社會責任型投資的發展趨勢與現況
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社會責任型投資的發展趨勢與現況

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  • At the last count, there is around US$2.3 trillion in SRI funds in the US representing US$1 in US$8 invested in funds in the US. Much of this is negatively screened “ethical” investment but there is a growing focus on sustainable businesses and on shareholder engagement after the events of this year and last. The UK has been a very fast growth market. There is now US$6bn in retail funds and you can see the growth rate over recent years. It is worth noting that when Friends Provident launched the first UK ethical unit trust 'Stewardship Fund' in 1984, analysts predicted that the ethical investment retail market in the UK would eventually reach a maximum size of £2 million. Well, we are now at 2,000 times that estimate and still the SRI retail market shows no signs of slowing. The institutional market has also grown very quickly. In July 2000, UK pensions legislation was amended to require pension funds to declare the extent to which they take social, environmental and ethical factors into consideration in investment decisions. Funds with SRI policies have grown from US$38 billion at the end of 1999 to US$130 billion in 2001. Similar legislation has been adopted in Germany and is being reviewed in other European countries. We also know that it is being reviewed at the cabinet level in Japan . It has also been adopted in Australia and is likely to act as a significant growth driver to the Australian SRI market. Australia has an SRI market of approximately US$7 billion and has basically been a retail market although that is obviously now changing fast in light of this legislation. To note the popularity of SRI in Australia , it is worth mentioning that from June 2001 to 2002, total managed funds declined 0.1% but SRI funds increased 32%. Similarly in the US , in FH02, assets in diversified US mutual funds decreased by 9.5% but assets in SRI funds increased by 3 %. In the current market environment with the various scandals on lack of transparency that have emerged, more and more people are turning to SRI and appreciating it as an investment strategy that undertakes very detailed risk analysis of more issues than regular investment and as an investment strategy that takes the role of ‘responsible’ owner’ and good investor governance very seriously. Plus, SRI investors tend to be loyal investors, and loyal investors investing for the long term tend to stick with their funds, even in a difficult market.

社會責任型投資的發展趨勢與現況 社會責任型投資的發展趨勢與現況 Presentation Transcript

  • SRI - A Global Revolution Tessa Tennant, Chair 24 October 2003
  • “ The governance of the corporation is now as important in the world economy as the government of countries” James Wolfensohn, President, The World Bank Group .... Investor Governance Matters too … "Investment is the process of foregoing immediate expenditures in order to build a more prosperous future. What kind of future are we now building?" The New Global Investors, Robert Monks 2001 Corporate Governance
  • What is Social Responsibility?
    • “ Social responsibility is not a question of charity, it’s a question of self-interest – it’s an issue of how we’re going to keep our planet stable so that your businesses survive”
    • James Wolfenson, President of World Bank,
    • Corporate Leaders in Chicago, December 2 nd 2002
  • What is SRI
    • Mechanism for achieving sustainable economic development worldwide.
    • The facility for investors to be more consistent in their view of the world and the values they hold.
    • A risk management tool for reducing beta and enhancing earnings.
  • Introducing ASrIA Not-for-profit membership association 1 100+ members in first year – global and local Research – issues and opportunities Awareness raising – website, media Conferences, workshops, seminars 1 Sister organisation to UKSIF and US SIF
  • ASrIA 2001 - 2003
    • ASrIA is a not-for-profit membership association dedicated to promoting sustainable and responsible investment (SRI) practice in Asia.
    • over 100 members including investment institutions managing over US$2 trillion in assets.
    • Held 20 + events around the Asia Pacific Region
    • Present ing at many events in Asia and Globally
    • Conduct ing Research on SRI issues
    • Significant press coverage – media, TV, radio
    • Website launch: average 1800 hits per day, 5000 e-bulletin subscribers
    64 Corporate Members and 40 Associate Members
  • ASrIA.org.. the “Go To” site for SRI in Asia 5400+ hits per day 5,200 ebulletin subscribers FREE news service Chinese Section
  • 4 Reasons why SRI is growing
    • Fundamental Rationale
    • SRI product choice and strategies
    • Performance
    • Legislation and Pressures for higher corporate governance standards
    • Investor Demand
  • Five World Economy Energy Materials Linear Economy Products and Services Fossil Fuels, Nuclear Rich Ore Deposits, Ancient Forests etc.. Heavy metals Carcinogens, EDCs CO2, Nox, SOx Slide thanks to Morley FM
  • One World Economy Energy Cycling Economy Quality of Life Enhancers Renewable Sources Sustainably Managed Resources Bio-degradable and reusable wastes Materials Slide adapted from Morley FM Wastes
  • SRI Methodologies
    • Ethical Investment
    • Green Investment
    • Socially Responsible Investment
    • Sustainable & Responsible Investment
    • Negative screening
    • Positive screening
    • Engagement/Advocacy
    • Community Investment
  • Common SRI Criteria Energy Water Use Air Pollution Wastes & Toxics Transport ISO 14000 Resource Productivity Biodiversity Product Impact Environment Profit Sharing Welfare at Work Equal Opportunities Civil/Employee Actions Community & Public Policy Supply Chain Public Disclosure Social Military Gambling Pornography Alcohol Tobacco Repressive Regimes Genetic Engineering Nuclear Animal Testing Ethical
  • Investors’ Interests – Japan, UK, USA
  • SRI Globally US$10 bn funds & church assets US$2.16 tn in funds and portfolios Canada US$ 32 bn Japan US$ 1 bn in funds UK: US$2.5 bn in funds plus US$250 bn portfolios Europe € 336bn institutional funds … .updated and more precise data coming soon
  • Global Growth in SRI Funds US$ BN 192 Funds 67 Funds US$ MM Source: UBS Warburg - 1999 US Trends Report, USSIF, EIRIS 1 U.K. Retail volume only. Does not include institutional, predicted to be approx. GBP120 billion end 2001 U.S. U.K. 1 49% CAGR 22% CAGR
  •  
  • Domini 400 Social Index – S&P 500 Comparative Performance Since Inception in May 1990 to June 2003
  • 5 Years: July 1998 to July 2003
  • DJSI World – USD Performance and Risk
    • DJSI World / DJGI World:
    • Correlation: 0.9644 Tracking Error: 4.37%
    • DJSI Volatility: 16.33% DJGI Volatility: 15.10%
    • December 1993 - June 2003 , USD , Price Index
    67 % 40 % http://www.sustainability-index.com/
    • 35 institutional investors with assets in excess of $4.5 trillion
    • 31st May 2002, they wrote to the Chair of the Board of the FT500Global. The largest companies in the world as measured by market capitalization
    • asking them to provide investment relevant information relating to greenhouse gas mitigation .
    • analysis undertaken by Innovest Strategic Value Advisers, US. Published February 2003
    • "The project demonstrates that many investors have a very comprehensive view of their fiduciary duties to invest prudently“
    • Prime Minister Blair, February 2003
    CARBON DISCLOSURE PROJECT www.cdproject.net
  • SRI and Pensions
    • SRI about understanding societal risks
    • Broad Range of SRI styles now exist
    • SRI and CG enhance fiduciary role
    • Governments legislating eg UK and Australia
    • Conferences in 2003 :   
    • The North European Pension & Investing Summit and SRI Congress. Stockholm 3 rd June 2003 www.imn.org/a474/agenda.dhtml  
    • Long-term Fund Performance: Factoring Engagement and SRI Policies 8th & 9th September 2003: Central London www.marcusevansconferences.com/
    • Towards a more Sustainable Retirement System: The Quest for new Governance and Asset Management Strategies for Pension Funds. 15 th October 2003, Zurich www.sustainability-zurich.org
    • UNEP Finance Initiative Global Roundtable: Defining Sustainable Investment Strategies for Pension Funds 20 October 2003 Tokyo www.unepfi.net/tokyo
  • UK Trustees Concerns Funds of over €7bn felt more strongly about good Corporate Governance Source: UK Social Investment Forum 5 - 10 Year Effect on Investments Good Corporate Governance Quality of Consumer Relations Good Employee Practices Communication and Transparency on Social / Ethical Issues Environmental Management Respect for local needs in Developing World 52% 42% 30% 23% 20% 11%
  • Proxy Voting regulations in the USA
    • SEC regulations passed January 2003
    • Affect some 3,700 mutual funds and 6,200investment advisers who have the power to vote   shares on behalf of clients.
    • They must report to their clients and the public:
    • their policies and procedures for voting in   corporate elections;
    • And   how they voted on each issue at each company.
    • New rules in full effect for the 2004 proxy season subject to a final review for burdensomeness by the Office of Management & Budget.