Sasja Beslik Head of SRI Banco/ABN AMRO Asset Management Investment x Responsibility = Profit 2...
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Sasja BeslikHead of SRI Banco/ABN AMRO Asset Management
Investment x Responsibility = Profit 22
INSTEAD OF JUST THE NEXT QUARTER, INSTEAD OF JUST THE NEXT QUARTER,
HOW ABOUT THE NEXT QUARTER OF A CENTURY…HOW ABOUT THE NEXT QUARTER OF A CENTURY…
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- Asset Manager specialist
- Unique SRI concept
- Charity/NGO supporting and SRI-funds
- 170 000 customers
- AUM: SEK 14 billion.
THE LEADING SRI MANAGER IN SWEDENTHE LEADING SRI MANAGER IN SWEDEN
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Investment policy setting…Investment policy setting…
Human Rights:Human Rights: UN Universal Declaration of Human Rights UN Convention on the rights of the child
Labour issues:Labour issues: ILO Core Conventions OECD guidelines for multinational corporations
Corruption UN Corruption Convention OECD guidelines for multinational corporations
Environment:Environment: UN Convention on biological diversity: Cartagena protocol on biosafety UN Montreal Protocol on substances that deplete the ozone layer UN Framework Convention on Climate Change: Kyoto protocol
Seeking for opportunities…by managing risks
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Coctail Molotov…trends
• Corporate Governance in international focus
• Increasing European legislation
• Increasing demand from institutional investors
• SRI is becoming more mainstream
• From passive exclusions to active engagement
• PRINCIPLES FOR RESPONSIBLE INVESTMENTS (PRI)PRINCIPLES FOR RESPONSIBLE INVESTMENTS (PRI)
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0
50
100
150
200
2004 2008E
SRI AuM and SRI Revenue are expected to grow rapidly in Europe
€173 BN
€93 BN
European SRI AUM (€BN)
CAGR1 : 1
7%
0
100
200
300
400
500
2004 2008E
European SRI revenue (€MM)
42% retail
58% institutional
20% retail
80% institutional
€420 MM
€240 MM
CAGR: 1
5%
1 CAGR = compound annual growth rate
41%
59%
20%
80%
In the US from 1995 to 2003, SRI AuM grew 40% faster than all
professionally managed assets in the US.
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Estimates suggest that retail SRI assets will double by 2008
Est. 04-’08 CAGR
0
5
10
15
20
25
30
35
40
2004 2008
SRI AUM (€BN)
Austria
Denmark
Switzerland
Germany
Italy
Netherlands
France
Sweden
UK
CAGR 1
6%
€18 BN
€35 BN
16%
24%
8%
22%21%
24%
11%
13%
8%
20%
Brazil
Norway 7%
SpainBelgium 10%
9%
Source: Feri FMI market data as of September 2004Mercer Oliver Wyman analysis
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Institutional AUM invested in SRI are expected to approach €140 BN by 2008
0
20
40
60
80
100
120
140
160
2003 2008
SRI AUM (€BN)
Germany
UK
SwedenBelgium
Brazil
Finland
15%
12%
11%
13%
6%
€75BN
€139BNC
AG
R: 1
3%
Netherlands
DenmarkNorway
17%
19%17%
Switzerland
Spain
20%22%
France
27%Italy
Austria29%
20%
38%
Source: Feri FMI market data as of September 2004, Mercer Oliver Wyman analysis
Est. ’03-’08 CAGR
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Piano in the Dark…Piano in the Dark…
• Fact that social & environmental responsibilities pay good dividend in the short and long-term.
• Assessment of future risks and long-term profitability
• Customer demand
• Media
• NGO’s
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Unforgettable…integration
SRI
Movement of SRI specialists e.g. Banco Movement of mainstream into SRI
Responsible investments
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Nothin’ Else… conceptNothin’ Else… concept
Social and environmental risk & opportunities perspective…”upside” Pro-active approach Engagement Knowledge transfer Active ownership
HOW and HOW GOOD? HOW and HOW GOOD?
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Social and environmental risks Internal policies and monitoring procedure CSR awareness and top management’s engagement Inclination to change
Talk is……cheap Talk is……cheap
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SRI investment process…SRI investment process…
Fundamental analysis
Follow up and Control
(compliance)
Ongoing monitoring
Drafting model portfolio
Screening/Applying the SRI criteria
Individual evaluation of companies
Selection of replacement stocks
Active engagement
Classification of companies
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Better by the Pound…
• Type of business operations
• Geographies
• Risk exposure & link to product and service opportunities• Risk of biased information • Complex evaluations• Media’s attitude
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What is reasonable…What is reasonable…
• Integration of social,environmental and ethical issues in daily business operations
• Risk/problem management & “upside” story
• Humble – open – sensitive outlook
• Top down process
• External reporting
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Sustainability performance
Fina
ncia
l per
form
ance
Ideal Spot
Before…Before…
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Sustainability performance
Fina
ncia
l per
form
ance
Ideal Spot
Now…Now…
Ideal Spot
Ideal Spot