The most fundamental SRI topic? Corruption screening experiences

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Christine Tørklep Meisingset, Head of SRI - Storebrand - Norway

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  • >3% of world economy (World Bank)
  • UN convention
  • The most fundamental SRI topic? Corruption screening experiences

    1. 1. The most fundamental SRI topic? - corruption screening experiences Christine Tørklep Meisingset Head of SRI Storebrand November 2006
    2. 2. ” Our major contribution to society will come through our core business, rather than through our philanthropic programs. If action to address such issues is to be substantial and sustainable, it must also be profitable. The WBCSD report (2006) "From Challenge to Opportunity"
    3. 3. Storebrand’s SRI angle <ul><li>Long term perspective </li></ul><ul><li>Reduce risk </li></ul><ul><li>Build trust </li></ul><ul><li>Our most significant contribution to sustainable development </li></ul>
    4. 4. Group wide SRI standard 72 companies are excluded from investment in all Storebrand’s funds and pension portfolios (September 2006) Based on international standards and norms: FN, ILO, OECD, Ottawa, Kyoto ++ Human rights and labour rights (4) Corruption (11) Severe environmental degradation (1) Landmines (1) Cluster bombs (6) Nuclear weapons (11) Tobacco (11) 10% worst companies in high risk industries (33)
    5. 5. The logic behind corruption screening <ul><li>Threat to financial markets </li></ul><ul><li>Legal compliance </li></ul><ul><li>Costs </li></ul><ul><li>Reputational risks </li></ul>
    6. 6. Unacceptable at what point? <ul><li>Misuse of trusted position to obtain personal or commercial advantages </li></ul><ul><li>” any undue advantage”: </li></ul><ul><ul><li>give and offer </li></ul></ul><ul><ul><li>receive and accept </li></ul></ul><ul><ul><li>public and private </li></ul></ul>
    7. 7. <ul><li>Negative screening </li></ul><ul><li>Best in Class analysis </li></ul><ul><li>Engagement </li></ul>Methodology
    8. 8. Corruption screening procedure Monitoring Quarterly meetings Responsible investment committee Analysis 2600 companies Dialogue + advisor
    9. 9. Responsible investment committee <ul><li>Hans Aasnæs Managing Director, Storebrand Investments </li></ul><ul><li>Frederic Ottesen Group Finance Director, Storebrand Life Insurance </li></ul><ul><li>Hans Henrik Klouman General Counsel, Executive VP </li></ul><ul><li>Egil Thompson Corporate Communications and Public Relations, Excecutive VP </li></ul>
    10. 10. Still learning.. <ul><li>Where to draw the line </li></ul><ul><li>Companies’ participation </li></ul><ul><li>Legal references </li></ul><ul><li>Best practice </li></ul>
    11. 11. Storebrand's responsibility is to create value, but we are not indifferent to how this is achieved Idar Kreutzer CEO, Storebrand

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