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| SRI NEWS |
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| PRI signatories seeking more collaborative engagement |
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The Principles for Responsible Investment (PRI) Initiative, a partnership between global investors and two UN agencies, presented in June its "PRI Report on Progress 2008", a comprehensive survey showing some of the world's largest institutional investors are making significant progress in integrating environmental, social and governance (ESG) issues into their day-to-day business. Among other findings, the report shows that Signatories are becoming more collaborative. The number of asset owners involved in collaborative engagement to a medium or large extent rose from 38% to 47% this year (the PRI's online Engagement Clearinghouse is proving an increasingly popular tool for such collaboration). Furthermore, the report also points out that Levels of disclosure reported by signatories in the 2008 survey were generally high. Among investment managers, 75% of respondents are systematically reporting their RI/ESG related engagement activities to at least some extent and a further 18% plan to do so in 2008.
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| Calvert Files First Shareholder Resolution on Nanotechnology and Product Safety |
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Calvert has been concerned about nanomaterials for several years. In late 2007, Calvert was the lead filer of the first shareholder resolution on the subject with Avon Products, Inc. (AVP), a cosmetics company. They asked Avon to disclose its products that contain nanomaterials and what the company is doing to ensure product and consumer safety, and they recommended labeling or using other materials until safety could be established. In its response, Avon disclosed that it uses the nanoscale titanium dioxide and zinc oxide in its sunscreens. In February 2008, a European safety commission released a report urging further testing of these substances on broken or damaged skin. Twenty-one groups wrote a joint letter to 23 mutual fund companies asking them to vote in support of Calvert's resolution. At its May 1, 2008 shareholder meeting, Avon announced that the resolution had garnered just over 25% of investor votes, which is extremely high for a first-time toxics issue.
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| NOVETHIC UPDATES |
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| SRI employee savings: An attractive concept that remains relatively unfamiliar for many companies |
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With the support of AXA, Novethic and Altedia IC present the findings of the first survey of French companies' intentions relating to employee savings invested in SRI assets. The survey provides an overview of French companies' perception of and prospects for putting in place SRI employee savings plans. The responses of the 31 companies of the SBF120 indicate that while they are globally interested in the idea, which falls in line with their sustainable development policy, they do not fully comprehend the concept.
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| Socially responsible investment, resistant to crisis, grows by 30% in 2007 |
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Novethic has released the findings of its exclusive annual survey of the French SRI market. Total assets under SRI management (demand-side) held by French residents totaled 22.1 billion euros at year-end 2007 and 66% of these assets are owned by institutional investors (+36% since last year). SRI assets owned by retail investors also rose in 2007, albeit less rapidly (+19%). On the other side, SRI assets held by employee savings plans increased by 22% in 2007.
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| 2008/07/24 |
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