September 22, 2006: ASrIA Publishes Disclosure Reports

1. ASrIA LAUNCHES FIRST CDP REPORT FOCUSED ON ASIA
The CDP is one of the largest ever collaborations of global institutional investment capital with US$31.5 trillion of assets under management for CDP4 in 2006. This year is the first time the CDP has been extended to include a representative sample of Asian corporates. The CDP Asia ex-Japan report produced by ASrIA specifically focuses on disclosures from these companies.
http://www.asria.org/events/hongkong/06Sep

2. NEW ASrIA RESEARCH - "ESG DISCLOSURE : A CAT AND MOUSE GAME FOR INVESTORS"
ASrIA released our latest research at a Briefing on 30 August. The issuance of initial public offering (IPO) documents for new market listings provide a rare opportunity for investors to assess the materiality of potential Environmental, Social and Governance (ESG) risks of supply chain companies. In early 2006, ASrIA undertook a review of IPO documents as a means of assessing critical disclosure and operational trends on ESG issues from a representative cross section of supply chain companies operating in China and listing on the HKEx. Currently only available to ASrIA members, the report will be freely available on the ASrIA website from October 1st. ASrIA wishes to thank our member Rabobank for sponsoring the briefing venue.
http://www.asria.org/news/events/1155627575

3. KOREAN SRI AND GOVERNANCE FUNDS
A new SRI fund, the Nonghyup CA New Honours SRI fund was recently launched in Korea, as were two new corporate governance funds.
http://www.asria.org/news/press/1156385480
http://www.asria.org/news/press/1158039946

4. SRI HEDGE FUND TO BE LAUNCHED IN ASIA
Verde Asia Fund, a Singapore based SRI oriented hedge fund, is expected to launch in the coming two months.
http://www.asria.org/news/press/1157525734

5. ONLINE DATABASE OF CORPORATE ENVIRONMENTAL ACTIVITIES UPDATED
The Global Environmental Information Centre (GEIC), a joint project of the United Nations University and the Japanese Ministry of the Environment, has updated its database of corporate social contributions in environmental fields. The database is available in Japanese on the GEIC website.
http://www.asria.org/news/press/1154401096

6. WORLD BANK CLOSES $1 BILLION CARBON DEAL WITH CHINA
The World Bank and a syndicate of private sector buyers have closed the largest greenhouse gas emissions reduction transaction to date. The Bank's Umbrella Carbon Facility (UCF) has inked a $1.02 billion deal that will see it buy carbon credits from two Chinese companies, equivalent to the reduction of more than 100 million tonnes of carbon dioxide (CO2).
http://www.asria.org/news/press/1157077098

7. ASIA CARBON EXCHANGE'S AUGUST 24TH AUCTION HITS RECORD HIGH PRICE FOR CERS IN VIETNAM
Asia Carbon Exchange (ACX), the world's first CDM-focused exchange has announced that its first independent auction yielded a record high price for CERs from a Viet Nam project, to-date. The Vietnamese project, a hydro-power plant will be commissioned in late 2008 and will fully begin to generate CERs from 2009.
http://www.asria.org/news/press/1157098440

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Key themes for this month have been a focus on disclosure and materiality. ASrIA has had a productive month, with the release of two major reports, both of which assess the issue of disclosure in the Asian context. The first is 'ESG Disclosure : A Cat And Mouse Game For Investors' (Asian News 2). IPO documents provide a rare disclosure window for investors to assess the ESG issues of Chinese supply chain companies and this report assesses a number of recent IPO's on the Hong Kong market. The second is the launch of the first Carbon Disclosure Project report in Asia, which provides an assessment of disclosure by Asian companies on global warming emissions (Asian News 1). In the wider market a number of reports have been released which take up the challenge of focusing on how investors can assess the materiality of ESG issues. Advance have recently published a system which provides a stepping stone towards closing the gap between social, environmental and financial metrics (Global News 4). Sustainable Ventures has run a program which addressed the relevance of true cost pricing to sustainability (Global News 5) and the Center for Sustainable Innovation has launched a new tool for benchmarking corporate climate change mitigation to scientific targets (Global News 6). This reflects an increasing demand from investors and financial institutions for means and tools to measure the materiality of ESG impacts. The upward trend in newly launched SRI funds in Asia continues, with the launch of a new SRI fund in Korea, as well as two funds focused on corporate governance (Asian news 3) and the launch of an SRI hedge fund in Singapore (Asian news 4).
IN THIS ISSUE:
Asian SRI News & Activities Global SRI News & Activities Conferences & Events
ASIAN SRI NEWS & ACTIVITIES
ASrIA Launches First CDP Report Focused on Asia New ASrIA Research - "ESG Disclosure : A Cat and Mouse Game for Investors" Korean SRI and Governance Funds SRI Hedge Fund To Be Launched In Asia Online Database of Corporate Environmental Activities Updated World Bank Closes $1 Billion Carbon Deal with China Asia Carbon Exchange's August 24th Auction Hits Record High Price for CERs in VietNam
GLOBAL SRI NEWS & ACTIVITIES
Socially Responsible Investing Portfolio Devoted to Diversity Launched TIAA-CREF Enters Microfinance in a Big Way King & Shaxson Asset Management (KSAM) Launches Two Innovative Ethical Investment Funds ADVANCE Translates Corporate Environmental Performance into Financial Metrics Sustainable Ventures Addresses Relevance of True Cost Pricing to Sustainability Benchmarking Corporate Climate Change Mitigation to Scientific Targets Sarasin Warns Investors on Biofuels First Ever Framework For Food Companies to Address Consumer Health and Obesity Citigroup's Long Term Investment Research Wins 2006/7 Farsight Award
CONFERENCES & EVENTS
OWSA, BCF to Host CSR Conference TBLI EUROPE 2006 The European Ethical Finance Summit November 28-29, 2006, in London The Supply Chain Talks Back 2006 Capacity Building - Rhetoric or Reality? New Ventures Investor Forum, Indonesia New Ventures Investor Forum, India SRI in the Rockies Eco Expo Asia 2006 Toward Olympics: China's Opportunities and Challenges Clear Profit Event: Corporate Responsibility and Democracy Make Markets Work for Climate Eco6 Conference, Zurich The Amsterdam Global Conference on Sustainability and Transparency Sustainable Energy Trade Fairs Risky Business? Corporate Governance in Asia 2006
	ASIAN SRI NEWS & ACTIVITIES
	1. ASrIA LAUNCHES FIRST CDP REPORT FOCUSED ON ASIA The CDP is one of the largest ever collaborations of global institutional investment capital with US$31.5 trillion of assets under management for CDP4 in 2006. This year is the first time the CDP has been extended to include a representative sample of Asian corporates. The CDP Asia ex-Japan report produced by ASrIA specifically focuses on disclosures from these companies. http://www.asria.org/events/hongkong/06Sep 2. NEW ASrIA RESEARCH - "ESG DISCLOSURE : A CAT AND MOUSE GAME FOR INVESTORS" ASrIA released our latest research at a Briefing on 30 August. The issuance of initial public offering (IPO) documents for new market listings provide a rare opportunity for investors to assess the materiality of potential Environmental, Social and Governance (ESG) risks of supply chain companies. In early 2006, ASrIA undertook a review of IPO documents as a means of assessing critical disclosure and operational trends on ESG issues from a representative cross section of supply chain companies operating in China and listing on the HKEx. Currently only available to ASrIA members, the report will be freely available on the ASrIA website from October 1st. ASrIA wishes to thank our member Rabobank for sponsoring the briefing venue. http://www.asria.org/news/events/1155627575 3. KOREAN SRI AND GOVERNANCE FUNDS A new SRI fund, the Nonghyup CA New Honours SRI fund was recently launched in Korea, as were two new corporate governance funds. http://www.asria.org/news/press/1156385480 http://www.asria.org/news/press/1158039946 4. SRI HEDGE FUND TO BE LAUNCHED IN ASIA Verde Asia Fund, a Singapore based SRI oriented hedge fund, is expected to launch in the coming two months. http://www.asria.org/news/press/1157525734 5. ONLINE DATABASE OF CORPORATE ENVIRONMENTAL ACTIVITIES UPDATED The Global Environmental Information Centre (GEIC), a joint project of the United Nations University and the Japanese Ministry of the Environment, has updated its database of corporate social contributions in environmental fields. The database is available in Japanese on the GEIC website. http://www.asria.org/news/press/1154401096 6. WORLD BANK CLOSES $1 BILLION CARBON DEAL WITH CHINA The World Bank and a syndicate of private sector buyers have closed the largest greenhouse gas emissions reduction transaction to date. The Bank's Umbrella Carbon Facility (UCF) has inked a $1.02 billion deal that will see it buy carbon credits from two Chinese companies, equivalent to the reduction of more than 100 million tonnes of carbon dioxide (CO2). http://www.asria.org/news/press/1157077098 7. ASIA CARBON EXCHANGE'S AUGUST 24TH AUCTION HITS RECORD HIGH PRICE FOR CERS IN VIETNAM Asia Carbon Exchange (ACX), the world's first CDM-focused exchange has announced that its first independent auction yielded a record high price for CERs from a Viet Nam project, to-date. The Vietnamese project, a hydro-power plant will be commissioned in late 2008 and will fully begin to generate CERs from 2009. http://www.asria.org/news/press/1157098440 Back to Index
	GLOBAL SRI NEWS & ACTIVITIES
	1. SOCIALLY RESPONSIBLE INVESTING PORTFOLIO DEVOTED TO DIVERSITY LAUNCHED Creative Investment Research has launched an SRI portfolio exclusively focused on promoting corporate diversity while targeting women and minority investors for economic empowerment. The portfolio consists of between 40 to 60 large-cap US companies with strong diversity performance. http://www.asria.org/news/press/1154486801 2. TIAA-CREF ENTERS MICROFINANCE IN A BIG WAY TIAA-CREF ENTERS MICROFINANCE IN A BIG WAY TIAA-CREF, the giant academic retirement fund manager, announced its entrance into the microfinance arena with a big bang--a $100 million commitment to its new Global Microfinance Investment Program (GMIP) over the next four years. http://www.asria.org/news/press/1158735164 3. KING & SHAXSON ASSET MANAGEMENT (KSAM) LAUNCHES TWO INNOVATIVE ETHICAL INVESTMENT FUNDS The funds will invest in companies that are addressing social and environmental challenges. But they will also invest in fixed income, property, commodities and cash. The funds, which are aimed at UK retail investors, will have some focus on investment in the Far East. http://www.asria.org/news/press/1154657076 4. ADVANCE TRANSLATES CORPORATE ENVIRONMENTAL PERFORMANCE INTO FINANCIAL METRICS One factor limiting companies and investors from more fully embracing sustainability is the difference in metrics used to measure social and environmental impacts and those used to measure business success. The introduction of the ADVANCE system in April 2006 takes a step toward reconciling this difference by expressing "Sustainable Value" in monetary terms that investors and corporate executives understand, such as opportunity costs and gross value added. http://www.asria.org/news/press/1154936039 5. SUSTAINABLE VENTURES ADDRESSES RELEVANCE OF TRUE COST PRICING TO SUSTAINABILITY Candidates in Sustainable Venture's Prize Program,'Our Daily Bread,' discuss impacts of true cost pricing on financial, social and environmental systems. http://www.asria.org/news/press/1154503867 6. BENCHMARKING CORPORATE CLIMATE CHANGE MITIGATION TO SCIENTIFIC TARGETS The Center for Sustainable Innovation launches a new tool for measuring corporate sustainability using emissions reductions goals set by science, not business or politics. http://www.asria.org/news/press/1156477792 7. SARASIN WARNS INVESTORS ON BIOFUELS Biofuel production has a substantial environmental impact that will limit growth in the sector, according to a recent report from ASrIA member, Bank Sarasin. The current methods of producing bioethanol and biodiesel are not as environmentally friendly and socially compatible as their "bio" label suggests, says the report. http://www.asria.org/news/press/1154064233 http://www.asria.org/news/press/1154936302 8. FIRST EVER FRAMEWORK FOR FOOD COMPANIES TO ADDRESS CONSUMER HEALTH AND OBESITY A new report has been released setting out a framework for an effective corporate response to the global crisis of obesity and consumer health. The report, prepared by Insight Investment and the International Business Leaders Forum (IBLF), aims to spur food companies to go further in addressing consumer health issues so as to meet the needs of their customers while at the same time protecting shareholder value. http://www.asria.org/news/press/1153968036 9. CITIGROUP'S LONG TERM INVESTMENT RESEARCH WINS 2006/7 FARSIGHT AWARD The objective of the award is to honour long-term, extra-financial research by investment research institutions on issues such as climate change, corporate governance and human capital. Tessa Tennant, Chair of ASrIA, was on the judging panel. http://www.asria.org/news/press/1158893783 Back to Index
	CONFERENCES & EVENTS
	1. OWSA, BCF TO HOST CSR CONFERENCE New Delhi, India, December 9-10 2006: OneWorld South Asia and the Business Community Foundation are organising a Corporate Social Responsibility (CSR) meeting - CSR in Asia: Where are we and what's ahead? http://www.asria.org/news/events/1156126493 2. TBLI EUROPE 2006 Paris, France, November 9-10 2006: TBLI is the major annual conference for the socially responsible investment industry in Europe. http://www.asria.org/news/events/1142477435 3. THE EUROPEAN ETHICAL FINANCE SUMMIT NOVEMBER 28-29, 2006, IN LONDON London, UK, November 28-29, 2006: The Inaugural European Ethical Finance Summit 2006 is an International Conference dedicated to exploring the latest issues in what has become one of the most dynamic battlegrounds for greater accountability. http://www.asria.org/news/events/1155870232 4. THE SUPPLY CHAIN TALKS BACK 2006 CAPACITY BUILDING - RHETORIC OR REALITY? Shenzhen, China, November 20-21, 2006: The CSR-Asia conference will provide delegates with a view from the other end of the supply chain. Rather than listening to brands and recognised experts discuss CSR, the "talk back" approach provides an opportunity to hear stakeholder voices rarely heard outside the supply chain. http://www.asria.org/news/events/1158029116 5. NEW VENTURES INVESTOR FORUM, INDONESIA Jakarta, Indonesia, November 6 2006: Ten SME's, selected for their profit potential, superior business strategy and social focus, will present their business plans to investors and potential business partners. New Ventures Investor Forum, India. http://www.asria.org/news/events/1155093952 6. NEW VENTURES INVESTOR FORUM, INDIA Mumbai, India, November 2-3, 2006: New Ventures India will host its first Investor Forum, featuring outstanding small and medium enterprises from sustainable sectors. http://www.asria.org/news/events/1155093559 7. SRI IN THE ROCKIES Colorado Springs, US, October 28-31 2006: SRI in the Rockies is the major annual gathering of the socially responsible investment industry in the United States. http://www.asria.org/news/events/1148959414 8. ECO EXPO ASIA 2006 Hong Kong, October 27-30, 2006: Eco Expo Asia provides a marketing platform for a wide range of products and services relating to environmental protection. http://www.asria.org/news/events/1155110407 9. TOWARD OLYMPICS: CHINA'S OPPORTUNITIES AND CHALLENGES Shenzhen, China, October 26-27, 2006: Corporate Social Responsibility and Sustainable Development In China. The Institute of Contemporary Observation (ICO) is organizing a conference on CSR and sustainable development and one day pre-conference workshops for multinational companies and their suppliers on the 25th. http://www.asria.org/news/events/1156387700 10. CLEAR PROFIT EVENT: CORPORATE RESPONSIBILITY AND DEMOCRACY London, UK, October 19 2006: A chance to explore the contribution corporate and investor responsibility make to democratic governance. http://www.asria.org/news/events/1151463874 11. MAKE MARKETS WORK FOR CLIMATE Netherlands, October 16-17 2006: The conference will focus on how to create incentives that will encourage the carbon, energy, financial, and technology markets to expand investment in climate-friendly energy projects in the developing world. http://www.asria.org/news/events/1158815154 12. ECO6 CONFERENCE, ZURICH Zurich, Switzerland, October 9-10 2006: Organised by Economie, the conference will focus on the relationship between SRI and CSR. Conference themes are "SRI - Just Another Marketing Ploy?" and "CSR - Fact or Fiction". http://www.asria.org/news/events/1153364357 13. THE AMSTERDAM GLOBAL CONFERENCE ON SUSTAINABILITY AND TRANSPARENCY Amsterdam, The Netherlands, October 4-6 2006: Titled, "Reporting: A Measure of Sustainability", and featuring the public launch of GRI's G3 Guidelines http://www.asria.org/news/events/1144655777 14. SUSTAINABLE ENERGY TRADE FAIRS Dates: September 28-October 1, 2006 Venue: Fairground Augsburg, Germany The trio of trade fairs, RENEXPO / IHE WoodEnergy / reCONSTRUCT taking place in Augsburg (near Munich), Germany have established themselves as leading events specifically devoted to renewable energy and energy efficient construction and renovation while concurrently reflecting the high level of internationalisation taking place within the industry. http://www.asria.org/news/events/1154665834 15. RISKY BUSINESS? CORPORATE GOVERNANCE IN ASIA 2006 Hong Kong, September 25-26, 2006: CSR Asia's conference will tackle the links between good corporate governance and corporate social responsibility (CSR). http://www.asria.org/news/events/1155020672 Back to Index
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	ASrIA E-Bulletin September 22, 2006 The Association for Sustainable & Responsible Investment in Asia