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White Papers

White Papers

In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

Invesco Responsible Investing Disclosing Disruption

This Invesco paper focuses on the digital and environmental side of disruptive trends, due to their accelerating impact upon the investment industry.

Company: Invesco
Date added: 04-12-2018
Sector: Environmental, social and governance (ESG)

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Invesco - Responsible investing and active ownership

The consideration of environmental, social and governance (ESG) issues in investing has grown in importance and developed in its implementation in recent years. Different terms, often used interchangeably, are used to express the various approaches: these include responsible investing (the term preferred at Invesco) and sustainable investing.

Company: Invesco
Date added: 23-11-2018
Sector: Environmental, social and governance (ESG)

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CFA - The Evolving Future of Fiduciary Duty in an ESG World

With the launch of the European Commission’s (EC) sustainable finance action plan, the topic of sustainable investing - which considers environmental, social, and governance (ESG) factors and their impact - is reaching a new level of importance in the investment management profession. This survey by CFA Institute was designed to investigate what nearly 24,000 EU-based members consider to be the correct role of ESG factoring in investment management in general and as part of the formal fiduciary duty of regulated investment managers specifically, along with member opinions on related issues in sustainable investing.

Company: CFA
Date added: 22-10-2018
Sector: Environmental, social and governance (ESG)

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Schroders - Sustainable Investment Report Q3 2017

In this quarter's infographic we update the climate change dashboard and look at when the drugs don't work.

Company: Schroders
Date added: 13-10-2018
Sector: Environmental, social and governance (ESG)

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Invesco Global Sovereign Asset Management Study 2018

This is Invesco's sixth annual study of sovereign investors. It gathers unique perspectives from senior investment professionals managing the assets and reserves of sovereign wealth funds, state pension funds and central banks globally. This year's study includes a broadened-out central bank sample, reflecting their growing importance and maturity as investors. As a result, some 126 sovereign investors are now represented in the study. The increase in sample size, together with the strong investment returns achieved in 2017, means these investors now manage assets of over US$17 trillion. This is a store of financial value of exceptional scale, comparable in size to the world’s top 300 pension funds. This is true investing at scale, and it influences each of the themes of this year’s study.

Company: Invesco
Date added: 23-07-2018
Sector: Environmental, social and governance (ESG)

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BMO Global Asset Management | Breaking Bad: Business ethics in the pharmaceutical sector

Business ethics breaches have emerged as the most material ESG concern for investors in the pharmaceutical and broader healthcare sector, and has been the key focus of our engagement with the sector in recent years. The industry has been repeatedly become embroiled in allegations with regards to marketing and sales related fraud and other lapses in compliance.

Companies have been hampered by substantial risks and mounting costs associated with the prosecution by authorities. We estimate that $50 billion have been paid out by leading pharmaceutical companies in
the past decade in conduct related regulatory, settlements fines and costs.

Company: BMO
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Finex LLP - ESG: The good, the bad and the ugly

Asset owners considering the use of ESG factors need to fully understand what these factors are but most importantly how they are derived. There is no common reporting standard in ESG, and there is a good reason for this as, unlike GAAP in accounting, one size does not fit all.  

Company: Finex LLP
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Finex LLP - Modern Activist Theory in Clean Tech

Socially Responsible Investing is growing fast, and like any child some of its more radical ideas are maturing into more pragmatic character traits as it enters the fourth of its seven stages of life. As methodologies establish themselves and consensus gets built more traditional investors start to demand compliance.

Company: Finex LLP
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Impact Investing in Social Infrastructure - Franklin Real Asset Advisors

This paper will discuss how investing in social infrastructure in Europe can lead to positive impact-based outcomes for communities and the environment. We will define social infrastructure, define impact investing and explain our mission and approach to bringing these two areas together. We will identify key challenges and strategic approaches to address these challenges. It will conclude with an overview of our innovative approach to impact management and measurement, which includes our alignment with the United Nations’ Sustainable Development Goals and industry best practices and standards. 

Company: Franklin Templeton
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Vigeo Eiris | Oil Sands: What does the future hold?

The oil sands industry receives much international criticism because of its heavy social and environmental impact, which can in turn generate complex legal, regulatory and social risks to shareholder value.

This paper examines the social and environmental impact of oil sands production, providing insights from Vigeo Eiris’ research and analysing different perspectives on future industry developments.

Company: Vigeo Eiris
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Vigeo Eiris | Social Dialogue: a corporate responsibility ‘blind spot

Based on the assessment of more than 2,400 companies listed worldwide, this paper analyses how businesses commit to promote labour relations, especially through the establishment of collective agreements, and the analysis of topics addressed in these agreements. The paper also touches on employee representation at Board level. Examples of best practice of labour relations are also provided, as well as an analysis of some observed controversy cases, and how companies reacted to them.

Company: Vigeo Eiris
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Invesco - Lost in Translation In Search of Authenticity in ESG Integration

Today a large number of investors and asset managers use “ESG integration” to describe their overall approach to responsible investing but what does that really mean? We believe the term has entered common investment parlance and a sincere search for authenticity in ESG integration is now required. 

Company: Invesco
Date added: 18-05-2018
Sector: Environmental, social and governance (ESG)

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Macquarie - Understanding ESG in Credit Portfolios

This paper analyses how ESG factors interact with credit quality, how they affect the pricing of credit, and finally how they affect credit returns. 

Company: Macquarie
Date added: 01-02-2018
Sector: Environmental, social and governance (ESG)

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PRI Reporting Framework 2018: Indirect - Manager Selection, Appointment, and Monitoring

The PRI presents a module explicating the process in place for selecting, appointing, and monitoring external managers that are mindful of ESG integration.

Company: PRI
Date added: 15-12-2017
Sector: Environmental, social and governance (ESG)

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Schroders - Bon Bonn? What the UN Climate Conference taught us

We did not expect many announcements at COP23 that would reshape how we look at the world. None surprised us.

In our view, the key takeaways lie in the picture painted of global commitment and the platform built for tougher action in the future. Here there was some progress. Outside the formal proceedings, the EU reached an initial agreement to tighten its emissions trading scheme and a group of 19 countries launched an alliance to phase out coal-fired power.

Company: Schroders
Date added: 23-11-2017
Sector: Environmental, social and governance (ESG)

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Invesco - 2016 Investment Stewardship and Proxy Voting Annual Report

ESG is becoming a key focus for EMEA institutional clients. Invesco's ESG approach is rooted in our investment strategies, products, proxy voting, active ownership, engagement and other oversight practices, to ensure we are meeting the highest levels of fiduciary and corporate responsibility. Inside the 2016 report you will find: An introduction from Marty Flanagan; Facts and figures outlining Invesco’s ESG capabilities; Examples of some of our leading ESG strategies; Details of Invesco’s proxy voting in action.

Company: Invesco
Date added: 06-04-2017
Sector: Environmental, social and governance (ESG)

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S&P Dow Jones Indices - Evaluating Sustainable Investment Trends

We are in a period of flux; the world is undergoing multiple complex transitions, but shocks and release of tension could also brighten the risk outlook. Meanwhile, a number of key developments are likely to shape environmental, social, and governance (ESG) trends over the course of 2017.

Company: S&P Dow Jones
Date added: 01-02-2017
Sector: Environmental, social and governance (ESG)

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Goldman Sachs - The Equity Investor's Guide to a Low Carbon Economy, 2015-25

This 50 page report from Goldman Sachs examines the low carbon world that we are moving towards, with a focus on low carbon technologies and low carbon regulation.

Company: Goldman Sachs
Date added: 18-12-2016
Sector: Environmental, social and governance (ESG)

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Cambridge Associates - The Value of ESG Data: Early Evidence for Emerging Markets Equities

This 20-page paper by Cambridge Associates examines the incorporation of ESG factors into the stock selection process for two major MSCI indexes. It reveals that the addition of ESG factors added value in EM equities but not DM equities.

Company: Cambridge Associates
Date added: 05-12-2016
Sector: Environmental, social and governance (ESG)

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Carnegie - Benefits of Digitalisation Overlooked

Digital products offer huge benefits of scale, giving the market leader huge cost benefits compared with the rest of the market. Add to this the so-called “network effects” that can create demand effects that further boost the dominant producer of a digital product.

Company: Carnegie
Date added: 11-11-2016
Sector: Environmental, social and governance (ESG)

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Willis Towers Watson - Investing long term - A sustainable investing roadmap

The paper defines sustainable investing as encompassing long-term, finance-driven strategies that integrate environmental, social and/or governance factors in investment arrangements. The result is long-term investing that is efficient and intergenerationally fair, positioning sustainable investing in line with fiduciary principles of loyalty to all beneficiaries without undue bias to any one segment. This promotes long-term and inter-generational equity in strategy, reflects good risk management and supports a robust investment industry.

We outline an approach for determining allocation to sustainable investing, beginning with the establishment of beliefs in sustainable investment. Missions and values derived from that evaluation influence the focus on integrated and/or targeted investments.

Company: Willis Towers Watson
Date added: 15-09-2016
Sector: Environmental, social and governance (ESG)

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BlackRock - Adapting Portfolios to Climate Change: Implications and strategies for all investors

Investors can no longer ignore climate change. Some may question the science behind it, but all are faced with a swelling tide of climate-related regulations and technological disruption. Drawing on the insights of BlackRock’s investment professionals, we detail how investors can mitigate climate risks, exploit opportunities or have a positive impact. Climate-aware investing is possible without compromising on traditional goals of maximizing investment returns, we conclude. We then reflect on steps that stakeholders in the climate debate are considering, including the use of carbon pricing as a cost-effective way to reduce emissions. We believe all investors should incorporate climate change awareness into their investment processes.

Company: BlackRock
Date added: 09-09-2016
Sector: Environmental, social and governance (ESG)

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Mercer - Sustainable and 'Fossil Fuel Free' - Investment Considerations for Investors

This 19-page paper gives some insights into findings from a project on divestment conducted by Mercer. According to the authors, there is a growing trend of strategies (or funds) with policies that restrict exposure to fossil fuel companies. This however is currently the exception rather than the rule.

Company: Mercer
Date added: 30-08-2016
Sector: Environmental, social and governance (ESG)

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Flood Prevention - South Queensferry Housing Development, Edinburgh

Built on the south shore of the Firth of Forth, a new 450-home development in South Queensferry, Edinburgh, required an underground drainage system that would address surface water run-off and alleviate fl ood risk. A combination of more than 6,000 AquaCell geocellular stormwater management units from Wavin proved the ideal solution.

Company: LGPS
Date added: 24-06-2016
Sector: Environmental, social and governance (ESG)

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Deloitte - From Dirt to Data: The second green revolution and the Internet of Things

The first “green revolution” — a series of rapid technological and agronomic advances that took place after World War II—transformed agriculture, saving over a billion people from starvation and setting the stage for the world’s population to increase from 3 billion in the late 1960s to an estimated 7.3 billion today. Despite this phenomenal growth, however, there are significant challenges to the continued expansion of this first green revolution, and in some ways it has been the victim of its own success.

Company: Deloitte
Date added: 01-06-2016
Sector: Environmental, social and governance (ESG)

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FTSE Russell - ESG: Road Blocks or the Road to Integration?

Recent international forums such as COP21 and the World Economic Forum (WEF) have drawn increased attention to global economic risks arising from corporate environmental, social and governance (ESG) practices and performance. In particular, WEF concluded that climate change was the greatest global risk in their latest survey1 and made a call to action for ESG integration by investors.

Company: FTSE Russell
Date added: 01-06-2016
Sector: Environmental, social and governance (ESG)

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J.P. Morgan - Decoding the Elements of Sustainable Investing

The authors of this paper outline the range of approaches included under the umbrella of “sustainable investing”—a term that now reflects not just a move toward more explicit consideration of environmental and social issues, but also the belief of some investors that maximizing the long-term financial value of a portfolio requires the integration of these factors.

Company: J.P.Morgan
Date added: 01-06-2016
Sector: Environmental, social and governance (ESG)

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Schroders - Responsible Investment Report ­ Q1 2016

This quarter's report focuses on the convergence of environmental, social and governance (ESG) considerations with fiduciary duties and the investment industry's challenge to turn those good intentions into practice.

Company: Schroders
Date added: 06-05-2016
Sector: Environmental, social and governance (ESG)

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FTSE Russell - ESG: Road Blocks or the Road to Integration? April 2016

Recent international forums such as COP21 and the World Economic Forum (WEF) have drawn increased attention to global economic risks arising from corporate environmental, social and governance (ESG) practices and performance. In particular, WEF concluded that climate change was the greatest global risk in their latest survey1 and made a call to action for ESG integration by investors.

Company: FTSE Russell
Date added: 01-04-2016
Sector: Environmental, social and governance (ESG)

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Alliance Trust Investments - Sustainable Future Fund Range

At Alliance Trust Investments (ATI) we believe that sustainable investment means investing for a positive future. We aim to deliver strong investment returns for our clients by investing in companies making a positive contribution to our world and society. Our view is that these firms are inherently in a better position to prosper than those that don’t, and when undervalued, make better investments than the market.

Company: Alliance Trust Investments
Date added: 22-03-2016
Sector: Environmental, social and governance (ESG)

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Credit Suisse - How Corporate Governance Matters

This report by the Credit Suisse Research Institute explores several important aspects of the connection between sound governance and improved business performance. It provides new data to support the growing investor interest in governance-related rules and practices and introduces innovative ways to assess corporate performance, such as the HOLT governance scorecard, to support more effective governance-oriented decision making. Moreover, our experts identify specific company types and sectors, in which governance can serve as a particularly robust investment strategy instrument

Company: Credit Suisse
Date added: 16-03-2016
Sector: Environmental, social and governance (ESG)

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DGC Asset Management - Critical Insights - Ecology and the Environment

So far in this Critical Insights report series we have focussed on the main threats to wealth facing the modern investor. To do this we have analyzed global demographic trends, social economics in emerging economies and the 21st century economic policy book.

As we now come the final stage of the first section of the report series, we look at how rapid changes in the environment – man-made or otherwise – are driving changes in the global supply chain, and how this new ecology is supporting a shift in value away from financial markets and into sustainable real assets.

We are confident that you will find value in our report series, and the information will be crucial in understanding our conclusions in the second part of this report series; ‘Impact for Investors’ which will begin next week.

Company: DGC Asset Management
Date added: 14-03-2016
Sector: Environmental, social and governance (ESG)

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Implementing the Paris Climate Agreement: An Action Framework for Investors and their Financial Advisors (UN, 2016)

This report by the UNEP Finance Initiative helps debt investors and their financial advisors to develop ESG integration strategies, focusing on materials risks and opportunities.

Company: UNEP
Date added: 14-03-2016
Sector: Environmental, social and governance (ESG)

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Newton Investment Management - The impact of ethical investing on returns, volatility and income

Faith-based investors, charities and institutions are rapidly adopting more ethical investment approaches to their strategies. It goes without saying: ethical investing is now a mainstream issue. There however have been some studies that question the idea of imposing such constraints on an investment portfolio. This paper, by Drs Lucius Li and Chendi Zhang, analyses the impacts of commonly applied ethical frameworks. The authors seek to provide an independent and academic starting point for interested investors.

Company: Newton Investment Management
Date added: 14-03-2016
Sector: Environmental, social and governance (ESG)

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CalPERS - ESG Integration into the Investment Process

This presentation by CalPERS gives an outline of how ESG factors can be integrated into the investment process. It touches on investment beliefs, public markets, private markets and portfolio tilting.

Company: CalPERS
Date added: 16-02-2016
Sector: Environmental, social and governance (ESG)

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Islamic Finance - SRIs & The Case For Islamic Investment Funds

This paper provides a brief history of the growth of Socially Responsible Investing (SRI). It's within this context the authors state their case for Islamic finance and investing in Islamic Funds.

Company: Islamic Finance
Date added: 16-02-2016
Sector: Environmental, social and governance (ESG)

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Baillie Gifford - ESG Research Programme

The views expressed in this article are those of Andrew Cave and Michelle O’Keeffe and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect personal opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.

Company: Baillie Gifford
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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BNY Mellon - New Investing for New Times

Curtis Arledge, BNY Mellon's Investment Management CEO, considers the secular and structural changes recalibrating global financial markets and explains why now is a better time than ever to be an investor.

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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BNY Mellon - Social Finance at Scale: Creating Value for Investors

We seek to answer: why hasn’t social finance caught on in the past and what is needed to extend and broaden the recent growth

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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BNY Mellon - The Green Beta Investment Strategy

As investors, what solutions do we have in our hands to build a greener economy? In this paper, we discuss an investment approach that we term Green Beta, which we believe can help contribute to a lower carbon economy.

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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BNY Mellon - Trends in Environmental, Social and Governance Investing

BNY Mellon Asset Servicing survey results explore the role of socially responsible investing and environmental social governance strategies in asset management and institutional investing.

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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Hermes - Turning down the heat

Carbon risk is becoming ever-more important to investors. The current economic model is leading to a world that will exceed warming of 2°C and breaches the guidelines we, as a society, have set for ourselves. There is very strong evidence indicating it is too late to stop this?

Company: Hermes
Date added: 01-12-2015
Sector: Environmental, social and governance (ESG)

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Carnegie - Solar Photovoltaic Power System and Disruption in Energy Markets

Our view is that between now and 2025-2030, the cost-competitive economies that solar power, energy storage, and electric vehicles are approaching today will compound into stark differences in cost, reliability, pollution, and carbon emissions.

Company: Carnegie
Date added: 11-11-2015
Sector: Environmental, social and governance (ESG)

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LGT - Our understanding of sustainability

For more than four hundred years, the Princes of Liechtenstein

have been passionate art collectors. The Princely

Collections include key works of European art stretching over five centuries and are now among the world’s major private art collections. The notion of promoting fine arts for the general good enjoyed greatest popularity during the Baroque period. The House of Liechtenstein has pursued this ideal consistently down the generations.

Company: Lazard
Date added: 22-10-2015
Sector: Environmental, social and governance (ESG)

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Brown Advisory - Demystifying Sustainable Investing

For many investors, the topic of sustainable investing is a jungle of jargon and vague terms. When you cut through the confusion, though, you find that sustainable investing strategies have matured and improved, and now form the core of an increasing number of investors’ portfolios.

Company: Brown Advisory
Date added: 03-06-2015
Sector: Environmental, social and governance (ESG)

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MSCI - Beyond Divestments: How to invest in a Low Carbon world?

Newer, innovative approaches that use re-weighting and optimization techniques, such as the MSCI Global Low Carbon Target and MSCI Global Low Carbon Leaders indexes, would have reduced exposure to carbon-intensive companies while limiting short-term risk against the benchmark.

The paper won the Best Practitioner Paper at the 2015 IRRCi Research Awards.

Company: MSCI
Date added: 09-04-2015
Sector: Environmental, social and governance (ESG)

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