard and as such I would like to invite you to moderate this track session.

Ensuring that the ESG interests between an AO and their IM/SP are aligned is a fundamental requirement for the delivery of sustainable portfolio returns over the longer term.

At the same time as the investment managers and service providers discussion, there is a separate session for asset owners to discuss - “How can asset owners better monitor their investment manager’s ESG performance?” Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.

  • Suggested panel structure (total time: 60 min)
  • Moderator to introduce the panel topic (5 min)
  • Moderator to introduce each panellist and invite them to share their perspective on the discussion points (15 min in total, approx. 3-4 min each)
  • Moderator to lead discussion on points for all panellists (20 min)
  • Q&A from the audience (20 min)

Suggested discussion points


  1. Current state of AO/IM Relationships - what monitoring is happening. 
  2. What are some criteria for measuring performance?
  3. What are some common ESG expectations that AOs have of their managers?
  4. What proportion of your investment management agreements include ESG?
  5. What form does your clients’ monitoring of your ESG performance take?
  6. Is reporting enough? What reporting can / cannot do? What else can AOs do?
  7. Is ESG a box-ticking exercise for AOs?
  8. What are common barriers to monitoring? What are some practical
  9. strategies to overcome these barriers?
  10. How do your clients help/hinder you in ESG integration?
  11. Next steps/How to improve
  12. Examples of monitoring frameworks
  13. What can AOs do if their managers are not meeting their expectations?
  14. What resources are available to help AOs work better with IMs? (PRI reporting framework? PRI Aligning expectations? ICGN model mandate?)


More information will be released soon.


Confirmed panelists are Malcolm Gray, Investec AM, Seiji Kawazoe, Sumitomo Trust & Banking Co., Greg Elders, Senior ESG Analyst, Bloomberg and Linda Eling-Lee, MSCI


Graham Sinclair, Principal, SinCo and Co-founder of the not-for-profit Africa Sustainable Investment Forum project, AfricaSIF.org

Graham is a sustainable investment strategist at SinCo - sustainable investment consulting. At SinCo he leads engagements to design and develop the sustainable investment case for clients managing billion dollar investments or global investor initiatives. As ESG architect he integrates environmental, social and governance (ESG) factors into investment strategies, processes and indexes in frontier and emerging markets. Recent projects tackled private equity in emerging markets, green bonds, pension fund investment value chains, a national sustainability index and impact investing. As an original thinker at the frontier of sustainable investment, his work over the past decade has explored sustainable investment themes including long-term investment, influential investor networks, fiduciary duty, carbon intensity, water scarcity, biodiversity, nutrition security, and sustainable mining. Before joining KLD in Boston, he worked in investment banking and managed private sector pension funds, exiting global multi-manager SEI Investments in 2002. Graham chairs the Prudential Assets Working Group of the investment industry group ASISA, is a member of the Investment Analysts Society and lifetime member ofNet Impact. Graham is President and co-founder of the not-for-profit Africa Sustainable Investment Forum project, AfricaSIF.org. Graham lectures on sustainable investment at leading business schools in North America, Europe and Africa, and has contributed three chapters on Private Equity, Africa and Sustainability Indexes to "Evolutions in Sustainable Investing" (Wiley Finance, 2012). Graham holds an MBA from the Villanova School of Business and LL.B from the Howard College School of Law and various industry certifications. He resides in Vermont, USA and Cape Town, South Africa. On any day he would rather be cycling a mountain pass.


 

Malcolm Gray, Investec Asset Management

 

 

 

Seiji Kawazoe, Associate General Manager, Sumitomo Trust & Banking Co.

Seiji Kawazoe joined Sumitomo Trust & Banking Co. in 1987. He has worked in the bank’s asset management and investment section, and he gained professional experience as a Fund Manager and as a Senior Fund Manager for Global Equities for institutional accounts. He has been based in various locations (Tokyo, New York, London, and Luxembourg) where he gained deeper insights into the global financial industry, particularly in the field of equity investments, including corporate disclosure issues and regulatory frameworks. Currently he is in charge of environmental, social, and governance (ESG) guidelines and polices at the bank.



Greg Elders, Senior ESG Analyst, Bloomberg

Gregory Elders, Senior ESG Analyst at Bloomberg, has over ten years experience working with investors and companies to identify and assess sustainability risks and opportunities.  His expertise is on valuing the financial impact of environmental, social and corporate governance performance on company returns, as well as identifying financially material ESG issues.  He has held the roles of Head of Research at Trucost in London, SME and Supply Chain Program Manager at the Global Reporting Initiative (GRI) in Amsterdam, and Fixed Income Research Analyst at Merrill Lynch in New York.  Gregory has an MSc in Environmental Policy from the London School of Economics and a BA in Economics from Cornell University.



Linda-Eling Lee is Head of Research, MSCI ESG 

At MSCI, her team of research analysts located in 12 offices around the world identifies risks and opportunities arising from material ESG issues for over 5,000 companies and over 10,000 issuers linked to 260,000 individual fixed income securities.

Prior to joining MSCI ESG Research predecessor Innovest, Ms Lee was the Research Director at the Center for Research on Corporate Performance, developing academic research at Harvard Business School into management tools to drive long-term corporate performance. Previously, she was a strategy consultant with Monitor Group in Europe and in Asia, where she worked with Fortune 500 clients in industries ranging from beverages to telecommunications.


Ms Lee has published research both in management journals such as the Harvard Business Review and MIT’s Sloan Management Review, as well as in top academic peer-reviewed journals such as Management Science and Journal of Organizational Behavior. She received her AB from Harvard, MSt from Oxford, and PhD in Organizational Behavior from Harvard University.



Attending Organisations (at 15 August 2013, alphabetical)


  1. Absa Capital Alternative Asset Management
  2. Absa Small Business Provident Fund
  3. Action on Smoking and Health Australia Ltd
  4. Actis LLP
  5. Adveq Management AG
  6. Africa investor
  7. Alberta Investment Management Corporation
  8. Alexander Forbes
  9. Alliance Trust
  10. AMP Capital Investors
  11. Anglo American
  12. AP1, AP2, AP3, AP4
  13. AP3 - Third Swedish National Pension Fund
  14. APG Asset Management
  15. Arisaig Partners
  16. Atlantic
  17. ATP - The Danish Labour Market Supplementary Pension
  18. Australian Council of Super Investors (ACSI)
  19. Avior Research
  20. Aviva Investors
  21. Baillie Gifford & Co
  22. Bespoke Financial Seevices
  23. BlackRock
  24. Bloomberg L.P.
  25. BM&FBOVESPA
  26. BPF Schilders
  27. CAER - Corporate Analysis. Enhanced Responsibility.
  28. Caisse des Dépôts et consignations - CDC
  29. California Public Employees' Retirement System CalPERS
  30. California State Teachers' Retirement System CalSTRS
  31. Canada Pension Plan Investment Board
  32. CAPITAL DYNAMICS
  33. CBUS Superannuation Fund
  34. CDC GROUP
  35. CDP
  36. Centre for Inclusive Banking in Africa, Univ of Pretoria
  37. Ceres
  38. Church of Sweden
  39. Citigroup
  40. club ohada thies
  41. COMANCO
  42. Consultiva Internacional, Inc.
  43. Co-operative Tradeka Corporation
  44. Coronation Fund Managers
  45. CPP Investment Board
  46. Danske Bank
  47. Daobridge Capital
  48. Davis Global Advisors
  49. Delsus Limited
  50. Department of Mineral Resources
  51. Ecobank
  52. EIRIS
  53. Element Investment Managers
  54. Environmental Business Strategies
  55. Environmental Resource Management
  56. EQT Partners
  57. ESG Analytics Inc.
  58. Eskom Pension and Provident Fund
  59. Ethix SRI Advisors
  60. Etica SGR
  61. EY
  62. F&C Asset Management
  63. Fidelity Worldwide Investment
  64. FMO
  65. Folketrygdfondet (Norwegian Government Pension Fund Norway)
  66. Folksam LO Fondförsäkrings AB
  67. Fonds de réserve pour les retraites - FRR
  68. Fourth Swedish National Pension Fund
  69. Franklin Templeton Investments
  70. FTSE
  71. Futuregrowth Asset Management
  72. GES
  73. Gjensidigestiftelsen
  74. Governance for Owners
  75. Government Employees Pension Fund of South Africa (GEPF)
  76. GraySwan Financial Services
  77. Hampshire College
  78. Harith General Partners
  79. Henderson Global Investors
  80. Hermes Fund Managers
  81. Hermes GPE
  82. HESTA Super Fund
  83. HOOPP
  84. HWB
  85. Ilmarinen Mutual Pension Insurance Company
  86. Imara Asset Management
  87. Industriens Pensionsforsikring A/S
  88. ING Investment Management
  89. Initiative for Responsible Investment at Harvard University
  90. International Corporate Governance Network
  91. International Finance Corporation (IFC)
  92. International Trade Union Confederation
  93. Investec Asset Management
  94. Investment Solutions
  95. Johannesburg Stock Exchange (JSE)
  96. Kagiso Asset Management
  97. Kigoda Consulting
  98. KLP
  99. Legal & General Investment Management Limited
  100. Mazi Visio Manco Pty Ltd
  101. Mergence Investment Managers
  102. MFS Investment Management
  103. Middletown Works Hourly and Salaried Union Retirees Health Care Fund
  104. MN
  105. Momentum Manager of Managers
  106. MSCI ESG Research
  107. Natixis Asset Management
  108. Neuberger Berman
  109. New Zealand Superannuation Fund
  110. Newton Investment Management
  111. Nordea
  112. Northern Trust Asset Managment
  113. Northern Trust Global Investments
  114. Nykredit Realkredit Group
  115. Oasis Group Holdings
  116. Oddo Securities
  117. Old Mutual Investment Group
  118. Ontario Teachers' Pension Plan
  119. Ownership Capital
  120. PAI Partners
  121. PensionDanmark
  122. Petrochemical Industries Company
  123. PGGM 
  124. PIMCO
  125. PKA
  126. PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil
  127. Prius Partners
  128. Provincial Government
  129. Prudential Portfolio Managers
  130. Public Investment Corporation (PIC)
  131. RegCharles Finance and Capital Ltd
  132. Responsible Investor
  133. RMB Asset Management
  134. Rob Lake Advisors Ltd.
  135. Robeco Nederland B.V.
  136. RobecoSAM
  137. Rockefeller & Co.
  138. Russell Investments
  139. Sanlam Investment Management (SIM)
  140. Santander Brasil Asset Management
  141. SAVCA
  142. SEIU Master Trust
  143. SinCo - Sustainable Investment Consulting
  144. SITAWI - ESG Research & Advisory
  145. Stakeholders Empowerment Services
  146. State Street Global Advisors (SSgA)
  147. Statnett SFs Pensjonskasse
  148. Stellenbosch University
  149. Sumitomo Mitsui Trust Bank Limited
  150. Sustainalytics
  151. Swedish Municipal Workers´ Union
  152. Swedish Trade Union Confederation
  153. Talk Radio 702
  154. The Central Church Fund of Finland
  155. The University of Queensland
  156. Threadneedle Asset Management
  157. TIAA - CREF
  158. Towers Watson Investment Services
  159. Trialogue
  160. Triodos Investment Management
  161. Trucost
  162. Trust Waikato
  163. UFCW International Union Pension Plan for Employees
  164. UFF Agri Asset Management
  165. UNEP FI
  166. Union Investment
  167. Unipension Fondsmæglerselskab
  168. Universities Superannuation Scheme - USS
  169. University of Edinburgh
  170. VELUX FOUNDATIONS
  171. Vigeo
  172. Wellington Management Company, LLP
  173. Wespath Investment Management (General Board of Pension and Health Benefits of the United Methodist)
  174. William Blair 

Plenary 8

Aligning interests along the investment chain

Successful responsible investment that delivers long-term sustainable returns requires that the interests of the various players in the investment chain be as closely aligned as possible.  In this session Asset Owners on the one hand, and Investment Managers and Service Providers on the other will go into separate rooms to allow frank discussion of where further progress is needed to achieve that goal.  A plenary report-back and discussion will then bring the groups together to share their conclusions.


Moderator: 

David Russell, Co-Head of Responsible Investment, USS Investment Management, (UK)

Moderator Asset Owner Session 5A

Panelists

Eric Wetlaufer, Senior Vice President of Public Market Investments, Canada Pension Plan Investment Board

Moderator Investment Manager Session 5B:

Graham Sinclair, Principal, SinCo

http://www.unpri.org/pri/pri-in-person-2013-cape-town/sessions/




PARALLEL INVESTMENT MANAGER  SESSION 

PANEL INSTRUCTIONS


You will be part of panel 5B: Investment manager and service provider discussion (IMs and SPs only) titled ‘How can Asset Owners help their Investment Managers improve their responsible investment practices during investment monitoring?’ that will take place on Wednesday, 2 October 2013. 

Ensuring that the ESG interests between an AO and their IM/SP are aligned is a fundamental requirement for the delivery of sustainable portfolio returns over the longer term. 

At the same time as the investment managers and service providers discussion, there is a separate session for asset owners to discuss – ‘How can asset owners better monitor their investment manager’s responsible investment practices?’ 

Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.

 

Suggested panel structure (total time: 60 min)

  • Moderator to introduce the panel topic (5 min)
  • Moderator to introduce each panellist and invite them to share their perspective on the discussion points (15 min in total, approx. 3-4 min each)
  • Moderator to lead discussion on points for all panellists (20 min)
  • Q&A from the audience (20 min)

 

Suggested discussion points 

  • This is an IM/SP only discussion - only Investment Managers and Service Providers should be in this room. AOs should be in the concurrent session. 
  • Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.
  • This panel will focus on how IMs /SPs work with their AOs during investment monitoring, not on the selection process because

 

(i) Manager selection has been discussed in previous years, monitoring remains a  challenging area that is not discussed as frequently as manager selection, furthermore, there are overlaps between the two topics. 

(ii) Many IMs have existing mandates of which they would like to explore how to better work with their AOs.


Current state of AO/IM Relationships

  • What are some criteria for measuring performance?
  • What are some common ESG expectations that AOs have of their managers?
  • What proportion of your investment management agreements include ESG?
  • What form does your clients’ monitoring of your ESG performance take?

 

How

  • Is reporting enough? What reporting can / cannot do? What else can AOs do?
  • Is ESG a box-ticking exercise for AOs?
  • What are common barriers to monitoring? What are some practical strategies to overcome these barriers?
  • How do your clients help/hinder you in ESG integration?

Next steps/How to improve

  • Examples of monitoring frameworks
  • What can AOs do if their managers are not meeting their expectations?
  • What resources are available to help AOs work better with IMs? (PRI reporting framework? PRI Aligning expectations? ICGN model mandate?)

Participants

Moderator: 

Graham Sinclair, Principal, SinCo (SA)

Panellists: 

Greg Elders, Senior ESG Analyst, Bloomberg (UK)

Malcolm Gray, Portfolio Manager, Investec (SA)

Seiji Kawazoe, Associate General Manager, Sumitomo Mitsui Trust Bank (Japan)

Linda-Eling Lee, Executive Director, MSCI (US) 



PARALLEL ASSET OWNER SESSION

PRI in Person 2013

You will be part of panel XVIII: asset owner discussion (AOs only) titled “How can asset owners better monitor their investment manager’s responsible investment practices?” that will take place on Wednesday, 2 October 2013.


Ensuring that the ESG interests between an AO and their IM / SP are aligned is a fundamental requirement for the delivery of sustainable portfolio returns over the longer term. AOs should have confidence that their selected managers are managing their assets in way that is consistent with the agreed upon ESG-related policies and practices. The objective of this session is to discuss how can AOs monitor their manager's ESG performance and, where necessary, how can AO's help their manager improve?


At the same time as the asset owner discussion, there is a separate session for investment managers and service providers (IMs and SPs) to discuss – How can AOs owners help their IMs / SPs improve their responsible investment practices during investment monitoring?

Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.


Suggested panel structure (total time: 60 min)

Moderator to introduce the panel topic and panellists (5 min)

Discussion on current state of AO monitoring, monitoring frameworks and next steps / how to improve (35 min)

Q&A from the audience (20 min)


Suggested introduction

This is an AO only discussion - only AO’s should be in this room. IMs and SPs should be in the other session (exact location TBD).


Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.


This panel will focus on how AOs monitor their IMs / SPs, not on the selection process because

o (i) Manager selection has been discussed in previous years, monitoring remains a challenging area that is not discussed as frequently as manager selection.

Furthermore, there are overlaps between the two topics.

o (ii) Many AOs have existing mandates of which they would like to explore how to better monitor the RI practices of their managers.


Suggested discussion points

(A) Current state of AO monitoring

What information are IMs/SPs reporting / disclosing to AOs?

How do AOs want IMs/SPs to report / disclose information to them – including frequency, type of information, level of detail?

What are some common ESG expectations that AOs have of their IMs/SPs?


(B) Monitoring frameworks

Examples of monitoring frameworks.

What are some criteria for measuring IM’s / SP’s performance on ESG factors?


(C) Next steps / How to improve

* Note that rather than asking these questions separately, Eric will integrate them into discussions (A) and (B).

Is reporting enough? What can reporting can / cannot do? What else can AOs do?

What can AOs do if their IMs/SPs are not meeting their expectations?

What resources are available to help AOs work better with IMs/SPs? (PRI reporting

framework? PRI Aligning expectations guide? ICGN model mandate?)


Speakers

Eric Wetlaufer, Senior Vice President of Public Market Investments, Canada Pension Plan Investment Board

Alison Schneider, RI Manager, Alberta Investment Management Corporation

Anne Maree O'Connor, RI Manager, New Zealand Superannuation fund

Ole Buhl, Head of ESG, ATP

Sibusiso Luthuli, Chief Executive and Principal, Eskom Pension and Provident Fund 



Panel 5B: 

Investment manager and service providers: "How can Asset Owners help their Investment Managers improve their responsible investment practices during investment monitoring?" 


Moderator: 

Graham Sinclair, Principal, SinCo (USA/SA)


Panellists: 

Greg Elders, Senior ESG Analyst, Bloomberg (UK)

Malcolm Gray, Portfolio Manager, Investec (SA)

Seiji Kawazoe, Associate General Manager, Sumitomo Mitsui Trust Bank (Japan)

Linda-Eling Lee, Executive Director, MSCI (US) 

Agenda 3 Sept.docx Agenda 3 Sept.docx
Size : 58.431 Kb
Type : docx

Directing the live flow of asset managers from Cape Town and Tokyo, and ESG research firms from London and New York, and 120 investment manager audience. 

PRI in Person is the only opportunity of the year for all PRI signatories and potential signatories to meet, collaborate and learn from their peers. The conference is two full days packed with innovative roundtables, thought-provoking sessions, peer-to-peer dialogue and plenty of time to network. PRI signatories, industry experts and thought leaders will lead engaging panels, debates and round-tables.



INVITATION FROM PRI

July 2013

You have been recommended by several of my colleagues as an expert in this regard and as such I would like to invite you to moderate this track session.

Ensuring that the ESG interests between an AO and their IM/SP are aligned is a fundamental requirement for the delivery of sustainable portfolio returns over the longer term.

At the same time as the investment managers and service providers discussion, there is a separate session for asset owners to discuss - “How can asset owners better monitor their investment manager’s ESG performance?” Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.

  • Suggested panel structure (total time: 60 min)
  • Moderator to introduce the panel topic (5 min)
  • Moderator to introduce each panellist and invite them to share their perspective on the discussion points (15 min in total, approx. 3-4 min each)
  • Moderator to lead discussion on points for all panellists (20 min)
  • Q&A from the audience (20 min)


Suggested discussion points

  1. Current state of AO/IM Relationships - what monitoring is happening. 
  2. What are some criteria for measuring performance?
  3. What are some common ESG expectations that AOs have of their managers?
  4. What proportion of your investment management agreements include ESG?
  5. What form does your clients’ monitoring of your ESG performance take?
  6. Is reporting enough? What reporting can / cannot do? What else can AOs do?
  7. Is ESG a box-ticking exercise for AOs?
  8. What are common barriers to monitoring? What are some practical
  9. strategies to overcome these barriers?
  10. How do your clients help/hinder you in ESG integration?
  11. Next steps/How to improve
  12. Examples of monitoring frameworks
  13. What can AOs do if their managers are not meeting their expectations?
  14. What resources are available to help AOs work better with IMs? (PRI reporting framework? PRI Aligning expectations? ICGN model mandate?)

More information will be released soon.

Confirmed panelists are Malcolm Gray, Investec AM, Seiji Kawazoe, Sumitomo Trust & Banking Co., Greg Elders, Senior ESG Analyst, Bloomberg and Linda Eling-Lee, MSCI


Graham Sinclair, Principal, SinCo and Co-founder of the not-for-profit Africa Sustainable Investment Forum project, AfricaSIF.org

Graham is a sustainable investment strategist at SinCo - sustainable investment consulting. At SinCo he leads engagements to design and develop the sustainable investment case for clients managing billion dollar investments or global investor initiatives. As ESG architect he integrates environmental, social and governance (ESG) factors into investment strategies, processes and indexes in frontier and emerging markets. Recent projects tackled private equity in emerging markets, green bonds, pension fund investment value chains, a national sustainability index and impact investing. As an original thinker at the frontier of sustainable investment, his work over the past decade has explored sustainable investment themes including long-term investment, influential investor networks, fiduciary duty, carbon intensity, water scarcity, biodiversity, nutrition security, and sustainable mining. Before joining KLD in Boston, he worked in investment banking and managed private sector pension funds, exiting global multi-manager SEI Investments in 2002. Graham chairs the Prudential Assets Working Group of the investment industry group ASISA, is a member of the Investment Analysts Society and lifetime member ofNet Impact. Graham is President and co-founder of the not-for-profit Africa Sustainable Investment Forum project, AfricaSIF.org. Graham lectures on sustainable investment at leading business schools in North America, Europe and Africa, and has contributed three chapters on Private Equity, Africa and Sustainability Indexes to "Evolutions in Sustainable Investing" (Wiley Finance, 2012). Graham holds an MBA from the Villanova School of Business and LL.B from the Howard College School of Law and various industry certifications. He resides in Vermont, USA and Cape Town, South Africa. On any day he would rather be cycling a mountain pass.



Malcolm Gray, Investec Asset Management




Seiji Kawazoe, Associate General Manager, Sumitomo Trust & Banking Co.

Seiji Kawazoe joined Sumitomo Trust & Banking Co. in 1987. He has worked in the bank’s asset management and investment section, and he gained professional experience as a Fund Manager and as a Senior Fund Manager for Global Equities for institutional accounts. He has been based in various locations (Tokyo, New York, London, and Luxembourg) where he gained deeper insights into the global financial industry, particularly in the field of equity investments, including corporate disclosure issues and regulatory frameworks. Currently he is in charge of environmental, social, and governance (ESG) guidelines and polices at the bank.



Greg Elders, Senior ESG Analyst, Bloomberg

Gregory Elders, Senior ESG Analyst at Bloomberg, has over ten years experience working with investors and companies to identify and assess sustainability risks and opportunities.  His expertise is on valuing the financial impact of environmental, social and corporate governance performance on company returns, as well as identifying financially material ESG issues.  He has held the roles of Head of Research at Trucost in London, SME and Supply Chain Program Manager at the Global Reporting Initiative (GRI) in Amsterdam, and Fixed Income Research Analyst at Merrill Lynch in New York.  Gregory has an MSc in Environmental Policy from the London School of Economics and a BA in Economics from Cornell University.



Linda-Eling Lee is Head of Research, MSCI ESG 

At MSCI, her team of research analysts located in 12 offices around the world identifies risks and opportunities arising from material ESG issues for over 5,000 companies and over 10,000 issuers linked to 260,000 individual fixed income securities.

Prior to joining MSCI ESG Research predecessor Innovest, Ms Lee was the Research Director at the Center for Research on Corporate Performance, developing academic research at Harvard Business School into management tools to drive long-term corporate performance. Previously, she was a strategy consultant with Monitor Group in Europe and in Asia, where she worked with Fortune 500 clients in industries ranging from beverages to telecommunications.

Ms Lee has published research both in management journals such as the Harvard Business Review and MIT’s Sloan Management Review, as well as in top academic peer-reviewed journals such as Management Science and Journal of Organizational Behavior. She received her AB from Harvard, MSt from Oxford, and PhD in Organizational Behavior from Harvard University.

Attending Organisations (at 15 August 2013, alphabetical)


  1. Absa Capital Alternative Asset Management
  2. Absa Small Business Provident Fund
  3. Action on Smoking and Health Australia Ltd
  4. Actis LLP
  5. Adveq Management AG
  6. Africa investor
  7. Alberta Investment Management Corporation
  8. Alexander Forbes
  9. Alliance Trust
  10. AMP Capital Investors
  11. Anglo American
  12. AP1, AP2, AP3, AP4
  13. AP3 - Third Swedish National Pension Fund
  14. APG Asset Management
  15. Arisaig Partners
  16. Atlantic
  17. ATP - The Danish Labour Market Supplementary Pension
  18. Australian Council of Super Investors (ACSI)
  19. Avior Research
  20. Aviva Investors
  21. Baillie Gifford & Co
  22. Bespoke Financial Seevices
  23. BlackRock
  24. Bloomberg L.P.
  25. BM&FBOVESPA
  26. BPF Schilders
  27. CAER - Corporate Analysis. Enhanced Responsibility.
  28. Caisse des Dépôts et consignations - CDC
  29. California Public Employees' Retirement System CalPERS
  30. California State Teachers' Retirement System CalSTRS
  31. Canada Pension Plan Investment Board
  32. CAPITAL DYNAMICS
  33. CBUS Superannuation Fund
  34. CDC GROUP
  35. CDP
  36. Centre for Inclusive Banking in Africa, Univ of Pretoria
  37. Ceres
  38. Church of Sweden
  39. Citigroup
  40. club ohada thies
  41. COMANCO
  42. Consultiva Internacional, Inc.
  43. Co-operative Tradeka Corporation
  44. Coronation Fund Managers
  45. CPP Investment Board
  46. Danske Bank
  47. Daobridge Capital
  48. Davis Global Advisors
  49. Delsus Limited
  50. Department of Mineral Resources
  51. Ecobank
  52. EIRIS
  53. Element Investment Managers
  54. Environmental Business Strategies
  55. Environmental Resource Management
  56. EQT Partners
  57. ESG Analytics Inc.
  58. Eskom Pension and Provident Fund
  59. Ethix SRI Advisors
  60. Etica SGR
  61. EY
  62. F&C Asset Management
  63. Fidelity Worldwide Investment
  64. FMO
  65. Folketrygdfondet (Norwegian Government Pension Fund Norway)
  66. Folksam LO Fondförsäkrings AB
  67. Fonds de réserve pour les retraites - FRR
  68. Fourth Swedish National Pension Fund
  69. Franklin Templeton Investments
  70. FTSE
  71. Futuregrowth Asset Management
  72. GES
  73. Gjensidigestiftelsen
  74. Governance for Owners
  75. Government Employees Pension Fund of South Africa (GEPF)
  76. GraySwan Financial Services
  77. Hampshire College
  78. Harith General Partners
  79. Henderson Global Investors
  80. Hermes Fund Managers
  81. Hermes GPE
  82. HESTA Super Fund
  83. HOOPP
  84. HWB
  85. Ilmarinen Mutual Pension Insurance Company
  86. Imara Asset Management
  87. Industriens Pensionsforsikring A/S
  88. ING Investment Management
  89. Initiative for Responsible Investment at Harvard University
  90. International Corporate Governance Network
  91. International Finance Corporation (IFC)
  92. International Trade Union Confederation
  93. Investec Asset Management
  94. Investment Solutions
  95. Johannesburg Stock Exchange (JSE)
  96. Kagiso Asset Management
  97. Kigoda Consulting
  98. KLP
  99. Legal & General Investment Management Limited
  100. Mazi Visio Manco Pty Ltd
  101. Mergence Investment Managers
  102. MFS Investment Management
  103. Middletown Works Hourly and Salaried Union Retirees Health Care Fund
  104. MN
  105. Momentum Manager of Managers
  106. MSCI ESG Research
  107. Natixis Asset Management
  108. Neuberger Berman
  109. New Zealand Superannuation Fund
  110. Newton Investment Management
  111. Nordea
  112. Northern Trust Asset Managment
  113. Northern Trust Global Investments
  114. Nykredit Realkredit Group
  115. Oasis Group Holdings
  116. Oddo Securities
  117. Old Mutual Investment Group
  118. Ontario Teachers' Pension Plan
  119. Ownership Capital
  120. PAI Partners
  121. PensionDanmark
  122. Petrochemical Industries Company
  123. PGGM 
  124. PIMCO
  125. PKA
  126. PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil
  127. Prius Partners
  128. Provincial Government
  129. Prudential Portfolio Managers
  130. Public Investment Corporation (PIC)
  131. RegCharles Finance and Capital Ltd
  132. Responsible Investor
  133. RMB Asset Management
  134. Rob Lake Advisors Ltd.
  135. Robeco Nederland B.V.
  136. RobecoSAM
  137. Rockefeller & Co.
  138. Russell Investments
  139. Sanlam Investment Management (SIM)
  140. Santander Brasil Asset Management
  141. SAVCA
  142. SEIU Master Trust
  143. SinCo - Sustainable Investment Consulting
  144. SITAWI - ESG Research & Advisory
  145. Stakeholders Empowerment Services
  146. State Street Global Advisors (SSgA)
  147. Statnett SFs Pensjonskasse
  148. Stellenbosch University
  149. Sumitomo Mitsui Trust Bank Limited
  150. Sustainalytics
  151. Swedish Municipal Workers´ Union
  152. Swedish Trade Union Confederation
  153. Talk Radio 702
  154. The Central Church Fund of Finland
  155. The University of Queensland
  156. Threadneedle Asset Management
  157. TIAA - CREF
  158. Towers Watson Investment Services
  159. Trialogue
  160. Triodos Investment Management
  161. Trucost
  162. Trust Waikato
  163. UFCW International Union Pension Plan for Employees
  164. UFF Agri Asset Management
  165. UNEP FI
  166. Union Investment
  167. Unipension Fondsmæglerselskab
  168. Universities Superannuation Scheme - USS
  169. University of Edinburgh
  170. VELUX FOUNDATIONS
  171. Vigeo
  172. Wellington Management Company, LLP
  173. Wespath Investment Management (General Board of Pension and Health Benefits of the United Methodist)
  174. William Blair 

PARALLEL INVESTMENT MANAGER  SESSION 

PANEL INSTRUCTIONS


You will be part of panel 5B: Investment manager and service provider discussion (IMs and SPs only) titled ‘How can Asset Owners help their Investment Managers improve their responsible investment practices during investment monitoring?’ that will take place on Wednesday, 2 October 2013. 

Ensuring that the ESG interests between an AO and their IM/SP are aligned is a fundamental requirement for the delivery of sustainable portfolio returns over the longer term. 

At the same time as the investment managers and service providers discussion, there is a separate session for asset owners to discuss – ‘How can asset owners better monitor their investment manager’s responsible investment practices?’ 


Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.


Suggested panel structure (total time: 60 min)

  • Moderator to introduce the panel topic (5 min)
  • Moderator to introduce each panellist and invite them to share their perspective on the discussion points (15 min in total, approx. 3-4 min each)
  • Moderator to lead discussion on points for all panellists (20 min)
  • Q&A from the audience (20 min)


Suggested discussion points 

  • This is an IM/SP only discussion - only Investment Managers and Service Providers should be in this room. AOs should be in the concurrent session. 
  • Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.
  • This panel will focus on how IMs /SPs work with their AOs during investment monitoring, not on the selection process because


(i) Manager selection has been discussed in previous years, monitoring remains a  challenging area that is not discussed as frequently as manager selection, furthermore, there are overlaps between the two topics. 

(ii) Many IMs have existing mandates of which they would like to explore how to better work with their AOs.


Current state of AO/IM Relationships

  • What are some criteria for measuring performance?
  • What are some common ESG expectations that AOs have of their managers?
  • What proportion of your investment management agreements include ESG?
  • What form does your clients’ monitoring of your ESG performance take?


How

  • Is reporting enough? What reporting can / cannot do? What else can AOs do?
  • Is ESG a box-ticking exercise for AOs?
  • What are common barriers to monitoring? What are some practical strategies to overcome these barriers?
  • How do your clients help/hinder you in ESG integration?


Next steps/How to improve

  • Examples of monitoring frameworks
  • What can AOs do if their managers are not meeting their expectations?
  • What resources are available to help AOs work better with IMs? (PRI reporting framework? PRI Aligning expectations? ICGN model mandate?)


Participants

Moderator: 

Graham Sinclair, Principal, SinCo (SA)

Panellists: 

Greg Elders, Senior ESG Analyst, Bloomberg (UK)

Malcolm Gray, Portfolio Manager, Investec (SA)

Seiji Kawazoe, Associate General Manager, Sumitomo Mitsui Trust Bank (Japan)

Linda-Eling Lee, Executive Director, MSCI (US) 

PARALLEL ASSET OWNER SESSION


PRI in Person 2013

You will be part of panel XVIII: asset owner discussion (AOs only) titled “How can asset owners better monitor their investment manager’s responsible investment practices?” that will take place on Wednesday, 2 October 2013.


Ensuring that the ESG interests between an AO and their IM / SP are aligned is a fundamental requirement for the delivery of sustainable portfolio returns over the longer term. AOs should have confidence that their selected managers are managing their assets in way that is consistent with the agreed upon ESG-related policies and practices. The objective of this session is to discuss how can AOs monitor their manager's ESG performance and, where necessary, how can AO's help their manager improve?


At the same time as the asset owner discussion, there is a separate session for investment managers and service providers (IMs and SPs) to discuss – How can AOs owners help their IMs / SPs improve their responsible investment practices during investment monitoring?

Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.


Suggested panel structure (total time: 60 min)

Moderator to introduce the panel topic and panellists (5 min)

Discussion on current state of AO monitoring, monitoring frameworks and next steps / how to improve (35 min)

Q&A from the audience (20 min)


Suggested introduction

This is an AO only discussion - only AO’s should be in this room. IMs and SPs should be in the other session (exact location TBD).


Following these two sessions, the groups will be brought together to summarise and discuss the key discussion points from their individual sessions.


This panel will focus on how AOs monitor their IMs / SPs, not on the selection process because

o (i) Manager selection has been discussed in previous years, monitoring remains a challenging area that is not discussed as frequently as manager selection.

Furthermore, there are overlaps between the two topics.

o (ii) Many AOs have existing mandates of which they would like to explore how to better monitor the RI practices of their managers.


Suggested discussion points

(A) Current state of AO monitoring

What information are IMs/SPs reporting / disclosing to AOs?

How do AOs want IMs/SPs to report / disclose information to them – including frequency, type of information, level of detail?

What are some common ESG expectations that AOs have of their IMs/SPs?


(B) Monitoring frameworks

Examples of monitoring frameworks.

What are some criteria for measuring IM’s / SP’s performance on ESG factors?


(C) Next steps / How to improve

* Note that rather than asking these questions separately, Eric will integrate them into discussions (A) and (B).

Is reporting enough? What can reporting can / cannot do? What else can AOs do?

What can AOs do if their IMs/SPs are not meeting their expectations?

What resources are available to help AOs work better with IMs/SPs? (PRI reporting

framework? PRI Aligning expectations guide? ICGN model mandate?)


Speakers

Eric Wetlaufer, Senior Vice President of Public Market Investments, Canada Pension Plan Investment Board

Alison Schneider, RI Manager, Alberta Investment Management Corporation

Anne Maree O'Connor, RI Manager, New Zealand Superannuation fund

Ole Buhl, Head of ESG, ATP

Sibusiso Luthuli, Chief Executive and Principal, Eskom Pension and Provident Fund 




 

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