Integrating ESG in the Investment Process. Remy Briand, Managing Director & Global Head of Index and ESG Research

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1 Integrating ESG in the Investment Process Remy Briand, Managing Director & Global Head of Index and ESG Research

2 Over the last few years, there has been increasing investor attention and recognition of the notion of sustainability in the investment process. ESG factors are becoming important considerations for investors focus on their influence on risk and return. Also, some asset owners are starting to embrace the concept of universal ownership where they see externalities generated by companies as an integral part of their investment portfolios. In that context, mitigating risks due to exposure to ESG factors and dealing with externalities in order to produce sustainable long term returns becomes an intrinsic part of portfolio construction and management This is reflected by the growing acceptance of the UN Principles for Responsible Investment (UNPRI). However, the absence of clarity and standards in how to integrate ESG in the investment process has been a key challenge to wider adoption and acceptance The integration of ESG in the investment process is an important part of the MSCI ESG research agenda, which covers many aspects in the process -- from benchmarking to company rating to portfolio construction to risk management and reporting tools 2

3 Financial Dimension Values Dimension Identify ESG issues that are material from a financial perspective Mainstream Investor/ Universal Owner Values Investor Define relevant institutional values (e.g.: Human Rights, Labor Rights, Environment, etc.) Tilt / construct portfolio with ESG considerations Implement engagement strategy Integrate key ESG Issues and Risk Factors Reflect Values Bill of Health Reference against social or normative standards to be considered by investors (e.g.: UN Global Compact) Evaluate & monitor company s ability to evolve and adapt successfully over time given the these ESG influences (risk management vs. risk exposure) Integrated ESG Rating Values Score Evaluation of corporate performance in-line with accepted values Portfolio Construction Reflect the two ESG dimensions in portfolio construction 3

4 Within Portfolio Construction Outside Portfolio Construction Reflecting Constraints of Universal Owners Mitigate impact of Portfolio externalities Introduce a capital allocation framework to public markets with an ESG tilt to mitigate externalities that will be internalized in a diversified portfolio Develop a value proposition from active ownership & engagements but pragmatically reflecting appropriate view of cost and benefits Integrated ESG/Tilting Active Ownership You can t sell so you ought to care Ensure Inter-temporal Sustainability Targeted/Thematic Collaboration Risk mitigation Introduce a judicious targeted allocation to public/private markets to investments that represent longer term alternative to mitigate system wide externalities. E.g. clean tech Collaborate to improve system via network effect and scales so that investors collectively can achieve better outcomes. E.g. lobby for regulatory changes System improvement 4

5 Integrating ESG into Investment Process Active Ownership Investment Objective Portfolio Construction Risk Management Compliance & Reporting Engagement & Voting Define ESG policy and key Values to be reflected in Portfolio Define the reference universe that is in alignment with investors investment objective, ESG view and values Identify potential externalities and key ESG issues that are of concern to universal owners Evaluate company s ability to mitigate ESG risk and select stocks based on an assessment of both financial and extra-financial information Changes in ESG exposures of portfolios are analyzed, monitored and adjusted to reflect changes in investment views Monitor tracking errors to primary and secondary benchmarks Monitor stock specific risk for poorly rated companies Compliance status of the portfolios are monitored to ensure investment managers adhere to the investment mandates Aggregated portfolio ESG exposure/metrics versus benchmark,i.e., portfolio carbon & water footprint Identity key issues to formulate engagement policy and strategy Identify engagement targets Monitor results of engagement interactions Define voting guidelines based on the ESG investment policy Record and report on proxy votes and engagement interactions ESG toolkits ESG policy ESG benchmarks Key ESG issues Company ESG rating & research ESG Portfolio Analytics Portfolio reporting tool (Key ESG metrics ) Compliance screening tool Proxy Research Engagement Tracking & Reporting 5

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7 Americas Americas (toll free) Atlanta Boston Chicago Monterrey Montreal New York Europe, Middle East & Africa Amsterdam Cape Town Frankfurt Geneva London Madrid Milan Asia Pacific China North (toll free) China South (toll free) Hong Kong Seoul Singapore (toll free) Sydney Tokyo San Francisco Paris (toll free) São Paulo Zurich Stamford Toronto Barra Knowledge Base Online Answers to Barra Questions: RV0710 7

8 This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the Information ) is the property of MSCl Inc., its subsidiaries (including without limitation Barra, Inc. and the RiskMetrics Group, Inc.) and/or their subsidiaries (including without limitation the FEA, ISS, and CFRA companies) (alone or with one or more of them, MSCI ), or their direct or indirect suppliers or any third party involved in the making or compiling of the Information (collectively (including MSCI), the MSCI Parties or individually, an MSCI Party ), as applicable, and is provided for informational purposes only. The Information may not be reproduced or redisseminated in whole or in part without prior written permission from the applicable MSCI Party. Certain products and services of MSCI ESG Research, including products and services utilized in MSCI ESG Indices, are provided by Institutional Shareholder Services Inc. ("ISS") and/or KLD Research & Analytics, Inc. ( KLD ), which are both indirect wholly-owned subsidiaries of MSCI. The Information may not be used to verify or correct other data, to create indices, risk models or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles based on, linked to, tracking or otherwise derived from any MSCI products or data. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and none of the MSCI Parties endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies. None of the Information, MSCI indices, models or other products or services is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, MSCI, ON ITS BEHALF AND ON THE BEHALF OF EACH MSCI PARTY, HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall any of the MSCI Parties have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or wilful default of itself, its servants, agents or sub-contractors. Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, ISS, CFRA, FEA, EAFE, Aegis, Cosmos, BarraOne, and all other MSCI product names are the trademarks, registered trademarks, or service marks of MSCI in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor s. Global Industry Classification Standard (GICS) is a service mark of MSCI and Standard & Poor s. RV0710 8

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