CONFERENCE HIGHLIGHTS

Transcription

1 8 TH ANNUAL CONFERENCE September 2014 Hilton Bonaventure, Montréal CONFERENCE HIGHLIGHTS An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact

2 PRI IN PERSON 2014 AT A GLANCE Now in its eighth year, PRI in Person is the responsible investment industry s leading conference, providing opportunities for signatories and potential signatories to meet, collaborate and learn from their peers and other thought leaders. For the first time in 2014, PRI in Person and the PRI Academic Network conference were held back-to-back in North America during the PRI s week of responsible investment at the Hilton Bonaventure Hotel in Montréal, Canada. The agenda covered a wide variety of topics including debates on fossil fuel divestment, investor tax responsibility, green bonds, fracking, human rights in extractives and executive remuneration with plenty of peer-to-peer networking and discussion. PARTICIPATION BY REGION EUROPE 34% PARTICIPATION BY CATEGORY NORTH AMERICA 57% LATIN AMERICA 2% AFRICA OCEANIA 2% 3% ASIA 1% 15% SERVICE PROVIDER 21% ASSET OWNERS 25% 39% OTHER (NON-SIGNATORIES) INVESTMENT MANAGER 2

3 PRI IN PERSON 2014 HIGHLIGHTS A TRUE SUCCESS 89% of delegates rated their experience at PRI in Person 2014 as either very good or excellent 337 ORGANISATIONS REPRESENTED 14 SIDE EVENTS OVER 600 PARTICIPANTS 30 SESSIONS FROM 26 COUNTRIES 100+ SPEAKERS 77,292 IN-APP ACTIONS 619 STATUS UPDATES 2,707 LIKES 3

4 WELCOME Over 600 attendees converged in Montréal this year to discuss their most pressing challenges in integrating environmental, social and governance criteria into investment decision-making. Over the years this conference has become the leading global platform for responsible investors to learn, network and collaborate over a few days. It is an invaluable opportunity for participants to share their experiences and hear from peers in other geographies and organisations. Delegates tell us they carry these insights and relationships back to their day jobs and it is the reason they join PRI in Person every year. 4

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6 6 Martin Skancke, Chair of the PRI Advisory Council speaks at the Signatory General Meeting (SGM)

7 PRI IN PERSON 2014 HIGHLIGHTS CONFERENCE SUMMARY By Hugh Wheelan This year s PRI in Person conference in Montréal, Canada on September made a notable effort to push its content into new areas of interest around ESG/financial materiality. Prior to the main conference, attendees were invited to one overlapping day of the PRI Academic Conference on 24 September. Fiduciary duty, a traditional topic is still seeing a lot of research some of it moving away from hitherto purely legal analysis of the subject. Keith Johnson, head of the Institutional Investor Legal Services team at Reinhart Boerner Van Deuren, the law firm, argued that fiduciary duty in the asset management industry focused too much on what is legal rather than what is fair for pension scheme beneficiaries. On the right, Keith Johnson speaks about fiduciary duty With responsible investing, it s a journey not a destination. Keith Johnson, head of the Institutional Investor Legal Services team, Reinhart Boerner Van Deuren 7

8 A paper, titled Fiduciary Society Unleashed: The Road Ahead for the Financial Sector with Edward Waitzer, professor and chair in corporate governance at Osgoode Hall Law School and senior partner at Canadian law firm Stikeman Elliott and Douglas Sarro, associate at law firm, Sullivan & Cromwell, argues for a new era of trust-based fiduciary principles based on generational and societal financial outcomes. Johnson said this might be achieved through a combination of soft law and better mutual rewards between companies and investors, such as a reduction of frivolous lawsuits or more balanced executive compensation. He said the PRI could be part of the coordination of a G30 group of 10 institutional investors, 10 corporate issuers and 10 intermediaries that would act as the lead wagons for such a development. Jay Youngdahl, an attorney and a trustee on the pension fund of the Middletown Works VEBA, looked at the hot topic of How might responsible investors address the topic of income and wealth inequality? that Thomas Piketty s surprise best seller, Capital in the 21st Century, brought to the fore again this year. Youngdahl said there was serious relevance for investors because of the net results of inequality, which he said were slower economic growth, economic instability, rent seeking, political capture and social instability. This big picture baton was handed over on 25 September to Nick Robins Co-Director of the United Nations Environment Programme (UNEP)-organised Inquiry into the Design of a Sustainable Financial System, which will run for 18 months to mid Robins said areas being examined by the Inquiry included market failure, non-inclusion of environmental factors in externalities, information asymmetry and bottlenecks, policy blockages to green innovation, and accountability in governance. Part of the solution, he said, lay in what he called the 5 c s: commitment at investor board level to PRI and to policy changes, clarity of message from investors, co-ordination, consensus among the multiple investor voices, and consistency. Demonstrating all of the above in a rousing conference keynote, Christiana Figueres, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), fresh from the UN Climate Change Summit of the same week, welcomed the PRI s Montreal Carbon Pledge, unveiled at the conference, whereby signatories will disclose their carbon exposure with the aim of using the information to develop an engagement strategy and/or identify and set carbon footprint reduction targets. Figueres also noted the important commitment at the UN event by the insurance industry to double green investment to $80bn by 2015, then 10-fold by Looking ahead to COP21 in Paris in December 2015, she said the meeting 8

9 PRI IN PERSON 2014 HIGHLIGHTS Christiana Figueres explains why the 2015 climate change talks need to include the voice of investors 9

10 By signing onto the Montreal Carbon Pledge, investors commit to measure and publicly disclose the carbon footprint of their investment portfolios on an annual basis. The Montreal Carbon Pledge was launched on September 25th, 2014 at the Principles for Responsible Investment (PRI) Summit in Montréal, and is supported by the PRI and the United Nations Environment Programme Finance Initiative (UNEP-FI). The Montreal Carbon Pledge allows investors (asset owners and investment managers) to formalize their commitment to the goals of the recently announced Portfolio Decarbonisation Coalition, which will mobilise investors to measure, disclose and reduce their portfolio carbon footprints at the scale of hundreds of billions of dollars by the December 2015 UN Climate Change Conference. Click here to view the press release 10

11 PRI IN PERSON 2014 HIGHLIGHTS should aim for a sustainable framework for the economy for the next years, and made three requests from PRI signatories to back it: One: I want you to help me to scrub the lobbying practices against an ambitious climate strategy and commit to investigate whether everyone under your sphere of influence is being neutral or lobbying for this issue. Two: you as investors have access to ministries of finance in your countries, so run this issue up the flagpole. Three: Sign the Montreal Carbon Pledge. The PRI has $22 trillion in equities assets, and the aim is for $3 trillion to be signed up, so what happens to other 19? Take it to $22 trillion! Some asset owners speaking at PRI in Person have taken up the challenge vigorously. The Chief Executives of AP4, Sweden s SEK276bn ( 29.9bn) government pension buffer fund, and ERAFP, the 15bn Paris-based French Public Service Additional Pension Scheme, both used the conference to call on governments to oblige public pension funds to publish their carbon footprints, with ERAFP saying its is lobbying the French government to do so before COP21. AP4 CEO, Mats Andersson said: There is a serious risk that climate change could devalue a large part of our assets over the next years and so we need to communicate this to our stakeholders. In his conference introduction, PRI Chair, Martin Skancke, said a test for the organisation would be its ability to add value in areas such as investor engagement and assisting asset owners to be long-term in their work on investment mandates. On a panel looking at the structural issues of the latter often held up as a precursor to real integration of ESG issues into the risk/return considerations of investors panel moderator, Helene Winch, Director of Policy and Research at the PRI, said a survey of signatories had revealed that 92% From the left: Christine Tørklep, Mats Andersson and Tim Coulter on How do responsible investors view energy? There is a serious risk that climate change could devalue a large part of our assets over the next years and so we need to communicate this to our stakeholders. Mats Andersson, AP4 CEO 11

12 wanted the PRI to research how to overcome short-term market obstacles to ESG integration. Keith Ambactsheer, Director Emeritus at The Rotman International Centre for Pension Management, cited a number of successful investors such as Warren Buffet, or the Ontario Teachers Pension Plan (OTPP), which had demonstrated the strong returns rationale in long-term investment: What s the secret sauce at OTPP? Well, it s a short, clear statement of its investment beliefs that they live by: being intergenerational with thorough risk budgeting, a belief that investment markets are not fully efficient over the long term, and a rigorous management of total costs. Personally, I m tired of hearing about alpha and beta. Talk to me about investing in businesses, about management quality and sustainable company cash flow versus expectations! Daniel Ingram, Head of Responsible Investment at BT Pension Scheme Management said investing for the long term was the fund s aim, but noted that it needed liquidity to pay out to pensioners, and so was trying to balance different time horizons for different member profiles. Ambactsheer said pension funds had two goals: long-term affordability and payment safety. He suggested that a solution to ensure a long-term investment horizon was to run two investment streams: one that never de-risks and another that looks after payment liquidity. Another highly topical panel picked up the issue of how investors should respond to corporate tax planning, which has hit the headlines in recent months as governments and inter-governmental bodies such as the G20 and the OECD seek to clamp down on the exploitation of controversial tax avoidance loopholes. Matthias Muller, Senior SI Analyst at RobecoSAM, said 10% of companies making up the Dow Jones Sustainability Index had a clear statement of legal compliance on tax strategy, although 87% said they respected the respective tax laws in their operating jurisdictions. Robert Wilson, institutional portfolio analyst at MFS Global, the US fund manager, said the wiggle room between whether companies have a policy and how explicit it is represented an investment red flag: Societal expectations are growing to view tax as a sustainability issue. We believe there is a real earnings question at stake, and therefore we need to do some company level risk analysis. For example, we look at the potential tax gap: the weighted average statutory rate, less the effective tax rate shown on a company s income statement. Could this be the result of tax avoidance? We ll engage with the company management team to find out, then integrate any risk into our financial models: maybe make some valuation discounts, or look more closely at potential downside risk, or vary the weight of a company in our portfolio for large unexplained tax gaps. Real world sustainability issues require serious investment analysis. As PRI Chairman Skancke, noted: I know you get pushback in your organisations on issues like ESG integration. We hope you will be refreshed by the ideas and insights put forward on the issues here, and the contacts made with other professionals working on them. Hugh Wheelan is Managing Editor of Responsible Investor: 12

13 ATTENDING ORGANISATIONS PRI IN PERSON 2014 HIGHLIGHTS 2 Investing Initiative A&Q Hedge Fund Solutions, UBS Global Asset Management Aberdeen Asset Management ABP / FNV Abraaj Group Actis Addenda Capital Aegon Asset Management AGF Investments AIST Alberta Investment Management Corp Alliance Trust AllianceBernstein Allianz Climate Solutions AltruShare Securitoes Amalgamated Bank LongView Funds AMF AMP Capital Investors Amundi Asset Management Anglo American AODP Aon Hewitt AP1 AP4 APG Asset Management Arabesque Asset Management Ark Totan Alternative Co. Arrowgrass Capital Partners Auda International Auriel Capital Limited Australian Council of Superannuation Investors Avanz Capital Aviva Investors Baillie Gifford Bank of America Merrill Lynch Bâtirente BB DTVM BC Investment Management Corporation Bloomberg BMO Global Asset Management BNP Paribas BNP Paribas Investment Partners BNY Mellon Boston Common Asset Management Breckinridge Capital Advisors British Columbia Investment Management Corp British Columbia Municipal Pension Plan Broadridge Financial Solutions Brown Advisory BT Pension Scheme Bureau Veritas Certification Caisse de dépôt et placement du Québec Caisse d économie solidaire Desjardins Caisse des Dépôts Callund Consulting Limited CalPERS CalSTRS Calvert Investments Campbell Global Canada Pension Plan Investment Board Canadian Coalition for Good Governance Carbon Tracker Carleton Centre for Community Innovation Cbus CDP Cenovus Energy Ceres Charles Schwab Investment Management Church Commissioners for England Citi Research Citigroup ClearBridge Investments Climate Bonds Initiative Climate Change Capital CM-CIC Asset Management Colonial First State Global Asset Management Comgest Consultiva Internacional CPA Canada Credit Suisse CSSP-Center for Social and Sustainable Products AG CtW Investment Group Daobridge Capital Deka Investment Desjardins Investment Didas Research DNB Doughty Hanson Ecofi investissements Egeria EIRIS Ellio GP - Strategic Sustainability Consulting Encana Corporation Environment Agency Pension Fund EQT ERAFP ESG Communications Eskom Pension and Provident Fund Etica SGR F&C Asset Management F&C Investments Fiducie du Chantier de l économie sociale Fiera Capital Finance Montréal Finance Montréal & International Financial Centre Financial Alliance for Sustainable Trade (FAST) First Capital Realty FirstCarbon Solutions FLAG Capital Management Fondaction CSN Fonds de Réserve pour les Retraites Fonds de solidarité FTQ Fourth Swedish National Pension Fund Franklin Templeton Investments Frontier Advisors FTSE International Ltd Fundata Canada General Board of Pension and Health Benefits Generali Investments Europe GEPF 13

14 Gestion FÉRIQUE GIIN GISR Glass Lewis GLG Partners Global Alpha Capital Management Global Compact Network Canada Global Proxy Watch GO Investment Partners Goldman Sachs Government Employees Pension Fund Government of Québec Groupe Investissement Responsable GSAM Hall Capital Partners Hansell Harvard / Tau Investment Management Harvard Management Company Healthcare of Ontario Pension Plan Hermes Equity Ownership Services HESTA Hexavest Hirtle Callaghan HSBC Bank HSBC Global Asset Management ICGN ILPA Independent Industry Capital Inflection Point Capital Management ING Investment Management Institut du Nouveau Monde Institutional Investors Group on Climate Change Institutional Shareholder Services (ISS) International Finance Corporation Invesco Investec Asset Management Investor Group on Climate Change Investors Group IPE Itaú Asset Management ITF IW Financial Kepler Cheuvreux KfW Bankengruppe KKR KLP Korea Corporate Governance Servce KPMG Lannebo Fonder L Aut Journal LeapFrog Investments Legal & General Investment Management Limited Legg Mason Investment Counsel Lexington Partners Light Green Advisors Liquidnet Local Tapiola Asset Management London School of Economics Los Angeles County Employees Retirement Association Mackenzie Institutional Manulife John Hancock Mariner Investment Group Martin Currie Mercer Meridiam MFS Investment Management Millani Perspectives Miller/Howard Investments Minter Ellison Lawyers Mirova MN Morgan Stanley Investment Management MSCI ESG Research MSCI ESG Research Products Multi-Fund Management National Pension Service National Pensions Reserve fund Natural Assets Institute NEI Investments Nelson Capital Management Neuberger Berman Group New Forests New Zealand Superannuation Fund Newton Investment Management Nordea Asset Management Nordea Investment Management Noront Resources Northern Trust Asset Management Norwegian Government Pension Fund Global Nykredit Realkredit Group NZ Superfund OceanRock Investments Oddo Oekom Research AG OFI Asset Management Old Mutual Investment Group Ontario Teachers Pension Plan OPSEU Pension Trust Optimum Gestion de Placements OPTrust OPTrust, Private Markets Group Ownership Capital PAI Partners Parnassus Investments Pavilion Advisory Group PBI Actuarial Consultants Ltd. Pensioenfonds Vervoer Pension Corporation Board of Directors Petrobras PGGM PIMCO PIRC Power Corporation of Canada Presima Inc. PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil Public Investment Corporation Public Sector Pension Investment Board Public Sector Pension Investment Board PwC 14

15 PRI IN PERSON 2014 HIGHLIGHTS PwC PWRI QUICK Corporation Quintessa Partners/Eqom Quotient Investors RAN RBC Global Asset Manangement Régime de Retraite de l Université de Montréal RepRisk AG Resource Capital Funds Responsible Investment Association Responsible Investor Rio Tinto Robbins Geller Rudman & Dowd Robeco Robeco France RobecoSAM Rockefeller Asset Management Rotman International Centre for Pension Management Rousseau Partners Royal Bank of Canada RRSE Rudman Advisory AB Russell Investments Santander Asset Management Sarah Cleveland Consulting Scotiabank SEB Investment Management SEB Wealth Management Service Employees International Union SHARE SimpleLogic Skandinaviska Enskilda Banken (SEB) AB Société Générale CIB Solactive AG SSQ, Société d Assurance-vie St Mary s University Standard & Poor s Ratings Services Standard Life Investments Standish Mellon Asset Management State Street Global Advisors (SSgA) Storebrand Sumitomo Mitsui Trust Bank Suncor Energy Sustainable Insight Capital Management Sustainalytics Swiss Reinsurance Company Sycomore Asset Management T. Rowe Price TD Asset Management The Norwegian Royal Ministry of Finance The Oblate International Pastoral Investment Trust The United Church of Canada The University of Texas at Austin Thomson Reuters Threadneedle TIAA-CREF Towers Watson Toyota Financial Services TPG Capital Tradeka Corporation Transparency International Trillium Asset Management Triodos Investment Management Triton Advisers Trucost UBS UBS A&Q Hedge Fund Solutions UFCW Pension Plan for Employees UN Global Compact UNEP FI UNEP Inquiry UNFCCC Unilever Pension Funds (Univest Company) Union Investment Unipension United Church Funds United Nations Joint Staff Pension Fund Université de Montréal University of California University of California Regents University of Edinburgh USS Vanguard Vigeo VIPsight VUT Walden Asset Management/Boston Trust Water Asset Management Waterton Global Resource Management, Inc. Wellington Management Wespath Investment Management Willis WWF Global Climate and Energy Initiative WWF-Canada WWF-UK Zurich Insurance Company 15

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17 PRI IN PERSON 2014 HIGHLIGHTS ABOUT THE PRI INTRODUCING THE PRI INITIATIVE The United Nations-supported Principles for Responsible Investment (PRI) Initiative is an international network of investors working together to put the six Principles for Responsible Investment into practice. Its goal is to understand the implications of sustainability issues for investors and support signatories to incorporate these into their investment decision-making and ownership practices. By implementing the Principles, signatories contribute to the development of a more sustainable financial system. The Initiative has quickly become the leading global network for investors to learn about responsible investment and collaborate with their peers, companies and policymakers to generate sustainable, long-term investment returns for their clients and beneficiaries. In early 2005, then UN Secretary-General, Kofi Annan, invited a group of the world s largest institutional investors to join a process to develop the Principles. A 20-person INCORPORATE BE ACTIVE SEEK DISCLOSURE PROMOTE COLLABORATE REPORT Investor Group drawn from institutions in 12 countries was supported by a 70-person group of experts from the investment industry, intergovernmental organisations and civil society. The Principles were launched in April 2006 at the New York Stock Exchange. WHY JOIN THE PRI? Becoming a signatory to the PRI Initiative allows you to publicly demonstrate your commitment to responsible investment and places your organisation at the heart of a global community seeking to build a more sustainable financial system. It provides a high-level framework for integrating ESG issues into investment decision-making and ownership practices within the bounds of investors fiduciary duties and offers a comprehensive range of tools and resources to support signatories. In addition to ongoing opportunities to network, collaborate and learn from their peers via working groups, signatories can participate in more than 100 online and in-person events and webinars hosted by the Initiative around the world each year, including the annual signatory-only event, PRI in Person. Like the PRI Initiative as a whole, its agenda is designed to offer something for every signatory, regardless of their size, location, asset class focus, style of responsible investment or progress towards implementation. Access a growing range of PRI Implementation Support resources to explore the case for integrating ESG issues and learn how to implement the Principles in a systematic way across asset classes. Collaborate with your peers in the PRI Clearinghouse, an online platform of investors seeking dialogue with companies, policymakers, and other stakeholders to advocate for improved disclosure and management of ESG issues. Monitor and communicate your progress towards implementing responsible investment and track progress relative to your peers via the PRI Reporting Framework. Join local groups of signatories in PRI Networks to gain implementation support at the local and regional level, and coordinate with peers to engage with local companies. Leverage the PRI Academic Network to draw on the latest research from business schools, scholars and academics on emerging best practice in ESG analysis and integration. Contribute to the development of a more sustainable global financial system by helping to identify and overcome strategic barriers to responsible investment, ensuring your interests are aligned with those of your clients and beneficiaries. 17

18 PRI CANADA NETWORK The Canadian market is one of the PRI s focus areas with particular attention on British Columbia, Ontario and Québec. During 2012, a group of French-speaking signatories in Canada put forward a proposal to form a Québec Network, which was formally launched in February A part-time local resource was appointed by the Québec network to help its steering committee coordinate activities. The PRI Executive in London has one dedicated staff member to engage with Canadian signatories and is focused on the recruitment of new signatories in the region. Signatories had the opportunity to network and learn from their peers through workshops and meetings across the country. This year the focus was on active ownership and investor engagements, including an investor panel for the audience of companies hosted by TMX Group. The network aimed to increase visibility of the PRI at mainstream events, such as the CFA Institute Vancouver chapter and speaking at the Montréal Council on Foreign Relations on the Role of Responsible Investment in creating Sustainable Financial Markets. This year the network was also part of the first RI week in Canada. QUÉBEC STEERING COMMITTEE Daniel Simard, Bâtirente, Chair of the Québec Network Rosalie Vendette, Desjardins Investment Inc. Olivier Gamache, Groupe Investissement Responsable Stéphane Corriveau, AlphaFixe Capital Inc. Marc Natal, Montrusco Bolton Investments Inc. (MBII) WORKING GROUPS Currently there are no working groups, but signatories are looking at identifying potential areas for collaboration. Yulia Sofronova yulia.sofronova@unpri.org Canada Network Manager CANADA SIGNATORIES 54 SIGNATORIES ASSET OWNER Bâtirente British Columbia Municipal Pension Plan Caisse de dépôt et placement du Québec Canada Pension Plan Investment Board Community Foundation of Ottawa Développement international Desjardins Fondaction CSN Fonds de solidarité FTQ Freycinet Investments Limited Gestion FÉRIQUE Healthcare of Ontario Pension Plan (HOOPP) Native Benefits Plan Ontario Teachers Pension Plan OPSEU Pension Trust PSP Investments Régime de Retraite de l Université de Montréal Régime de retraite de l Université du Québec Simon Fraser University Société d assurance-vie inc. (SSQ) University of Ottawa 20 AO 27 IM 7 SP INVESTMENT MANAGER Addenda Capital Inc. Alberta Investment Management Corporation AlphaFixe Capital Inc. Birch Hill Equity Partners Management Inc. British Columbia Investment Management Corporation Cordiant Desjardins Investment Inc. Fiera Capital Corporation Global Alpha Capital Management Hexavest HR Strategies Inc. Investors Group La Caisse d`économie solidaire Desjardins Leith Wheeler Investment Counsel Ltd. Mackenzie Investments Matrix Asset Management Inc. Montrusco Bolton Investments Inc. (MBII) NEI Investments OceanRock Investments Inc. Optimum Asset Management Inc Presima Qube Investment Management Inc. Sarona Asset Management TD Asset Management (TD Asset Management Inc. and TDAM USA Inc.) Vancity Investment Management Waterton Global Resource Management, Inc. XPV Capital Corporation PROFESSIONAL SERVICE PROVIDER Corporate Knights Capital Ellio GP - Strategic Sustainability Consulting Groupe Investissement Responsable Mercer Investments PBI Actuarial Consultants Ltd. RRSE SHARE - Shareholder Association for Research & Education 18

19 PRI IN PERSON 2014 HIGHLIGHTS PRI US NETWORK In January 2014, the PRI recruited a US Network Manager based in New York to lead the organisation s signatory support and outreach in the US. The Network Manager will build a regional hub that will serve as a platform for PRI signatories in the region to discuss ideas, share experiences and collaborate on a range of ESG issues that are material to investment decision making. The US Network Manager is also responsible for engaging with and supporting US signatories in the practice and implementation of environmental, social and governance (ESG), risk management and helping grow the PRI s US network. US SIGNATORIES 203 SIGNATORIES 23 AO 145 IM 35 SP North America is one of the PRI s biggest signatory networks and as a result of the recent signatory survey, a review is currently underway to explore the feasibility of opening a regional office within the North American market. EVENTS March 20, 2014, New York: PRI Networking Drinks hosted by Mariner Capital April 16, 2014, Boston: PRI Networking Drinks June 5, 2104, New York: GP Guide Launch, hosted by KKR June 26, 2014, New York: Research, Innovation, and Stewardship hosted by Bloomberg July 1, 2014, New York: CIO Panel hosted by Neuberger Berman July 31, 2014, New York: Signatory Workshop hosted by Alliance Bernstein August 5, 2014, San Francisco: Signatory Workshop and Networking drinks hosted by MSCI & Allianz GI ASSET OWNER AFL-CIO Reserve Fund CalPERS CalSTRS Connecticut Retirement Plans and Trust Funds (CRPTF) Harvard University Endowment Illinois State Board of Investments International Finance Corporation (IFC) Los Angeles County Employees Retirement Association (LACERA) Maryland State Retirement and Pension System Middletown Works Hourly and Salaried Union Retirees Health Care Fund Multi-Employer Property Trust Nathan Cummings Foundation New York City Employees Retirement System New York State Local Retirement System SEIU Pension Plans Master Trust State Universities Retirement System of Illinois Treehouse Investments LLC UAW Retiree Medical Benefits Trust UFCW International Union Pension Plan for Employees United Church Funds United Nations Joint Staff Pension Fund University of California Wespath Investment Management (General Board of Pension and Health Benefits of the United Methodist Church) Sonal Mahida sonal.mahida@unpri.org US Network Manager INVESTMENT MANAGER ABS Investment Management LLC Acadian Asset Management Adams Street Partners LLC Albright Capital Management AllianceBernstein LP Amalgamated Bank Analytic Investors, LLC AQR Capital Management Auda International LP Avanath Capital Management, LLC Avanz Capital AWJ Capital Partners LLC Babson Capital Management LLC Bentall Kennedy BlackRock Blue Wolf Capital Management BMO Global Asset Management Boston Common Asset Management Boston Trust Breckinridge Capital Advisors Brightwood Capital Advisors, LLC Brown Advisory Calvert Investments Capital Group International Inc Capricorn Investment Group LLC Cartica Capital CBRE Global Investors Christian Brothers Investment Services, Inc. Clarion Partners, LLC ClearBridge Investments Cohen & Steers Columbia Management Investment Advisers, LLC Commonfund Conning Asset Management Company Conservation Forestry Partners LLC Core Capital Management LLC Creation Investments Capital Management LLC DBL Investors DCA Capital Partners Developing World Markets Dimensional Fund Advisors Disciplined Growth Investors Dodge & Cox Domini Social Investments EIG Global Energy Partners Emerging Capital Partners Empirical Asset Management, LLC Falcon Investment Advisors LLC 19

20 Fermat Capital Management LLC First Reserve Fisher Investments FLAG Capital Management Franklin Templeton Investments Freeman Spogli & Co Gannett Welsh & Kotler LLC Global Environment Fund GMO Renewable Resources LLC Goldman Sachs Asset Management (GSAM) Gramercy Funds Management Great Lakes Advisors Grosvenor Capital Management LP Hamilton Lane HarbourVest Partners, LLC Hotchkis and Wiley Capital Management, LLC ICE Canyon LLC Income Research & Management Industry Capital INTECH Investment Management LLC Invesco Ltd Janus Capital Management LLC JPMorgan Asset Management Kohlberg Kravis Roberts & Co Partners LLP Krull & Company Legg Mason Investment Counsel Lexington Partners L.P. Light Green Advisors Logan Circle Partners, L.P. Long Wharf Real Estate Partners LLC LSV Asset Management Mariner Investment Group, LLC. Mellon Capital Management Corporation MFS Investment Management Microvest Miller Howard Investments Morgan Stanley Investment Management Muzinich & Co Nelson Capital Management Neuberger Berman Group LLC New Amsterdam Partners Newbury Partners NewWorld Capital Group LLC Nomura Corporate Research and Asset Management Inc. North Sky Capital Northern Trust Asset Management Numeric Investors LLC Oak Hill Capital Partners PanAgora Asset Management Parnassus Investments Pax World Payden & Rygel PIMCO Portfolio 21 Investments Praesidian Capital Principal Global Investors Private Advisors, LLC Prudential Real Estate Investors Putnam Investments LLC Quotient Investors Red Mountain Capital Partners LLC Redwood Investments LLC Relational Investors LLC Resource Capital Funds Rock Creek Group Rockefeller Asset Management Russell Investments Satori Capital LLC Saturna Capital Siguler Guff & Company, LP Silver Creek Capital Management Standish Mellon Asset Management State Street Global Advisors (SSgA) StepStone Group LP Stone Harbor Investment Partners LP Summit Global Management, Inc. Sustainable Growth Advisers, LP Sustainable Insight Capital Management T Rowe Price Tau Investment Management (Provisional Signatory) The Oblate International Pastoral Investment Trust The Sustainability Group of Loring, Wolcott & Coolidge The Townsend Group TIAA - CREF TorreyCove Capital Partners LLC TPG Capital Advisors, LLC Treetops Capital LP TriLinc Global LLC Trillium Asset Management Trilogy Global Advisors LP Turner Investment Partners University of Dayton Davis Center for Portfolio Management s Flyer Investments VantagePoint Capital Partners Water Asset Management LLC Wellington Management Company LLP Westfield Capital Management Company, LP William Blair & Company LLC PROFESSIONAL SERVICE PROVIDER AlphaSource Capital Securities LLC AltruShare Securities LLC As You Sow Bloomberg LP Cambridge Associates Ceres Cornerstone Capital Inc. Davis Global Advisors Inc Ethical Markets Media LLC Ethics Metrics LLC Glass, Lewis & Co LLC Global Initiative for Sustainability Ratings GMI Ratings Hall Capital Partners LLC Institutional Shareholder Services (ISS) Interfaith Center on Corporate Responsibility IW Financial KKS Advisors KPX Global Malk Sustainability Partners McGraw Hill Financial Meketa Investment Group Inc MSCI NEPC, LLC Pension Consulting Alliance Phoenix Global Capital Management Ltd (PGCM) Progressive Asset Management, Inc. Riedel Research Group, Inc S Network Global Indexes, Inc Sarah Cleveland Consulting Segal Rogerscasey Sustainable Investments Institute (Si2) Thomson Reuters Towers Watson Wilbanks Partners llc 20

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22 THE PRI WOULD LIKE TO THANK THE MANY SPONSORS AND SUPPORTERS OF PRI IN PERSON 2014: DIAMOND SPONSORS: PLATINUM SPONSORS: GOLD SPONSORS: SILVER SPONSOR: SUPPORTER SPONSORS: COLLATERAL SUPPORTERS: WELCOME RECEPTION SUPPORTERS: 22

23 PRI IN PERSON 2014 HIGHLIGHTS Next stop London 2015 Don t miss the opportunity to be part of what will be the largest PRI in Person yet. WHEN: WHERE: 8-10 September ICC London ExCeL SPONSORSHIP OPPORTUNITIES 23

24 The Principles for Responsible Investment (PRI) Initiative The PRI Initiative is a UN-supported international network of investors working together to put the six Principles for Responsible Investment into practice. Its goal is to understand the implications of sustainability for investors and support signatories to incorporate these issues into their investment decision making and ownership practices. In implementing the Principles, signatories contribute to the development of a more sustainable global financial system. The Principles are voluntary and aspirational. They offer a menu of possible actions for incorporating ESG issues into investment practices across asset classes. Responsible investment is a process that must be tailored to fit each organisation s investment strategy, approach and resources. The Principles are designed to be compatible with the investment styles of large, diversified, institutional investors that operate within a traditional fiduciary framework. The PRI Initiative has quickly become the leading global network for investors to publicly demonstrate their commitment to responsible investment, to collaborate and learn with their peers about the financial and investment implications of ESG issues, and to incorporate these factors into their investment decision making and ownership practices. More information: The PRI is an investor initiative in partnership with UNEP Finance Initiative and the UN Global Compact. United Nations Environment Programme Finance Initiative (UNEP FI) UNEP FI is a unique partnership between the United Nations Environment Programme (UNEP) and the global financial sector. UNEP FI works closely with over 200 financial institutions that are signatories to the UNEP FI Statement on Sustainable Development, and a range of partner organisations, to develop and promote linkages between sustainability and financial performance. Through peer-to-peer networks, research and training, UNEP FI carries out its mission to identify, promote, and realise the adoption of best environmental and sustainability practice at all levels of financial institution operations. More information: UN Global Compact Launched in 2000, the United Nations Global Compact is a both a policy platform and a practical framework for companies that are committed to sustainability and responsible business practices. As a multi-stakeholder leadership initiative, it seeks to align business operations and strategies with 10 universally accepted principles in the areas of human rights, labour, environment and anti-corruption, and to catalyse actions in support of broader UN goals. With 7,000 corporate signatories in 135 countries, it is the world s largest voluntary corporate sustainability initiative. More information: