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Socially Responsible Investing Forum Donald A. Kirshbaum

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  • 1. Socially Responsible Investing Forum Donald A. Kirshbaum Connecticut Office of the Treasurer Denise L. Nappier, Treasurer How Socially Responsible Investing has become Responsible Investing March 30, 2007
  • 2. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Connecticut Retirement Plans and Trust Funds (CRPTF) - $24 billion
    • State Treasurer Denise Nappier
      • principal fiduciary
    • Re-entered shareholder activism in 1999
  • 3. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • OVERVIEW
      • History
      • Issue Areas
      • Coalitions
      • Examples
        • Climate Change
        • Transparency
        • Sudan
      • Where are we now?
      • Where are we going?
  • 4. HISTORY
    • Screening Out
    • Value Judgments
    • Faith Based Investors
    • SRI Investors
    • Sustainability
    • Shareholder Activism
    Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
  • 5. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Corporate Governance
    • Energy Enrollment
    • Finance
    • Health Care
    • Human Rights and Labor Standards
    • Militarism
    • Inclusiveness
    ICCR ISSUES: 2006
  • 6. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Diversity
      • Board
      • Glass Ceiling
      • Sexual Orientation
      • EEO Reporting
    • Gambling
    • Tobacco
    • Health
    • Environment and Climate Change
    • Global Labor Standards
    • GMO
    • Nuclear Power
    Some other SRI Issues
  • 7. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Faith Based Investors
    • SRI Funds
    • Small Number of Public Pension Funds
    SHAREHOLDER ACTIVISM COALITIONS
  • 8. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Coalition Organizations
    • ICCR
    • Social Investment Forum
      • SRI in the Rockies
    • Council of Institutional Investors (CII)
    • CERES/Investor Network on Climate Risk
    • Principles for Responsible Investment (CPRI)
  • 9. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Faith Based Funds
    • SRI Funds
    • TIAA-CREF
    • Main Stream Mutual Funds and Investment Managers
    • Insurance Companies
    • Public Pension Funds
    • Labor Pension Funds
    • Foundations
    • University Endowments
    • International Pension Funds
    Today the Coalitions are Broadening
  • 10. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Examples
    • Climate Change
    • Sudan
    • Shareholder Rights
  • 11. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • CLIMATE CHANGE
    • Began as value based issue
    • Called for reduction of CO2 emissions as a public good: ICCR 1991
    • Concept of Climate Risk
      • Regulatory
      • Physical
      • Reputation
      • Litigation
    • Shift from environmental “social” issue to fiscal issue
    • Transparency
    • Opportunities
  • 12. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • CLIMATE CHANGE
    • U.N. Summits
      • November 2003, May 2005
    • Call to Action
    • Investor Network on Climate Risk (INCR)
    • Call for Public Policy to protect long term value of investments
  • 13. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • CLIMATE CHANGE
    • INCR – formed November 2003
    • Call to Action 2003 (10 signers)
      • Signed by Public Pension Fund Trustees and Managers
      • Labor Pension Funds
    • Call to Action 2005 (28 signers)
      • Also signed by Foundations, European Investors, Faith Based Investors
    • Call to Action 2007 (65 signers)
      • Corporate CEOs and Asset Managers (both mainstream and SRI)
  • 14. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • TRANSPARENCY
    • SEC 10-K: Management Discussion and Analysis
    • Sarbanes Oxley
    • SEC
      • Compensation Discussion and Analysis
    • Global Reporting Initiative (GRI)
      • Sustainability Reporting
    • Carbon Disclosure Project
    • Global Framework for Climate Risk Disclosure
  • 15. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • SUDAN
    • Sudan is not S. Africa
    • Global Economy
    • China
  • 16. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • SUDAN
    • Divestment movement
      • Divest Sudan
      • University Endowments and student movement
    • State Legislation
      • Global Portfolios
      • Legal Challenges
      • US Sanctions limit US company divestment
    • Constructive Engagement
    • Lack of effective follow through
  • 17. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Where we are now – Mainstream Investors
    • What’s Out
      • Screening sin stocks (Tobacco, porn, gambling)
      • GMO
      • Military
      • Nuclear
      • Drug Pricing – some but not mainstream
  • 18. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • What’s IN
      • Shareholder Rights
      • Executive Compensation
      • Climate Change
      • Reconcile long term investors with short investment managers
      • Sustainability/GRI
      • Global Labor Standards
      • Diversity
      • ESG
      • Principles for Responsible Investment (PRI)
    Where we are now? – Mainstream Investors
  • 19. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • Where we are going on:
      • Shareholder Rights
      • Executive Compensation
      • Climate Change
  • 20. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • SHAREHOLDER RIGHTS
    • Transparency
      • Sustainability Reports/GRI
      • SEC: MD&A, CD&A
      • Climate: CDP; Global Framework
    • Access to the Proxy
      • HP vote 43%
      • SEC
    • Direct Communication with Board members on important issues
  • 21. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • EXECUTIVE COMPENSATION
    • Pay for Performance
    • Disclosure
    • Options back dating
    • Say on Pay
    • Internal and External Pay Equity
    • Appropriate Benchmarking
  • 22. Overview History Issue Areas Coalitions Examples Where are we now? Where are we going?
    • CLIMATE CHANGE
    • Risk and Opportunity
    • Universal Investor
    • Public Policy – National and International
    • The Stern Report
      • Pay me now or pay me later
      • Transfer of cost from now to the future and from rich to poor
      • How much and how fast
  • 23. Questions and Discussion
    • Donald Kirshbaum
    • CT Office of the State Treasurer
    • Tel: 860.702.3164
    • Email: [email_address]

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