This document provides an agenda and information for a conference on measuring and valuing corporate sustainability. The two-day conference will bring together 150 senior professionals from large corporations and financial institutions to discuss how companies can better measure and communicate their sustainability performance and impacts. Speakers will include experts from companies like Tullow Oil, Marks & Spencer, Rio Tinto, and sustainability organizations. Topics will include putting monetary values on sustainability, sector-specific measurement approaches, linking sustainability performance to shareholder value, and using sustainability data in investment decisions. The goal is to facilitate candid discussion and help companies strengthen the business case for sustainability.

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www.innovation-forum.co.uk/sustainability-measurement-and-valuation
Hearfromthese leadingexperts:
TheMeasurementandValuation
ofCorporateSustainability–
doesitalladdup?
Howtoputhardnumbersonsustainabilityrisk–
andquantifyopportunity
29th-30thJune2015 | InmarsatConferenceCentre,London
How large companies measure – and value –
sustainability progress? Hear from leading firms on how they
prioritise measurement and decide how to value key parts of their
sustainability practices.
Strengthen the business case for corporate responsibility
and sustainability internally. Hear frank views from leading
companies, critical experts and the stakeholders who influence.
What do investors want from sustainability strategy
in large companies? Hear from leading financial institutions
on what they think adds value, and why.
Understand the potential of putting numbers on CR
and sustainability practices. Hear from experts on the positives
and negatives of differing forms of sustainability value assessments.
Risk management. How mainstream investors use valuation
information to evaluate corporate risk. Find out how this is evolving.
The government view. How the UK government and the European
commission are going to incentivise progress and progressive practice
in 2015 and beyond.
Saker Nusseibeh, CEO,
HermesInvestment
Management
Sandy Stash, group vice
president safety, sustainability
and external affairs,
TullowOil
Simon Morris,
chief adviser external affairs,
RioTinto
Paul O’Connor, executive
director global environmental
and social risk management,
JPMorgan
Bozena Jankowska,
co-head of ESG,
AllianzGlobalInvestors
Richard Ellis, vice president
corporate social responsibility,
WalgreensBootsAlliance
Mike Barry, director, Plan A,
Marks&Spencer
John Sauven,
executive director,
GreenpeaceUK
Steven Lang,
partner, cleantech and
sustainability services,
EY
Cindy Rose, head of research
responsible investing
AberdeenAssetManagement
Three things you will get from this conference:
Engagement – with senior representatives from a multitude
of differing backgrounds including leading companies, investors,
academic experts, NGOs and government.
Understanding – how investors and companies can communicate
using common standards and how to link sustainability with the
business case.
Opportunity – to hear from companies about their experiences
and off the record challenges in putting a value on corporate
sustainability.
1
2
3

2. ConferenceFAQs:
Speakersinclude:
• Sandy Stash, group vice
president, safety, sustainability
and external affairs, TullowOil
• Saker Nusseibeh, CEO,
HermesInvestment
Management
• Simon Morris, chief adviser,
external affairs, RioTinto
• Paul O’Connor, executive
director, global environmental
and social risk management,
JPMorgan
• Howard Covington, founder,
NewStarAssetManagement
• Mike Barry, director, Plan A,
Marks&Spencer
• Will Oulton, global head
of responsible investment,
FirstStateInvestments
• Robert Adamczyk,
principal environmental
adviser, EuropeanBank
forReconstructionand
Development
• Şükran Çağlayan Mumcu,
social advisor, European
BankforReconstruction
andDevelopment
• John Sauven, executive director,
GreenpeaceUK
• Richard Ellis, vice president,
corporate social responsibility,
WalgreensBootsAlliance
• Jean-Philippe Desmartin, senior
analyst, head of ESG research,
OddoSecurities
• Richard Mattison, CEO,
Trucost
• Lauren Smart, executive
director, Trucost
• Steven Lang, partner, cleantech
and sustainability services, EY
• Nick Barter, deputy director,
natural capital committee
secretariat, Defra
• Cindy Rose, head of research,
responsible investing,
AberdeenAssetManagement
• Jeremy Nicholls, CEO,
SROINetworkandSocial
ImpactAnalystsAssociation
• Alex Edmans, profetssor of
finance, TheWartonSchool
andLondonBusinessSchool
• Ladislas Smia, deputy head, SRI
research, Mirova–NatixisAsset
Management
• Dr Andreas G F Hoepner,
associate professor of finance,
director of enterprise, ICMA
centre, HenleyBusinessSchool
• Bozena Jankowska, co-head of
ESG, AllianzGlobalInvestors
• Maurizio Zollo, professor
in corporate strategy and
sustainability, Bocconi
University, visiting professor,
SloanSchoolofManagement,
MIT
• Dr Dorothy Maxwell, author
Valuing Natural Capital – Future
Proofing Business & Finance,
and director, TheSustainable
BusinessGroup
• Dr Ioannis Oikonomou,
lecturer in finance,
HenleyBusinessSchool
• Rachel Wilshaw, ethical trade
manager, private sector team,
Oxfam
• Mike Tyrrell, editor,
SRI-Connect
• Stuart Poore, director of
corporate sustainability,
WWF
• Kirsty Collins, former
investor relations director,
GlaxoSmithKline
• James Magness,
investor research,
CDP
• Anna Easton, programme
director, connected society,
BT(TBC)
• Julia Kochetygova, corporate
governance & esg professional,
S&PDowJonesIndicesLLC
• Justine Leigh-Bell, head of
standards development,
ClimateBondsInitiative
Who will be in
the room?
The conference is designed to bring
together large companies and financial
institutions. Attending will be 150 senior
professionals from large corporations
who work in corporate responsibility and
sustainability, along with leading financial
institutions and research experts. We’re
actively restricting the number of service
providers to ensure a minimum of 80%
of attendees are corporate practitioners
to ensure the conference delivers
maximum value.
Is it just another talking
shop? Will there be
outcomes?
The conference has been specifically
designed to focus on how companies
can map, and investors can understand,
sustainability measurement in detail.
By bringing together an intimate group
of corporate practitioners and finance
professionals, the conference provides
a strong platform for debate. The forum
will provide, in clear and simple terms,
valuable insight that can be implemented
from the first day back in the office.
Why will this event
be different from
others?
Innovation Forum has a clear philosophy
– focused events, senior participants
and candid dialogue following Chatham
House rules. By bringing together highly
experienced practitioners around such a
focused topic, we are able to get to the
core of the challenges and opportunities
for companies in this space. The agenda
is designed to be interactive and engaging
so the issues discussed are those that
matter to you and your peers.
2 31

3. • Focused debate
• Senior participants
• Candid dialogue
9.30 Opening remarks:
The hard questions about putting
value on sustainability
Steven Lang, partner, cleantech and sustainability services, EY
9.45-10.00
How UK business can contribute to managing
“natural wealth” sustainably
We will ask Nick Barter to make some comments about what
the natural capital committee and the UK’s Department for
Environment, Food and Rural Affairs (DEFRA) have been doing to
encourage organisations to account better for the impacts they
have on the natural environment.
Nick Barter, deputy director, natural capital committee
secretariat,DEFRA
10.00 Interactive discussion panel:
The sustainable value conundrum – do we really
understand the use potential and value of what
we measure today?
From environmental profit and loss accounting, to accounting
for sustainability, to social and economic impact assessments,
measurements with extrapolations to demonstrate value –
positive and negative – have grown exponentially in recent years.
Which of these are compelling to leading commentators and
experts, particularly given, as one expert puts it “there’s a 30%
margin of error on measuring a tonne of carbon”?
Some of the questions for debate:
• Can we connect investors and corporations through a
single sustainability language or measurement – and is this
monetary, taking into account natural/social capital valuation?
• What are we measuring natural and social capital for? What
are the safeguards needed to ensure it’s not just about selling
off nature but delivering overall long term value for all, linking
investors and companies?
• How should we standardise the measurement language?
Richard Mattison, CEO, Trucost
Jeremy Nicholls, CEO, SROINetworkandSocialImpact
AnalystsAssociation
Anna Easton, programme director, connected society, BT
Facilitated by Dr Dorothy Maxwell, author of Valuing Natural
Capital – Future Proofing Business & Finance, and director
of TheSustainableBusinessGroup
11.00 Networking break
11.30
Sectoral approaches to measuring and
valuing sustainable and responsible business –
Tullow Oil and Marks & Spencer
A consistent challenge Tullow Oil faces is impact measurement.
Directly linking social investments to factors that generate
business value has emerged as a new model. We will ask Sandy
Stash to talk about how Tullow links the economic, societal
and business impacts of projects. She will also address how the
company decides which type of projects are most likely to create
shared value. A key area she will address is whether specific
selection criteria can be used to improve return on investment.
Sandy Stash, group vice president, safety, sustainability and
external affairs, TullowOil
Marks & Spencer reported a net benefit of £145m for its Plan A
sustainability programme in 2013/14. That takes the cumulative
total to £465m since 2007. The company calculates these
numbers by looking at Plan A in granular detail, breaking it
down to every level of activity it does under the Plan A banner
and calculating the costs and the financial benefits. Mike Barry
will explore the practical challenges of setting goals both on an
issue specific as well as corporate level. He’ll discuss measuring
progress, capturing business value and developing common goals
with other businesses.
Mike Barry, director, Plan A, Marks&Spencer
Key questions for the speakers will include:
• What do they regard as key measures which represent value
and which are simply areas for evaluation?
• What sort of resources need to be applied to gain useful results
– and over what timescale?
• How do they use standardised and industry-specific tools and
measurements together?
• Communicating value internally and externally: how can
results be best used for effective value communication?
Commentary: Paul O’Connor, executive director, global
environmental and social risk management, JPMorgan
AgendaDayOne:June29th

4. 12.30
Green Bonds, what are the opportunities for
financing measureable corporate sustainability
strategy?
The green bond market increasing been growing, in 2014 with
$36.6bn issued; triple the amount issued in 2013. Green Bonds
are a highly relevant topic which clearly links the corporate and
investor worlds. Julia will talk about the green bonds index S&P
have created, and will be joined by Justine from Climate Bonds
Initiative, who will give us some of her experience working with
industry experts to help define “what is green” with the aim to
help investors prioritise climate and green bonds with confidence.
Julia Kochetygova, Indices, Corporate Governance and ESG
professional, S&PDowJonesIndicesLLC
Justine Leigh-Bell, head of standards development,
ClimateBondsInitiative
1.15 Lunch
2.30 Case studies:
How big business measures and values
sustainability – Rio Tinto, Walgreens Boots
Alliance and Interserve
For many companies, a challenge for different internal functions
is communicating effectively with each other. There is a lack
of common language on measuring and valuing business
sustainability across operations, finance, communications, and
others. Simon Morris from mining company Rio Tinto will reflect
on this – and how an extractives sector business can develop
credible value for sustainability so that it becomes a central
business metric.
Simon Morris, chief adviser, external affairs, RioTinto
Richard Ellis from Walgreens Boots Alliance will discuss
how financial data relating to corporate responsibility and
sustainability takes it from being a slipstream to a mainstream
activity. Giving the business in general, and the finance function
in particular, access to non-financial data helps understanding
across the business. We will ask Richard to explain how data
capture is embedded into all elements of the WBA business
and how training has enabled a consistent approach in
collecting information. We will examine the importance
of external verification and how better information can
improve decision-making.
Richard Ellis, vice president, corporate social responsibility,
WalgreensBootsAlliance
Construction and support services multinational company
Interserve has been looking at geo spatial tools to provide
greater insight into its impacts. The company’s initial focus has
been on the mapping of natural capital and social value impacts.
We will ask Mat Roberts how Interserve’s work on greater spatial
reporting has enabled the creation of business and client value
from understanding the spatial relationships embedded in
corporate data. Interserve is “mapping” both its business impacts
and public data sets to see its impact in context. We will ask Mat
to explain what this means.
Mat Roberts, director of sustainability strategy,Interserve
Commentary by Steven Lang, partner, cleantech and
sustainability services, EY, and Stuart Poore, director
of corporate sustainability, WWF
Facilitated by Tobias Webb, founder, Innovation Forum
4.00 Networking break
4.30
Is there any empirical evidence that
portfolios of sustainable companies have
overall better returns?
Studies from Harvard and London Business School academics say
that sustainable companies can perform better. Critics say these
studies simply cherry pick companies and do not account for
enough variables. This session will analysis how current work in
this area is assessed, and whether this aligns with the techniques
others have been using or developing.
We will ask the crucial question: is human capital accounting
in a fit state to be any use to investors?
Alex Edmans, professor of finance,LondonBusinessSchool
Dr Ioannis Oikonomou, lecturer in finance, HenleyBusinessSchool
Maurizio Zollo, professor in corporate strategy and sustainability,
BocconiUniversity, and visiting professor, SloanSchoolof
Management,MIT
Will Oulton, global head of responsible investment,
FirstStateInvestments
5.30
Reflection on the opening day’s sessions
In a moderated Q+A session, we’ll ask Saker Nusseibeh, head
of Hermes Investment Management – ESG specialists with
£28.6bn of assets under management – to reflect on what he’s
taking away from the opening day’s discussion and debate.
Saker Nusseibeh, CEO, HermesInvestmentManagement
6.00 Close of day one Networking drinks
AgendaDayOne:June29th

5. AgendaDayTwo:30thJune
9.30
The latest thinking on putting value
on climate change
To open the day, leading business finance expert Howard
Covington will assess the trends in how climate change is valued
and what this means for investors and business.
Howard Covington, founder, NewStarAssetManagement
10.00
Do campaigns by NGOs have too much influence
on the sustainability issues companies tackle?
Some investors and companies believe that NGO campaigning
can push companies in the wrong direction on material issues for
their business. In this session we will discuss whether this is the
case, and how companies should value reputational capital versus
tackling issues more material to shareholders.
Rachel Wilshaw, ethical trade manager, private sector team,
OxfamGB
Cindy Rose, head of research, responsible investing,
AberdeenAssetManagement
John Sauven, executive director, GreenpeaceUK
Dr Andreas G F Hoepner, associate professor of finance,
director of enterprise, ICMA centre, HenleyBusinessSchool
11.00 Networking break
11.30 Financing case study:
How are development banks measuring
and driving sustainable outcomes?
Depending on the proportion of lending to different sectors and
regions, the natural capital risk exposure of a financial institution
can differ significantly. For example, in Brazil the financial system
is significantly exposed to natural capital risk because the banks
and pension funds are heavily reliant on Brazil’s natural capital
asset base.
Investors and credit analysts need better data and tools to
integrate natural capital risks into investment and financing
analysis in order to protect returns in the future. With the right
tools and analysis, however, capital can be directed towards
best-in-class companies which better manage their
environmental impacts.
In this moderated session, two senior representatives from the
European Bank for Reconstruction and Development will give
their perspective from inside a international finance institution
on sustainability measurement. They will present EBRD's
environmental and social policy, show how the bank measures
the impacts of projects and operations and ask how IFIs can make
a difference in measuring and promoting sustainability.
Simone Dettling from GiZ will then analyse the challenges for
development banks in quantifying emerging market risks.
Robert Adamczyk, senior environmental adviser,
EuropeanBankforReconstructionandDevelopment
Şükran Çağlayan Mumcu, social adviser,
EuropeanBankforReconstructionandDevelopment
Simone Dettling, adviser, financial systems development, GiZ
Facilitated by Lauren Smart, executive director, Trucost

6. 12.30 Lunch
1.45 What investors want to hear…
Many people claim to know “what investors want to hear”.
Few people actually ask them directly.
In this session, an experienced investor relations director and a
research editor will challenge an investment analyst on what
metrics are really used in sustainability valuation of companies.
A short overview of the various research projects globally
on investor-focussed metrics will be followed by practical
exploration of which metrics really matter to investors –
and should receive more corporate focus – and indentifying
those which can be deprioritised.
Investors:
Buy-side: Bozena Jankowska, co-head of ESG,
AllianzGlobalInvestors
Sell-side analyst: Thomas Girard, financial analyst, Natixis
Challengers:
Kirsty Collins, former investor relations director, GlaxoSmithKline
Mike Tyrrell, editor, SRI-Connect
2.45 Networking break
3.15 …and how investors want to hear it
The strongest message in the world will only have an impact
if it reaches its intended audience. Drawing on the real-life
communications experiences of companies, analysts and
investors will explain in this session how companies can take
their message to investors and what reception they should
expect. We will find out how interested investors can be
identified, targeted and reached using reports, new media
and direct meetings.
The vast majority of companies, analysts and investors favour
direct communications – such as webinars, face-to-face meetings
or conferences – over questionnaires and surveys and yet the
latter persist. This session will explain how to resolve this
situation.
Corporate comment: Richard Ellis, vice president,
corporate social responsibility, WalgreensBootsAlliance
Sell-side: Jean-Philippe Desmartin, senior analyst,
head of ESG research, OddoSecurities
Buy-side: Ladislas Smia, deputy head, SRI research,
Mirova–NatixisAssetManagement
Research provider: David Harris, director of ESG, FTSE
Moderator: Mike Tyrrell, editor, SRI-Connect
4.30 Sustainable valuation showcase:
How carbon and climate change information
can be used in stock valuation and investment
What happens to all of the carbon and climate change related
information that companies provide to research firms? Is it ever
used by investors? If so, how?
In this session, recent research will be presented by the authors
and then interrogated by the investors that actually use the
research. In turn, the audience will be given the opportunity to
ask the investors how they use data, how they use analysis and
how they use contextual information on climate change to
make investment decisions.
Presentation
James Magness, investor research,CDP
Challengers
Bozena Jankowska, co-head of ESG, AllianzGlobalInvestors
Will Oulton, global head of responsible investment,
FirstStateInvestments
Facilitated by Mike Tyrrell, editor, SRI-Connect
5.30 Closing remarks
Tobias Webb, founder, Innovation Forum
AgendaDayTwo:30thJune

7. UPCOMING EVENTS
CHOOSE YOUR PASS TYPE
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8th-9th June 2015, London, UK
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28th-29th September 2015, Singapore
If you're interested in any of these events, please do get in touch:
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www.innovation-forum.co.uk/sustainability-measurement-and-valuation
TheMeasurementandValuation
ofCorporateSustainability–
doesitalladdup?
Howtoputhardnumbersonsustainabilityrisk–
andquantifyopportunity
29th-30thJune2015 | InmarsatConferenceCentre,London