Investing in a sustainable society LGIM Real Assets ESG Report
|
|
- Randolph Barber
- 5 years ago
- Views:
Transcription
1 Investing in a sustainable society LGIM Real Assets ESG Report The Walney Extension
2 Newcastle Helix (2016): Leading the regeneration of Newcastle City Centre Introduction Environmental, Social and Corporate Governance (ESG) are the primary factors that measure the sustainable impact of a business. As one of the top 20 largest global asset managers, 1 LGIM has a duty not just to our clients, but to society as a whole for ensuring investment activity is conducted in a sustainable way - a responsibility shared by LGIM Real Assets as part of LGIM, and as an active participant in both domestic and international markets. As one of the UK s largest institutional investors and real estate owners, we have the opportunity and responsibility to lead the way in driving the adoption of best-practice ESG principles and behaviours in the sector. The following document provides a brief overview of how LGIM applies ESG factors to the real assets investment universe, and how our business is seeking to bring about positive changes to policy and practice in both our industry and wider society through thought-leadership and pro-active implementation. 1 Source: IPE Top 400 Asset Managers 2017 Survey. LGIM had 983.3bn assets under management as at 31 December
3 Our platform LGIM Real Assets Real estate 19.8bn 27.0bn 2 Private credit 7.2bn 6bn 3,037 Transactions Occupiers in Years of experience 25 Investment mandates 849 Assets Team of c.150 Top 3UK investor 2 Source: LGIM Real Assets. AUM data to 31 December 2017 (including crossholdings). Real estate AUM provided on a GAV basis. Private credit AUM provided on a committed capital basis. 3 Source: LGIM Real Assets. Transactions data provided over the 12 months to 31 December 2017 across both our direct real estate and private credit capabilities. 3
4 ENVIRONMENTAL April 2018 LGIM Real Assets ESG Report ESG in a real assets context SOCIAL GOVERNANCE Sustainable stock selection Quantifying social value Robust policy framework Investing to improve assets Communication with stakeholders Business practices Clean energy infrastructure assets Influencing policy and best practice Company culture Accountability through benchmarking Promoting community engagement Actively screening sectors OUR COMMITMENT TO ESG We understand our scale brings responsibilities: as one of the UK s largest landlords, we are highly conscious of our duty to go above and beyond the industry standards in the incorporation of ESG factors into both our investment decision-making and the long-term management of our assets. LGIM Real Assets is committed to the creation of a sustainable investment platform across all the asset classes we manage; from actively investing to improve the environmental credentials of our direct property holdings, to the integration of renewable energies and robust governance principles across our private credit portfolio. Our commitment to ESG is driven by: Performance: The belief that protecting and enhancing the sustainability of real assets creates long-term value and performance benefits that contribute to our clients returns; Our long-term perspective: Caring for our clients and society s future through leading by example and empowering our stakeholders to deliver positive change; and Responsibility: The recognition that the built environment has a significant impact on UK society and its ecosystem. 4 In February 2017, LGIM announced the launch of its Future World strategy: an umbrella brand which will encompass a series of pioneering, ESG-aware investment solutions spanning a diversified range of asset classes. The Future World strategy represents an organic evolution of LGIM s existing policies and approach to ESG investing - expanding our active approach over a wider range of strategies with a global reach - and is reflective of our corporate culture. 4
5 Board committee oversees all our sustainability activity and processes Alongside the wider LGIM business, LGIM Real Assets seeks to mitigate risk, capture value and deliver better riskadjusted returns for investors in the transition to a lowcarbon economy through incorporating long-term thematic thinking in our investment approach. LGIM s identified macro trends of demographic change; the evolution of technology; and paradigm shifts in the energy industry towards renewable sources of power inform our ESG policies and behaviours - ensuring both our business and our investors are best-positioned to drive, and benefit from, the transition to the Future World. 4 Our comprehensive approach seeks to embed ESG throughout every operational level of our investment platform. LGIM Real Assets board-level sustainability committee, Project Green, oversees all our sustainability activity and processes, and fosters the ownership and team dynamic that underlies our approach to governance. At a fund and asset level, we collaborate with our business partners to collect data, measure progress, and invest in improvements to the significant proportion of the built environment for which we are custodian. 5 We also have a dedicated Head of Sustainability, who helps to coordinate the integration of ESG into all our activities and works with our Research team to constantly develop our philosophy and practices. Cardiff Central Square (2015): 1.2 million sq. ft. of mixed-use development creating space for 10,000 jobs 5 LGIM Real Assets had 27.0bn assets under management as at 31 December 2017 (including crossholdings). 5
6 Environmental ENVIRONMENTAL CONSIDERATIONS ARE INGRAINED THROUGHOUT AN ASSET S LIFE-SPAN We believe our sustainability requirements in the stockselection and acquisition process lead the industry. Importantly, assessment of the environmental risks and efficiency of an asset extends beyond the transactional due diligence process. Asset Sustainability Plans (ASPs) are put in place on acquisition to align the long-term interests of occupiers, agents and asset-owners; and Annual Sustainability Action Plans (ASAPs) are developed to continually progress each asset and ensure the highest standards are upheld. These lead to annual energy and waste reduction targets for each asset, with progress reported quarterly by our managing agents within their contracted responsibilities. STAYING AHEAD THROUGH STRETCHING TARGETS AND PRUDENT RISK MANAGEMENT Pro-activity is key to leadership in a constantly evolving field. We try to take action in advance of future legislation: ahead of the implementation of the new Minimum Energy Efficiency Standards (MEES) in April 2018, we have been working to de-risk our portfolio through improving the energy-efficiency of our assets. Only 10% of assets across our platform have Energy Performance Certificates (EPCs) rated at the lowest levels of F and G all of which have preprepared improvement plans for remedial action in place for implementation at the next lease event. 6 In 2016 we revisited our framework for Sustainable Property Investment, which governs all our activities, from policy and target setting, to capital works, monitoring and communication. In 2017 we exceeded our current published targets of 20% by 2020 (encompassing savings across energy, carbon and water) and will be setting more stretching, science-based targets next. 90% of property assets have secure energy performance ratings across upper bands A-E Direct Property Portfolio EPC Breakdown 1% 5% 4% 10% A 13% B C D 33% E F G 33% 6 Sources: Jones Lang LaSalle (Property Managing Agents) and Savills (Property Managing Agents). Data as at March Data set includes more than 3,000 EPC ratings across 10 different direct real estate funds where JLL and Savills are the appointed third party property managing agents. 6
7 Newcastle Helix (2016): Funding new educational facilities and stimulating local economic growth COLLABORATING TO DRIVE CHANGE Together with our property managing agents, we set ambitious and achievable targets to improve the environmental efficiency of our assets across a broad range of metrics, spanning carbon emissions; energy consumption; water usage; waste management; green travel plans; biodiversity; occupier liaison; and community engagement. drive the adoption of best-practice principles. LGIM Real Assets is a member of the UK Green Building Council (GBC), the British Council of Offices (BCO) Sustainability Committee, the British Property Federation (BPF) Sustainability Committee, and is on the board of the Better Buildings Partnership. We believe close collaboration with our peers, industry bodies and occupiers adds to the industry s collective ability to achieve a greener operating model. Our Managing Director, Bill Hughes, was elected Chairman of the Property Industry Alliance in March 2016; a coalition of eight leading property bodies which provides a platform to share research and lends a stronger, allied voice to influence policy and 7
8 INVESTING TO INCREASE THE EFFICIENCY OF OUR Achieved Green Stars (the highest accolade) across all 13 funds BUILDINGS; THE WELLBEING OF THEIR OCCUPIERS; AND EXTRACT LATENT VALUE MAINTAINING INDUSTRY LEADERSHIP THROUGH BENCHMARKING PERFORMANCE LGIM Real Assets is a participant in the annual Global Real Estate Sustainability Benchmark (GRESB) across all applicable funds. We achieved Green Stars (the highest accolade) across all 13 funds submitting to GRESB in 2017; a clean sweep that we have maintained for the past four years (see chart below). 7 Additionally, we evaluate all operational assets against the Better Buildings Partnership Real Estate Environmental Benchmark (REEB) and aim to achieve best practice levels across all assets. Working in partnership with the National Energy Foundation, LGIM Real Assets has developed Voluntary Display Environmental Certificates. VolDECs represent an industry-wide solution to the lack of distinguishable data sets between those aspects of environmental performance controlled by the occupier and those controlled by the owner, thereby helping to pinpoint the measures required to improve a property s environmental performance. This innovation exemplifies our dedication and ability to exceed industry expectations of standard practice and deliver sector-wide enhancements. Case Study: Future-proofing our standing investments In 2008, one of our Central London office assets, 210 High Holborn, received a low EPC rating that put it on the risk register. Data collection allowed us to diagnose the causes over a four year period and, when we undertook planned maintenance works to replace heating, water and lighting systems, we ensured that energy-efficient options were used. An environmental strategy was embedded throughout, from sourcing sustainable materials to maximising recycling in the strip-out and construction phases. This rejuvenating investment raised the EPC rating from a G to a B; future-proofed the building through bringing it in-line with operational best practice targets; and reduced energy costs by 71%, or 58,000 per year. This premium-priced office space is now fully-let, and the asset is contributing significantly more to fund performance. Consistent House out-performance of the average GRESB score Reduced energy costs by 71%, or 58,000 per year Average LGIM Real Assets Score GRESB Global Average Score 7 Source: GRESB 2017 Annual Reports. 8 Source: GRESB Annual Reports from
9 Case Study: Freeman s Reach, Durham - Developing assets fit for the future From , we funded and delivered a state-of-the-art new office complex across two phases in Durham s historic city centre. Located on the eastern bank of the River Wear, the development included the installation of a hydro-turbine and associated energy centre. The turbine generates in excess of 90% of the development s energy requirements, and exporting energy to the National Grid is forecast to provide a minimum net income of 100,000 p.a. over the next 20 years with the added benefit of RPI-linked Government Feed in Tariffs (FITs). The project achieved a BREEAM rating of Excellent - a standard we strive to obtain on all new construction and refurbishment projects - and an A+ EPC rating. The first A+ EPC rating in LGIM Real Assets portfolio Freeman s Reach, Durham (2013) 9
10 Renewable energy Over 500 million invested in clean energy to date across two continents DIRECTLY HELPING TO SHAPE A GREENER ECONOMY THROUGH INVESTMENT IN CLEAN ENERGY INFRASTRUCTURE The renewable energy sector is an increasing investment focus across both the direct real estate and private credit arms of LGIM Real Assets platform. Solar energy We have completed four solar debt transactions in the UK totalling over 130 million to date. More recently, we have expanded our investment horizon to the US, agreeing a $65 million transaction in 2017 re-financing 59 photovoltaic cell installations across California, Massachusetts and New Jersey which will contribute an aggregate total of 45.8MWh to the electricity grid. Offshore wind 2017 also saw LGIM Real Assets debut transaction in offshore wind with the completion of a 344 million investment into the world s largest offshore wind farm (see image left and cover) - our second largest infrastructure debt deal to date. We acted as the anchor investor, providing acquisition finance to a consortium of European pension funds supporting a 2 billion purchase of a 50% share of the Walney Extension from Ørsted (formerly DONG Energy). Located in the Irish Sea and with a capacity of 660MW, the asset will provide power to over 500,000 homes in the UK. The project will support up to 185 fulltime jobs annually over its estimated 25-year operational lifespan a direct and significant social benefit facilitated by our investment. The Walney Extension (2017): Powering over 500,000 homes in the UK 10
11 Hydropower, geothermal energy and onshore wind LGIM, Real Assets has continued to expand its horizons in 2018, making our first private corporate credit investment into the largest renewable energy provider in Iceland, Landsvirkjun. The company dominates domestic markets with a 73% market share, and has over 50 years of experience in building and operating hydro, geothermal and wind power assets. Landsvirkjun produces electricity exclusively through clean methods: their portfolio currently includes 14 hydropower plants (see image below), three geothermal plants, and two wind turbines; and the company is in the process of assessing new opportunities across the country. Renewables in our direct real estate portfolio We continue to build on our existing track record of investing directly in renewable energy assets: we have invested nearly 35 million in the sector so far 9 and have achieved planning permission for two new waste management plants in the West Midlands where we are collaborating closely with the Local Authority. Working in collaboration with our occupiers, we have also installed PV panels in a number of assets across our real estate portfolio. Búrfellsstöð - Landsvirkjun, Iceland (2018): Investing in alternative sources of clean energy 9 LGIM Real Assets Limited Price Inflation (LPI) Income Property Fund invested in renewable energy facilities in Q Approximate investment value provided as at 31 December
12 Social SPECIALISTS IN URBAN REGENERATION LGIM Real Assets has established a strong track record in delivering large-scale urban regeneration projects that simultaneously deliver our clients long-term performance objectives; rejuvenate local communities; and stimulate economic growth. Our projects to date, have included the 400 million regeneration of Cardiff Central Square - Wales largest regeneration project, which is set to deliver over 10,000 new jobs and will host the new BBC Wales Headquarters and a new Government hub; and Newcastle Helix a 24-acre 350 million regeneration project which will create over 4,000 jobs, 450 new homes, state-of-theart educational facilities, and unlock further growth and investment potential for the North East (see images pp.2-3 and p.7). DEMONSTRATING THE SOCIAL VALUE OF OUR DIRECT INVESTMENTS We work hard to demonstrate and improve the social impact of our business through transparent reporting to our stakeholders and investors, and continually enhancing our data quality. Improving data quality has been a key part of recent work with our managing agents, which in turn has allowed us to present a more detailed picture of our ESG achievements to our increasingly interested investors. LGIM Real Assets has partnered with specialist industry bodies to pioneer the quantitative measurement of the social value of real estate and development projects. LGIM Real Assets is determined to provide our occupiers with exceptional buildings to work and live in, and to benefit local communities and economies through our investments, supply chain and regeneration projects. PROACTIVE STAKEHOLDER-ENGAGEMENT LIES AT THE HEART OF OUR APPROACH We strive to ensure that our priorities, policies and practices are informed by our active engagement and communication with our stakeholders, including our investors; occupiers; business partners; Central and Local Government; and local communities. Not only are these relationships critical for encouraging the adoption of best practice principles and behaviours, but they allow us to influence policy and thinking at the highest level; delivering change through a combined bottom-up and top-down approach. SUPPORTING CHARITABLE CAUSES Our corporate culture, ethos and sense of social responsibility means LGIM Real Assets is committed to supporting charitable causes. For the last three years we have proudly sponsored a number of cycling events which bring together real estate professionals from across the industry. The largest of these is Cycle to MIPIM, which this year saw 190 cyclists cover a distance of 1,500km in six days, riding from London to Cannes in the South of France. We also launched the inaugural Northern Power-Leg stage - a two day ride from Leeds to London - and continue to support the annual three day women only ride, pedelle. These annual events run by Club Peloton help raise funds for a number of charity partners, including main beneficiary, Coram - the UK s first and oldest children s charity which has been offering practical and emotional support to vulnerable young people and their families for over 275 years. To date, Club Peloton has raised more than 2.88 million. 12
13 Case Study: 245 Hammersmith Road This West London development project (see image below) has given us the opportunity to pilot a new approach to social value assessment across the entire construction cycle, from design right through to construction and the completed functional building. LGIM Real Assets is working with the British Council of Offices and the Social Value Portal to address whether development could do more for local communities by re-thinking how buildings are constructed, managed and occupied, and to devise a strategy to capture maximum social value. Our project proves it is possible to deliver social value add (which could total an estimated 15 billion annually across the industry in the UK) through improved procurement practices focussing on local sourcing of manufacturing and skills and through community engagement programmes. 10 We have now committed to a target of measuring social value across 20% of Real Assets. 245 Hammersmith Road (2012): Creating a better local environment for communities 10 The Social Value Portal and LGIM, Measuring the Social Value of Offices (report published 13 October 2016). 13
14 Corporate governance Safe-guarding our clients capital and LGIM s reputation through policies and procedures GOOD GOVERNANCE EMBEDDED IN OUR LENDING ACTIVITIES We apply a negative screening process for investment sectors and companies identified as incompatible with an ESG-aware ethos, including mining, weaponry and coal. This policy extends to cover sanctioned geographical jurisdictions, and can lead to enhanced due diligence on any transactions with the potential to carry augmented reputational risk. We ensure appropriate long-term covenant protections are in place on all debt investments regarding the nature, purpose and remit of business activities, and work closely with our borrowers to both facilitate their commercial needs and performance while protecting our clients capital. ROBUST POLICY FRAMEWORK We operate within LGIM s overarching policy guidance on stakeholder engagement, sustainable procurement, and corporate social responsibility. In addition, a specific Sustainable Real Assets Framework aligns our practice with the principles set out in our Responsible Real Assets Investment Policy. The framework is regularly reviewed by our Project Green Committee and encompasses policies and objectives at both a fund and corporate level; operational monitoring; benchmarking procedures; and the integration of green lease clauses. FOSTERING A CORPORATE CULTURE OF TRANSPARENCY, DIVERSITY AND SHARED RESPONSIBILITY LGIM Real Assets commitment to driving change is demonstrated through the way quantitative ESG targets are embedded into all our employees annual performance and appraisal processes, thereby linking the ESG performance of our assets and business directly to remuneration. This alignment of values ensures real responsibility is taken by individuals, as well as LGIM Real Assets at a corporate level, for driving positive change. 14
15 Kröflustöð - Landsvirkjun, Iceland (2018): Investing in alternative clean energy sources 15
16 CONTACT US For further information, please contact us: Important Notice This is not a consumer advertisement. This document should not be taken as an invitation to deal in any Legal & General investments including the stated investments. The value of investments and any income from them may fall as well as rise and investors may get back less than they invest. The value of property is generally a matter of valuer s opinion rather than fact. Issued by LGIM Real Assets (Operator) Limited (Company No ) which is authorised and regulated by the Financial Conduct Authority (Firm Reference Number ) and has its registered office at One Coleman Street, London, EC2R 5AA. 16
Real Assets Investing for a positive change
2018 Legal & General Investment Management Real Assets - Corporate Profile Real Assets Investing for a positive change DP World, London Gateway Port Legal & General Investment Management, Real Assets 2018
More informationResponsible Property Investment (RPI) Summary Policy
Responsible Property Investment (RPI) Summary Policy Introduction DTZ Investors is a full service vertically integrated real estate manager. We have been operating in the UK since 1968 and in Continental
More informationResponsible Property Investment (RPI) policy
Responsible Property Investment (RPI) policy Introduction Ardstone Capital is an independently owned property investment manager entirely focused on UK and European real estate. Ardstone act on behalf
More informationWelcome to YEPG Rethinking Energy Performance. Building Management: Who is in charge?
Welcome to YEPG Rethinking Energy Performance Building Management: Who is in charge? To become an official member of the group - please email groups@cibse.org stating that you would like to join the Young
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 informationLaSalle Investment Management Global Sustainability Platform Annual Report
LaSalle Investment Management Global Sustainability Platform Annual Report At LaSalle Investment Management, we remain committed to the growth of our global sustainability platform as an integral part
More informationIntegrating Responsible Property Investment
Excellence. Responsibility. Innovation. Integrating Responsible Property Investment Hermes Real Estate Tatiana Bosteels, Head Responsible Property Investment April 2018 For professional investors only
More informationResponsible Property Investment
Excellence. Responsibility. Innovation. Real Estate Responsible Property Investment Strategy and Policy March 2016 For institutional investors only Contents Responsible Property Investment Strategy and
More informationThrough all of our investment decisions, our purpose is to generate lasting value for our clients.
European Sustainability Policy June 2017 INTRODUCTION LaSalle Investment Management is one of the world s leading real estate investment managers investing in both private and public real estate investments
More information2017 UK SEPARATE ACCOUNTS ANNUAL REPORT ENVIRONMENTAL SOCIAL GOVERNANCE ESG ANNUAL REPORT UK SEPARATE ACCOUNTS i
2017 UK SEPARATE ACCOUNTS ANNUAL REPORT ENVIRONMENTAL SOCIAL GOVERNANCE 2017 ESG ANNUAL REPORT UK SEPARATE ACCOUNTS i TABLE OF CONTENTS UK SEPARATE ACCOUNTS ESG ANNUAL REPORT 1. OUR BUSINESS... 1 2. ESG
More informationPRI REPORTING FRAMEWORK 2018 Direct Property. November (0)
PRI REPORTING FRAMEWORK 2018 Direct Property November 2017 reporting@unpri.org +44 (0) 20 3714 3187 Understanding this document In addition to the detailed indicator text and selection options, in each
More informationING Bank s Green Bond. January 2016
ING Bank s Green Bond January 2016 ING Bank green bond In November 2015, ING Bank issued its first green bond, raising around EUR 1.2 billion across 2 tranches. Let s first have a look at the difference
More informationFor Investment Professionals only M&G Property Portfolio
For Investment Professionals only M&G Property Portfolio Investing responsibly. \ I " f I f I Investing responsibly 3 Our approach to Responsible Property Investment M&G Real Estate has a Responsible
More informationFor Investment Professionals only M&G Property Portfolio
For Investment Professionals only M&G Property Portfolio Investing responsibly. \ I " f I f I Investing responsibly 3 Our approach to Responsible Property Investment M&G Real Estate has a Responsible
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 informationRESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE
RESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE OUR APPROACH NOT ALL RESPONSIBLE INVESTMENT SOLUTIONS ARE CREATED EQUAL Different organizations define responsible investing in different
More informationStatement on Climate Change
Statement on Climate Change BMO Financial Group (BMO) considers climate change one of the defining issues of our generation. Everyone, including BMO, bears responsibility for the effectiveness of the response.
More informationFor Investment Professionals only. M&G European Property Fund Investing responsibly
For Investment Professionals only. M&G European Property Fund Investing responsibly 2 Our approach to Responsible Property Investment M&G Real Estate has a responsible property investment (RPI) strategy
More informationUsing GRESB to leverage investment portfolio sustainability+ Goodman sustainability case study
Using GRESB to leverage investment portfolio sustainability+ Goodman sustainability case study Sustainability at Goodman Sustainability at Goodman Over the last 5-10 years, the investment community has
More informationImage: The Caribbean Sea and Curacao RESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE
Image: The Caribbean Sea and Curacao RESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE OUR APPROACH NOT ALL RESPONSIBLE INVESTMENT SOLUTIONS ARE CREATED EQUAL Different organisations define
More informationTatton Ethical Portfolios
Tatton Ethical Portfolios www.tattoninvestments.com Tatton Ethical Portfolios For investment with integrity 1 www.tattoninvestments.com 2 Introducing Tatton Investment Management Limited In this guide
More informationInvesco 2016 Investment Stewardship and Proxy Voting Annual Report Our commitment to responsible investing
Invesco 06 Investment Stewardship and Proxy Voting Annual Report Our commitment to responsible investing Invesco s commitment to sound investment stewardship Dear Investor, Invesco is committed to delivering
More informationENEL Green Bond Framework
ENEL Green Bond Framework December 2017 1. Introduction Enel and its subsidiaries (the Group or the Enel Group ) are deeply committed to the renewable energies sector and to researching and developing
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 informationGreen Bond Framework
Green Bond Framework ENGIE is committed to successfully addressing the energy challenges of coming decades by producing energy that emits low CO 2. The environment, universal access to energy and the quest
More informationCorporate Social Responsibility Policy. Bouwfonds Investment Management
Corporate Social Responsibility Policy Bouwfonds Investment Management March 2013 Corporate Social Responsibility Policy Bouwfonds Investment Management Table of content 1. Introduction 3 2. Sustainable
More informationAppendix A Growthpoint Properties Green Bond Framework
Appendix A Growthpoint Properties Green Bond Framework 1. Introduction Growthpoint Properties Limited (Growthpoint or the Issuer) is committed to responsible environmental conduct that goes well beyond
More informationFor professional investors only. Responsible Property Investment
For professional investors only Responsible Property Investment Contents Introduction 3 Our Responsible Property Investment Governance Structure 4 Our Environmental, Social and Governance Strategy 5 Responsible
More informationPUBLIC SECTOR PENSION INVESTMENT BOARD (PSP INVESTMENTS) RESPONSIBLE INVESTMENT POLICY
PUBLIC SECTOR PENSION INVESTMENT BOARD (PSP INVESTMENTS) RESPONSIBLE INVESTMENT POLICY November 2017 The Public Sector Pension Investment Board ( PSP Investments ) 1 is one of Canada s largest pension
More informationThe Economic Impact of Housing Organisations on the North
The Economic Impact of Housing Organisations on the North Draft Case Study Report Stockport Homes Ltd Author(s): Chris Dayson Paul Lawless Ian Wilson January 2013 Contents 1. Introduction: Background and
More informationIreland Strategic Investment Fund. Sustainability and Responsible Investment Strategy
Ireland Strategic Investment Fund Sustainability and Responsible Investment Strategy December 2017 Ireland Strategic Investment Fund (ISIF) Sustainability and Responsible Investment Strategy This strategy
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 informationResponsibilities of the Management of Swedbank and DNV GL
SWEDBANK GREEN BOND DNV GL ELIGIBILITY ASSESSMENT Scope and Objectives Swedbank AB (henceforth referred to as Swedbank ) provides various banking products and services to private, corporate, and organizational
More informationCSR 2016 & 2017 HIGHLIGHTS
CSR 2016 & 2017 HIGHLIGHTS LAURENCE PESSEZ, HEAD OF CSR SEPTEMBER 15 th, 2017 1 2016-2017: CSR BETWEEN CONTINUITY AND ENHANCEMENT 2 A CSR strategy firmly aligned with the UN Sustainable Development Goals
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 informationFor Qualified, Sophisticated and Professional Investors only. ESG at M&G. Focused on sustainable returns
For Qualified, Sophisticated and Professional Investors only ESG at M&G Focused on sustainable returns ESG at M&G M&G ESG credentials UNPRI A+ Strategy & Governance score (July 2017) Tier 1 UK Stewardship
More informationInvesting in a sustainable future
Investing in a sustainable future A framework for charity investors to translate intention into implementation December 2017 Capital at risk. All financial investments involve an element of risk. Therefore,
More informationGreen Bond Impact Report. Nordea Bank AB
Green Bond Impact Report Nordea Bank AB July 12, 2018 Content 1. Summary 2. Inaugural Green Bond Impact 3. Asset Portfolio Impact 4. Rationale for Green Bonds 5. Green Bond Asset Portfolio 6. Ensuring
More informationPRI REPORTING FRAMEWORK 2018 Direct Listed Equity Incorporation
PRI REPORTING FRAMEWORK 2018 Direct Listed Equity Incorporation November 2017 reporting@unpri.org +44 (0) 20 3714 3187 Understanding this document In addition to the detailed indicator text and selection
More informationSUSTAINABILITY ACTION PLAN
SUSTAINABILITY ACTION PLAN 2016-2017 CONTENTS 1.0 ENVIRONMENT 3 Policy Goal A: Comply with Legal Requirements 3 Policy Goal B: Before purchase, environmental audits are conducted where appropriate 3 Policy
More informationCGN INAUGURAL GREEN BOND ISSUANCE
CGN INAUGURAL GREEN BOND ISSUANCE Table of Contents 1. Independent Limited Assurance Statement 1 Appendix: Green Bond Management Statement 3 2. Green Bond Framework 6 Page 1 of 13 Page 2 of 13 Appendix
More informationImage: The Caribbean Sea and Curacao RESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE
Image: The Caribbean Sea and Curacao RESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE OUR APPROACH NOT ALL RESPONSIBLE INVESTMENT SOLUTIONS ARE CREATED EQUAL Different organisations define
More informationWarsaw Stock Exchange Strategy
Warsaw Stock Exchange Strategy 2014-2020 [ Summary ] Warsaw 16.01.2014 The following document has been prepared by WSE ( GPW ) and constitutes its intellectual property. Any coping or publishing thereof
More informationOur approach to investments on stock and bond markets
TlB Our approach to investments on stock and bond markets Introduction Triodos Bank is one of the world s leading sustainable banks. Its mission is to make money work for positive change. In addition to
More informationFOCUS ON EDF EN Analyst Group Lunch Meeting - 6 July 2017
FOCUS ON EDF EN Analyst Group Lunch Meeting - 6 July 2017 Antoine Cahuzac - Group Senior Executive VP of Renewable Energies and CEO of EDF Énergies Nouvelles Bruno Fyot COO of EDF EN Denis Rouhier CFO
More informationRESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE
RESPONSIBLE INVESTING ACTIVELY DESIGNING SOLUTIONS FOR THE FUTURE THIS BROCHURE IS PRINTED ON SUSTAINABLY RESOURCED AND RECYCLED PAPER STOCK OUR APPROACH NOT ALL RESPONSIBLE INVESTING SOLUTIONS ARE CREATED
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 informationResponsible Investment Solutions
Responsible Investment Solutions For professional investors only Responsible Investment Solutions Investing responsibly At BMO Global Asset Management, we recognise the important role that environmental,
More information+ 50% by In the short term: 50% increase in low carbon investments. + investment
Responsible investment Our investment strategy to address climate change Table of contents Investing in light of a changing climate Summary Four principles A rigorous process A risk and opportunity analysis
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 informationTHREADNEEDLE LOW-CARBON WORKPLACE TRUST COMPLETES FIRST PRE-LET AND SIGNS FOURTH ACQUISITION
THREADNEEDLE LOW-CARBON WORKPLACE TRUST COMPLETES FIRST PRE-LET AND SIGNS FOURTH ACQUISITION (London, 18 January 2011) The Threadneedle Low-Carbon Workplace Trust (LCW) has successfully completed four
More informationEnvironmental, social and governance ( ESG ) matters are an important part of our role as responsible and
Environmental, Social and Governance Policy November 2014 Overview Environmental, social and governance ( ESG ) matters are an important part of our role as responsible and effective investment managers.
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 informationLegal & General Index Solutions
FOR PROFESSIONAL INVESTORS ONLY Legal & General Index Solutions More than just market returns Our proven philosophy, scale, expertise and product breadth help to provide the high-value efficient indexing
More informationResponsible Investment Position Statement.
Responsible Investment Position Statement. October 2017 BT Financial Group ( BTFG ) provides wealth management services to Australians across superannuation, insurance, investments and advice. Our mission
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 informationING Green Bond issuance. 7 November 2018
ING Green Bond issuance 7 November 2018 ING Green Bond issuance Green Bond issuance objectives 1 2 3 4 Meet future MREL/TLAC requirements First Green HoldCo issuance for ING Align with the HoldCo resolution
More informationClarion Housing Group Value for Money Statement 2017
Clarion Housing Group Value for Money Statement 2017 Value for Money Highlights Value for Money Highlights Clarion Housing Group is a business for social purpose. First and foremost we are a social landlord
More informationGreen Bond Impact Reporting
2016 Green Bond Impact Reporting In 2015 and 2016 ABN AMRO issued green bonds focussed on sustainable real estate and renewable energy. These bonds enable investors to invest in mortgages of highly energy-efficient
More informationResponsible Investment Policy
Responsible Investment Policy World Trade Center Rotterdam World Trade Center Rotterdam is equipped with solar panels, is rated A for energy efficiency and certified as good by the BREEAM-NL In Use scheme.
More informationResponsible Ownership: Proxy and Engagement Report
Responsible Ownership: 2017 Proxy and Engagement Report March 2018 Introduction Russell Investments believes that being an active owner is an important component of its investment responsibilities. Through
More informationSUPPORTING THE POSITIVE IMPACT OF YOUR BUSINESS
N O VEMB ER 2 0 1 7 SUPPORTING THE POSITIVE IMPACT OF YOUR BUSINESS SOC I E T E G E N E R ALE C IB PIONE E R S PO SI T I V E I M PACT FINANC E S OLU TIONS As the global population approaches eight billion,
More informationLending for impact An M&G Investments institutional perspective November 2016
Lending for impact An M&G Investments institutional perspective November 2016 The world requires investment on a huge scale to address environmental and social challenges ranging from reducing carbon emissions
More informationNovember HSBC Green Bond Report
November 2018 2 Introduction It s no exaggeration to say green bonds are the pathfinder for the low carbon transition. And, speaking for HSBC, we are dedicated to promoting the principles that have shaped
More informationEnvironmental, Social Responsibility and Corporate Governance Policy
Environmental, Social Responsibility and Corporate Governance Policy Issued June 8, 2010, updated September 12, 2017 INTRODUCTION LaSalle Investment Management (LaSalle) is a global investment advisor
More informationGREEN BOND FRAMEWORK
GREEN BOND FRAMEWORK November 2017 1 Contents 1. CDB Background... 3 2. CDB s Green Strategy... 3 3. Green Bond Framework... 4 4. Third Party Verification... 7 Disclaimer... 8 2 1. CDB Background China
More informationCube Infrastructure Managers (Cube IM) Responsible Investment Charter
ESG Commitment Cube Infrastructure Managers (Cube IM) Responsible Investment Charter Developing financially viable long term businesses has always been core to Cube IM s investment approach. The very nature
More informationThought leadership and insights from Frontier Advisors
THE Thought leadership and insights from Frontier Advisors Issue 134 October 2017 Consultant Branka Needham joined Frontier as an Associate in 2003 and was promoted to Consultant in 2007. Her responsibilities
More informationESG at Nordea Environmental Social Governance
ESG at Nordea Environmental Social Governance 2 Sustainable Finance at Nordea Enabling the transition towards a sustainable future Nordea is the largest financial services group in the Nordic region and
More informationEnvironmental and Social Risk Management. Managing strategic risk and doing business ethically, sustainably and responsibly
Environmental and Social Risk Management Managing strategic risk and doing business ethically, sustainably and responsibly Impact Research 2 What are the risks and what is the impact on FirstRand? Best
More informationCorporate Responsibility 2012 GRI Financial Services Sector Supplement
Corporate Responsibility 2012 GRI Financial Services Sector Supplement Table of Contents FS1 Environmental and Social Policies... 3 FS2 Risks Assessment... 3 FS3 Implementation/Compliance... 4 FS4 Staff
More informationStewardship: Fixed income
Stewardship: Fixed income Building value for the longer term Integrating environmental, social and governance (ESG) factors into our fixed income investment process Aberdeen investment philosophy Aberdeen
More informationProposed Revision to the UK Stewardship Code Annex A - Revised UK Stewardship Code
Consultation Financial Reporting Council January 2019 Proposed Revision to the UK Stewardship Code Annex A - Revised UK Stewardship Code The FRC s mission is to promote transparency and integrity in business
More informationThe barriers to renewable energy project investment in Wales
Response to recommendations presented in the Institute of Welsh Affairs Re-energising Wales report Funding Renewable Energy Projects in Wales The barriers to renewable energy project investment in Wales
More informationWespath Analytical Insights ESG Integration in External Asset Manager Selection
Wespath Analytical Insights ESG Integration in External Asset Manager Selection Uncovering Managers ESG Strengths in the Search Process a division of Wespath Benefits and Investments, a general agency
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 informationGuide to green bonds on the Bloomberg Terminal
Contents 1. INTRODUCTION...1 2. DATA GOVERNANCE...2 3. LOCATING BONDS ON THE BLOOMBERG TERMINAL...5 4. ADDITIONAL INFORMATION AND RESOURCES...9 Guide to green bonds on the Bloomberg Terminal This guide
More informationbcimc Responsible Investing Newsletter
Vol. 4 No. 1 MAY 2017 ENVIRONMENTAL SOCIAL GOVERNANCE bcimc Responsible Investing Newsletter TOPIC: WATER bcimc is a global investor that provides investment management services to British Columbia s public
More informationTHE NIGERIAN STOCK EXCHANGE - COMMUNICATION TO STAKEHOLDERS Last updated on: [September, 2016 ]
THE NIGERIAN STOCK EXCHANGE - COMMUNICATION TO STAKEHOLDERS Last updated on: [September, 2016 ] BUSINESS STRATEGY 1. How does your exchange define and view the rationale for corporate sustainability and
More informationLandesbankBaden-Würtemberg (LBBW) GreenBondFramework
LandesbankBaden-Würtemberg (LBBW) GreenBondFramework Stuttgart, 5 Dezember 2017 1. Introduction 1.1. Background Landesbank Baden-Württemberg ('LBBW') is both a universal bank and a commercial bank with
More informationTaxation at DSM. As such, tax is a subject relevant for society at large while also more and more complex.
Taxation at DSM DSM believes a responsible approach to tax is an integral part of doing sustainable business in a robust, well-functioning society. Income from direct and indirect taxation, generated as
More informationLGIM s investment solutions From one of the UK s largest asset managers
For Professional Advisers LGIM s investment solutions From one of the UK s largest asset managers Legal & General Investment Management (LGIM) offers investment services across a broad spectrum of asset
More informationResponsible Investment Policy
Avon Pension Fund Responsible Investment Policy November 2016 Avon Pension Fund Responsible Investment Policy Introduction and Purpose The Avon Pension Fund ( Fund ) is a long-term investor. Our aim is
More informationCSR HIGHLIGHTS LAURENCE PESSEZ, GLOBAL HEAD OF CSR. DECEMBER 6 th, 2017
CSR HIGHLIGHTS LAURENCE PESSEZ, GLOBAL HEAD OF CSR DECEMBER 6 th, 2017 A CSR strategy firmly aligned with the UN Sustainable Development Goals 2 Well on the way to meet 2018 objectives 3 CSR embedded at
More informationLancashire County Pension Fund (LCPF) Responsible Investment Policy
1. Introduction Lancashire County Pension Fund (LCPF) Responsible Investment Policy This policy defines the commitment of Lancashire County Pension Fund (the Fund) to responsible investment (RI). Its purpose
More informationLGPS CENTRAL POOL CHAIRS, VICE-CHAIRS & SECTION 151 OFFICERS MEETING. 24 May 2016
LGPS CENTRAL POOL CHAIRS, VICE-CHAIRS & SECTION 151 OFFICERS MEETING 24 May 2016 AGENDA UPDATE Timeline/decisions made to date Work undertaken BUSINESS CASE Vision Proposals in business case - Scale -
More informationResponsible investment in green bonds
Responsible investment in green bonds march 2016 Contents 1 Green bonds 3 2 Investing in themes 4 2.1 Climate 4 2.2 Land 4 2.3 Water 4 3 Definition of green bonds 5 4 Conclusion 7 Appendix 1: CBI Standards
More informationSECOND PARTY 1 OPINION ON THE SUSTAINABILITY OF EDF S GREEN BOND 2 Issued in September 2016
SECOND PARTY 1 OPINION ON THE SUSTAINABILITY OF EDF S GREEN BOND 2 Issued in September 2016 SCOPE Vigeo Eiris was commissioned to provide an independent opinion on the sustainable credentials of the Green
More informationTargeting real world impact aligned with the Sustainable Development Goals
Targeting real world impact aligned with the Sustainable Development Goals February 2018 For Investment Professionals only. The value of investments will fluctuate, which will cause fund prices to fall
More information2018 LGIM Response to UK Stewardship Code Principles. UK Stewardship Code LGIM Response to UK Stewardship Code Principles
UK Stewardship Code LGIM Response to UK Stewardship Code Principles Introduction At LGIM we take our stewardship responsibilities seriously and devote significant resource to ensure our clients assets
More informationNovember 2016 LGIM Response to UK Stewardship Code Principles. UK Stewardship Code LGIM Response to UK Stewardship Code Principles
UK Stewardship Code LGIM Response to UK Stewardship Code Principles Introduction At LGIM we take our stewardship responsibilities seriously and devote significant resource to ensure our clients assets
More informationBath & West Community Energy Ltd. Business overview October 2011
Bath & West Community Energy Ltd Business overview October 2011 Introduction The purpose of this document is to explain Bath & West Community Energy ( BWCE ) to potential members. It should be read in
More informationMaking the most of GRESB Real Estate
01 Making the most of GRESB Real Estate What is the GRESB Real Estate Assessment? The Global Real Estate Sustainability Benchmark (GRESB) assessment is the most widely accepted standard used by property
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 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 informationThe conference covered the following themes, which will be summarised in this briefing:
LMA Real Estate Finance Conference Key Themes The LMA's fourth Real Estate Finance Conference was held in London on 11 May 2016. The conference consisted of a series of panel discussions and presentations
More informationESG AND RESPONSIBLE INVESTMENT PHILOSOPHY
ESG AND RESPONSIBLE INVESTMENT PHILOSOPHY February 2017 AMP CAPITAL ESG AND RESPONSIBLE INVESTMENT PHILOSOPHY 1 AMP Capital is one of Asia Pacific s largest investment managers. We have a single goal in
More informationResponsibilities of the Management of BBVA and DNV GL
BBVA SDG BOND DNV GL ELIGIBILITY ASSESSMENT Scope and Objectives Banco Bilbao Vizcaya Argentaria SA (henceforth referred to as BBVA ) offers retail, wholesale, and investment banking services. The Bank
More informationSurveyor Review of Q4 2017
Q4 2017 Legal & General UK Property Fund For Professional Advisers UK Property Fund Quarterly Report Surveyor Review of Q4 2017 Sherwood Park, Nottingham Investing in commercial real estate since 1971,
More informationSolar Gr G e r en n Bond n s s Webinar July 2016
Solar Green Bonds Solar Green Bonds Webinar July 2016 Topics covered in this webinar 1. CBI & the green bond market 2. Green bond labelling & the role of standards 3. Climate Bonds Standard & Certification
More information