Morningstar and Sustainalytics Sustainability Solutions · governance that is so essential to...
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©205/30/2018 Morningstar, Inc. All rights reserved. ©205/30/2018 Morningstar, Inc. All rights reserved.
Hortense Bioy, CFA, Director of Passive Strategies and Sustainability Research, Europe
Cecilia Cisana, Director, Client Relations
May 2018
Morningstar and Sustainalytics Sustainability Solutions
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Agenda
gWhat is Sustainable Investing?
gSustainable Investment Growth
gSustainalytics ESG Research
gMorningstar Sustainability Rating for Funds
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Who We AreMorningstar, Inc.
Our mission is to create great products that help investors reach their financial goals.
We have about 5,000 employees in 27 countries worldwide,
providing local market expertise.
Our clients range in size from individual investors all the
way up to the world’s top asset management firms.
Data as of Mar. 31, 2018. Includes assets under management and advisement for Morningstar Investment Management LLC, Morningstar Investment Services LLC, Morningstar Investment Management Europe Ltd., Morningstar Investment Management Australia Ltd., Morningstar Investment Management South Africa (PTY) Ltd, and Ibbotson Associates Japan KK, all of which are subsidiaries of Morningstar, Inc. Advisory services listed are provided by one or more of these entities, which are authorized in the appropriate jurisdiction to provide such services.
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We are committed to helping individuals, advisors, and asset managers invest in ways that are meaningful to them.
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What is Sustainable Investing?
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Environmental Issues Social Issues Governance Issues
Climate change and carbon emissions
Product safety Board composition
Air/water pollution Data protection/privacy Audit committee structure
Energy efficiency Gender and diversity Executive compensation
Water scarcity Employee engagement Lobbying
Waste management Supply chain management Political contributions
Deforestation Labor standards Bribery and corruption
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“...a company’s ability to manage environmental, social, and governance matters demonstrates the leadership and good governance that is so essential to sustainable growth, which is why we are increasingly integrating these issues into our investment process.”
Larry Fink, Chairman & CEO, Blackrock
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ESG Investment Growth
Regions:
g Representing a range of ESG approaches: g ESG integrationg Values-based screeningg Active ownershipg Thematic and impact investing
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Assets in ESG Strategies per Region
Source: Global Sustainable Investment Review 2016 for ESG asset data. Morningstar Direct for ESG fund asset data. All data is in billion dollars.
$12,040+11.7%
$8,723+32.7%
$1,086+49%
$526+911%
$516+247%
$623*$13*
$259* $8*
$30*
* Over 2,700 funds have an intentional ESG
mandate globally, representing $933 billion in
assets
0
50
100
150
200
250
300
350
2012 2013 2014 2015 2016 2017
ESG fund launches 2012-2017
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Global Institutional & Retail Sustainable Assets
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Source: http://www.gsi-alliance.org/wp-content/uploads/2015/02/GSIA_Review_download.pdf and http://www.gsi-alliance.org/wp-content/uploads/2017/03/GSIR_Review2016.F.pdf
Interest from retail investors continues to grow:
g Over 80% of Asset Managers cite client demand as the #1 reason behind ESG Product creation
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Younger investors leading the way
Source: Morgan Stanley Sustainable, Responsible, and Impact Investing Trends, 2016
HNW Millennials express greater interest in sustainable and impact investing
45%
55%
45%
82% 80% 78%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Overall Interest Sustainable Investing Impact Investing
HNW Overall HNW Millennials
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It is not Just Millenials…
Source: Sustainable Signals: The Individual Investor Perspective, Morgan Stanley Institute for Sustainable Investing, February 2015
60%
23%
76%
40%
0%
10%
20%
30%
40%
50%
60%
70%
80%
ESG Factors Important to Consider Seek Balance Between Return and Impact
Men Women
More women believe ESG important and seek Impact with their investments
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A need for portfolio-level ESG analytics
Asset Manager Advisor
Market Demand
Asset Owner
Individual Securities
Managed
ProductsPortfolios
Retail Investor
Investors, advisors, and asset managers will increasingly require portfolio-level information about the sustainability of their investments
Demand Broadens; Morningstar Responds
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Introducing Sustainalytics
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Sustainalytics at a Glance
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» Largest pure-play investment
research and ratings provider
dedicated to RI and ESG research
» Over 350 professional staff with more
than half engaged in research
» 25 years of experience in the fields of
ESG and Corporate Governance
research & analysis
» Owned by: Senior management,
Morningstar, PGGM, ABN AMRO
MeesPierson, Renewal Partners.
Who We Are
© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Sustainalytics at a Glance
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What We Do
» We help clients turn vast quantities of ESG and corporate governance information into effective
analysis to enable more informed investment decisions
» Help investors integrate ESG and Corporate Governance factors into investment processes
» Provide comprehensive ESG and Corporate Governance ratings and research across more
than 8,500 companies worldwide (expanding to 10,000 in Q4)
© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Sustainalytics at a Glance
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Our Fields of Expertise
© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Research Universe
17© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Access to Research
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Global Access
» Sustainalytics’
online research
portal.
» Search and filtering
functions
» Upload portfolios,
download reports in
Excel or PDF
FactSet
» Sustainalytics’ data
integrated in the
portal
» Numerical and text
» Accesible via
FactSet’s suite of
tools including
Portfolio Analysis
Bloomberg
» Top-level teaser
data available to all
terminal users
» Excel plug-in to
integrate
customised dataset
Data Feeds and API
» Quarterly or
monthly feeds
» Numerical and text
© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Our partnerships
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In March 2016, Morningstar launched publicly
available sustainability fund ratings using company-
level ESG ratings from Sustainalytics.
Partnership announced in February 2016, Glass
Lewis will integrate Sustainalytics’ ESG research and
ratings in its proxy research and vote management
platform.
Sustainalytics has a long-standing relationship with
Hermes Engagement Ownership Services who uses
our research to inform their engagement services.
© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Recent Developments
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» Expanded research universe coverage of around 10,000 companies with ESG research, 13,000
with Controversy research and 22,000 with Global Compact Compliance research.
» Sustainable Development Goals tool to support clients in identifying and reporting on
investments aligned with the SDGs. Includes positive product involvement research.
» Human Rights Radar to identify company risk exposures to Human Rights violations
» Carbon Risk Rating to identify company exposure to and management of carbon risks
» Full integration with FactSet with broad set of datapoints available
» Acquisition of Solaron Sustainability Services, to futher strengthen emerging markets expertise
» New offices in Tokyo and Sydney opened in 2016, including local analyst teams
© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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ESG Research
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▪ Annual review of company reporting: annual
reports, CSR reports, publicly available
policies, etc.
▪ Daily monitoring of 50,000+ news and
media sources
▪ Analysis by 100+ experienced analysts with
sector expertise
▪ Structural review by senior analysts
▪ Company feedback always included in the
research process
▪ Detailed and stringent Quality Management
System
▪ Events Oversight Committee conducts
additional review of any sever controversies
Research process and quality management
Company data
Media and news data
Events Oversight
Committee
Analysis
Quality and peer
review
Company feedback
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Company ESG Research
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Three Main Signals used by Investors
© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Signal 1: ESG Rating
24© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Examples of ESG Issues in our analysis
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Signal 2: Controversy Assessment
26© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Controversy Assessment
27© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Signal 3: Performance on Key ESG Issues
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» Performance on Key ESG Issues
» Company scores on key ESG issues
relative to:
» Peer Group Average
» Leading Practice Average
» Leading Practice Gap
© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Materiality: key themes for the year and beyond
29© 2018 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Carbon Risk Rating
SUSTAINALYTICS
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Assessment of Unmanaged Carbon Risk
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» The Carbon Risk Rating evaluates
Unmanaged Risk
» Every company has a different starting point –
its level of Exposure
» Some companies have risks they cannot
manage
» Systemic or Industry-specific Risks
cannot be managed
» Managed Risk is measured through a
companies policies, programs, management
systems, etc.
» Unmanaged Risk is the Unmanageable risk
and Management Gap
© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
Exposure
Manageable
Risk
Managed Risk Managed Risk
Unmanaged
RiskManagement
Gap
• Systemic
• Industry SpecificUnmanageable
Risk
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Measures Unmanaged carbon risk in Own Operations and Products & Services
© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Measures absolute risk
33© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
» Recognition that some Sub-industries have more exposure than others
» Understanding that Companies within each subindustry are also exposed differently than
their peers due to business model, production type, and geography
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Sustainalytics Carbon Risk Rating for Select Companies
34© 2017 SUSTAINALYTICS – CONFIDENTIAL & PROPRIETARY
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Morningstar Sustainability Rating Methodology
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Drill Down into ESG Pillars of a Fund
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Morningstar’s Sustainability Efforts So Far
Mar 16
Launched Sustainability Rating in partnership with Sustainalytics
Apr 17
Launched ESG fund reports and full fund holdings ESG info for the funds
Jul 17
Acquired 40% stake in Sustainalytics
Jan 18
Launched ESG Company level Data in Direct
Sep 16Introduced Sustainability index series
Jun 17Launched Product Involvement screens for the funds
Sep 17Launched ESG Select Lists
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Morningstar delivers sustainability data, tools, and ratings through a variety of platforms and services
Morningstar Sustainable Investing Ecosystem
Morningstar DirectSM
Presentation StudioAdvisor WorkstationMorningstar OfficeMPSEnterprise Components
EssentialsLicensed DataMorningstar Company Level ESG dataMorningstar ESG Fund Reports
ESG Indexes
ESG Offerings
Morningstar Sustainability Ratings and Analytics for 36,000 funds and ETFs
ESG Select Lists (US Only)
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ESG Essentials
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gOver 70 asset managers license Morningstar Sustainability Rating
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Portfolio Product Involvement Helps Investors Align with Their Values
gProduct Involvement for Portfolios assesses holdings exposure to: Adult Entertainment, Alcohol, Animal Testing, Contraceptives/Abortives/Stem cells, Controversial Weapons, Fur & Specialty Leather, Gambling, GMO, Military Contracting, Nuclear, Palm Oil, Pesticides, Small Arms, Thermal Coal, and Tobacco
gProduct involvement addresses investor values, but is not incorporated into the Sustainability Rating
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View and Screen ESG Company Data in Cloud
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Portfolio Carbon Metrics in Signature Morningstar Report
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gAvailable on Morningstar.com, Morningstar.co.uk, and Morningstar Cloud; added to European websites in June
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Screen and View Portfolio Carbon Metrics in Morningstar Cloud
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Sustainable Investing Research
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Research, articles and education on sustainable investing
g Weekly thought pieces on 11 Morningstar local websites reaching 10million+ investors
g 1200 Morningstar ESG media mentions in 2017 including FT, WSJ, Barron’s
g Advisor education
g Expert source for media
g Biweekly research articles/videos
g In-depth research papers
g Participation and visibility in field,
Local presence in 27 countries.