The Aviva convened Corporate Sustainability Reporting Coalition (CSRC) represents financial institutions, professional bodies, NGOs and investors with assets under management of approximately US$2 trillion.
[ARCHIVE] Earth Summit 2012 - Overview: Towards an agreement on global corporate responsibility reporting at Rio+20
June 2012 avivainvestors.com Rio+20: Earth Summit 2012 Towards an agreement on global corporate sustainability reporting We are asking participants at Rio+20 to commit to an agreement on sustainability reporting so that we, as investors, can help guide the world towards a sustainable future. In our view, there need only be two core elements in such a convention. First, the convention would be a commitment by UN member states to develop regulations, codes or listing rules that encourage the integration of sustainability issues within the annual reports of all listedPaul Abberley and large private companies.Chief Executive, Aviva Investors Secondly, we suggest an opt-out for companies that elect not to reportThe Corporate Sustainability Reporting on sustainability issues. However, these companies would be requiredCoalition (CSRC) was convened by Aviva to explain their reasons to their stakeholders. In other words,Investors in September 2011. corporate sustainability disclosure would be on a “report or explain”The CSRC’s proposals for sustainability basis.reporting are consistent with the call forgreater corporate transparency in Clause Putting sustainability at the heart of A US$2 trillion coalition24 of the Rio+20 Zero Draft. capital markets The scale of support amongst investors is extraordinary. Managers representingPaul Abberley, Chief Executive of Aviva Investors have a vital role to play in US$2 trillion of ordinary people’s savingsInvestors launched the Coalition’s call to ensuring a sustainable future for the have specifically come together to ask foraction at the United Nations Private Sector world. The role of capital markets is to this convention. They are backed byForum on Sustainable Energy for All, channel capital to the most productive investor groups representing more thanwhich was held in conjunction with the uses. However, if the information available US$50 trillion of assets.66th Session of the UN General is short term and thin then theseAssembly. characteristics will define our markets. It is rare that such a significant grouping has come together to promote progressive To include sustainability in our investment sustainability measures.The CSRC represents investors with decisions, we need information about theassets under management of Our proposals sustainability of companies in which weapproximately US$2 trillion, as well as invest. Today, while investors know about We are proposing that the convention askfinancial institutions, professional bodies, a company’s profits and cash flows, theyNGOs and other relevant stakeholders. for a “report or explain” standard. If don’t know about a company’s companies claim that sustainability sustainability. reporting is too costly, they simply need toIt includes organisations as diverse as theAssociation of Chartered Certified Why we need to act now explain why.Accountants, Global Reporting Initiative, At the moment 75% of companies do not But we believe that most successfuland the Carbon Disclosure Project which report on sustainability issues at all. companies will respond positively. By soacts on behalf of 551 institutional Without this convention it will be decades doing they will encourage others to doinvestors, holding US$71 trillion in AUM. before sustainability reporting is common likewise and become a force for positive practice across global markets. In the change.For more information on this proposal, meantime, investors are unable to play the Acting in all our interestsplease see: part which the international communitywww.aviva.com/earthsummit2012 would like us to play. We also believe that such disclosure is in all companies’ interests. Reporting is one For this reason the CSRC is calling for a of the most important catalysts forPlease come to our Side Event commitment to be made at Rio+20 to changes that contribute to the long-term“Towards a convention on global develop a convention on corporate health of a business.corporate sustainability reporting” sustainability reporting. This convention would mandate reporting by companies on The world now needs to move from theVenue: Barra Arena – Room UN2 issues which are material to their pioneering approach of a minority of sustainability. companies to a global benchmark of bestDate: Thursday 21 June 17.30-19.00 pm practice for all companies. An international convention would level the playing field and engage more We urge you to support our proposals and(Drinks and Canapés from 16:00 in look forward to working with you towards aSalao Nobre, Floor 2) companies on the path to business sustainability. genuinely sustainable future for us all.Full details overleaf
June 2012 avivainvestors.com Rio+20: Earth Summit 2012 Towards an agreement on global corporate sustainability reportingMembers of the CSRC include, amongst others: Aldersgate Group Domini Social Investments LLC Peace Child International Aon Hewitt Global Investment Practice EIRIS PGGM ACCA Enel Rathbone Brothers Aviva Environment Agency Active Pension Save the Children Fund Aviva Investors Ethos Foundation Schroder Investment Management Avaron European Sustainable Investment Social Investment for Japan Forum (Eurosif) BioRegional F&C Investments Sparinvest Group BT Pension Scheme Management Forum for the Future Stakeholder Forum Limited CA Cheuvreux Fronesys The Co-operative Asset Management Carbon Disclosure Project FRR Fonds de réserve pour les TD Asset Management Inc Retraites Calvert Investment FTSE Thomson Reuters CBF Church of England Funds Generation Investment Management Traidcraft CCLA Investment Management Limited Global Reporting Initiative Trillium Asset Management, LLC Ceres Hermes Triodos Investment Management B.V. Christian Aid ICAEW UK Sustainable Investment and Finance Association Church Commissioners for England Illac Ltd UNCTAD Church of England Pensions Board Institut RSE UNEP FI Church of Sweden Kinelea UN PRI Climate Change Capital Kleinwort Benson Investors University of St Andrews Endowment Fund Climate Disclosure Standards Board London Pensions Fund Authority Via Gutenberg Colonial First State Global Asset MN-Services Vigeo Management Corporate Knights Capital Net Balance Management Group Pty VIP eV Ltd CorporateRegister.com Limited Net Balance Foundation Limited WWF-UK Cyrte Investments Numaï Partners Z/Yen Delta Lloyd Asset Management Pax World Management LLC “Towards a convention on global corporate sustainability reporting” Thursday 21 June 17:30‐19:00 Venue: Barra Arena – Room UN2 (Drinks and Canapés from 16:00 in Salao Nobre, Floor 2) The Corporate Sustainability Reporting Coalition (CSRC) are asking participants at Rio+20 to commit to a convention on sustainability reporting so that we, as investors, can help guide the world towards a sustainable future. Join us for a discussion on this important issue, where investors, politicians and NGOs will put forward the strong case for a convention on corporate sustainability reporting. Panelists include Richard Howitt, Member of the European Parliament and Rapporteur on Corporate Social Responsibility (Chair) Caroline Spelman, UK Secretary of State for Environment, Food & Rural Affairs Paul Abberley, CEO Aviva Investors Ernst Ligteringen , Chief Executive Global Reporting Initiative Derek Osborn, President of the Stakeholder Forum David Nussbaum, CEO of WWF‐UK