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2014

European SRI Study

2 European SRI Study 2014

EUROSIF MEMBER AFFILIATES AG2R La MondialeAmundi Asset ManagementArabesqueAviva InvestorsAXA Investment ManagersBloomberg LPBlueOrchardBNP Paribas Investment PartnersCaisse des Dpots et ConsignationsCandriam Investors Group CM-CIC Asset ManagementCSSP- Center for Social and Sustainable ProductsDeutsche Asset & Wealth ManagementECP InternationalEdmond de Rothschild Asset ManagementEIRISEMG CSR ConsultancyErste Asset ManagementEthix SRI Advisors ABEthos FoundationEtica SgrFederation des Experts Comptables Europeens (FEE)ForeticaFTSE GroupFundacion Ecologia y Desarrollo (ECODES)Generali Investments EuropeGeneration Investment Management LLPGroupama Asset ManagementJ. Safra Sarasin GroupHenderson Global InvestorsHermes Equity Ownership Services Ltd.HSBCINOKS Capital

Inrate AGKepler CheuvreuxKPMGLGT Capital ManagementMeeschaert Gestion PriveMercerMSCINatixis Asset ManagementNordea Investment Funds S.A.Northern Trust Asset ManagementNotenstein Private BankNovethic oekom research AGOikocreditPictet Asset Management S.A.Pioneer InvestmentsresponsAbilityRobecoSAM AGSchrodersShareActionSparinvestStandard Life InvestmentsStandard & Poors IndicesSustainalyticsSustainable Business InstituteThreadneedle Asset ManagementTriodos BankTrucostUBSUnion InvestmentVigeo2nd Degree Investing

NATIONAL SIFS IN EUROPE Belsif*, Belgium Dansif, DenmarkFinsif, FinlandForum Nachhaltige Geldanlagen* (FNG) e.V., Austria, Germany, Liechtenstein and SwitzerlandForum per la Finanza Sostenibile* (FFS), ItalyForum pour lInvestissement Responsable* (FIR), FranceNorsif, NorwaySpainsif*, SpainSwesif*, SwedenUK Sustainable Investment and Finance Association* (UKSIF), UKVereniging van Beleggers voor Duurzame Ontwikkling* (VBDO), the Netherlands* Member of Eurosif

3European SRI Study 2014

Table of contents

Forewords from our Sponsors .................................................................................................................................................................. 4Foreword from Eurosif ................................................................................................................................................................................ 6Executive Summary ..................................................................................................................................................................................... 7Survey Definitions and Methodology ..................................................................................................................................................... 8The State of European SRI .......................................................................................................................................................................10European Data Table ..................................................................................................................................................................................21Impact Investing in Europe ......................................................................................................................................................................22Key Features of the European Market ..................................................................................................................................................31Summary and Conclusions .......................................................................................................................................................................34

Austria ...........................................................................................................................................................................................................36Belgium ..........................................................................................................................................................................................................39Finland ...........................................................................................................................................................................................................41France.............................................................................................................................................................................................................43Germany ........................................................................................................................................................................................................45Italy .................................................................................................................................................................................................................48Netherlands ..................................................................................................................................................................................................50Norway ...........................................................................................................................................................................................................53Poland ............................................................................................................................................................................................................55Spain ...............................................................................................................................................................................................................57Sweden ..........................................................................................................................................................................................................59Switzerland ...................................................................................................................................................................................................61United Kingdom ..........................................................................................................................................................................................64

Glossary and Abbreviations ....................................................................................................................................................................67List of Surveyed Organisations .............................................................................................................................................................68Endnotes .......................................................................................................................................................................................................69Credits ...........................................................................................................................................................................................................70About Eurosif ...............................................................................................................................................................................................71

List of Case Studies and FocusesFocus 1: European Legislation on Investments into Controversial Weapons ...........................................................................16Focus 2: European Commissions Proposal for a Revised Shareholder Rights Directive ......................................................20Focus 3: Social Impact Measurement and Reporting Initiatives Highlights ..............................................................................29Focus 4: The Rise of Green Bonds ..........................................................................................................................................................32Focus 5: Fostering Greater Transparency of the European SRI industry ...................................................................................35Focus 6: GUT Sustainability Certification for Severance Pay Funds and Corporate Pension Funds.................................38Focus 7: SRI and Real Estate in France ................................................................................................................................................44Focus 8: New SRI Definition and Label .................................................................................................................................................44Focus 9: FNGs Sustainability Fund Profiles .......................................................................................................................................47Focus 10: The Emergence of an Italian Definition of SRI ................................................................................................................49Focus 11: The Role of Pension Fund Boards in the Netherlands ..................................................................................................52Focus 12: The Minder Initiative ..............................................................................................................................................................63Focus 13: The Fiduciary Duty Review in the UK ................................................................................................................................66

Case Study 1: Norms-based Screening at Etica SGR .......................................................................................................................13Case Study 2: The Social Stock Exchange (SSX) ....................................................................................