Broadening Activism Among Institutional Investor Classes on ESG Issues – Here to Stay, Says Proxy Advisor CEO

“Operating under the radar” — that is, various categories of institutional investors getting active in the “investor activist” game?  Bruce Goldfarb, CEO of Okapi Partners, describes a sea change that he sees that is underway, the trend in how large institutions are approaching in the [investor] push for corporate change.  The lens is the annual corporate proxy season and the many campaigns therein, including the 2017 campaign.  Okapi is one of the influential proxy advisors for both investor and companies, working on some 48 campaigns during 2017.

What did the firm’s leader see as patterns?  Well, for starters, large mutual fund advisories and ETF complexes (like Vanguard, Fidelity, BlackRock, State Street) — these organizations with many trillions’ of dollars in corporate holdings in their portfolios, “…have become increasingly intent on holding public company boards and management teams accountable in higher ESG standards,” CEO Goldfarb notes in our Top Story (published on the digital Forbes Investing platform).

As many of us well know, the first iteration of ESG was about the “G” — for several decades, the focus was on corporate governance issues.  (Such as: investors pushing for separation of Chair and CEO, the often described example of a popular campaign in the G space).  Over time, the emphasis on environmental and social issues (“E” and “S”) broadened the approach to the familiar ESG measurements because the E and S issues are tied to share performance and confidence (or lack of) in management.

The CEO in the interview points out that a climate change proposal at ExxonMobil recently was passed by a wide margin (investors supported the demand that the company publish an annual assessment of the impact of global warming policies) while a decade ago a push by investors in proxy campaigning to separate chair and CEO positions and a few environmental proposals failed by a very large margin.  Things are a-changin’ in the proxy arena.

In 2017, there have been (so far) 430 resolutions filed that address “S” and “E” issues, compared to 370 a year earlier.  Investors, says CEO Goldfarb, see the connection between ESG policies and stock performance more clearly now.

In our conversations with corporate managers (at all size enterprises) it is clear that the managers want to press the Investing Case upward to their bosses in the C-suite and board room.  Why should we make the investment in a sustainability effort, the question often goes, and the answer is that among other things, corporate performance and a scorecard of sorts on top management has a proxy, too — that is, the ESG performance of the enterprise!

You’ll find more from perspectives shared by the Okapi Partners CEO in the Forbes interview by staffer Antoine Gara in our Top Story this week.

Top Stories This Week…

An Insider Explains Why Wall Street’s Big Money Focus On Sustainability Is Here To Stay
(Friday – July 28, 2017)
Source: Forbes – When a hedge fund launches a major activist campaign calling for changes at companies here and in overseas markets it’s real news.

RESEARCH RESULTS: Using The GRI Sustainability Reporting Framework Improves The Quality of ESG Disclosures – Joint Research From G&A Institute and Baruch College Shows

(July 18, 2017 – New York, NY) — Governance & Accountability Institute, Inc. is the data partner for the Global Reporting Initiative (GRI) in the United States, United Kingdom, and The Republic of Ireland. In this role the Institute monitors, collects and analyzes every sustainability report published in these three countries. The results of this pro-bono work help to feed the GRI’s “Sustainability Disclosure Database,” the largest sustainability database in the world, with 41,734 sustainability reports as of June 30th, 2017.

In addition to this important work, G&A Institute has analyzed the corporate sustainability (and related titles) reporting of the S&P 500® universe of companies for six years in a row, first releasing its benchmark studies on the 2010 reporting year.

In the first year of the study, for 2010 reporting, G&A Institute determined that 80 percent of the leading large-cap companies of the United States of America included in the index were laggards, and not publishing sustainability reports. Generally speaking, this result clearly demonstrated that U.S. companies were lagging many of their corporate peers in Europe where the rates of reporting on Environmental, Social and Corporate Governance (ESG) issues were much higher and reporting is increasingly mandated.

Since then, there has been a dramatic increase in the S&P 500 universe companies, with 53% of the S&P 500 companies reporting in 2012; 72% reporting in 2013; 75% reporting in 2014; 81% in 2015, and in the most recent flash report issued by G&A Institute 82% of the S&P 500 were reporting in the 2016 calendar year. See more here: http://www.ga-institute.com/press-releases/article/flash-report-82-of-the-sp-500-companies-published-corporate-sustainability-reports-in-2016.html.

The dramatic rise in corporate reporting on sustainability is holding steady, with an increasing number of companies disclosing their strategy and performance on ESG metrics.

But Now That Most Companies Are Publishing Sustainability Reports the Question Arises: What is the Quality of the Content of These Reports?

To explore the answers, G&A teamed with The CSR-Sustainability Monitor® (CSR-S Monitor) research team at the Weissman Center for International Business, Baruch College/CUNY, to combine their partners’ “Big Data” sets to extract deeper intelligence on the subject.

Baruch’s CSR-S Monitor uses a content analysis approach to score CSR / Sustainability reports published by the world’s largest companies as identified in Fortune 500 and Global 500 rankings. The CSR-S Monitor scoring methodology categorizes the content of each report into 11 components called “Contextual Elements,” which cover the most commonly reported sustainability topics:  Chair’s / Executive Message, Environment, Philanthropy & Community Involvement, External Stakeholder Engagement, Supply Chain, Labor Relations, Governance, Anti-Corruption, Human Rights, Codes of Conduct, and Integrity Assurance.

More info on these 11 contextual elements can be seen online at: http://www.csrsmonitor.org/methodology/contextual_elements.pdf
(Note that only disclosure in the form of a standalone or web-based CSR report or Integrated Annual Report is considered for the purpose of scoring on the CSR-S Monitor.)

The Question Asked on The Combined “Big Data” Sets Is: 
Does Reporting Using The GRI Sustainability Reporting Framework Result in Higher Quality Reports?

The partners set out an ambitious study to answer this question through examining the quality of information and degree of verification provided in the reports that were identified as utilizing the GRI reporting frameworks, and the ones that did not.

Question Posed
Is there a difference between the world’s leading companies following the GRI guidelines and those not doing so? Short answer: Yes! CSR-S Monitor found that a supermajority of the large-cap companies do follow the Global Reporting Initiative (GRI) guidelines, and following the GRI guidelines makes a big difference in most categories.

Highlights of the Analysis
The partners’ data sets matched up on 572 companies which were included as the Universe for this study. The data are taken strictly from reports published any time during the calendar year 2014. The CSR-S Monitor analysts scored companies on their disclosure on the 11 contextual elements, based on information quality and degree of verification. The G&A data were used to separate the scored reports into two buckets, those that utilized the GRI framework, and those that did not. There were a total of 481 (or 84%) companies publishing using the GRI framework, and 91 (16%) companies not using the GRI framework.

Results of Analysis 
Companies using the GRI framework consistently achieved average contextual element scores higher than the companies not using GRI for their reporting (scores are from 0-100 with 100 being the best).

  • Overall, the score was 45.7% for GRI reporter, vs. 29.6% for non-GRI;
  • For the Environment element, GRI reporters scored 64.9% vs. 51.0% for non-GRI;
  • For Labor Relations, GRI reporters scored 55.8% vs. 36.7% for non-GRI;
  • For Supply Chain, GRI reporters scored 46.6% vs. 28.2% for non-GRI;
  • For Anti-Corruption, GRI reporters scored 26.4% vs 10.4% for non-GRI;
  • For Integrity Assurance, GRI reporters scored 31.0% vs. 13.3% for non-GRI;
  • The largest differential was for Human Rights, with GRI reporters scoring 45.0% vs. 15.0% for non-GRI reporters.

Mert Demir, PhD, Director of Research at Weissman Center, commented on the CSR-S Monitor analysis:  “CSR-Sustainability Monitor scores reflect the breadth, depth, and degree of external/independent verification of the information in corporate sustainability reports, regardless of the firm’s underlying ESG performance. While sustainability reporting has become more mainstream over time, these reports still show limited standardization and considerable variation in content and quality, preventing effective comparisons of their information across time as well as among peers. Though stakeholders often find these reports core to their evaluation of a company, these issues make using them effectively challenging.

“The Monitor’s scores indicate these concerns have mostly been addressed with the adoption of a reporting framework such as GRI’s. GRI-compliant reports achieve significantly higher quality scores across all main domains of sustainability reporting. As companies pursue sustainability objectives, they increasingly face the necessity to address growing stakeholder concern and expectations regarding comprehensive, detailed, and material ESG information to complement financial information they believe to be insufficient to assess the big picture alone. And in this respect, following a reporting framework—GRI in particular—seems to make a big difference.”

Louis D. Coppola, MBA, Executive VP of G&A Institute and architect of the G&A Institute’s various research efforts including the S&P 500 studies, commented: “As we continue our in-depth analysis of corporate sustainability and responsibility disclosure and reporting, it is abundantly clear, year-after-year, that companies following the comprehensive GRI framework enjoy higher scores assigned by independent third party providers on a range of ESG factors important to stakeholders.

“The simple fact is that standardized sustainability reporting helps companies and its stakeholders, including investors to better utilize the information disclosed for decision making. Companies not following the GRI framework, by far the most commonly used sustainability reporting framework in the world, are consistently out-classed by their GRI reporting peers.

“By July 2018, companies reporting utilizing GRI will be required to utilize the new GRI Standards that were released in October 2016, to replace the fourth generation GRI G4. The GRI Standards are the first global standards for sustainability reporting and feature a modular, interrelated structure allowing for more flexibility in updating and in usage. The GRI Standards represent the global best practice for reporting on a range of economic, environmental and social impacts.”

# # #

About CSR-Sustainability Monitor Report
The organization reports on the quality of CSR / Sustainability reports from the world’s largest companies. Using a content analysis-based system to score corporate reports; there are 11 contextual elements scored, based on scope of coverage, specificity of detail, and degree of verification. Companies in the Fortune 500 and Fortune Global 500 Indices are included in the analysis.

About The Weissman Center
Founded in 1994, Baruch College’s Weissman Center for International Business is designated to enable Baruch College/CUNY to respond to the global economy with programs appropriate to a pre-eminent school of business. The Center created the CSR-S Monitor as a tool for analyzing the CSR reporting by the largest U.S. and global companies; in the screening process, analysts measure the degree to which the reporting company provides integrity assurance as to accuracy and completeness of information disclosed.

About Governance & Accountability Institute, Inc.
Founded in 2006, G&A Institute is a sustainability consulting firm headquartered in New York City, advising corporations in executing winning strategies that maximize return on investment at every step of their sustainability journey. The G&A consulting team helps corporate and investment community clients recognize, understand and address sustainability issues to address stakeholder and shareholder concerns.

G&A Institute is the Data Partner for the Global Reporting Initiative (GRI) in the USA, UK and Republic of Ireland. A G&A team of six or more perform this pro bono work on behalf of GRI. Over the past six-plus years, G&A has analyzed more than 5,000 sustainability reports in this role and databased more than 100 important data points for each of the [thousands of] reports.

G&A’s sustainability-focused consulting and advisory services fall into three main buckets: Sustainability/ESG Consulting; Communications and Recognitions, and Investor Relations. The resources available within each bucket include strategy-setting; sustainability/CSR reporting assistance; materiality assessments; stakeholder engagement; ESG benchmarking; enhancing investor relations ESG programs; investor engagement; investor ESG data review; sustainability communications; manager coaching; team building; training; advice on third party awards, recognitions, and index inclusions; ESG issues monitoring and customized research.

About *S&P 500® Index
According to S&P Dow Jones Indices / McGraw Hill Financial: “The S&P 500® is widely regarded as the best single gauge of large-cap US equities. There is over US$7 trillion benchmarked to the index, with index assets comprising approximately US$1.9 trillion of this total. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.” The S&P 500 is a trademarked® property of S&P Dow Jones Indices, McGraw Hill Financial. Ticker: SPX

About Fortune Indices
According to Fortune.com: “The Fortune Global 500 is our annual ranking of the largest 500 corporations worldwide as measured by total revenue, whereas the Fortune 500 is exclusively U.S. corporations… Companies are ranked by total revenues for their respective fiscal years.” Copyright 2017 Time Inc. FORTUNE® and the FORTUNE Database names are trademarks of Time Inc. All rights reserved.

For more information, contact Governance & Accountability Institute:
Louis D. Coppola
Executive Vice President & CoFounder
Tel: 646.430.8230 x14
Email: lcoppola@ga-institute.com

Conversation with Professor Baruch Lev at NYU: Is Accounting Outmoded?

The book: The End of Accounting.

July 17, 2017

by Hank Boerner – Chairman and Chief Strategist – G&A Institute

Questions:  Is Accounting as we know it now outmoded … beyond Its usefulness to investors? We share with you today the views of a global thought leader on Accounting and Corporate Reporting — Dr. Baruch Lev of Stern School of Business at New York University.

Professor Lev’s shares his views of the vital importance of intangibles to investors, with his call for far greater corporate transparency being needed … including his views on the importance of CSR and sustainability.

His latest work:  The End of Accounting – and the Path Forward for Investors and Managers — authored by Dr. Baruch Lev and Dr. Feng Gu of the University of Buffalo/ SUNY.  The professors’  important new work is the result of three years of research and collaboration, In the book they that suggests new approaches are needed to reform “old” accounting practices to provide more information of value to investors, who are mostly ignoring corporate accounting.

And as read the book, we were thinking:  what about ESG – CSR – Sustainability – and other new approaches that do focus on many intangible aspects of corporate operations?  We had a conversation with Dr. Lev and share his views on this and more with you today.

After reading the book, readers may ask:  Is this about the “The End of Accounting?” Or, “The Beginning of Really Useful Financial Information for Investors?”  My view:  It’s both!

And we discuss needed reforms in corporate reporting, for you to think about:  Are U.S. public companies prepared to publish the authors’ recommendations for a Resources and Consequences Report for investors’ benefit?  Read on to learn more…

And for sustainability / CSR professionals: This is an important new work for your consideration that focuses on the importance of intangible information for investors to help guide their decision-making.

First, some background:

Accounting as we know it has been around for 500+ years. Fra Luca Bartolomeo de Pacioli, the Italian mathematician (c 1447-1517) set out the principles of the double-entry bookkeeping system for the merchants of Old Venice in his 1494 work, Summa de Arithmetica, Geometria, Proportioni et Proportionalita, a very important textbook of the day.

This “Father of Accounting” put forth the important concepts of ledgers, journals, credits and debits (and the balancing of same); A/R, A/P, Cost Accounting and much more. His is a rich legacy in the accounting and business worlds. **

But now, Professor Baruch Lev posits in his work with colleague Professor Feng Gu, we really need to reform this five-century-old approach to how we account for the financials and think and act way beyond the traditional.

Their Recommendations:

Let’s begin with the corporate “intangibles” – some investment professionals still speak of a company’s ESG / Sustainability / Responsibility strategies, programs and actions, achievements, and the burgeoning reportage of same (data & narrative) as addressing the intangibles (and not “the tangibles,” represented by the financial data).

But many analysts and asset managers look far beyond the financials to help determine the valuation of a public issuer. For example, veteran financial analyst Stephen McClellan, CFA, formerly VP and head of research for Merrill Lynch and author of the best seller, “Full of Bull,” has told conference audiences that as much as 80% of a corporate valuation may be based on the intangibles.

Writing for investors, Professors Lev and Gu put forth their suggestions for dramatic accounting and corporate reporting reform. They “establish empirically” in their work that traditional corporate accounting is failing investors and reforms are needed.

Their recommendation: have companies publish a “Resources and Consequences Report” with five main elements:

  • Development of [Corporate] Resources;
  • Resource Stocks;
  • Preservation of Resources;
  • Deployment of Resources;
  • Value Created.

Some of the information could be financial, as in today’s disclosures. But other information could quantify data, and there could be qualitative information as well. (Sounds like we are looking at some of the sustainability reports of corporate sustainability leaders?)

The elements of the report the good professors recommend:

Development of Resources: Detailed descriptions for investors of the company’s important internal research efforts, the R&D advances, the further development of present technologies to leverage to create value, etc. After “proof of concept,” how does the R&D contribute to the value of the company?

Resource Stocks: The company’s intellectual properties, the assets that are the foundation of investor value. (Patents, trademarks, processes, etc. — all “intangibles” that are in fact very tangible to investors.)

Preservation of Resources: The safety/security of such things as a company’s digital assets, IT, IP, and so on; are there cyber attacks? Was there damage – to what extent? What does the company do about these attacks? How does the company manage and secure its acquired knowledge?

Deployment of Resources: As the company creates “value,” how are the strategic resources deployed? How does the company use its intellectual assets?

Value Created: Here the professors would like to see reported the dollar results of all of the above. Companies would describe the changes in Resource value(s), and describe the nature of value (for a company with a subscription model, what is the value of the individual subscription; what is the value of a brand, etc.)

Notes Dr. Lev: “We suggest and demonstrate a new measure: adjusted cash flows.”

Highlights of our conversation:

G&A Institute: Your new book offers very powerful arguments for fundamentally changing present-day corporate accounting and the way that investors do or do not pay attention to that accounting in their analysis and portfolio decision-making. There are a lot of vested interests in the present system; can the accounting and corporate disclosure and reporting systems be changed to reflect your recommendations?

Dr. Lev: Things change very slowly in accounting policies and practices. The systems is changing, in that public company managements are disclosing a considerable amount of information that is beyond that required for SEC filings, in the areas that we touch on in examples in our book. So there is progress. But not fast enough, I believe, to really serve investors.

G&A Institute: The SEC months ago published a Concept Release requesting public input on the present methods of corporate disclosure. We were encouraged to see more than a dozen pages in the document devoted the question of ESG metrics, sustainability information, and the like. Your thoughts on this?

Dr. Lev: We have not seen any further communication on this and there are no rules proposed. Will the new administration take any of this seriously?

Observes Dr. Lev: There are now many corporate financial statements that virtually no one understands. There is great complexity in today’s accounting. When we look at the US Environmental Protection Agency and environmental rules, we see that once rules are in place, they are constantly debated in the public arena. Unlike the EPA situation, there is presently no public interest in debating our accounting rules.

G&A Institute: Well, let me introduce here the subject of the SASB approach — the Sustainable Accounting Standards Board (SASB). Of course, the adoption of the SASB approach by a public company for adopting to their mandated reporting is voluntary at this time. What are your thoughts on this approach to this type of intangibles disclosure?

Dr. Lev: Well, the SASB recommendations are built on top of the present approach to accounting and reporting. In effect they leave the financial reporting system “as is,” with their rules built on top of a weak foundation as we outline in the book. I’ve said this at the SASB annual conference and my comments were very well received.

I did point out that the SASB approach is quite useful for investors. But the demand for voluntary disclosure by companies could create an invitation for lawsuits all over the world, if certain disclosures were made regarding a company’s environmental impacts.

G&A Institute: Well, aren’t investors seeking information such as environmental performance, as well as related risk, opportunity, more of the “E” of ESG strategies, performance, and metrics?

Dr. Lev: It depends on the setting. Our book was in process over a three-year period. My co-author and I devoted an entire year to analyzing hundreds of quarterly analyst (earnings) calls. Keep in mind that an analyst may have just one opportunity to ask the question. There were no — no — questions ever raised about ESG performance, corporate sustainability, and related topics. We reviewed, as I said, hundreds of earnings calls, with about 25-to-30 questions on each call.

G&A Institute: What kinds of questions may be directed to corporate managers on the calls about intangible items?

Dr. Lev: There were questions about the R&D efforts, the pipeline for example for pharma companies. Customer franchise was an important topic. Changes in U.S. patent law resulted in much more information being disclosed by the U.SPatent Office related to the filings. The entire argument made for patent filing, for example, and this is a subject the analysts are interested in.

G&A Institute: Are there any discussions, analyst and corporate, about ESG/sustainability?

Dr. Lev: Yes, these questions are mostly in the one-to-one conversations. A challenge is that in my opinion, the ESG metrics available are not yet at investment-grade. There is a good bit of investor interest and discussion with companies about sustainability. The factors are quite relevant to investors. But the “how-wonderful-we-are” communications by large public companies are not really relevant to investors.

G&A Institute: What kinds of information about the CSR or environmental sustainability intangibles, in your opinion, is of importance to investors?

Dr. Lev: Think about the special capabilities of the public corporation. The organization typically has special capacity to do good. Not just to donate money, which is something the shareholders could do without the company. But to share with the stakeholder, like a community organization, the special know how and other resources to make good things happen. The world really expects this now of companies. Call it Corporate Social Responsibility if you like.

The Cisco Example

Explains Dr. Lev:  Cisco is a fine example of this. The Company has a Networking Academy, and they invite people to enroll and take free educational courses to learn more about networking. There have been millions of people graduating from this academy and receiving certificates. Cisco management leverages its special capacity in doing this. And it is a good idea if you think about the impact of this far-sighted approach to generate more interest in and business with Cisco.

The Home Depot Example

Another example he offers is Home Depot. The company teams with an NGO – Kaboom — to build playgrounds for children. In terms of special capacity, HD does provide materials, but also provides company legal talent to help situate the playgrounds in the neighborhood. That is far more than throwing money at a community need.

Dr. Lev Observes:  I think one of the issues is that the terminology is not clear. CSR — what is it? Good or bad for investors? Having good ideas and special capabilities is key, I think.

We asked about Dr. Milton Friedman’s Views on CSR

G&A Institute: This brings us to one of your former colleagues, Dr. Milton Friedman of the University of Chicago, who famously wrote in a New York Times magazine article that CSR is, in effect, hokum, and not the business of the company. Shareholders well being should be the main focus, and through dividends and other means, if a shareholder wants to give the money away, they can do that…not the company.

Dr. Lev: I was a student of Dr. Friedman and later a colleague at the University of Chicago after I got a Ph.D. He was a brilliant man. In my opinion, he was the greatest economist of the 20th Century and I put him on a pedestal. He liked to introduce a subject and then generate great debate on his suggestions, which he felt people could accept or reject. That, I think, is the case with his famous commentary on CSR. See, we are still debating his views today. He was proved right so many times during his time.

G&A Institute: Let’s conclude this talk with a question: Do you see a value for investors in accepting, or better understanding, such terminology as CSR and sustainability and sustainable investing?

Dr. Lev: Yes, these are important approaches for companies and investors. Four years ago I devoted a chapter to CSR in my book, “Winning Investors Over.” My views are fully set forth in the recent article, “Evaluating Sustainable Competitive Advantage,” published in the Spring 2017 issue of Journal of Applied Corporate Finance.

Notes Dr. Lev:  About “CSR” — there are other terms used, of course. Varying titles are very confusing. It is not always clear what CSR or sustainability may mean. For example, the Toyota Prius is a good approach to auto use. Is manufacturing that car “good CSR,” or just good business? A measure of sustainability? CSR is hard to define, sometimes. Good corporate citizenship is good for business and good for society, I believe.

G&A Institute: Thank, you Dr. Lev, for sharing your thoughts on accounting and the reforms needed, in your book and in this conversation.

# # #

Footnotes:

The book:: The End of Accounting – and the Path Forward for Investors and Managers … by Dr,Baruch Lev (Philip Bardes Professor of Accounting and Finance at the NYU Stern School of Business and Dr. Feng Gu (Associate Professor and Chair of the Department of Accounting and Law at the University of Buffalo).

Published by Wiley & Sons, NY NY. You can find it on Amazon in print and Kindle formats.

# # #

Dr. Baruch Lev is the Philip Bardes Professor of Accounting and Finance at New York University Leonard Stern School of Business; he teaches courses in accounting, financial analysis and investor relations. He’s been with NYU for almost 20 years.

Dr. Lev is author of six books; his research areas of interest are corporate governance, earnings management; financial accounting; financial statement analysis; intangible assets and intellectual capital; capital markets; and, mergers & acquisitions.

He has taught at University of Chicago; the Hebrew University of Jerusalem; Tel Aviv University (dean of the business school); University of California-Berkeley (business and law schools). He received his Bachelor of Accounting at Hebrew University; his MBA and doctorate (Accounting/Finance) are from the University of Chicago, where he was also a professor and (student of) and then academic colleague of Nobel Laureate (Economic Sciences-1976) Dr. Milton Friedman (1912-2006).

# # #

Dr. Milton Friedman’s article — “The Social Responsibility of Business is to Increase its Profits”; published in The New York Times Magazine, issue of September 13, 1970. The commentary for your reading is here: http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html

# # #

** Thanks to the “International Accounting Day” account of Luca Pacioli’s life, his work and his legacy. There is information available at: http://accountants-day.info/index.php/international-accounting-day-previous/77-luca-pacioli

Where Are We Now With Climate Change Solutions After the G20 Meeting and the Trump White House Abandonment of COP 21/Paris Agreement?

All eyes were on Hamburg, Germany last week as the leaders of the “G20″ nations** gathered. High on the agenda was climate change and sustainable development.  Mixed messages came out of the gathering, but as Jens-Peter Saul explains in our first Top story, even if governments can’t agree in such gatherings, private industry is moving forward in providing climate change solutions.

These include solar and wind power, which investors are finding attractive these days. Low-carbon organizations and networks are attracting new members and partners.  Where? — in the USA, North Africa, Europe, China and elsewhere.  So, says the author of the HuffPo piece, while having visionary political leaders is important, response companies with strong commitment to clients and the society can also boost the sustainability agenda and provide solutions to address climate change challenges.

Author JP Saul is CEO of the Ramboll Group, a leading engineering and design firm based in Denmark. The company’s global work is across Buildings, Transport, Urban Design, Water, Environmental, and Health.  Ramboll Group helps to create more resilient cities, it says, helping municipalities to adopt to climate change.

At the end of the G20 meeting, the media were reporting…”G20 Ends on Anxious Note as World Leaders Remark on Trump’s Climate Defiance…”
There’s more on this for you in Top Story #2 — G&A Institute Chair and Chief Strategist Hank Boerner is interviewed by Forbes columnist Chris Skroupa on the stance of the Federal government regarding the progress made at COP 21 in Paris and now the way forward for the United States as the Trump White House abandons the Paris Agreement.

There is great hope for the USA to continue making progress toward the 2-degree goals of COP 21 thanks to the efforts of the public sector (states, cities, municipalities); large and small corporations; trade associations; and especially investors.

Top Stories This Week…

Boosting global sustainability is not dependent on G20
(Wednesday – July 05, 2017)
Source: Huff Post – Germany’s plan to boost climate and sustainable development at the G20 summit in Hamburg next weekend is arguably crumbling. But that does not mean that the climate and sustainability agendas are crumbling.

Climate Change — What Now With The White House Abandoning The Paris Agreement?
(June 10, 2017)
Source: Christopher P. Skroupa, Forbes – 
Hank Boerner: In the Paris meetings, the United States voluntarily agreed to cut Greenhouse Gas emissions by 26 to 28 percent below 2005 levels and to commit up to $3 billion in various aid to poor countries by 2020. A small amount of money overall, we could say, and thanks to many actions already taken, we are cutting our greenhouse gas (GhGs) emissions as a nation.

SUSTAINABILITY REPORTS DATA ANALYST INTERNSHIP AVAILABLE AT GOVERNANCE & ACCOUNTABILITY INSTITUTE

Opportunity:  Learn to Analyze Data and Interpret Content from Global Reporting Initiative (GRI) Sustainability Reporting

Position:  Sustainability Report Data Analyst Internship Available (supporting  G&A’s GRI Data Partner Relationship)

Location: Virtual 
Work is done remotely with a flexible work schedule – at your own location.  Initial training via Web. G&A offices are located in NYC.

Time Requirements: Position requires approximately 10 hours a week and begins ASAP.  The timing of the work is flexible and can be done remotely for a majority of the time required.  The internship will take place starting in July 31, 2017 and ending February 28, 2017.

Description
Founded in 2006, Governance & Accountability Institute is a New York City-based company that specializes in research, communications, strategies and other services focused on corporate sustainability and corporate ESG performance (“Environmental, Social, Governance”) issues.

G&A is offering the opportunity for an internship for a qualified student interested in learning more about these topics. G&A Institute interns learn important elements about the GRI Standards for Sustainability reporting as well as other common frameworks such as CDP, RobecoSAM CSA (DJSI), SASB, IIRC, SDGs, and many others that can be used in their future work situations.

This is a very fast growing area of interest to corporations and Wall Street.  The GRI reporting framework is the most widely used in the world for these types of reports.

G&A is the exclusive data partner for the United States, United Kingdom and Republic of Ireland for the Global Reporting Initiative (GRI).  The Global Reporting Initiative is a non-profit organization that promotes the use of sustainability reporting as a way for organizations to become more sustainable and contribute to sustainable development.

GRI provides all companies and organizations with a comprehensive set of sustainability reporting standards that are the most widely used and respected around the world.  Currently thousands of global organizations use the GRI to report on their Environmental, Social, and Corporate Governance (ESG) strategies, impacts, opportunities and engagements (www.globalreporting.org).

As the exclusive US, UK and Ireland data partner of the GRI, Governance & Accountability Institute’s role is to collect, organize, and analyze sustainability reports that are issued by corporations, public entities, not-for-profits and other entities in the United States, United Kingdom and Republic of Ireland for the benefit of all stakeholders.

The Intern Opportunity
In this role, the analyst will work as part of a team to analyze Sustainability reports for inclusion in the largest global database of Sustainability reports, the GRI’s Sustainability Disclosure Database (database.globalreporting.org).

Learning to read, analyze, use, and structure data from reports using the GRI Standards, GRI G4, GRI-Reference as well as NON-GRI corporate and institutional reports will comprise the majority of this assignment.  The research will also contribute to several published research reports on various trends in sustainability reporting which are widely referenced by media, academics, business, capital markets players and other important sustainability stakeholders.

The student(s) selected will have the opportunity to experience a fast-paced, highly-adaptive (and nurturing) culture in a small but growing company with a unique niche. This is a hands-on position with considerable learning opportunity for those headed for a career in corporate responsibility, sustainability, citizenship, or impact investment.

G&A interns get public recognition for their work in our published reports, on our web platform and in other ways. To see what other interns have been doing (and their backgrounds) check out the intern Honor Roll at http://www.ga-institute.com/about-the-institute/the-honor-roll.html

Requirements
Applicants should demonstrate:

  • Strong background and keen interest in ESG and Sustainability issues and topics.
  • Basic understanding of business and the capital markets.
  • Strong technical, communication, and organizational skills.
  • Research and Analysis experience, a preference if focused on sustainability topics.
  • Basic skills in Excel / Google Sheets and researching on Google are required.
  • Self-driven and Independent ability to meet expectations and deadlines.
  • Must be fluent in English, additional languages are a plus.
  • Applicants with writing and editing abilities will have preference.

Application Process
Interested students should send a resume outlining education and skill sets. As an option, a one to two page introduction essay on what you would like to learn more about (in terms of your career goals), what your interests are, and anything else you feel may be relevant to the job/our organization will also be welcomed.    Samples of writing or research on sustainability or other topics are also a plus.

Send application materials to Governance & Accountability Institute at:
lcoppola@ga-institute.com & agallagher@ga-institute.com

Resolved! The USA Will Move Forward Despite the Administration’s Cancellation of the Cop 21 -the Paris Accord

“Resolute!” – The root of the word comes down to us from the ancient Latin, meaning (over many centuries) to decide on and stay with a course of action.  We’re seeing that these days in the “resolve” of the US corporate community, in the resolute actions of many cities and municipalities, in the actions of a growing number of US states, and among institutional investors of all types, shapes and forms.

Their resolution?  To stay the course on addressing climate change issues as the Trump Administration swerves off the road and into the ditch with the abandonment of the COP 21 Paris Accord by the national government of the United States of America.

In our brief Top Story, we see comment highlights from an Environmental Leader conference, with experts Phil Pinson and Tim Porter.  The pair looked at White House actions and changes within US EPA and Department of Energy and observed that what actions and issues had in common now was “uncertainty” as to the future course of action.

What’s driving sustainability now without the official “push” of our national governmental infrastructure?  For companies: compliance; corporate mission; business performance; employee satisfaction; industry (peer) recognition…and this means (they said at the conference) companies are holding firm with 50% of those surveyed are showing no change in budgeting for sustainability.

At G&A Institute, we’re seeing many positive trends from 2016 and earlier holding fast even with speed bumps thrown up — like exiting the Paris Accord and being in the same category now as Syria and Nicaragua as national holdouts!

During 2016, G&A Institute Chair Hank Boerner assembled the trends that were driving Corporate Sustainability and Sustainable Investment forward — most are still powerful, positive drivers for change.  Trends Emerging! Looking Ahead of the Curve at ESG, Sustainability, CR, SRI Progressis available for you with our compliments — you can download your copy of Hank’s collected commentaries at:  http://bit.ly/TrendsConverging

Readers will continue to receive updates on the book’s content as conditions warrant — Hank shared his perspectives on the post-Paris environment with readers.

Send us your views on the post-Paris environment as the corporate, public, social and investment sectors continue to move forward.

Top Stories This Week…

Sustainability Will Endure Despite Trump’s Approach, Experts Say
(Monday – June 12, 2017)
Source: Environmental Leader – In the era of Trump, will the practice of sustainability remain a business priority? The answer is that 73% of companies expect their commitment to be the same while 21% plan to increase their involvement. Only 7.7% plan to…

Meet Donald Schepers, PhD – Associate Dean, Zicklin School of Business; Professor Of Management, Baruch College/CUNY @ #Intro2ESG Training

Presenting at Introduction to ESG, Sustainable & Impact Investment OneDay Training
The How & Why of Applying ESG to Corporate Valuations
Hosted by Zicklin School of Business at Baruch College/CUNY on June 15th

Introduction:  For professionals in the capital markets, and in the corporate sector, G&A Institute and Global Change Associates are teamed to present a one-day professional training program, hosted by Zicklin School of Business at Baruch College/CUNY, in midtown Manhattan.  This is an excellent introduction to the application of ESG factors to investment making decisions and corporate valuations.  Find out more at https://intro2esg.eventbrite.com

ESG = the corporate environmental, social or societal and corporate governance factors to be evaluated by the financial analyst, asset owner, asset manager, and others in the capital markets in looking beyond the financial in selecting public companies for “buy/sell/hold” portfolio management decisions. (This is also referred to as “sustainable investing,” “impact investing,” and similar titles by practitioners.)

The outstanding faculty presenting during the one-day course will include experts in ESG / sustainable / impact investing, covering topics such as best practices; data sources; analytical tools; research resources; methodologies; why ESG matters; and realized outcomes using these approaches to analysis and investment management.

MEET ONE OF YOUR COURSE LEADERS
Donald Schepers, PhD
Associate Dean, Zicklin School of Business; Professor Of Management, Baruch College / CUNY
TOPIC: Welcoming Remarks

 

* * * * * * * *
CAREER BACKGROUND: DONALD SCHEPERS, PHD

Donald H. Schepers is Associate Dean of the Zicklin School of Business and Professor of Management at Baruch College, City University of New York. Dr. Schepers teaches Social and Governmental Environment of Business, Corporate Governance, and Business Ethics to MBA and Executive MBA programs. Dr. Schepers also teaches Strategic Planning and Control in the Baruch/Mt. Sinai Healthcare Administration MBA program.

He is frequently called on for his expertise is:

  • corporate political campaign activity and disclosure;
  • corporate governance and codes of conduct;
  • socially responsible investing;
  • The impact of non-governmental organizations on business policy.

Professor Schepers has published in Organizational Behavior and Human Decision Processes; Business and Society Review; Business and Society; Journal of Business Ethics; Human Resource Management Review; Corporate Governance; and, Journal of Behavioral and Applied Management.  He has numerous cases and book chapters to his credit.

He is a member of the Society of Business Ethics; the Academy of Management; the Eastern Academy of Management; the International Society for Business, Economics and Ethics; and, the International Association of Business and Society.

Prior to receiving his PhD, he taught high school science and mathematics, and was President of the Marianist Retreat and Conference Center, a small non-profit conference center outside St. Louis, Missouri. He holds an MBA from Tulane University; a Masters of Divinity from St. Michael’s Faculty of Theology, University of Toronto; and, a Master’s of Science in Business Administration and a PhD in Business Administration from the University of Arizona.

For more information about the course and how to register, visit: https://intro2esg.eventbrite.com

Meet Hank Boerner, Chairman & Co-Founder, Governance & Accountability Institute @ #Intro2ESG Training

Presenting at Introduction to ESG, Sustainable & Impact Investment OneDay Training
The How & Why of Applying ESG to Corporate Valuations
Hosted by Zicklin School of Business at Baruch College/CUNY on June 15th

Introduction:  For professionals in the capital markets, and in the corporate sector, G&A Institute and Global Change Associates are teamed to present a one-day professional training program, hosted by Zicklin School of Business at Baruch College/CUNY, in midtown Manhattan.  This is an excellent introduction to the application of ESG factors to investment making decisions and corporate valuations.  Find out more at https://intro2esg.eventbrite.com

ESG = the corporate environmental, social or societal and corporate governance factors to be evaluated by the financial analyst, asset owner, asset manager, and others in the capital markets in looking beyond the financial in selecting public companies for “buy/sell/hold” portfolio management decisions. (This is also referred to as “sustainable investing,” “impact investing,” and similar titles by practitioners.)

The outstanding faculty presenting during the one-day course will include experts in ESG / sustainable / impact investing, covering topics such as best practices; data sources; analytical tools; research resources; methodologies; why ESG matters; and realized outcomes using these approaches to analysis and investment management.

MEET ONE OF YOUR COURSE LEADERS
Hank Boerner
Chairman & Co-Founder, Governance & Accountability Institute, Inc.
Topic:  Introduction to Corporate ESG Strategies, Performance, Actions — What is Corporate ESG & Why It Really Matters to Shareowners

* * * * * * * *

CAREER BACKGROUND: HANK BOERNER
Henry (Hank) Boerner is Chairman and Chief Strategist of Governance & Accountability Institute, Inc., a New York-based (for-profit) research, knowledge management, advisory and strategies service provider.  The company serves clients in the corporate sector, in capital markets organizations and organizations in the not-for-profit sector.

Hank leads the Institute team’s client engagements dealing with client engagement in such areas as sustainability, corporate responsibility, corporate governance, issue management, crisis management, disclosure, and strategic corporate communications.

During his career he has been a business & financial journalist, corporate manager, corporate strategist, issue management consultant, and senior level strategy advisor. For 30 years he has provided corporate and investment community clients with issues management strategies, advice and programs.

Hank’s current work is focused on identifying and addressing ESG issues (corporate environmental, societal, governance performance factors) and assisting corporate managements in developing their ESG strategies, organizing teams and initiatives, coaching executives, and facilitating disclosure and structured reporting on the progress of the company’s sustainability journey.

Hank was a managing partner in the Rowan & Blewitt management consulting organization for two decades before co-founding the Institute.  (The Rowan & Blewitt issue and crisis management practice served Fortune 100 clients,  and was acquired by Interpublic Group of Companies – NYSE:IPG.)

Hank is active in key professional organizations including: the US Forum for Sustainable & Responsible Investing (US SIF); its analyst network, SIRAN; the National Association of Corporate Directors (NACD); New York Society of Securities Analysts (NYSSA – he is chair of the Sustainable Investing Committee); and,  the National Investor Relations Institute (NIRI).  He was recognized by the NACD in the prestigious Directorship 100 ranking, in 2011 and 2012 as one of “people to watch in corporate governance affairs.”

He serves on the Global Advisory Council of Cornerstone Capital Group, a New York-based financial services firm that applies sustainable finance across the capital markets (investment consulting, investment banking).  Principal:  Erika Karp, former head of global research, UBS.  Information at  http://cornerstonecapinc.com/bios/hank-boerner/

Hank has been a contributing editor for Corporate Finance Review ( a journal for CFOs and corporate finance managers) published by Thomson Reuters) from 2002 to 2015, commenting on trends in corporate governance, sustainability and related issues.  He now provides this commentary to T-R’s “Accounting & Compliance Alert” service. He has authored commentaries for Financial Times, Bloomberg BNA, and numerous print and digital platforms.  He is co-author of “Strategic Governance – Enabling Financial, Environmental & Social Sustainability,” published in 2010.  His current boo — “Trends Emerging — a Look Head Ahead of the Curve in ESG / Sustainability / CR / SRI”  will be published in July 2016.

Earlier in his career, Hank was a board-elected officer and head of communications of the New York Stock Exchange, managing NYSE communications and advising listed companies on timely disclosure, transparency and disclosure and reporting. At the start of his corporate career, he was American Airlines’ national corporate responsibility officer; later, he was a senior communications officer of the NY Metropolitan Transportation Authority.

He served as staff advisor in New York Governor Nelson A. Rockefeller’s administration, and later, provided counsel pro bono to Governor Mario M. Cuomo and Attorney General and then Governor Eliot Spitzer. Presently, he is informal advisor to New York State Comptroller Thomas DiNapoli, sole trustee of the New York State Common Fund, the retirement system for public employees throughout the state.

For more information about the course and how to register, visit: https://intro2esg.eventbrite.com

Meet Louis Coppola, EVP & Co-Founder, Governance & Accountability Institute @ #Intro2ESG Training

Presenting at Introduction to ESG, Sustainable & Impact Investment OneDay Training
The How & Why of Applying ESG to Corporate Valuations
Hosted by Zicklin School of Business at Baruch College/CUNY on June 15th

Introduction:  For professionals in the capital markets, and in the corporate sector, G&A Institute and Global Change Associates are teamed to present a one-day professional training program, hosted by Zicklin School of Business at Baruch College/CUNY, in midtown Manhattan.  This is an excellent introduction to the application of ESG factors to investment making decisions and corporate valuations.  Find out more at https://intro2esg.eventbrite.com

ESG = the corporate environmental, social or societal and corporate governance factors to be evaluated by the financial analyst, asset owner, asset manager, and others in the capital markets in looking beyond the financial in selecting public companies for “buy/sell/hold” portfolio management decisions. (This is also referred to as “sustainable investing,” “impact investing,” and similar titles by practitioners.)

The outstanding faculty presenting during the one-day course will include experts in ESG / sustainable / impact investing, covering topics such as best practices; data sources; analytical tools; research resources; methodologies; why ESG matters; and realized outcomes using these approaches to analysis and investment management.

MEET ONE OF YOUR COURSE LEADERS
Louis Coppola
Executive Vice President & Co-Founder, Governance & Accountability Institute, Inc. Topic:  Bridging the Perceived Gap Between Sustainability & Profitability:
Materiality, Risk Management & How Top and Bottom Lines Are Affected

* * * * * * * *
CAREER BACKGROUND: LOUIS COPPOLA
Louis Coppola is EVP and a co-founder of Governance & Accountability Institute, a New York based sustainability consulting, research and advisory firm. He also serves on the Board of Directors for The Global Sourcing Council, a global non-profit focused on educating and inspiring sustainability in sourcing and supply chains.

Louis focuses particularly on providing advice to corporate and investor clients related to sustainability strategy, disclosure (reporting), investment and performance.

G&A Institute is the exclusive Data Partner for GRI for the United States, United Kingdom and Republic of Ireland.  Lou directs the Institute’s relationship with GRI including the activities around the Data Partner relationship, “Organizational Stakeholder” (OS) relationship, and several joint research publications.

Lou is a co-chair of the Social Investment Forum’s (SIF) – Sustainable Investment Research Analyst Network’s (SIRAN) Sustainable Education and Company Engagement (SECE) committee.  He is also an active New York Society of Securities Analyst (NYSSA), Sustainable Investing Committee steering member.

Lou is frequently called on by the media, academics, and industry to contribute to articles, speak on panels, and present his ideas on ESG & Sustainability related topics.  He also coordinates the Institute’s various public research projects such as “Sustainability – What Matters?“, and studies of sustainability reporting external assurance practices in collaboration with GRI, Bloomberg, and the big four accounting firms.

Louis contributed to the US section of “Carrots & Sticks III“, a collaborative publication with GRI, KPMG, UNEP, Centre for Corporate Governance in Africa and various other stakeholders.  The report analyzed the growing number of sustainability reporting policies and guidance from countries around the world.

Louis is an adjunct professor at the Bard M.B.A in Sustainability NYC campus teaching courses on business pragmatics of sustainability focusing on disclosure standards and analysis of sustainability reports.

Louis is expert at translating concepts related to current and emerging technology to readily accessible tools and resources. He plays the lead role in the research, recommendation and deployment of all technology including interactive Web platforms, content management systems, e-distribution, automated intelligence gathering, and other solutions to meet the “command and control” needs at G&A Institute.

Prior to forming the Institute, Louis Coppola worked as an Account Executive – Information Technology for Rowan & Blewitt, a global crisis management and issues management consulting firm that was under the corporate umbrella of Interpublic Group (NYSE:IPG).  The firm’s clients were Fortune 100 and multinational companies. Louis was responsible for managing the technological implementation of the crisis and issues management strategies for Rowan & Blewitt.

Louis Coppola was graduated with Honors from Molloy College with a Masters Degree in Business Administration (MBA). In recognition of high scholastic achievement, he was selected for membership in Sigma Beta Delta, an international honor society in Business, Management, and Administration. He received his undergraduate B.S. with Major in Computer Information Systems and Minor in Computer Science.   Lou has qualified and is an active member of Mensa.

For more information about the course and how to register, visit: https://intro2esg.eventbrite.com

Meet Peter Fusaro – Chairman – Global Change Associates @ #Intro2ESG Training

Presenting at Introduction to ESG, Sustainable & Impact Investment OneDay Training
The How & Why of Applying ESG to Corporate Valuations
Hosted by Zicklin School of Business at Baruch College/CUNY on June 15th

Introduction:  For professionals in the capital markets, and in the corporate sector, G&A Institute and Global Change Associates are teamed to present a one-day professional training program, hosted by Zicklin School of Business at Baruch College/CUNY, in midtown Manhattan.  This is an excellent introduction to the application of ESG factors to investment making decisions and corporate valuations.  Find out more at https://intro2esg.eventbrite.com

ESG = the corporate environmental, social or societal and corporate governance factors to be evaluated by the financial analyst, asset owner, asset manager, and others in the capital markets in looking beyond the financial in selecting public companies for “buy/sell/hold” portfolio management decisions. (This is also referred to as “sustainable investing,” “impact investing,” and similar titles by practitioners.)

The outstanding faculty presenting during the one-day course will include experts in ESG / sustainable / impact investing, covering topics such as best practices; data sources; analytical tools; research resources; methodologies; why ESG matters; and realized outcomes using these approaches to analysis and investment management.

MEET ONE OF YOUR COURSE LEADERS
Peter Fusaro
Chairman, Global Change Associates
Topic:  Case Study of Corporate Malfeasance: The VW Emissions Scandal

A conversation with Peter:

Q: How is your day-to-day work related to the Intro to ESG, Sustainable & Impact Investment Certificate Program to be presented at Baruch?
[PF]  I work broadly in the area of corporate finance for sustainability for private companies in the area of clean energy, clean water and sustainable agriculture. Most of my work centers in clean energy arena for both electric power generation and transportation. 

Today, I work on solar energy finance as well as energy storage with advanced batteries and fuel cells. I work with a  hydrogen manufacturing company for both energy storage and transportation of fuel cell vehicles. In the past I have worked on taking the lead out of gasoline with the US EPA and was a consultant to the Toyota Prius development team. 

Because of this expertise, I am intimately aware of the VW emissions scandal and its ramifications in terms of corporate governance for that company.

Q:  What can attendees expect to learn from your session?
[PF] Course participants will learn that the VW emissions scandal is not a one-off crisis event. That Volkswagen has committed many transgressions in the past 25 years and tried to cover them up. I will go through the specifics of how they tried to get away with the fraudulent use of software to hide defects in their diesel fuel technology of their engines.  So far, this has lead to over US$15 billion in fines and great damage to their corporate reputation. It is a text book example of corporate malfeasance.

Q:  What advice do you have or opportunity that you see for attendees who complete the Certificate Program?
[PF] Attendees will learn not only the basics of ESG but also come away with some ideas on what to look for investment in public companies. The rigorous ESG screens are still evolving but with the expertise of the instructors for this program, course participants will learn what analysis is needed to vet both investment and sustainability parameters within companies. Moreover, they will learn what red flags to look for in any due diligence process.

* * * * * * * *

CAREER BACKGROUND: PETER FUSARO
Peter C. Fusaro is a best-selling author, keynote speaker and thought leader on emerging energy and environmental financial markets.  He’s Chairman of Global Change Associates, a financial services advisory in New York City, and author of “What Went Wrong at Enron,” as well as 15 other books on energy and the environmental financial markets.

Peter has been on the forefront of energy and environmental change for more than 40 years, his work focusing on how to use energy more efficiently and in an environmentally-benign manner.  His current focus is on environmental financial market acceleration toward the goal of the low-carbon economy through sustainable finance in renewable energy, clean technology and resource efficiency.  Peter founded and runs the Wall Street Green Summit — now in its 15th year. Information at: www.wsgts.com.

Peter served at the US Department of Energy in the 1970s where he worked on removing lead in gasoline with the U.S. Environmental Protection Agency (EPA), as well as co-writing an Environmental Impact Statement on LNG (liquefied natural gas) safety and siting.

He was a senior policy analyst in the New York City Mayor Office of Energy & Telecommunications, where he created the first energy efficiency programs for electricity and natural gas with Con Edison (the electric utility) and Brooklyn Union Gas in the mid-1980s.   In the early-1990s he established his consultancy and implemented energy efficiency and conservation programs for the Port Authority of New York & New Jersey, including lighting retrofits, mechanical systems and energy savings.

Peter worked with the Toyota Prius development team on electric power issues in the mid 1990s. He has run a cleantech venture capital fund as well as worked with hedge funds on portfolio construction. Today, he works with several clean energy technologies and fund managers in clean energy project finance.

Peter was graduated with an M.A. in International Relations from Tufts University and a B.A. from Carnegie-Mellon University.  Peter was an adjunct professor at Columbia University, where he taught a popular renewable energy project development and finance course each fall semester to second year graduate students.  He is on the advisory board of Bard College’s MBA in Sustainability program as well as having served for eight years on the External Advisory Board of the ERB Institute for Global Sustainable Enterprise, Ross School of Business, University of Michigan.

For more information about the course and how to register, visit: https://intro2esg.eventbrite.com