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ESG-Trends bei europäischen Investoren: Wie wichtig ist dieses

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ESG-Trends bei europäischen Investoren:
Wie wichtig ist dieses Thema wirklich?
Auf was legen institutionelle Investoren Wert?
Andreas Posavac, Ipreo und
Rainer Sauer, Allianz Global Investors
ESG-Trends in Europe
The impact of changes in Governance and Sustainability topics on IR
New York • Washington D.C. • London • Paris • Vienna • Frankfurt • Hong Kong • Tokyo • Cape Town
Andreas Posavac – Director Global Market Intelligence
IR club Conference, Frankfurt 24. January 2013
Agenda
1) Introduction
2) Institutional Trends in Europe &Germany
3) Integration of ESG Topics at Institutions
4) Impact, Outlook & Summary
5) Q&A
Appendix
a) Case Studies/Examples of Institutional Investors
b) EU Proposal Summary 2011/12
c) Recommendations & UNPRI Definitions
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
3
ESG – Mainstream Trend or Marketing Fad?
Source: UNPRI, Ipreo 2013
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
4
Changes within the Institutional Investor Landscape
German Top-50 Investors – Governance Overview
40
35
0
SRI & Enhanced Index Strategies AuM on rise
- SRI Strageties (+40%) vs. Market (+8%)
- Institutional Engagement in Europe (+16%)
Client Decision; 3
Will Vote, 35
5
May Vote, 12
10
ISS; 1
15
Internal; 12
20
Internal w/ Ref, 31
25
Beneficial Owners, 6
30
UN PRI Members, 27
Environmental, Social, Governance
- Addition of extra-financial criteria for
investment decision, analysis and
stewardship
ESG-Dynamic across the Market
- Sustainable Investment Funds
- Active Management, Activism, Engagement
also on SRI topics
- Research & Ratings & other Initiatives
2012
Source: Eurosif, Ipreo 2012
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
5
Integration of ESG Topics in Investment Process
Active Communication & Engagement Process
- To mitigate Principal/Agent problem and
ensure best practice & international
standards & drive returns
Legal Frameworks & Initiatives
- Stewardship Code, EU Shareholder Directive
- UN PRI, Carbon Disclosure Project, GRI
- Research & Ratings & other Initiatives
ESG Team Development of Top-50 Institutional
Investors in Germany
50
45
40
35
30
25
20
15
10
5
0
45
33
36
23
2007
CG Team
Investment Decision
In-House ESG-Teams & Standards
- Split of investment and vote decision
within investors (Universal Owners)
- Declining direct influence of Advisors
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
2012
CG Team
Voting Decision
Source: Ipreo 2012
6
Institutional ESG-Integration Process & Methods
Several Distinct Implementation Methods for Institutional Investors
1)
2)
3)
4)
5)
Sustainability Thematic Investment:
Best-In-Class Investing
Norm Based Screening
Exclusion Criteria
Impact Investing
Overlay:
Integration of ESG Criteria in Financial Analysis
Engagement & Voting
Source: Eurosif, Ipreo 2012
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
7
ESG Topics, Themes and Outlook
Environmental
Climate Change
Water, Oil, Biodiversity, Waste
Carbon Footprint
...
Social & Ethical
Supply Chain
Child Labor
Gender Equality
Work Environment
...
Governance
Board Independence & Competence
Executive Compensation
Capital Rights Issues, Share Buy-Back
Auditor
Expected Increased amount of shareholder proposals
-
Adoption of green house emission gas goals (E)
Produce Sustainable Development Report (e.g.
Nuclear safety, fracturing operation – Chevron) (E)
-
Reduce Discrimination (S)
Produce Human Rights Report (S)
Report on Political Contributions (S, Eth)
-
Increase Dividend (G)
Nominate Independent Chairman, Board (G)
Reduce Supermajority (G)
Improve Compensation Policy (G)
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
8
ESG Trends and Impact on Investor Relations
Financial Market
Issuer
Portfolio
Manager
Board
CEO
CFO
IR Dept.
External
Advisors (ISS)
Buy-side
Analyst
SRI &
Governance
Team (ESG)
Rating Agencies
(Oekom, Vigeo)
Increased Complexity & Requirements -> „Understand Trends“
Proactive communication becomes more complex with news stakeholders and themes
Limited Transparency and Information -> „Assess Ressources & External Requirements“
IR & management often receive little information on trading patterns, shareholder structure trends
and changes, combined with impact and scenario analysis on ESG topics
Importance of Personal Contact / Active IR Rises -> „Meetings, Calls, Roadshowing“
Passive investing and alternative (OTC) trading increases, new players and topics enter the market,
sell side coverage decreases, hence proactive and targeted outreach to stakeholders is essential
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
9
Q&A
Andreas Posavac
Director – Market Intelligence Europe
Vienna
Tel.: +43 (1) 524 43 0060
Andreas.Posavac@ipreo.com
Evdokia Petrakopoulou
Senior Corporate Governance Specialist
Frankfurt
Tel.: +49 69 928 84 904
Evdokia.Petrakopoulou@ipreo.com
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
10
Ipreo Background
Leading Specialist Provider for Market Intelligence & IR-Technology:
- 800 Employees
- Global Footprint
- + 1.200 Issuer Clients
- Market Leader on Issuance Software & Bookbuild Data
Specialised in:
- Shareholder & Bondholder Analysis and Profiling
- Independent Institutional Investor Targeting & Perception Analytics
- Corporate Governance & Sustainability Intelligence & Advisory
- Transactional & AGM/EGM Support (Preparation, Solicitation, Proxy Fights)
- Investor Screening and Contact Management Support
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
11
Traditional Institutional Investors: AXA Group
ESG-Integrated in Portfolio Management
- For Outperformance (+50% Best-In-Class)
- Multi-Modelling (e.g. Influence of women in
board, ESG-factors and Co2 on portfolio)
- Client-Specific Modelling possible
18th Largest Institutional Investor in Germany
- Will Vote Shares
- Internal Guidelines
Engagement Philosophy
- Top Roadshow Target for IR but also management
and department chiefs
Source: AXA 2011
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
12
Passive Investors (Index, ETF, Quant): Blackrock Group
Largest Institutional Investor (on Group Basis)
- Active & Passive Funds
- Enhanced-Index Bias for Mandates and Segregated Accounts
Active ESG Team w/ internal Guidelines and Policies
- No General Roadshow Target, but SRI/Governance Meeting
Other Critical Elements (e.g. SSGA, AQR, LSV, GMO, Vanguard, L&G)
- Lending Counterpart
- Different ESG-Strategy Integration
- Turnover / Volume
- Trading Venues
- Shorting
Source: Ipreo 2012
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
13
Engagement Funds: Hermes Equity Ownership
130th largest German Investor
- But advises and represents several large pension funds in
engagement & voting (e.g. Norges Bank, UniSup, Vontobel)
Active Engagement Policy
- Investment Decision, Active Voting and Engagement
- Activist if severe governance issues (e.g. Infineon, DB, etc.)
Thought Leader in Investment Community
- Steering Commitees member and very transparent
- Corporate Governance Advisory (Sparringpartner)
Q3 2012 Engagement Outline
- Over 200 campaigns in Europe in Q3
- Transparent split of ESG Criteria (see right)
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
Source: Hermes, Ipreo 2012
14
Recommendations for Investor Relations
1) Assess Status Quo
-
Resources & Needs (who collects data?), Upcoming Events, Announcements etc.
2) Check Financial Calendar
-
AGM, Roadshows, Conf. Calls, Deal & Non-Deal Meetings, SRI & Governance focused Meetings
3) Plan of Shareholder Analysis
-
Identification of Beneficial Owners incl. full Investment & Trading Profile, ESG and SRI dependencies
4) Plan of Perception Audit
-
Internal-/External Perception, Message Gaps? ESG/SRI Feedback on Reports, Communication, Strategy
5) Understand your ESG-Status
-
Use External Advisors, Rating Agencies, Consultants as Sparring Partners to understand inasymmetries
6) Plan Independent Investor Outreach & Targeting
-
Definition of Goals (diversification, SRI/ESG focus, debtholders, balance out bottlenecks and risks
7) Educate Management and Board
8) Involve Bank, Broker and Advisors - Reach out to all Stakeholders
9) Document Feedback and Analyse Results
Start over, adjust message and communication if necessary and start to measure IR and management
efficiency and reporting effectiveness!
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
15
Shareholder Proposal Summary
Shareholder Proposals per topics in EU
Voting results Shareholder Proposals in EU
35
25
30
20
25
15
20
15
10
Other
10
Governance
5
5
Social
0
0
Environment
SE
FR
IT
DE
DK
Accepted
Shareholder proposals in EU
Environment
21,05%
Social
Governance
5,26%
7,37%
NO
ES
Rejected
AT
FI
GB
GR
PT
Withdrawn
Vote Results-Shareholder Proposals in EU
Other
Accepted
Rejected
Withdrawn
5%
28%
66,32%
67%
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
16
UNPRI: Environmental, Social, Governance Examples
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
17
Expanded Ownership Changes
Equity Market Capital Inflows:
- „Stock Pickers Market“/Screening
- Comeback of Equity vs. Debt
- Increased Concentration of Holders
„Home Market Bias“
- Retail holders on record high
- Large domestic ownership, supported
by Non-Financials, etc.
- Especially with Small/Mid-Caps
Investors – Investment Style
Yield
4,7%
Alternative Deep Value
1,1%
3,0%
GARP
11,0%
Value
38,6%
Growth
27,2%
Specialty
0,7%
Index
13,8%
„Value Bias“ in Investments
- Passive Investors on the rise
- Independent of Investor Type
This document and all information contained herein, including descriptions and illustrations, are proprietary and confidential
information of Ipreo Holdings LLC and its affiliates. Copyright Ò 2013 Ipreo Holdings LLC. All rights reserved. Patent Pending.
Source: Ipreo 2012
18
ESG-Trends bei
europäischen Investoren:
Wie wichtig ist das Thema
wirklich?
Auf was legen
institutionelle Investoren
Wert?
Rainer Sauer
Januar 2013
Inhalt
01
02
03
04
Warum beschäftigt sich ein Fonds-Manager mit ESG?
Wie ist ESG im Investmentprozess integriert?
Welche ESG-Infos erwartet der Fonds-Manager vom Unternehmen?
Kernaussagen und Fragen
© Copyright Allianz Global Investors Europe GmbH 2013
2
ESG-Trends bei europäischen Investoren:
Wie wichtig ist dieses Thema wirklich?
Auf was legen institutionelle Investoren Wert?
1
Warum beschäftigt sich ein Fonds-Manager mit ESG?
© Copyright Allianz Global Investors Europe GmbH 2013
3
Warum beschäftigt sich ein Fondsmanager mit ESG?
Im Zeitablauf gewinnen ESG-Themen an Bedeutung
§ Anleger mit expliziter Nachfrage nach „ESG-/SRI-Portfolios“
§ Generell stellen Investoren Fragen nach ESG-Themen wie z. B.:
(1) Wird auf Hauptversammlungen abgestimmt?
(2) Wirken die Fonds-Manager bzw. Buy-Side-Analysten auf die Unternehmen ein, ein positive ESGVerhalten anzustreben (Engagement)
§ Kunden der Unternehmen stellen Forderung an die Einhaltung von ESG-Standards
Generell
§ ESG-Defizite bei Unternehmen stellen Risiko-Faktoren für das Unternehmen dar.
(1) Gefahr akuten wirtschaftlichen Schadens
(2) Beinträchtigung der Bewertung
§ ESG gewinnt für den Portfolio-Manager gleich dreifach an Bedeutung: (1) Nachfrage
nach explizitien ESG-Fonds, (2) generelles Kundeninteresse und als (2) Risikofaktor
© Copyright Allianz Global Investors Europe GmbH 2013
4
ESG-Trends bei europäischen Investoren:
Wie wichtig ist dieses Thema wirklich?
Auf was legen institutionelle Investoren Wert?
2
Wie ist ESG im Investmentprozess integriert?
© Copyright Allianz Global Investors Europe GmbH 2013
5
Wie ist ESG im Investmentprozess integriert?
Explizite ESG-Portfolios (SRI-Portfolios)
§ ESG-Fondsmanager haben feste Regeln, die bei Unterschreiten eines gewissen ESG-Niveaus
Investments ausschließen.
§ Inhouse-ESG-Analysten liefern (auch mit Hilfe externer Analysen) Grundlage für Beurteilung des
“ESG-Niveaus” eines Unternehmens.
„Sonstige Portfolios
§ Portfoliomanger haben Zugriff auf ESG-Research der Spezialisten.
§ Inhouse-Research stellt parallel ein „Quality Research“ zu den einzelnen Unternehmen zur Verfügung,
das Ähnlichkeiten zum ESG-Research aufweist.
§ ESG wird insbesondere in die Risiko- / Bewertungsbeurteilung einbezogen.
§ ESG hat steigende Bedeutung bei Kontakten von Portfoliomanagern / Analysten zu Unternehmen.
§ Eine positive Veränderung des ESG-Niveaus steigert die Wahrscheinlichkeit eines Investments in das
Unternehmen.
§ ESG Integration im Investmentprozeß ist abhängig von der Art der Portfolios
© Copyright Allianz Global Investors Europe GmbH 2013
6
ESG Kriterien die bei allen SRI-Fonds Anwendung finden:
A multiplicity of risks & opportunities, including:
Corporate Governance
§
Balance of powers & board effectiveness; shareholders’ rights; audit,
nominations & remuneration committees
Environment
§
Environmental issues in the company’s strategy & in its product development
cycle management; analysis of risk factors (toxic emission, waste…)
Social
§
Employee engagement; working conditions; health & safety; labour relations;
employment policy development
Market Behaviour
§
Product safety & commercial practices; relations with suppliers; market rules
& corruption prevention; relations with local communities
Human Rights
§
Human Rights in society; Human Rights at work
§ Diese Kriterien beeinflussen neben mehr ökonomischen Faktoren wie Wettbewerbssituation oder Nachhaltigkeit des Unternehmens auch das “Quality Vote” der Inhouse-Analysten
Analysten
© Copyright Allianz Global Investors Europe GmbH 2013
7
ESG-Kriterien für SRI-Fonds im Details
SRI Criteria
Weight
Description
- Balance of powers and board of administration efficiency
Corporate governance
20
- Respect of shareholders’ rights
- Measures of audit and control of payment, nominations and accounts
Environment
20 to 40
- Positioning of environmental issues in the company’s strategy and in its product development
cycle management
- Analysis of risk factors (toxic emission, waste …)
- Quality of working conditions : health and safety
Social Development
20 to 40
- Quality of labour relationships
- Employment policy development
- Product safety and quality of commercial practices
- Quality of relationships with suppliers
Business Behavior
10 to 30
- Respect of market rules and prevention of corruption
- Quality of the relationships with local communities
- Respect of fundamental Human Rights in society : principle 2 of the Global Compact
Discriminating
Respect of human rights
Criteria
- Respect of fundamental Human Rights at work : principles 4 (forced labour) and 5 (child
labour) of the Global Compact , respect of trade union freedom and of collective bargaining, no
discrimination …
§ Nur Corporate Governance hat ein festes Gewicht, die anderen Kriterien können je nach
Branche variieren
© Copyright Allianz Global Investors Europe GmbH 2013
8
Wichtige Corporate Governance Themen
§ Protect minority shareholder rights, specifically for companies with controlling shareholders.
§ Promote effective boards with appropriate levels of independence, diversity and skill mix.
§ Improve risk management: encouraging companies to improve their internal control systems and build
an awareness of how social and environmental factors can create real business risks.
§ Create equitable remuneration systems that attract and retain strong executive management by
creating performance based incentives that reward long term value creation.
§ Encourage development and application of appropriate due diligence procedures in selecting agents,
intermediaries, consultants and other business partners .
§ Encourage companies to bolster public disclosure on policies, structures and systems in place relating
to anticorruption.
§ Encourage Board responsibility for ESG issues with effective structures to exercise this responsibility.
§ Promote formal policies on all significant ESG issues.
§ Foster management and monitoring systems for implementation of ESG policies.
§ Transparent reporting and disclosure of ESG risks, policies, implementation, and performance.
§ Kommunikation bezüglich Corporate Governance mit Aufsichtsrat und Vorstand gewinnt an
Bedeutung
© Copyright Allianz Global Investors Europe GmbH 2013
9
ESG-Trends bei europäischen Investoren:
Wie wichtig ist dieses Thema wirklich?
Auf was legen institutionelle Investoren Wert?
3
Welche ESG-Infos erwartet der Fonds-Manager vom
Unternehmen?
© Copyright Allianz Global Investors Europe GmbH 2013
10
Welche ESG-Infos erwartet der Fonds-Manager vom
Unternehmen?
§ Wer ist Ansprechpartner im Unternehmen für ESG-Themen – Aufsichtsrat, Management, beide?
§ ESG-Themen an einen breiten Portfoliomanager- / Analysten-Kreis richten und nicht nur an ESGSpezialisten.
§ Konzept entwickeln, wie ESG in “1:1” eingebaut werden. Einmal im Jahr oder abhängig von Situation?
Konzept sollte an Portfoliomanager / Analysten kommuniziert werden.
§ Grundlagen zu ESG in Video auf Homepage zur Verfügung stellen?
§ Benchmarking zu ESG – “wir sind Nr. 1 der Branche in ESG-Kategorie xyz in Europa”???
ESG-Themen sollten wie die Geschäftsdaten systematisch Gegenstand der
Kommunikation mit Unternehmen sein
© Copyright Allianz Global Investors Europe GmbH 2013
11
ESG-Trends bei europäischen Investoren:
Wie wichtig ist dieses Thema wirklich?
Auf was legen institutionelle Investoren Wert?
4
Kernaussagen und Fragen
© Copyright Allianz Global Investors Europe GmbH 2013
12
Kernaussagen:
§ Anleger zeigen gesteigertes Interesse an SRI Portfolios bzw. Engagement durch den Asset Manager.
§ ESG-Defizite stellen Unternehmensrisiken dar und beeinflussen die Bewertung des Unternehmens.
§ Asset Manager bearbeiten das Thema ESG intensiver und systematischer.
§ Unternehmen sollten ESG-Infos ebenso systematisch wie Geschäftsdaten an Portfoliomanager /
Analysten übermitteln.
§ ESG-Video auf Homepage eines Unternehmens?
© Copyright Allianz Global Investors Europe GmbH 2013
13
Fragen:
§ Könnten Sie sich ein Video auf der Internetseite Ihres Unternehmen vorstellen, bei denen z. B. der
AR-Vorsitztende und CEO den „ESG-Status“ des Unternehmens erklären?
§ Entwickeln sich Unternehmen mit guter ESG-Führung besser als andere?
§ Sollte der Aufsichtsrat sich regelmäßig mit ESG-Themen an Investoren / Analysten wenden?
© Copyright Allianz Global Investors Europe GmbH 2013
14
Disclaimer
This material is intended exclusively for your personal use, and has been prepared solely for informational purposes.
The notification, publication, duplication or transmission of the contents, irrespective of the form, to unauthorised
persons is not permissible.
The presentation was not prepared with the intention of providing legal or tax advice. We assume no responsibility for
the completeness, reliability or accuracy of the material, or of any other information that may be conveyed to the
recipient in writing, verbally or in any other manner unless caused by our own wilful conduct or gross negligence. The
data given in this presentation have been derived from published sources and are assumed to be correct, but have not
been independently verified. The contents of this presentation shall not be legally binding, either in their entirety or in
part, unless this has been expressly stipulated in writing. Statements made to recipients of the material are subject to
the provisions of any underlying offer or contract that may have been made or concluded.
No guarantee can be given that past performance will be repeated in the future. There is no assurance that a portfolio
will match the profits or losses shown, or that the portfolio will be able to achieve the same degree of of accuracy of
earlier projections.
In contrast to actual performance, simulations are not based on real transactions; their significance is thus limited. As
transactions have not actually been concluded, the influence of particular market factors, such as a lack of liquidity,
may not be sufficiently reflected.
The sales prospectus and reports of the fund may be obtained free of charge from the management company or any of
the distributors.
© Copyright Allianz Global Investors Europe GmbH 2013
15
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