Investment DA N A SOCIAL ESG E Q U I T Y STRATEGY.
|
|
- Randell Webster
- 5 years ago
- Views:
Transcription
1 Investment DANA Advisors DA N A SOCIAL ESG E Q U I T Y STRATEGY
2 THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust, integrity, and professional experience. QUALITY Excellence in meeting client expectations Dana strives to provide personalized client service and excellence in everything it does. We are uncompromising in our efforts to deliver superior results to clients. EXPERTISE Focus on what we do best Dana has assembled an investment team with diverse skill sets and specialized knowledge. We are adept at navigating challenging market environments and developing customized solutions. CONSISTENCY Adherence to a uniform process Dana implements a uniform investment process to minimize volatility and improve consistency of returns. We seek repeatable and predictable results to most effectively grow cumulative wealth. Investment DANA Advisors 2
3 DANA INVESTMENT ADVISORS Dana Investment Advisors was built on the belief that adhering to a defined investment process allows our professionals to focus on the fundamentals of consistent outperformance through security selection. Founded in 1980 Employee-owned Domestic equity, taxable and tax-exempt fixed income, and ESG asset manager $7.49 billion of assets under advisement as of September 30, 2018 Headquartered in Brookfield, Wisconsin We ve never wavered from our goal of providing above market returns while reducing volatility for our clients. 3
4 DANA INVESTMENT ADVISORS AWARDS AND RECOGNITION Pensions & Investments Best Places to Work Award Asset Manager of the Year U.S. Large Cap Equity Impact Manager of the Year Award Dana s Social ESG Equity Strategy Dana Investment Advisors has been recognized as the top place to work 2017 Best Places to Work in Money Management by Pensions & Investments. This is the sixth year in a row Dana Investment Advisors has been awarded this industry distinction. We are honored that Pensions & Investments has again recognized us for our strong culture, dedication to our employees, and social impact stated Mark Mirsberger, Firm CEO, adding, Our strong family/employee culture directly impacts our client experience as clients benefit from working with and developing strong relationships with a passionate team that essentially has little to no turnover for decades. Dana Investment Advisors was presented with the 2018 Asset Manager of the Year for the category U.S. Equity Large Cap. This was the 14th annual Asset Manager Awards by Envestnet and the second time Dana has won the U.S. Equity Large Cap Category. The Asset Managers of the Year competition recognizes best-in-class portfolio managers who outperform their peers, which is difficult even in the best environments, said Tim Clift, Chief Investment Strategist of Envestnet PMC. The award supports our belief that consistent application of a defined investment process focused on stock selection and risk controls does win in the end. Our team has worked very hard to validate the benefits of active management and this award serves as confirmation of their efforts and a thank you to all those clients who have entrusted us with their assets said Mark Mirsberger, Chief Executive Officer. Dana Investment Advisors has been named the SMA Impact Manager of the Year by Envestnet PMC. This was the 11 th annual SMA Awards by Envestnet and the first time an award was given in the Impact space. Dana s Director of Equities and Portfolio Manager, Duane Roberts, notes that contrary to many investors conception, integrating environmental, social and governance (ESG) criteria into the portfolio management process may enhance financial returns. We have delivered consistent, superior investment performance over the Social ESG Equity Strategy s 15 year history. 4
5 DANA ESG PROCESS ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) OVERVIEW Universe: The union of the Russell 3000 Index and S&P 1500 Index (approximately 3000 stocks) STRUCTURAL RISK CONTROLS SECTOR NEUTRAL, EQUAL WEIGHTED, FULLY INVESTED TO MINIMIZE VOLATILITY AND FOCUS ON STOCK SELECTION AS PRIMARY VALUE ADD ESG F I N A N C I A L Quantitative Models Fundamental Analysis Derive relative ESG rank from discrete E, S, and G scores Utilize thousands of underlying data points from multiple ESG vendors Compute relative rank to target top 30% of companies ( stocks) Reconcile contradictory scores Evaluate sector specific ESG drivers Assess materiality on future earnings I N T E G R A T I O N Compute sector relative rank based on valuation, growth, and quality Utilize earnings, cash flow and growth metrics, and balance sheet variables Focus on higher-ranking securities by sector ( stocks) DuPont analysis Earnings estimates and revisions Uses of cash flow Quantitative Models Fundamental Analysis Review potential systematic litigation, regulatory, and environmental risks Persistence of competitive advantages Organic versus inorganic growth STOCKS WITH STRONG ESG AND FINANCIAL CHARACTERISTICS BY SECTOR ADVOCACY PROXY VOTING, LETTERS AND RESOLUTIONS, CORPORATE ENGAGEMENT 5
6 DANA SOCIAL ESG EQUITY STRATEGY ESG PROCESS Dana s holistic process is Comprehensive, Balanced, Thoughtful Comprehensive: Dana s proprietary quantitative Environmental, Social and Governance (ESG) model utilizes thousands of underlying data points from multiple vendors to rank approximately 3,000 U.S. stocks. Balanced: An ESG rank is calculated for each stock by equally weighting the factors using a geometric mean that helps to identify companies with favorable performance across all E, S, and G considerations. Thoughtful: Dana integrates ESG criteria into Dana s stock selection process, resulting in positive, best-in-class representation. Advocacy efforts are aligned and consistent with process. Environmental Social Governance Exclusions Advocacy Climate Change Impacts and Metrics Fines and Regulatory Actions Environmental Disclosures and Policies Board Accountability Workforce Diversity Human Rights Policies Product and Workplace Safety Labor Rights and Policies Animal Testing Board Composition CEO Compensation Audit and Accounting Board Independence Corporate Transparency Adult Entertainment Alcohol Tobacco Gambling Weapons Proxy Guidelines Sign-on Letters and Resolutions Corporate Engagement Partnerships with Mission-aligned Nonprofits 6
7 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Investment Philosophy We strive to generate excess risk-adjusted returns through a consistent and disciplined investment process. Structural Risk Controls Idea Generation Fundamental Analysis Sell Discipline 7
8 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Idea Generation Fundamental Analysis Sell Discipline Structural Risk Controls Relative Valuation Sector Neutral Equal Weighting Position Size Limits Fully Invested % 51.7% 2.0% -6.9% 46.6% 28.8% 29.1% 36.5% 32.4% -17.7% 59.9% 27.6% 19.9% 28.8% 43.1% 29.0% 10.1% 27.3% 38.8% 24.1% 23.0% 20.0% 17.4% 16.0% 2.3% -11.6% -12.8% -16.6% 35.6% 23.4% 14.5% 13.2% 4.5% -17.7% -20.7% -40.0% -41.0% 1.0% -13.0% Dana s sector neutral investment approach recognizes it is very difficult to predict future sector performance. Dana s Risk Approach: Structural Risk Controls are the groundwork for our repeatable and consistent investment process. -7.0% -8.3% -10.5% -12.3% -13.7% -26.0% -32.5% -7.7% -13.3% -16.4% -20.0% -24.5% -27.6% -33.0% -35.9% -37.6% 36.1% 34.8% 29.8% 27.9% 22.4% 21.1% 13.3% 9.2% 3.3% 19.6% 16.0% 16.0% 12.1% 10.8% 8.2% 6.0% 2.1% 0.2% 12.8% 4.9% 3.7% 2.2% 1.3% 0.4% 0.4% -7.4% -9.1% S&P 500 Sector Performance 23.7% 21.5% 19.8% 19.5% 18.9% 14.3% 13.8% 7.9% 7.8% 20.0% 15.8% 15.5% 11.6% 9.8% 8.5% 5.4% -14.3% -20.8% -24.5% -31.6% -33.6% -34.7% -35.9% -41.5% -43.7% -47.1% -57.0% 45.2% 38.8% 17.3% 17.1% 14.8% 11.3% 11.2% 6.8% 2.6% 26.9% 22.9% 19.7% 19.5% 14.2% 12.2% 10.5% 5.5% 2.8% 13.9% 12.7% 6.3% 6.1% 4.7% 2.4% -0.6% -9.7% -17.1% 23.9% 18.3% 17.7% 15.3% 15.0% 14.7% 10.8% 4.4% 1.7% 41.5% 40.7% 35.6% 28.4% 26.1% 25.6% 25.1% 13.2% 11.5% 25.3% 20.1% 16.0% 15.2% 9.8% 9.7% 6.9% 3.0% -7.8% 7.0% 6.6% 5.9% 3.4% -1.5% -2.7% -4.9% -8.4% -21.1% 23.5% 21.7% s 18.4% 16.4% 15.9% 13.9% 6.1% 5.4% Real Estate 3.7% -2.5% 23.8% 23.0% 22.2% 22.0% s 21.3% 13.5% 11.8% Real Estate 10.8% -1.1% -1.3% 2018? 8 Source: Dana Investment Advisors; Bloomberg and FactSet Data Systems
9 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Valuations Idea Generation Fundamental Analysis Idea Generation (Quantitative Analysis) Growth Sell Discipline Estimate Revisions The idea generation phase RELATIVE VALUATION MODEL VALUE RELATIVE TO GROWTH MODEL ESTIMATE REVISIONS MODEL leverages our propriety models to generate segmented data that efficiently focuses our research on improving or deteriorating trends within sectors, industries DANA RANK or individual companies. We feel this dynamic component is a key advantage and provides a platform that focuses our stock selection. 9
10 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Business Model & Management Idea Generation Fundamental Analysis Fundamental Analysis Profitability Cash Flow Sell Discipline Earnings Decomposition Fundamental analysis is the basis for all of Dana s investment decisions Business Model Profitability Cash Flow Earnings Decomposition Quality of Management Quality of Environmental, Social, and Governance Factors Competitive advantages ROE / ROA Margins Impact of leverage Earnings history Operating Free Capital requirements Uses of cash Estimates and execution Surprise history components and revision trends Earnings quality 10
11 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Fundamental Characteristics Idea Generation Fundamental Analysis Sell Discipline Relative Strength Model Ranking Sell Discipline Rebalance Fundamental analysis drives the Dana sell discipline Fundamental Characteristics Relative Strength Model Ranking Rebalance Company execution More attractive risk reward opportunity Sector Performance Industry Performance Relative valuation model Value-to-growth model Position weight Sector weight Industry dynamics Estimate revisions model 11
12 DANA ESG PROCESS PROFILE AND OVERVIEW Trucost Footprint Analysis Holdings as of September 30, 2017 Carbon Footprint (tco2e per $mil) 142 Dana Carbon Sensitive ESG Equity Dana Social ESG Equity TOTAL CARBON FOOTPRINT (tco2e / $mil Revenue) Dana Catholic ESG Equity S&P 500 Index Carbon footprint analysis quantifies greenhouse gas emissions (GHG) embedded within the portfolio presenting these as tonnes (metric ton) of carbon dioxide equivalents (tco2e). Comparing the total GHG emissions of each holding relative to annual revenue, gives a measure of carbon intensity that enables comparison between companies, irrespective of size or geography. Each holding s contribution to the carbon footprint of the portfolio is calculated on an equity ownership basis. The carbon footprint of the fund is the sum of these contributions, normalized by revenue owned. 273 Carbon Footprint (tco2e per $mil) Trucost helps companies, governments, and the investment community to better understand the possible environmental impact of their investment activities. Utilizing environmental carbon footprint analysis, Trucost aims to quantify the positive environmental impact of choosing to invest in a socially responsible way. For more information on the Trucost methodology used for calculating environmental carbon footprints, please visit Source: Trucost; Trucost is part of the S&P Global family, operated by S&P Dow Jones Indices. Trucost and Dana Investment Advisors are independent entities. Trucost completed the Carbon analysis in October 2017 based on holdings for the Dana Strategy and S&P 500 Index as of September
13 DANA ESG PROCESS PROXY VOTING GUIDELINES Corporate Governance For an independent chairman of the board Against directors serving on more than four boards, more than three for active CEOs Against CEO directors serving on the compensation committee Against all director nominees if no women are on the board or slate Against all director nominees if minority of directors would be independent Against ratification of auditors if non-audit fees exceed 25% of total fees paid Against ratification of auditors who have served more than ten years Executive Compensation For proposals to link pay to performance For executive retention of significant stock For disclosure of disparity between executive compensation and employees median wage Against say-on-pay proposals when executive pay does not match company performance Against excessive pay packages (less than $10 million is typically a yes vote; more than $20 million is, in most cases, a no vote; discretion in the middle) Against re-pricing or replacement of stock options (with rare exceptions) Against stock option plans that do not apply to all vested/ tenured employees Against stock option plans that could result in excessive dilution to existing shareholders Shareholder Rights For proposals to allow shareholders to act by written consent For proposals to allow qualified shareholders to nominate director candidates (proxy access) For proposals to adopt a simple majority vote standard (for vs. against, abstentions not counted) Environmental For reports on climate change risks, water use risks, GHG emissions reduction targets, renewable energy targets, environmental impact of fracking and other practices, avoidance of conflict minerals, sustainability, supply chain risks, political spending, lobbying that can be produced at a reasonable cost For proposals to adopt quantitative renewable energy goals For policies that limit global warming to 2 C For proposals to adopt recycling strategy Social For proposals to implement human rights standards and codes of conduct For proposals to improve access to health care For proposals to implement humane treatment of animals For proposals to end predatory lending practices For proposals to increase diversity in the workforce For reports on gender pay 13
14 DANA ESG PROCESS ENGAGEMENT POLICY AND HIGHLIGHTS Dana Investment Advisors often engages with portfolio companies to encourage corporate responsibility and accountability. Shareholder proposals When companies are unresponsive to other means of engagement, Dana files shareholder resolutions concerning environmental, social, and governance (ESG) issues. Dialogue As part of investor coalitions or on our own, Dana initiates dialogues with portfolio companies to discuss relevant ESG issues. Dana also writes letters to companies to encourage greater transparency and risk management. Some of the issues about which we have engaged companies include water risk, supply chain practices, drug pricing, separation of CEO and Chair, disclosure of political lobbying, and access to nutrition. Corporate Engagements Corporate Governance and Minority Rights: Wrote a letter to Michael Dell, Affiliated Partners, and Members of the DVMT Special Committee, citing ethical and corporate governance concerns with the offering price for DVMT. (July 2018) Carbon Footprint: Discussed with key leaders, of an automobile company, their companies plans for electric vehicles and other carbon-reduction initiatives. (June 2018) Corporate Culture: Spoke with senior management, of a portfolio company, about their corporate culture, employee satisfaction, retention, and training. (June 2018) Forensic Accounting: Spoke with investor relations, of a global logistics company, regarding discrepancies between paper earnings and cash flow, analyzed line item expenses for a recent acquisition to assess disclosure credibility. (October 2018) 14
15 DANA ESG PROCESS ADVOCACY HIGHLIGHTS Q Immigrant Families Signed on to an investor letter asking GEO Group and CoreCivic, companies that run private prisons, to avoid involvement in any efforts to indefinitely detain immigrant families. (July 2018, coordinated by ICCR) Palm Oil Signed on to an investor letter to the Roundtable on Sustainable Palm Oil seeking to close the remaining gaps in the proposed standard and advocate for strong auditing and enforcement practices. (July 2018, coordinated by Ceres) Antibiotic Use Signed on to investor letters to companies in the restaurant sector encouraging them to phase out routine use of antibiotics across all livestock, poultry, seafood, dairy, and egg supply chains. (August 2018, coordinated by FAIRR) Supermarket Supply Chains Signed on to an investor statement in support of OxFam s Behind the Brands campaign, which asks the largest global supermarket companies to: 1) address the risk of human-rights violations faced by women and men in supermarket supply chains and 2) to fairly share the revenues in the food industry with the women and men who produce our food. (August 2018, coordinated by OxFam) Conflict Gems Signed on to an investor statement calling on companies in the jewelry industry to review their policies and practices and take action to ensure responsible sourcing of gold, diamonds, and other precious minerals and gems. (August 2018, coordinated by Investor Alliance for Human Rights) Workforce Disclosure Initiative Sent letters to six portfolio companies urging them to participate in the 2018 Workforce Disclosure Initiative. The ultimate goal of the WDI is to improve the quality of jobs in the supply chains and operations of multinational companies. (August 2018) Drug Pricing Signed on to letters to two pharmaceutical companies regarding anti competitive market practices that limit access to less costly generic drugs. A Senate bill, the Creating and Restoring Equal Access to Equivalent Samples (CREATES) Act, recently passed that includes a provision allowing the generic companies to sue these companies for failure to share samples of their drugs in order for the generics to develop safe alternatives. (October 2018, coordinated by ICCR) Child Labor Initiatives: Signed on to an investor letter to the U.S. Department of Labor opposing the recent notice that it will remove Uzbekistan cotton from the List of Products Requiring Federal Contractor Certifications as to Forced or Indentured Child Labor Pursuant to Executive Order (August 2018, coordinated by Cotton Campaign) Signed on to an investor letter urging the Bangladesh government to inspect tanneries for child labor, to provide beneficial alternatives for child workers, to conduct and publish a formal assessment of environmental degradation in Hazaribagh, and to create an action plan for cleanup of the Buriganga River. (September 2018, coordinated by ICCR) 15
16 Investment DANA Advisors Physical Address: Swenson Drive Suite 400 Waukesha, Wisconsin Mailing Address: P.O. Box 1067 Brookfield, Wisconsin (262) (800)
Investment DA N A SOCIAL ESG E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A SOCIAL ESG E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationInvestment DA N A CATHOLIC ESG E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A CATHOLIC ESG E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationInvestment OVERVIEW: 4 TH QUARTER 2017 DANA EQUITY STRATEGIES.
Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DANA EQUITY STRATEGIES THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned.
More informationInvestment DA N A CATHOLIC ESG E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A CATHOLIC ESG E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationInvestment DANA EQUITY STRATEGIES.
Investment DANA Advisors DANA EQUITY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust,
More informationInvestment DANA EQUITY STRATEGIES.
Investment DANA Advisors DANA EQUITY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust,
More informationInvestment OVERVIEW: 4 TH QUARTER 2017 DA N A LARGE CAP E Q U I T Y STRATEGY.
Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DA N A LARGE CAP E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and
More informationInvestment DA N A LARGE CAP E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A LARGE CAP E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationInvestment OVERVIEW: 4 TH QUARTER 2017 DANA FIXED INCOME STRATEGIES.
Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DANA FIXED INCOME THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our
More informationInvestment DANA FIXED INCOME STRATEGIES.
Investment DANA Advisors THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust, integrity,
More informationInvestment OVERVIEW: 4 TH QUARTER 2017 DA N A LIMITED VOLATILITY BOND STRATEGY.
Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DA N A LIMITED VOLATILITY BOND STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and
More informationDifferences between ESG scores among data vendors
ESG Ratings Differences between ESG scores among data vendors Duane R. Roberts, CFA Director of Equities Photo by JLKG 6/2018 Rocky Mountain National Park Since the wave of new ESG specific and larger
More informationEnvestnet s Impact Investing Platform The 5 Pillars of Impact
Envestnet s Impact Investing Platform The 5 Pillars of Impact Our impact platform can help advisors support clients who seek both positive social impact and financial returns. What is impact investing?
More informationCORPORATE ENGAGEMENT Focus List You can t change a company you don t have a stake in
CORPORATE ENGAGEMENT Focus List 2018 CORPORATE ENGAGEMENT Focus List 2018 You can t change a company you don t have a stake in We use the special rights that come with shareholder status to expand our
More informationQuantitative Portfolios Beyond Beta. Powered by:
Quantitative s Beyond Beta Powered by: Quantitative s (QPs) are a suite of asset class-specific investments that blend the benefits of beta investing with the portfolio customization of managed accounts.
More informationNEI Corporate Engagement Focus List Q3 Update: October 2018
Company Overview ESG Issues Dialogue Results Holdings ENERGY CNRL Canadian Natural Resources Limited (CNRL) is an oil and gas exploration, development and production company with its corporate head office
More informationQuantitative Portfolios Beyond Beta. Powered by:
Quantitative s Beyond Beta Powered by: Quantitative s (QPs) are a suite of asset class-specific investments that blend the benefits of beta investing with the portfolio customization of managed accounts.
More informationGOVERNANCE AND PROXY VOTING GUIDELINES
GOVERNANCE AND PROXY VOTING GUIDELINES NOVEMBER 2017 ABOUT NEUBERGER BERMAN Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in 30 cities
More informationApplying Mission Focus to Your Investment Policy Statement through ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) INVESTING
Applying Mission Focus to Your Investment Policy Statement through ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) INVESTING JUNE 2017 APPLYING MISSION FOCUS TO YOUR INVESTMENT POLICY STATEMENT THROUGH ESG
More informationSOCIALLY RESPONSIBLE INVESTING WORK GROUP CALENDAR YEAR 2015 PROXY VOTING RESULTS
SOCIALLY RESPONSIBLE INVESTING WORK GROUP CALENDAR YEAR 2015 PROXY VOTING RESULTS Prepared by Marie Tiemann, Endowment Accountant 47 Proxies did not have any shareholder proposals. No votes submitted for
More informationGuide to Responsible Investing Strategies
2018 Guide to Responsible Investing Strategies CATHOLIC VALUES FOSSIL FREE ESG INTEGRATION Parametric Responsible Investing Strategies Parametric offers a suite of proprietary responsible investing strategies
More informationSocially Responsible Personal Strategy GO TO TO LEARN MORE ABOUT OUR FREE FINANCIAL TOOLS
Socially Responsible Personal Strategy GO TO WWW.PERSONALCAPITAL.COM TO LEARN MORE ABOUT OUR FREE FINANCIAL TOOLS What is socially responsible investing? This is a very broad and somewhat subjective concept.
More informationP-Cubed: Pathstone Portfolio Platform
P-Cubed: Pathstone Portfolio Platform P-Cubed. What is it? The Pathstone Portfolio Platform (P-Cubed) is a proprietary investment execution methodology that provides the ability for investors to hold diverse
More informationResponsible & Sustainable Investment Statement
Responsible & Sustainable Investment Statement Nanuk Asset Management February 2018 Overview Nanuk is committed to investing sustainably and managing responsibly. Nanuk s commitment is inherent in the
More informationESG: Impact on Companies Doing Business in America and Why They Must Care
ESG: Impact on Companies Doing Business in America and Why They Must Care 1 INTRODUCTION When the environmental, social and governance (ESG) movement first began to take shape across corporate America
More informationLet s talk: governance
EY Center for Board Matters Let s talk: governance Special edition 2014 proxy season preview ey.com/boardmatters 1 Proxy season 2014 preview Boards face shifting investor priorities and expectations Proxy
More informationMIKE HALLORAN, CFA INVESTMENT STRATEGIST JANNEY MONTGOMERY SCOTT LLC MEMBER: NYSE, FINRA, SIPC
1 Michael Halloran, CFA A GUIDE TO ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) INVESTING December 21, 2018 Environmental, Social, and Governance (ESG) investing is a rapidly growing investment discipline
More informationFuture World Fund Q&A
For Professional Investors and their Financial Advisers Only. Not to be distributed to or intended for use by Retail Clients. Index Fund launch Future World Fund Q&A Investing for the world you want to
More informationStewardship at AAM. November Katy Grant, Senior Analyst - Responsible Investing Stewardship. Aberdeen Standard Investment
Stewardship at AAM November 2017 Katy Grant, Senior Analyst - Responsible Investing Stewardship Aberdeen Standard Investment For professional investors only Not for public distribution 2 What is Stewardship
More informationVANGUARD ESG ETFs FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.
VANGUARD ESG ETFs FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION. Today more and more people are evaluating investments not only based on their financial goals but also based on their personal
More informationSUSTAINABLE COMPANIES FOR A BETTER PORTFOLIO
SUSTAINABLE COMPANIES FOR A BETTER PORTFOLIO USING QUALITY AND ESG TO ENHANCE RETURNS By integrating environmental, social and governance (ESG) factors into their portfolios, investors are increasingly
More informationResponsible & Sustainable Investment Statement
Responsible & Sustainable Investment Statement Nanuk Asset Management June 2018 Overview Nanuk is committed to investing sustainably and managing responsibly. Nanuk s commitment is inherent in the firm
More informationResponsible Investment
June 2015 Schroders Responsible Investment Global and International Equities At Schroders, Responsible principles drive our investment decisions and the way we manage funds. From choosing the right assets
More informationBank of America Corporation
Bank of America Corporation Overview of Our Responsible Growth Strategy, Corporate Governance and Executive Compensation Practices, and Environmental and Social Initiatives March 2017 Executive Summary
More informationIntroduction. Rate the Raters Phase 5 The Investor View. Sept 2012 Oct 2012 Nov 2012 Dec 2012 Polling the Experts. The Company Perspective
Introduction Sept 2012 Oct 2012 Nov 2012 Dec 2012 Polling the Experts The Company Perspective The Investor View The Raters Response How sustainability experts view and use corporate sustainability ratings.
More informationAnnaly ESG Presentation to Investors January 2019
Annaly ESG Presentation to Investors January 2019 Safe Harbor Notice This presentation, other written or oral communications, and our public documents to which we refer contain or incorporate by reference
More informationIS ESG A FACTOR? ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CAN LOOK AND FEEL LIKE AN EQUITY FACTOR. WE TOOK A DEEPER LOOK TO FIND OUT.
REPRINTED FROM POINT OF VIEW MARCH 2018 IS ESG A FACTOR? ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CAN LOOK AND FEEL LIKE AN EQUITY FACTOR. WE TOOK A DEEPER LOOK TO FIND OUT. At a high level, a factor
More informationINVESTOR PRESENTATION
The Hartford Financial Services Group, Inc. November 2015 INVESTOR PRESENTATION Copyright 2015 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without
More informationStudent Managed Investment Fund Investment Policy Statement Updated 11/18/2016
OVERALL FUND OBJECTIVES Student Managed Investment Fund Investment Policy Statement Updated 11/18/2016 To provide an experiential learning experience for NAU students in The W.A. Franke College of Business,
More informationInvesting for CLIENTS T. ROWE PRICE // CSR REPORT
Investing for CLIENTS T. ROWE PRICE // 2016 2017 CSR REPORT 1 Putting Clients First In 1937, Thomas Rowe Price, Jr., founded T. Rowe Price on the principle that, if our clients succeed, our firm will succeed.
More informationStrategic priorities. Sustainable banking. Inspire and engage our people. A better bank contributing to a better world. Enhance client centricity
banking business operations Compliance Employee health and safety Workforce diversity and Environmental impact inclusion Clients interests centre stage and sustainable relationships Privacy of clients
More informationCorporate Responsibility. at Allianz Group Communications and. Group Investor Relations. Paris, November 2017
Corporate Responsibility at Allianz Group Communications and Corporate Responsibility Group Investor Relations Paris, November 2017 1 1 Allianz Group at a glance 2 Corporate Responsibility strategy & approach
More informationAnnual report on the integration of environmental, social and corporate governance (ESG) issues
. Annual report on the integration of environmental, social and corporate governance (ESG) issues 2017 As a portfolio manager, Hexavest has the duty to act in the best long-term interest of its clients
More informationIBERDROLA FRAMEWORK FOR GREEN FINANCING
IBERDROLA FRAMEWORK FOR GREEN FINANCING April 2018 IBERDROLA Framework for Green Financing 1 Index I. INTRODUCTION... 3 1. RATIONAL... 3 2. SCOPE... 3 3. PRINCIPLES AND GENERAL GUIDELINES... 4 II. PROCEDURES...
More informationThe asset manager for a changing world
INVESTING FOR A SUSTAINABLE WORLD For professional and institutional investors only 2017 The asset manager for a changing world INVESTING for a sustainable world I 2017 I 2 OUR INVESTMENT PHILOSOPHY The
More informationCorporate Responsibility 2016 Overview. Aspiration into Action
Corporate Responsibility 2016 Overview Aspiration into Action New Standards for Change Corporate responsibility (CR) is a long-term commitment we ve made to our clients, employees, shareholders and communities
More informationCorporate Governance Principles
Excellence. Responsibility. Innovation. Principles, August 2016 Hermes EOS Corporate Governance Principles Japan For professional investors only www.hermes-investment.com Principles, August 2016 Introduction
More informationESG Policy & Process. 1. Overview and Philosophy
Wells Capital Management ESG Policy & Process Updated March 2018 1. Overview and Philosophy Through our independent and specialized investment teams, Wells Fargo Asset Management ( WFAM ) 1 brings together
More informationALIGNING INVESTMENT CHOICES WITH YOUR PERSONAL VALUES. Sustainable Investing with Asset Management Services
ALIGNING INVESTMENT CHOICES WITH YOUR PERSONAL VALUES Sustainable Investing with Asset Management Services Investing for your future and the world you want to see Decades ago, exclusionary screening emerged
More informationEngagement and Impact 2016: Dividend Strategy ESG
CLEARBRIDGE ESG INVESTMENT Engagement and Impact 2016: Dividend Strategy ESG Environmental, Social and Governance (ESG) Investing at ClearBridge ClearBridge s dedicated Environmental, Social and Governance
More informationThe Sustainability Edge in Real Estate Investing
The Sustainability Edge in Real Estate Investing Commercial real estate can have a significant impact on the environment and an increasing number of real estate industry professionals are incorporating
More informationRESPONSIBLE INVESTING: A THREE PART SERIES
RESPONSIBLE INVESTING: A THREE PART SERIES PART II CROSSMARKGLOBAL.COM 2017 Page 2 of 7 Responsible Investing is a rapidly growing movement and each investor has unique priorities and values that affect
More informationSustainable business. Our sustainability work as a company and employer
Sustainable business Investor has a long tradition of being a responsible owner, company and employer, and firmly believes that sustainability is a prerequisite for creating long-term value. Companies
More informationRESULT OF THE SURVEY ON THE PERFORMANCE OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTING OF HONG KONG LISTED COMPANIES
RESULT OF THE SURVEY ON THE PERFORMANCE OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTING OF HONG KONG LISTED COMPANIES AGENDA Background Survey methodology and population Survey key findings ESG reporting
More informationPerformance Perspectives on ESG Investment Strategies
Performance Perspectives on ESG Investment Strategies Laurie Hesketh, CIPM, PMP (Director, Meradia Group) Since 1997, Meradia is a specialized consulting firm focused on transformational change initiatives
More informationPRI Reporting Framework Main definitions 2018
PRI Reporting Framework Main definitions 2018 November 2017 reporting@unpri.org +44 (0) 20 3714 3187 Table of Contents Introduction 2 ESG issues 3 Active/ Passive investments 4 ESG incorporation 5 Active
More informationIntroduction. The Assessment consists of: A checklist of best, good and leading practices A rating system to rank your company s current practices.
ESG / CSR / Sustainability Governance and Management Assessment By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com September 2017 Introduction This ESG / CSR / Sustainability Governance
More informationResponsible Investing at Parametric
April 2017 Jennifer Sireklove, CFA Director, Investment Strategy at Parametric Principles-based investing has a long history in the United States, and recently there has been a surge of interest in incorporating
More informationMaximizeYour Impact. MorganStanleyGlobal Impact FundingTrust (GIFT): Impact Pools. CRC (3/2015) Expiration (3/2016)
MaximizeYour Impact MorganStanleyGlobal Impact FundingTrust (GIFT): Impact Pools CRC1126157 (3/2015) Expiration (3/2016) Global Impact Funding Trust (GIFT) Introduction The Morgan Stanley Global Impact
More informationESSSuper Responsible Investment Policy
ESSSuper Responsible Investment Policy June 2017 Responsible Investment Policy 1. ESSSuper mission To help our members who make, or have made, an essential contribution to the community, achieve their
More informationFrom niche to mainstream: how ESG principles are reshaping investing today
June 2016 From niche to mainstream: how ESG principles are reshaping investing today Leo M. Zerilli, CIMA Head of Investments John Hancock Investments As ESG standards become more uniform and as corporate
More informationESG Integration Philosophy
ESG Integration Philosophy At William Blair, we consider environmental, social, and corporate governance (ESG) to be one of many considerations that inform our investment decisions inextricably linked
More informationTo our shareholders Letter from Our Chairman & CEO
To our shareholders 2008 Letter from Our Chairman & CEO We are proud of Accenture s performance in fiscal 2008. We responded to the challenges of the global economy by relentlessly focusing on our clients
More informationdear fellow shareholders,
2013 annual report dear fellow shareholders, 2013 was a landmark year for Umpqua Holdings. We celebrated Umpqua Bank s 60th anniversary and the investments and actions taken over the last few years delivered
More informationCORPORATE RESPONSIBILITY AT ALLIANZ GROUP
CORPORATE RESPONSIBILITY AT ALLIANZ GROUP Group Communications and Corporate Responsibility Group Investor Relations Allianz SE Munich, August 2018 CONTENT 01 ALLIANZ GROUP AT A GLANCE 02 CORPORATE RESPONSIBILITY
More informationBest practice in fixed income and environmental issues. Hilkka Komulainen, Project Manager, Fixed Income and Infrastructure
Best practice in fixed income and environmental issues Hilkka Komulainen, Project Manager, Fixed Income and Infrastructure ESG strategies in fixed income Both globally and in the Nordics, screening is
More informationNEI Investments Corporate Social Responsibility Report 2009
NEI Investments Corporate Social Responsibility Report 2009 2 The Global Reporting Initiative The Global Reporting Initiative (GRI) has pioneered the development of the world s most widely-used sustainability
More informationBEYOND FOSSIL FUELS. A climate-friendly domestic equity fund from United Church Funds
BEYOND FOSSIL FUELS A climate-friendly domestic equity fund from United Church Funds BECAUSE CREATION DESERVES NO LESS In 2013, the United Church of Christ adopted a resolution calling on the denomination
More informationSustainability report 2017 SWEDBANK FÖRSÄKRING AB
Sustainability report 2017 SWEDBANK FÖRSÄKRING AB Table of Content 1. Responsible investment... 3 Sustainable management... 3 Policy... 3 Transparency... 3 Increased awareness... 3 Climate impact... 3
More informationDow Jones Sustainability North America Index Dow Jones Sustainability United States Index
Dow Jones Sustainability North America Index Dow Jones Sustainability United States Index Launch Event 23 September 2005 New York, USA 1 Program Sustainability Investing A Market Overview Jane Ambachtsheer
More informationResource Scarcity. Sustainable Packaging and Recycling. Factsheets
GRI G4.0 Index MATERIAL ISSUES G4 ASPECTS MAPPING Based on the material issues identified by our stakeholders, we ve mapped these against the GRI G4 Aspects, and identified the external boundaries associated
More informationAegon N.V. Responsible Investment Policy 2017
Aegon N.V. Responsible Investment Policy 2017 The Hague, October 2017 1 Introduction Aegon N.V. (hereafter referred to as Aegon ), as a global insurance company, asset manager and investor, has a large
More informationRBC Vision Funds: Investment principles
RBC Vision Funds RBC Vision Funds: Investment principles RBC Vision Funds are a family of funds that invest primarily in the securities of companies that conduct themselves in a socially responsible manner.
More informationHIP investor. HIP Best Companies Portfolio
2016 HIP investor HUMAN IMPACT + PROFIT HIP Best Companies Portfolio contents 01 02 03 03 05 06 07 08 09 Firm Overview Investment Philosophy Investment Process Investment Team Portfolio Performance Sector
More informationHot Topics in Corporate Governance. November 14, 2017
Hot Topics in Corporate Governance November 14, 2017 Changes at the SEC New Chair: Jay Clayton New Director of the Division of Corporation Finance: Bill Hinman Two open Commission seats remain, with two
More informationSustainable Finance. Andrew Park Sustainability Group Bloomberg LP New York City, USA
Sustainable Finance Andrew Park Sustainability Group Bloomberg LP New York City, USA CONTEXT Growing awareness of global sustainability challenges Rank 2014 Global Risks of Highest Concern 1 Fiscal crisis
More informationImpact Investing Solutions Personal Conviction Overlay Screens
Impact Investing Solutions Personal Conviction Overlay Screens FOR ONE-ON-ONE USE WITH A CLIENT S FINANCIAL ADVISOR ONLY The overlay screening program allows clients to apply customized screens to their
More informationThe Hartford Financial Services Group, Inc. May 2016 Overview of The Hartford
The Hartford Financial Services Group, Inc. May 2016 Overview of The Hartford Copyright 2016 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without
More informationLITMAN/GREGORY. Investment Strategies
Investment Strategies For Client Use Investment Strategies Litman/Gregory Portfolios at a Glance Litman/Gregory s tactical asset allocation expertise helps identify undervalued asset classes and weights
More informationPGGM Investments Long Horizon Investing in a public equity portfolio
Rotman ICPM Discussion Forum June 2012 PGGM Investments Long Horizon Investing in a public equity portfolio Disclaimer - Important information This document has been solely prepared for informational purposes
More informationESG Risk Management Policy MLC Nominees Pty Limited PFS Nominees Pty Limited (the Trustees )
MLC Nominees Pty Limited PFS Nominees Pty Limited (the Trustees ) Policy Administration Information Schedule Policy Name ESG Risk Management Policy Version Number 1.0 Approval Date 26 June 2014 Effective
More informationBEST PRACTICES FOR RESPONSIBLE INVESTING
BEST PRACTICES FOR RESPONSIBLE INVESTING Portfolio management, research, ownership and collaboration May 2018 ABSTRACT In the coming years, Responsible Investing will be routine. Understanding how Environment,
More informationRESPONSIBLE OWNERSHIP Engagement Policy
RESPONSIBLE OWNERSHIP Engagement Policy 16 April, 2018 2018 Northern Trust Corporation northerntrust.com This policy covers the below funds: NORTHERN TRUST INVESTMENT FUNDS PLC: The NT Europe (ex-uk) Equity
More informationResponsible investment policy
Responsible investment policy February 2018 For people, not profit Responsible investment Trustee policy statement Policy statement Responsible investment is first and foremost about being responsible
More informationPraxair, Inc. Steve Angel Chairman, President and Chief Executive Officer. Credit Suisse Basic Materials Conference September 17, 2014
Praxair, Inc. Steve Angel Chairman, President and Chief Executive Officer Credit Suisse Basic Materials Conference September 17, 2014 Forward Looking Statement This document contains forward-looking statements
More informationMaximize Your Impact. Morgan Stanley Global Impact Funding Trust (GIFT): Impact Pools CRC (7/2016) Expiration (7/2017)
Maximize Your Impact Morgan Stanley Global Impact Funding Trust (GIFT): Impact Pools CRC1527771 (7/2016) Expiration (7/2017) Global Impact Funding Trust (GIFT) Introduction Morgan Stanley GIFT is an independent
More informationStatement of Investment Policy and Objectives
Statement of Investment Policy and Objectives PIE FUNDS MANAGEMENT SCHEME Issued by Pie Funds Management Limited DATED 11 MAY 2018 TABLE OF CONTENTS Description of the Scheme and Funds 3 Investment philosophy
More informationInvestors Ask For More Information (Why) Should Companies Be Bothered?
Investors Ask For More Information (Why) Should Companies Be Bothered? Alvar Roosimaa Limestone Investment Management Investor Relations Seminar Macedonian Stock Exchange and PFS Program September 24,
More informationREUTERS/Ognen Teofilovski. Thomson Reuters ESG Scores Date of issue: March 2017
REUTERS/Ognen Teofilovski Thomson Reuters ESG Scores Date of issue: March 2017 2 Contents Executive Summary...3 Data Process...4 Global Coverage...5 Scores Overview...6 Scores Structure...6 Scores Calculation
More informationInfrastructure ESG policy guidelines
Infrastructure policy guidelines At AMP Capital Investors Limited (AMP Capital), we recognise that environmental, social and governance () issues can impact the long-term performance of our investment
More informationIntroduction. The Assessment consists of: Evaluation questions that assess best practices. A rating system to rank your board s current practices.
ESG / Sustainability Governance Assessment: A Roadmap to Build a Sustainable Board By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com November 2017 Introduction This is a tool for
More informationIBERDROLA FRAMEWORK FOR GREEN FINANCING (the Framework )
IBERDROLA FRAMEWORK FOR GREEN FINANCING (the Framework ) February 2018 IBERDROLA Framework for Green Financing 1 Index I. INTRODUCTION... 3 1. RATIONAL... 3 2. SCOPE... 3 3. PRINCIPLES AND GENERAL GUIDELINES...
More informationIntroduction. What is ESG?
Contents Introduction 2 Purpose of this Guide 6 Why reporting on ESG is important 10 Best Practice Recommendations 14 Appendix: Sustainability Reporting Initiatives 20 01 Introduction Environmental, social
More informationInvesting Ethically with BetaShares
Investing Ethically with BetaShares NOVEMBER 2017 The case for investing ethically using the BetaShares Sustainability Leaders ETFs (ASX Codes: ETHI and FAIR) Introduction Ethical investing is on the rise.
More informationProxy voting and engagement
SPRING 2017 Proxy voting and engagement AN INTEGRAL PART OF THE EQUITY INVESTING PROCESS 2 Mellon Capital INTRODUCTION This paper provides an overview of BNY Mellon s proxy voting and engagement philosophy
More informationportolacreek A California-Registered Investment Advisor Client Questionnaire
portolacreek A California-Registered Investment Advisor Client Questionnaire Our Impact The purpose of this introductory questionnaire is to begin learning about your unique preferences in regard to the
More informationGoldman Sachs U.S. Financial Services Conference
Goldman Sachs U.S. Financial Services Conference Doug Peterson President and CEO Chip Merritt Vice President, Investor Relations December 5-6, Copyright by S&P Global. All rights reserved. Comparison of
More informationCorporate Responsibility: Performance Benchmarks and Awards. October 2018
Corporate Responsibility: Performance Benchmarks and Awards October 2018 Ethical business Teachers Mutual Bank Limited has been named one of the World s Most Ethical Companies for five years in a row since
More informationINSTITUTIONAL ADVANCES INCUBATING IDEAS FOR GROWTH
INSTITUTIONAL ADVANCES INCUBATING IDEAS FOR GROWTH IT MAY COME AS A SURPRISE TO LEARN THAT NEARLY HALF OF THE ASSETS UNDER OUR MANAGEMENT TODAY ARE ON BEHALF OF ENDOWMENT & FOUNDATION AND GLENMEDE INVESTMENT
More informationRATINGS FOR CORPORATE SECURITIES. Now in our 2nd Decade of Impact HIP INVESTOR HUMAN IMPACT + PROFIT. The New Fundamentals of Investing
RATINGS FOR 2017 Now in our 2nd Decade of Impact HIP INVESTOR HUMAN IMPACT + PROFIT The New Fundamentals of Investing CORPORATE SECURITIES 0 RATING 100 IMPACT NET NEGATIVE IMPACT NET POSITIVE IMPACT FUTURE
More information