Conference
2008 Edition
Novethic's first annual conference for institutional investors:
integrating Environmental, Social and Governance factors
in your investment practices
December 5 2008, Les Salons Hoche, Paris
For the first time in Paris, Novethic brought together a hundred institutional investors, French and European (welfare organisations, superannuation funds, insurance companies, mutual companies, pension funds, associations and foundations) to discuss their respective practices for the integration of Environmental, Social and Governance criteria in their investment approach.
As an introduction to the discussions, Novethic published the first survey among French, English and Dutch institutional investors on their responsibility regarding the Environmental, Social and Governance (ESG) policies of companies in which they are shareholders.
Summary of the Sessions
This session focused on the different SRI approaches adopted by investors, their implementation and results. The approach to commitment and policy for exercising voting rights were among the subjects covered. The discussion provided an opportunity to compare the FRR (French Pensions Reserve Fund), the model for French institutional investors, involving the integration of ESG factors, and the Norwegian Government Pension Fund-Global, which is also the model for other international institutional investors.
Panel
Fonds de Réserve pour les Retraites, Antoine de Salins, Member of the Executive Committee
F&C Investments, Karina Litvack, Head of Governance and Socially Responsible Investment
Norwegian Government Pension Fund-Global, Council on Ethics, Pia Rudolfsson Goyer, Senior Advisor
Moderator: Hugh Wheelan, Responsible Investor, Editor
This session highlighted the fact that originally SRI covered only equity funds. Subsequently, other types of funds, including money-market and bond funds, have appeared in response to the demands of institutional investors. More recently, theme-based funds have started to emerge with the growing consideration of environmental issues in the financial field. The discussion covered the integration of ESG criteria (excluding equities) and the difficulties faced by players implementing these approaches.
Panel
APG Investments, Rob Lake, Head of Sustainability
Bank Sarasin Group, Bertrand Fournier, Member of the Executive Committee of Sarasin AM (France)
French Public Service Additional Pension Scheme, Philippe Desfossés, Chief Executive
Moderator: Anne-Catherine Husson-Traore, Novethic, CEO
This seminar on the United Nations' Principles for Responsible Investment (PRI) dealt with the issues relating to investors signing up to them: the reporting obligation, collective commitment and PRI's impact on investment practices. It also highlighted the limitations of the principles and the expectations of some investors for signing up to this approach which is starting to bring together a large number of major institutional investors.
Panel
CNP Assurances, Dorothée de Kermadec-Courson, Head of Sustainability
Fonds de Réserve pour les Retraites, Nada Villermain-Lecolier, Head of SRI Strategy
Universities Superannuation Scheme, David Russell, Co-Head of Responsible Investment
Moderator: Jean-Pierre Sicard, Caisse des dépôts, Head of Sustainability
The purpose of this session was to contribute to the discussion on controversial weapons and warn investors of the risk of holding, knowingly or not, shares in companies producing, directly or indirectly, controversial weapons. Controversial weapons (submunition bombs, anti-personal mines, etc.) violate international rights, unlike conventional weapons, but have not yet provoked any discussions in France as in the Netherlands and Belgium.
Panel
Amnesty France, Aymeric Elluin, Campaign Coordinator, Controlez Les Armes
AXA IM, Jean Pierre Hellebuyck, Vice Chairman
Sustainalytics, Diederik Timmer, Director, Client Services and Consulting
Moderator: Matt Christensen, Eurosif, Executive Director
During this session, participants discussed investors' commitment to the companies in which they invest and different ways of influencing the practices of these companies (private dialogue, public debate in shareholders' meetings, proxy voting, disinvestment). It is true that more and more investors are giving priority to the commitment issue, especially in Northern Europe.
Panel
Ethos Foundation, Jean Laville, Director
KLP, Jeanett Bergan, Head of Responsible Investments
Institutional Investors Group on Climate Change (IIGCC), David Russell, Member of Steering Committee
PBU, Rasmus Juhl Pedersen, Consultant, Responsible Investment
Moderator: Karina Litvack, F&C Investments, Head of Governance & Socially Responsible Investment
Insurance companies, public institutions and welfare organisations met to discuss the need to include the consideration of ESG factors in order to best manage their risks. Long-term investment strategy was also discussed.
Agrica Epargne, Jean-Claude Guimiot, Chief Investment Officer
Caisse des dépôts, Bernard Icard, Head of Equity Proprietary Investments
AGICAM (representing AG2R La Mondiale), Jean Castagné, Chairman of the Supervisory Board
Groupama, Helman Le Pas de Sécheval, Chief Financial Officer
MACIF, Gérard Andreck, Chairman, Chairman of the Sustainable Developpement Commission of the French Insurance Association, AFA
Moderator: Anne-Catherine Husson-Traore, Novethic, CEO
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