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7
“Companies had bettermake sure their house is inorder from an ESG point ofview because pension fundtrustees can’t carry out theirduty to you [the beneficiary]without taking account ofESG issues”Professor Mervyn King Chairman of the Global Reporting Initiative
Quote from article by Pauline Skypala,Financial Times, Get with the zeitgeist andembrace ESG, Published: March 6 2011
10 years of impact and investment.
6
1 A Legal Framework for the integration of Environmental, Social, and Governance Issues into Institutional Investment (2005); Fiduciary responsibility – Legal and practical aspects of integrating environmental,social and governance issues into institutional investment (2009)
2 Demystifying Responsible Investment Performance (2007)
Responsible Investment hasevolved over the past 10 years.
The upward trend in AUM that incorporateESG over the last ten years has been mirroredby a lowering of theoretical barriers. The long-held misconceptions regardingResponsible Investment; that it causes aperformance drag and is contrary to fiduciaryduty, have been turned on their heads. TheUnited Nations Environmental ProgrammeFinance Initiative (UNEP-FI) has providedresearch, conducted by FreshfieldsBruckhaus Deringer1 and Mercer2 respectivelythat has offered convincing evidence againstthese hypotheses.
The scope for considering ESG in theinvestment decision-making process haslikewise widened since 2001. Whether it isportfolio construction, asset allocation,stewardship, engagement, or stock analysis,ESG factors are now relevant at multiple levels of the investment cycle. This growthhas been accompanied by a considerableshift in the language, tactics, and motivationsof investors. There is an increasing focus onthe notion that ESG factors are material todeveloping a complete understanding of riskand opportunity which is needed to succeedin achieving long-term, sustainableinvestment returns.
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