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ASrIA IPO disclosure report: ESG - Reality Sets In |
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A follow-up to ASrIA's 2006 ground-breaking report on ESG disclosure by supply chain listings in Hong Kong that there have been some significant changes in the disclosure landscape. Currently available to, ASrIA members until April 1st. |
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Hong Kong, Beijing, Korea Carbon Disclosure Forums |
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ASrIA, with representatives from the Carbon Disclosure Project (CDP) and ASrIA member, Environmental Management Services (ERM), have run events in Hong Kong and Beijing to provide support and resources for corporates on how to manage the CDP process. A related event has been run in Korea by KoSIF in association with ASrIA. The Hong Kong and Beijing events were sponsored by the British Consulate General in Hong Kong.
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Carbon Disclosure Request Released |
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The Carbon Disclosure Project (CDP), a collaboration of 385 institutional investors, has issued its 2008 information request to the world’s largest corporations. This asks companies to measure and disclose their greenhouse gas emissions and report on their strategy for dealing with risks and opportunities associated with climate change. CDP has this year requested information from over 3,000 companies, up from 2,400 in 2007. It has launched operations in five new geographies and widened its scope in many existing regions. In 2008 it is expected that up to 430 Asian companies ex-Japan are to be surveyed, up from 166 in 2007, including the top 100 by market capitalisation in China, 200 in India and 50 in Korea. |
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US Banks and Power Companies Announce Carbon Principles |
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Three leading US banks, including ASrIA member Citigroup, as well as JP Morgan and Morgan Stanley have announced the formation of The Carbon Principles which will guide their due diligence process in lending to the US electricity generation sector. The goal of the principles is to ensure that the banks have a robust framework for evaluating policy and operating risks for the largest US power companies, especially those with significant exposure to carbon-intensive fuel and technology assets. |
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Research on Utilities Vs Carbon wins The Farsight Award |
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The Farsight Award was won by Cheuvreux for their research "Utilities vs. Carbon: Phase II". The objective of the Farsight Award is to honour the best individual piece of analysis by investment research institutions that integrates traditional financial analysis with longer term issues such as climate change, corporate governance and human capital. The Farsight Award judges, including Melissa Brown of ASrIA, evaluated six exemplary research submissions from investment research firms Bear Stearns, Cheuvreux, Citigroup, Deutsche Bank, Goldman Sachs and Innovest. |
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FT Sustainable Banking Awards 2008: Two New Award Categories |
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Of particular interest to Asian financials, two new categories have been added to this year's awards - Banking at the Bottom of the Pyramid, and Sustainable Investor of the Year. The former will recognise innovative financial institutions that are making commercial microfinance, insurance, and other crucial services available to the 4 billion poor people at the bottom of the economic pyramid. Most have no bank account, yet, according to the IFC, they represent a $5 trillion market. With a strong history of microfinance initiatives in the Asian region there should be every chance of Asian financials performing well in this category. The deadline for submissions has been extended to the 10th March. |
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CSR Index Launched in China |
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Forty companies have been listed in China's first corporate responsibility index, which focuses mainly on businesses in the environment field. Experts who have participated in compiling the Taida Environmental Index, as it is known, have said the main aim is to evaluate listed companies' social responsibilities. The index has been launched by the Shenzhen Stock Exchange. |
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Five Asian Companies Shortlisted for GRI Readers Choice Awards, 2008 |
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The purpose of the Award process is to provide an opportunity for sustainability report readers to comment on what they are looking for in such reports, and ultimately provide clearer guidelines to corporations on how they should report on ESG related issues. Five Asian companies, all from India, have made it on to the short-list. Overall the list is dominated by banks, brands, regulated companies, and MNCs. It is also quite notable that no Japanese companies have made it onto the list. The GRI is now inviting readers of sustainability reports to score and comment on this short-list of company reports. |
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SIRAN-KLD Report Shows Chinese Companies Lag on Disclosure |
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A SIRAN-KLD study of ESG disclosure standards in emerging markets, shows that nine out of ten emerging market companies now offer some ESG disclosure. South African companies do best, whilst Chinese companies lag, with only 25% of companies meeting all criteria. Approximately 27% of all firms used the GRI reporting standards. The Social Investment Research Analyst Network (SIRAN), is a working group of the Social Investment Forum (SIF), and the research was conducted by KLD Research & Analytics, Inc. |
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Reputex Introduces Future Energy Index Series |
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Reputex have introduced seven new indexes. The indexes aim to cover the entire value chain of companies operating within the alternative energy sector and include an index with an Asian focus, the RepuTex Alternative Energy (Asia) Index. |
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Who Cares Wins: 2007 Conference Report |
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The theme of the fourth annual Who Cares Wins conference was New Frontiers in Emerging Markets Investments. During discussions, it was pointed out that financial and risk impacts from environmental, social and governance issues are particularly relevant when it comes to emerging market investments. In a speech given at the conference, IFC's Environment and Social Development department director, Rachel Kyte, emphasized this point, saying that "IFC firmly believes that environmental and social issues are inextricably linked in emerging markets, and that an economic expression of those issues in terms of both risk and opportunities is inevitable." |
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Dutch Pension Fund, PGGM, excludes Petrochina and Hanwha |
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PGGM, the Dutch pension fund manager, has announced decisions to exclude two Asian equities from their investible universe. PGGM is monitoring corporate performance closely due to their implementation of a comprehensive set of ESG standards. In Petrochina's case, PGGM stated that they could not reach a satisfactory conclusion to discussions concerning the activities of CNPC, Petrochina's parent company, in Sudan. Hanwha fell afoul of PGGM's rules related to landmines. |
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S&P, CRISIL and KLD Launch Indian SRI Index |
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Standard & Poor’s, CRISIL and KLD Research & Analytics have launched a socially responsible investment (SRI) index of Indian companies. The S&P ESG India Index tracks the leading 50 companies, out of a universe of 500, which scored most highly against environmental, social and governance (ESG) criteria. The development of the index was backed by ASrIA member, the International Finance Corporation (IFC), the private sector arm of the World Bank Group. CRISIL, an India-based rating agency, and Boston-based SRI firm KLD won last year’s Capturing Value competition, run by the IFC, with the proposal to construct such an index. |
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Dow Jones Indexes and Dharma Investments Launch New Faith-Based Indexes |
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Dow Jones Indexes and Dharma Investments have launched the Dow Jones Dharma Indexes. The new indexes aim to measure the performance of companies selected according to the value systems and principles of Dharmic religions, especially Hinduism and Buddhism. |
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VIGEO Extends Asia-Pacific Coverage |
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ASrIA members, Vigeo, a European based CSR ratings agency, and OWW Consulting, an Asian based research consultancy, have formed a strategic partnership to extend their coverage of the Asia-Pacific region. |
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Innovest publishes global list of 100 Most Sustainable Companies |
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Innovest Strategic Value Advisors launched the fourth Global 100 list of the most sustainable corporations in the world at the World Economic Forum in Davos. The Global 100 includes companies from 16 countries in sectors ranging from Oil and Gas to Wireless Telecommunication Services that were evaluated according to how effectively they manage environmental, social and governance risks and opportunities, relative to their industry peers. |
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