World Bank & Partners + S&P Dow Jones Indices, & Partners — Rolling Out New Sustainable Investing Approaches for Institutions…

Forward Momentum! — Two new approaches that spell out a-d-v-a-n-c-e-m-e-n-t for sustainable investment: World Bank and S&P Dow Jones Indices (separately) roll out new products and approaches with key partners’ participation.

Despite the nay-saying about climate change, global warming, sustainability and related subjects in certain quarters in the United States, major players in global finance enthusiastically rolled out new products / approaches for institutional customers.

First:  The World Bank, as part of its “SDGs Everyone” initiative has partnered with (initially) institutions in France and Italy for issuance of equity-index bonds that link returns to the performance of 50 companies that “advance global development priorities” as determined by the methodology of Vigeo Eiris Equities.  The bonds are being marketed by BNP Paribas. (Proceeds:  163 million Euros.)

The proceeds will be used to finance projects that help to eliminate poverty and boost shared prosperity, advancing Sustainable Development Goals (SDGs) that are being adopted by nations around the world.  This is the World Bank and partners “walking the talk” of sustainability and responding practically to the aspirational 2030 SDG goals.

Second:  S&P Dow Jones Indices (“S&P DJI”) created the S&P Green Bond Select Index (for ‘green label” bonds), to “meet strong market demand,” according to the company.  The first licensee is VanEck, to create an Exchange Traded Fund (ETF).   S&P DJI offers more than 100 financial indices to its global capital market customers. (The S&P 500, for example, represents more than 80% of U.S. value of corporate equities and is the most widely used benchmark.

G&A Institute each year monitors and reports on the S&P 500 universe of companies’ reporting on their sustainability journeys.  Watch for our news coming shortly on the latest survey results.

VanEck notes that the market value of “green bonds” was US$82 billion in 2016 and could reach $150 billion in 2017.  Click here for details . There’s also a good introduction to “green bonds” on the web site.

As Sustainable Brands, in reporting on the developments noted…”this could expand sustainability investment and drive it towards the mainstream…”  The details are here for you in our Top Story:

Dow Jones, World Bank Unveil New Financial Tools to Expand Sustainability Investments
(Wednesday – March 15, 2017)
Source: Sustainable Brands – &P Dow Jones Indices (S&P DJI), the world’s leading provider of index-based concepts, data and research, has announced the launch of the S&P Green Bond Select Index which captures the most liquid and tradeable segment of…

Musing About the Alphabet Soup of ESG – SRI – CSR … et al!

Blog post

March 16, 2017

by Hank Boerner and Louis CoppolaG&A Institute

Often in our conversations with managers at companies that are new to corporate sustainability and especially new to publishing corporate sustainability reports, we often move into exploration of the various terms and titles applied to corporate sustainability.

SRI.  ESG.  Sustainability.  Corporate Citizenship.  Corporate Responsibility. 

Or, Corporate Social Responsibility.  Shorthand:  CSR, CR.  What else!

And on the investment side, in our discussions with financial analysts, or asset managers, we’re discussing socially responsible investing, sustainable & responsible investing (both SRI) and more recently, sustainable & responsible & impact investing — the “S&R&I”).

This alphabet soup of titles, characterizations, approach classifications and so on is usually confusing to corporate managers not well versed in matters related to corporate sustainability.

And, to investors new to sustainable investing, sustainable & responsible investing, impact investing, analyzing corporate ESG analytics…those managers also have questions on what all these terms really mean (And ask: is there a substantive difference between terms?).

Each year as the data partners for the Global Reporting Initiative (GRI) in the U.S.A., United Kingdom and Republic of Ireland, we analyze and database more than 1,500 reports each year (most are published by corporations; there are also institutional and public sector reports). Here we see firsthand every day this alphabet soup of terms playing out:

  • Corporate Responsibility / Corporate Social Responsibility (CR/CSR)
  • Corporate Citizenship (an older but still popular titling, especially among large-caps)
  • Corporate Sustainability (more often leaning toward environmental management, growing out of the traditional EHS functions at operating companies)
  • Environmental Update / Progress Report
  • Corporate Ethics

The Investment Community Point-of-View

And for investors:  There is also Faith-based investing and ethical investing, and a few other terms.  (“Green Bonds” are coming on strong!)

Many institutional investor  — asset owners and their managers, and their analysts — are seeming to favor “ESG” because it better captures the entirety of the three main issues buckets (Corporate Environmental, Social and Corporate Governance strategies, performance and issues) that make up what most investors consider to be a pretty good definition of corporate sustainability.

As corporate sustainability consultants and advisors, working closely with managements to help them effectively engage with investors on ESG issues, and so we see the term ESG becoming more and more of a preferred term for these discussions.

Consider, too, the familiar Bloomberg terminal on the desks of many investors is helping to bring volumes of corporate ESG data through the Bloomberg ESG Dashboard.

The Views of the Professional Analyst

The CFA Institute, the global education, training, testing and certification, and professional standards organization for financial analysts (“Charterholders” use the CFA professional designation) addressed this alphabet soup in its recent guide for investment professionals — “Environmental, Social and Governance Issues in Investing” (published in 2016).

The guide authors explain:  “The practice of environmental, social and governance issues in investing has evolved significantly from its origins in the exclusionary screening of listed equities on the basis of moral values. A variety of methods are now being used by both value-motivated and values-motivated investors considering ESG issues across asset classes.”

(The guide was authored by Usman Hayet, CFA; Matt Orsagh, CFA, CIPM; with contributions by Kurt N. Schacht, JD, CFA; and Rebecca A. Fender, CFA.)  Consider their views:

E:  Looking at the environmental components (the “E”), CFA Institute, investor concerns include climate change and fossil fuel assets [becoming stranded], water stress…that means that corporate ESG KPIs should be carefully examined.

S:  Looking at the social (“S”), the authors point out that labor relations can have a direct and significant impact on financial performance.

G:  Looking at corporate governance (“G”), the authors note that these were previously seen as a concern for value-motivated investment, and the E and S issues were relevant mainly for values-motivated investors.  Not anymore  — ESG issues are relevant for all long-term investors.

The CFA authors explain that there are various labels for the same issues and ESG common theme underlying the various labels is an emphasis is on ESG issues.

We Are Leaning in the Direction of….

In our work we prefer to use “Sustainability” or “ESG”, which we think best encapsulates the entirety of what we consider to be the issues in focus for institutional and individual investors.  And therefore we advise that the company’s ESG key performance indicators should be a priority concern for the board, C-suite and various level of management and corporate function areas, because of the importance of access to capital, cost of capital, and so on.

The corporate ESG performance and reporting on same might be positioned under an oversight umbrella in the corporate structure. We see these ESG activities being in the province of legal, public affairs, human resources, supply chain management, operations, EHS, investor relations, finance, corporate communications, and so on.

At times, however, we do find that some people in the corporate community hear the term “Sustainability” they automatically think only of environmental-related issues — (“E”) which of course, are just one part of what we consider sustainability to be.

And yes, all of this is still not clear cut, is it?  Varying terms and titles will probably be used for a while.

As explained, we prefer ESG when we are working with our sustainability consulting clients because this term includes the three main issue areas or buckets of issues — and says what it means. Using “ESG” tends to  make sure that it’s clear that our work includes three “bucket” areas – Environmental, Social and Corporate Governance.  (Not just Environmental!)

And the clearer we can be with our terminology, and more specific, the better off we will all be.

But Investors Are Not Asking….

Managers at many companies that we communicate with, especially in our investor relations sustainability consulting, will say, “Why don’t our analysts ask questions about sustainability on our quarterly calls?”

Erika Karp, formerly of UBS and founder of Cornerstone Capital in New York City often responds to this key question during her public presentations (Cornerstone is an ESG-focused investment firm.)

Erika:  “You’re wrong, they are asking!  If you peel back the layers of the “E” (climate, biodiversity, water, energy, waste etc); the “S” (employee retention, training, community engagement, human rights, labor contracts, benefits); and the “G” (executive compensation, proxy resolutions, board makeup, board independence, board skills, board diversity, critical issues management, and oversight of the company’s key functions) — then you can listen to the quarterly calls and you will see that you are in fact getting questions on sustainability (or ESG issues).”

We agree with Erika!  And this line of discussion points even more to the problems with our terminology in this space.

Of course, even though the analyst may not be asking: “Hey, so what about your sustainability?” the analysts and asset managers on your  calls may be or are asking about the individual elements that make up sustainability, and some of these ESG KPI’s are more important than others.  It’s important to recognize that these are Sustainability issues that they are asking you about!

As We Move Ahead…

All of this terminology discussion is our industry’s challenge, and somewhat of an educational problem in that we need to better inform others about the intricacies and the complexities that make up “Corporate Sustainability” so that there is deeper understanding of the full breadth and depth and importance of the ESG performance areas — and of the full impacts on a company’s reputation, valuation and more.

Of course, there are variations in which of these ESG issues is important (or material!), depending on industry and sector, size and geography.

We think that as we move along, “ESG” will continue to be a more preferred term for many analysts looking holistically at a public issuer. ESG will likely to continue to catch on because this approach will more clearly reflect the “completeness and complexity” of the various issue buckets that make up the corporate sustainability journey – ESG represents what it means and says what it is!

The Early Evolvement of SRI – and the Lasting Legacy

Looking back, the emergence of the Socially Responsible Investing approach (SRI #1), starting with screening out the shares of companies from portfolios (tobacco, gaming, etc.) may have a lasting legacy for some in the investment community.  More and more investors are now using the term, Sustainable & Responsible Investing (SRI #2), and even Sustainable & Responsible & Impact Investing (SRI #3 also!). These are gaining currency in the mainstream analyst and asset management communities.

And so, this is not necessarily a new discussion about titles and terminologies – it has been going on for quite some time.  In April 2009, when one of us (Hank) was editing the National Investor Relations Institute monthly magazine — IR Update — he offered up a commentary: ” Stay Tuned: More Initials for the IRO — These Could Spell Long-Term Success… Or Market Failure for Corporate Issuers ”

It was about ESG – SRI – CSR – even TARP (remember that?) — in that almost a decade-ago column, we noted that a 2008 survey of asset owners and managers, two terms were emerging as the preferred references:  ESG and Sustainability best summed up their approach.  We think this still rings true today.

It’s still an interesting read:  http://www.hankboerner.com/library/NIRI%20IR%20Update/2009/Boerner2009Apr.pdf

What are you thinking about this?  Do weigh in — please share your thoughts in the comments area below — weigh in on the dialogue!

What are your preferred terms in the daily conversation about…….

 

 

“The Authoritative Voice for Wall Streeters,” Says It … Barron’s Tells Mainstream Investors It’s a “New Era of Sustainable Investing” … And that is, in the Trumpian Era, No Less…

The Barron’s weekly newspaper is the “hot read” for Wall Streeters – both institutional and retail investors alike eagerly absorb the news and opinions of the editors, writers, and columnists.  “Did you see Barron’s….?” is a familiar question in the investment community.

And so we ask — did you see Barron’s story this week (Feb 11th issue)?  “A New Era of Sustainability Emerges,” tells readers that the flurry of policy directives at the Trump White House has “fueled activism across the country;” it may also light a fire under some investors focused on sustainable business practices.

Columnist Reshma Kapadia says President Trump’s and allies proposals to roll back environmental and financial regulations…and reject climate-change science…the priorities of a growing number of investors who put a premium on environmental stewardship, corporate governance, transparency, and diversity are at odds with the Trumpian-era directions.

“But here’s the thing,” Reshma Kapadia writes, “the political backdrop could actually be good for ‘so-called’ ESG funds…”  And then she cites the authority of US SIF and the most recent survey of asset managers using ESG criteria — $US9 trillion, or $1-in-$5 in the US capital markets.

Important:  EPFR Global reports that since the November elections, investors have put almost $400 million into ESG stock funds.  And quoting Morningstar’s Jon Hale (head of sustainability research), “the political back drop could have a galvanizing effect, as investors look for ways to more explicitly support sustainable ideas.”

This is a report that you’ll want to read and share.  ESG investing is just common-sense investing, observes the columnist.  It’s one of the most important perspectives in sustainable, responsible and impact investing to appear in the new political era.

Reshma has been with The Wall Street Journal, Smart Money magazine, Reuters, and appears regularly in Barron’s pages.

(Note that you’ll have to register to read or be a subscriber to Barron’s. There are more than 300,000 weekly readers, subscription and newsstand.)

Top Story

A New Era of Sustainable Investing Emerges
(Monday – February 13, 2017)
Source: Barron’s – The political backdrop could actually be good for so-called ESG funds, which include environmental, social, and governance criteria in their stock-picking.

State Street CEO to Boards of Companies in Portfolio: Disclose More About the Impact of Climate Change on Your Business — Be More Transparent…and More

State Street Corp is one of the world’s leading asset managers, with US$2.47 trillion in AUM.  State Street Global Advisors CEO Ron O’Hanley in late-January sent a message to the boards of directors of public companies whose stock is in State Street portfolios:  SSGA is increasing focus on climate change, safety, workplace diversity and various other ESG issues.  Especially climate change.  Tell us more about what you are doing.

How?  The State Street Global Advisors CEO is asking, how is the board [of the company] preparing the enterprise for the impacts of climate change?  He is communicating to these directors that it is necessary for boards to disclose more about those plans.  The CEO’s letter was accompanied by a description of the framework that SSGA uses to evaluate public companies’ sustainability efforts.

In this week’s first Top Story, the highlights of the approach are described for you. Three criteria are used to evaluate and rank companies — as Tier One, Two and Three.  Tier One companies satisfy the three criteria.  The results are reflected in the proxy voting of SSGA, the #3 asset manager of ETF’s in the USA (Exchange Traded Funds).

There were 177 companies in the portfolio that SSGA evaluated in 2016; a mere 7% qualified as Tier One.  Tier Two totals 72%, which meant that companies had a sustainability program but had not integrated it into its overall business strategy, articulated how ESG factors affected long-term strategies, or established long-term goals aligned with ESG strategy. (Tier Three companies were described as not doing anything ESG-wise, 21% of companies in the portfolio, according to the Think Advisor story.)

Company boards and C-suite should consider that State Street is an active player in the coming proxy voting season.  SSGA supported 46% of climate-related proposals in 2016.  That’s important when you consider the competition:  the vote count was zero (voting) at Vanguard, American Funds, Black Rock and Fidelity — a source of concern and a growing level of activism on the issue among sustainable & responsible investing advocates.

In an interview with Bloomberg’s top environmental reporter, Emily Chasan in January (our second Top Story below), SSGA CEO O’Hanley said:  “We’re asking companies to make sure they are identifying and communicating both their risks and opportunities.  Climate change may be the poster child for risk out there.”

The Bloomberg Business Week story has a neat chart for you, with the voting records of “shares of proxy votes in favor of climate-related proposals.”  The Top 20 of the world’s asset managers’ voting records are presented.  State Street is the fifth-ranked (at the top).

Stay Tuned, as we often say, to the coming 2017 Proxy Voting Season at public companies.  ESG issues are front and center at some large corporate issuers and the action will be in the maneuvering around the shareholder-offered resolutions on climate change and other ESG issues by the entire voting body.

Story links below:

State Street Wants Companies to Focus on Sustainability
(Wednesday – February 01, 2017)
Source: Think Advisor – State Street Global Advisors, the third-largest provider of ETFs, wants more companies to incorporate sustainability practices into their long-term business strategies and will consider such corporate efforts in its upcoming

State Street Asks Boards to Disclose More on Climate Preparation
(January 26, 2017)
Source: BloombergBusinessweek – Climate change is no longer listed as a top issue on the White House website, but it’s very much at the forefront for $2.47 trillion asset manager State Street Corp.

An Attendee’s Experience and Review of G&A Institute’s / Global Change Associates’ Sustainable Finance Certificate Program at Baruch College/CUNY

Guest Post by Ling Qin – G&A Institute Data Partner Reports Analyst

LingQinG&A Institute’s Sustainable Finance Certificate Program, developed in partnership with Global Change Associates, was hosted on 14 December, 2016 at Baruch College, City University of New York, in New York City.

This was a very rewarding learning and networking experience for me. Although I have the primary professional foundation for the necessary sustainable skills and knowledge, this one-day intensive seminar provided me with a broader background and more concrete view of different sustainability frameworks, ESG ratings and sustainable trends.

Leading experts in the sustainable finance gathered together at the Baruch College Vertical Campus to offer their first-hand sustainability industrial insights. Experts participating as lecturers came from Governance and Accountability Institute (which is GRI’s Exclusive Data Partner in UK and US), the Baruch Business School, MSCI, SASB, Bloomberg, Global Change Associates, and other organizations.

Mr. Samuel Block from MSCI introduced his company’s ESG products, their ESG rating methodology and ESG rating process. Not only does he introduce how MSCI’s ESG research carries out, but also informed us [the course participants] of lots of resources of ESG data.

Those important ESG datasets from company public reporting, media searches, regulatory, academic and NGO’s (third parties) enables MSCI and other interested parties to do solid analysis focusing on the most material aspects of companies’ ESG performance.

The lively discussion in the Q&A session cast light on the reactions from MSCI when facing push backs from companies with low ESG scores. After this all-day series of lectures, I understood (for example) that MSCI would include the controversies in their final reports presented to the institutional investors, which is a very good signal of the importance of ESG scores and reputation and the independence of the MSCI’s evaluation.

Another impressive section was around the topic of “ESG Equity Fundamentals Data Analytics” provided by Mr. Hideki Suzuki from Bloomberg’s ESG Group.

He showed participants how to explore and conduct cross-analysis of the ESG performance by using Bloomberg Terminal step-by-step. Bloomberg Terminal covers ESG score summary for companies’ historical trends and their comparable peers’ performance.

For the environmental performance, the GHG intensity indicator in the Bloomberg Terminal is introduced as a good example.

The indicators for social performance in the Bloomberg Terminal include company’s productivity through human capital management, total recordable incident rate, employee turnover rate and etc.

Independence of the board, diversity of executives and executive compensation are outstanding indicators for the corporate governance performance.

Mr. Hideki also highlighted that “ratios” are the key to allow researchers to do apple-to-apple comparable studies, which is an important tip that all sustainable professionals need to pay attention to.

By the end of the day, I not only benefitted from all vibrant sustainable knowledge- sharing, but also feel grateful to connect with experienced sustainable professionals.

All the guest speakers are very willing to share their opinions, slides and contacts. I very much enjoyed an intellectually-challenging learning experience and an intimate learning atmosphere for the whole day.  I recommend this course to my professional colleagues who are seeking greater knowledge in the expanding sustainable investing field.

Linq Qin has served as a G&A Institute GRI data partner corporate reporting analyst.

# # #

Save-the-Date031517_squaread

SAVE THE DATE
The next session for the G&A Institute / Global Change Associates “Corporate ESG for Investment & Finance Professionals Certification” will be hosted at Baruch College/CUNY on March 15, 2017.  Click here for more information and to register at Eventbrite.

So Many Positives in 2016 for Sustainability – Corporate Citizenship – CR – Sustainable Investing — The Core of “Trends Converging!” Commentaries. It’s 2017 — Now What?

by Hank BoernerG&A Institute

Welcome to 2017! We are off to the start of a challenging year for sustainability / responsibility / corporate citizenship / sustainable investing professionals.

We are being forewarned: A self-described (by his constant tweeting) “new sheriff is coming to town,” along with the newly-elected members of the 115th Congress who begin their meetings this week. Given the makeup of the new Administration (at least in the identification of cabinet and agency leaders to date) and the members of the leadership of the majority party on Capitol Hill, sustainability professionals will have their work set out for them, probably coming into a more clear focus in the fabled “first 100 days” after January 20th and the presidential inauguration ceremonies.

The year 2016 began on such a hopeful note! One year ago as the year got started I began writing a series of commentaries on the many positive trends that I saw — and by summer I was assembling these into “Trends Converging! — A 2016 Look Ahead of the Curve at ESG / Sustainability / CR / SRI.” Subtitle, important trends converging that are looking very positive…

As I got beyond charting some 50 of these trends, and I stopped my thinking and writing to share the commentaries and perspectives that formed chapters in an assembled e-book that is available for your reading. I’ve been sharing my views because the stakes are high for our society, business community, public sector, social sector…all of us!

* * * * * * * *

The specifics: Throughout the early months of 2016 I was encouraged by:

The Secretary of the U.S. Department of Labor giving American fiduciaries the green light for considering corporate ESG factors in their investment decision-making. Page 7 – right up front in the commentaries!

The Sustainable Accounting Standards Board (SASB) team completing its comprehensive recommendations for 12 sectors and 80 industry components of these for “materiality mapping” and expansion of corporate reporting to include material ESG factors in the annual 10-k filing. These are important tools for investors and managements of public companies. See Page 17.

His Holiness Pope Francis mobilizing the global resources of the worldwide Roman Catholic Church with his 74-page Laudato Si [encyclical] that includes sharp and sweeping focus on climate change, global warming, water availability, biodiversity, and other social issues. Imagine, I wrote, the power that such an institution can bring to bear on challenges, in the world, in the USA, and other large nations…

This is the Pope’s great work: “On Care of Our Common Home.” I explored the breadth of depth of this in my commentaries. That’s on Page 163 – Chapter 44.

President Barack Obama ably led the dramatic advances made in the Federal government’s sustainability efforts thanks in large measure to several of the President’s Executive Orders (such as EO 13693 on March 19, 2015: Planning for Federal Sustainability in the Next Decade).

Keep in mind the Federal government is the largest purchaser of goods and services in the U.S.A. — over time this action will result in positive changes across the government’s prime supply chain networks. Page 50 / Chapter 13.

The European Union’s new rules for disclosure of non-financial information beginning in 2017; As I began my commentary, the various EU states were busily finalizing adoption of the Accounting Directive to meet the deadline for companies within each of the 28 states. The estimate is that as many as 5,000 companies will begin reporting on their CR and ESG performance. Page 27 / Chapter 7.

Here in the USA, Federal regulators were inching toward final rules for the remaining portions of the 2010 Dodd-Frank legislation. Roughly 20% of rules were yet to be completed for corporate compliance with D-F as we entered 2016, according to estimates by the Davis Polk law firm. Page 30 / Chapter 8.

In 2017, one very contentious rule will be in effect — the required disclosure by public companies of the CEO-to-median worker-pay ratio; the final rule was adopted in August 2015 and so in corporate documents we will be seeing this ratio publicized (technically, in the first FY beginning in January 1, 2017). Page 34 / Chapter 9 – What Does My CEO Make? Why It Matters to Me.

Good news on the stock exchange front: member exchanges of the World Federation of Exchanges have been collaborating to develop “sustainability policies” for companies with shares listed on the respective exchanges. At the end of 2015 the WFE’s Sustainability Working Group announced its recommendations [for adoption by exchanges]. Guidance was offered on 34 KPIs for enhanced disclosure. Page 103 / Chapter 27.

The WFE has been cooperating with a broad effort convened by stakeholders to address listing requirements related to corporate disclosure

This is the “SSE” — the Sustainable Stock Exchanges initiative, spearheaded by the Ceres-managed Investor Network on Climate Risk (INCR), and leadership of key UN initiatives as well as WFE member exchanges.

NASDAQ OMX is an important part of this overall effort in the United States and is committed to discussing global standards for corporate ESG performance disclosure.  Notd Evan Harvey, Director of CR for NASDAQ: “Investors should have a complete picture of the long-term viability, health and strategy of their intended targets. ESG data is a part of the total picture. Informed investment decisions tend to produce longer-term investments.”

The United Nations member countries agreed in Fall 2015 on adoption of sweeping Sustainable Development Goals (SDGs) for the next 15 years (17 goals/169 specific targets). This is a dramatic expansion of the 2000 Millennium Goals for companies, NGOs, governments, other stakeholders. Now the many nation-signatories are developing strategies, plans, programs, other actions in adoption of SDGs. And large companies are embracing the goals to help “transfer our world” with adoption of mission-aligned strategies and programs out to 2030.

G&A Institute’s EVP Lou Coppola has been working with Chairwoman of the Board Dr. Wanda Lopuch and leaders of the Global Sourcing Council to help companies adopt goals (the GSC developed a sweeping 17-week sourcing and supply chain campaign based on the 17 goals). Page 56 / Chapter 15.

Very important coming forth as the year 2016 moved to a close: The Report on US Sustainable, Responsible and Impact Investing Trends, 2016 — the every-other-year survey of asset managers in the USA to chart “who” considers ESG factors across their activities. Money managers and institutional investors, we subsequently learned later in 2016, use ESG factors in determining $8.72 trillion in AUM – a whopping 33% increase since 2014. Great work by the team research effort helmed by US SIF’s Meg Voorhes and Croatan Institute’s Joshua Humphreys (project leaders). Background before the report release Page 78.

* * * * * * * *

The above is a very brief overview of the many positive trends that I saw, explored further, and wrote commentaries on through many months of 2016. I worked to weave in the shared perspectives of outstanding thought leaders and experts on various topics. We are all more enlightened and informed by the work of outstanding thought leaders, many presented in the public arena to benefit us.

* * * * * * * *

Sharing Thought Leadership

In developing our commentaries we shared the wisdom of many people who are influential thought leaders and who enthusiastically share their own perspectives with us. These include:

  • Chris Skroupa, Founder of Skytop Strategies and prominent Forbes blogger. His views on Page i.
  • Pam Styles, Founder/Principal of Next Level Investor Relations and NIRI Senior Roundtable member. See Page iv.
  • Secretary Thomas Perez, U.S. Department of Labor on ERISA for fiduciaries. Page 7.
  • Dr. James Hawley of St. Mary’s College of California on the concept of the Universal Owner, based on the earlier work of corporate governance thought leader Robert Monks. Page 9.
  • the team at Sustainable Accounting Standards Board led by Chair Michael Bloomberg, Vice Chair Mary Schapiro, Founder and CEO Jean Rogers, Ph.D., P.E. . Page 17.
  • the team at TruCost.
  • the team at CDP.
  • the team at CFA Institute (the global organization for Chartered Financial Analysts) developing guidelines for inclusion of ESG factors in analysis and portfolio management — the new Guide for Investment Professionals – ESG Issues in Investing. Coordinated by Matt Orsagh, CFA, CIPM; Usman Hayat, CFA; Kurt Schacht, JD, CFA; Rebecca A. Fender, CFA. Page 20.
  • the leadership team at New York Society of Securities Analysts’ (NYSSA) Sustainable Investing Committee (where I was privileged to serve as chair until December 31st). Page 21. We have great perspective sharing among the core leadership team (Kate Starr, Peter Roselle, Ken Lassner, Andrew King, Agnes Terestchenko, Steve Loren).
  • experts respected law firms sharing important perspectives related to corporate governance, corporate citizenship / CSR / disclosure / compliance and related topics: Gibson Dunn on compliance matters. Page 25.
  • the law firm of Davis Polk on Dodd-Frank rulemaking progress and related matters.
  • experts at the respected law firm of Morrison & Foerster on executive compensation and related regulatory matters (in the excellent Cheat Sheet publication). Page 30.
  • the experts at the law firm of Goodwin Procter addressing SEC regulations. Page 146.
  • the skilled researchers, analysts and strategists at MSCI who shared “2016 ESG Trends to Watch” with their colleagues. The team of Linda Eling, Matt Moscardi, Laura Nishikawa and Ric Marshall identified 550 companies in the MSCI ACWI Index that are “ahead of the curve” in accounting for their carbon emissions targets relative to country targets. Baer Pettit, Managing Director and Global Head of Products, is leading the effort to integrate ESG factors into the various MSCI benchmarks for investor clients.Page 100.

AND……..

  • Thanks to Peter Roselle for his continuous sharing of Morgan Stanley  research results with the analyst community. 
  • the perceptive analysts at Veritas, the executive compensation experts who closely monitor and share thoughts on CEO pay issues. Page 36.
  • the outstanding corporate governance thought leader and counsel to corporations Holly Gregory of the law firm Sidley Austin LLP who every year puts issues in focus for clients and shares these with the rest of us; this includes her views on proxy voting issues. (She is co-leader of the law firm’s CG and Exec Compensation Practice in New York City.) Page 39.
  • the Hon. Scott M. Stringer, Comptroller of the City of New York, with his powerful “Board Accountability Project,” demanding increased “viable” proxy access in corporate bylaws to enable qualified shareholders to advance candidates for board service. Pages 40, 45 on.
  • the experts at Institutional Shareholder Services (ISS), a unit of MSCI, which counts numerous public employee pension funds and labor pension systems among its clients; ISS staff share their views on governance issues with the rest of us to keep us informed on their policies and related matters. Page 40.
  • SRI pioneer and thought leader Robert Zevin (chair of Zevin Asset Management) who shares his views on the company’s work to improve corporate behaviors. Page 41.
  • Mark W. Sickles, NACD thought leader, and my co-author of “Strategic Governance: Enabling Financial, Environmental and Social Sustainability” (p.2010) for helping me to better understand and refine my views on the “Swarming Effect” (investor engagement) by institutional investors that influences corporate behavior. Page 44.
  • the experts led by thought leader (and ED) Jon Lukomnik at Investor Responsibility Research Center (IRRC) that, working with Ernst & Young LLP, one year ago in January produced the Corporate Risk Factor Disclosure Landscape to help us better understand corporate risk management and related disclosure. Page 47.
  • CNN commentator and author Fareed Zakaria who shared his brilliant perspectives with us in publishing “The Post American World,” focusing on a tectonic, great power shift. Page 61.
  • The former food, agriculture and related topics commentator of The New York Times, Mark Bittman, who shared many news reports and commentaries with editors over five years before moving on to the private sector. Page 65.
  • our many colleagues at the Global Reporting Initiative (GRI) in the Netherlands, the USA, and in other countries, who shared their views on corporate sustainability reporting and related topics; the GRI framework is now becoming a global standard. (G&A Institute is the Data Partner for GRI in the USA, UK and Republic of Ireland; we are also a Gold Community member of supporters for the GRI.) Page 71.
  • our colleagues at Bloomberg LP, especially the key specialist of ESG research, Hideki Suzuki; (and) other colleagues at Bloomberg LP in various capacities including publishing the very credible Bloomberg data and commentary on line and in print. Page 76 and others.
  • Barbara Kimmel, principal of the Trust Across America organization, who collaborated with G&A Institute research efforts in 2016.
  • we have been continually inspired over many years by the efforts of the Interfaith Center on Corporate Responsibility (ICCR), and past and present leaders and colleagues there, who helped to inform our views in 2016 on shareholder activism and corporate engagement. Chair the Rev. Seamus Finn is on point with his “Holy Land Principles” in recent years. The long-time executive director, Tim Smith (now at Walden Asset Management) has been very generous in sharing news and perspectives long after his ICCR career. Details on Page 77.
  • our colleagues at the U.S. Forum for Sustainable & Responsible Investment (US SIF), and its Foundation, led by CEO Lisa Woll; and our colleagues at the SIF units SIRAN and IWG. The every-other-year summary of Assets Under Management utilizing ESG approaches showed [AUM] nearing $9 trillion before the run up in market valuations following the November elections. Page 78.
  • Goldman Sachs Asset Management acquired Imprint Capital in 2015 (the company was a leader in developing investment solutions that generate measureable ESG impact — impact investing). Hugh Lawson, head of GSAM client strategy, is leading the global ESG activities. GSAM has updated its Environmental Policy Framework to guide the $150 billion in clean energy financing out to 2025. Page 83.
  • the experts at Responsible Investor, publishing “ESG & Corporate Financial Performance: Mapping the Global Landscape,” the research conducted by Deutsche Asset & Wealth Management and Hamburg University. This is an empirical “study of studies” that looked at the “durable, overall impact of ESG integration to boost the financial performance of companies.” A powerful review of more than 2,000 studies dating back to 1970. Page 90.
  • Boston Consulting Group’s Gregory Pope and David Gee writing for CNBC saw the advantage held by the USA going into the Paris COP 21 talks: advances in technology are making the USA a global leader in low-cost/low-pollution energy production. They worked with Professor Michael Porter of Harvard Business School (the “shared value” proponent) on research. Page 95.
  • researchers, analysts and experts at Morgan Stanley Research charted “what was accomplished in Paris in 2015” for us; their report identified five key areas of progress that cheered conference participants; I share these in the “Trends Converging!” work. MS Research in the post-Paris days shared perspectives on the carbon tax concept and the status of various nations on the issue — and the actions of the State of California in implementing “AB 32” addressing GhGs. Page 119.
  • G&A Institute Fellow Daniel Doyle, an experienced CFO and financial executive, sharing thoughts on corporate “inversion” and the bringing back of profits earned abroad by U.S. companies. Page 122.
  • the Council of State Governments (serving the three branches of state governments) is actively working with public officials in understanding the Clean Power Plan of the Obama Administration (the shared information is part of the CSG Knowledge Center). Page 101.
  • Evan Harvey, Director of CR at NASDAQ, has continuously shared his knowledge with colleagues as the world’s stock exchanges move toward guidance or rule making regarding disclosure of corporate sustainability and related topics. Page 104.
  • our former Rowan & Blewitt [consulting practice] colleague Allen Schaeffer, now the leader of the Diesel Technology Forum, explaining the role of “clean diesel” in addressing climate change issues. Page 128.
  • Harvard Business School prof Clayton Christensen, who conceived and thoroughly explained “the Innovator Dilemma” in the book of the same name in 2007, updated recently, characterized new technology as “disruptive” and “sustaining,” now happening at an accelerated pace. We explain on Page 147.
  • the researchers and experts at the Society for Human Resource Management (SHRM) has shared important perspectives and research results dealing with the massive shift taking place in the corporate and business sectors as Baby Boomers retire(!) and the Millennials rise to positions of influence and power. And Millennials are bringing very positive views regarding corporate sustainability and sustainable investing to their workplace! The folks at Sustainable Brands also weighed in on this in recent research and conference proceedings. Page 154.
  • Author Thom Hartman in 2002 explored for us the subject of “corporate citizenship” in his book, “Unequal Protection, the Rise of Corporate Dominance and the Theft of Human Rights.” This work continues to help inform views regarding “corporate rights” in the context of corporate citizenship and beyond. The issue of corporate contributions to political parties and candidates continues to be a hot proxy season debate. Page 160.
  • Author and consultant Freya Williams in her monumental, decade-long research into “Green Giants” shared results with us in the book of that name and her various lectures. Seven green giant [companies] are making billions with focus on sustainability, she tells us, and they outperform the S&P 500 benchmark. Page 170.
  • Speaking of the S&P 500, I shared the results of the ongoing research conducted by our G&A Institute colleagues on the reporting activities of the 500 large companies — now at 81% of the benchmark components. Page 195.
  • And of course top-of-mind as I moved on through in writing the commentaries, I had the Securities & Exchange Commission’s important work in conducting the “Disclosure Effectiveness Initiative,” and a look at Regulation S-K in the “Concept Release” that was circulated widely in the earlier months of 2016. Consideration of corporate sustainability / ESG material information was an important inclusion in the 200-page document. Page 174.

* * * * * * * *

All of the above and more were important contributors in my collected “Trends Converging!” (in 2016) work. I am grateful to many colleagues in the corporate community and in the capital markets community who shared knowledge, wisdom, expertise and more with Lou Coppola and I over the recent years. They have helped to inform our work.

We thank the knowledge and valuable information willingly shared with us by our valued colleagues at RepRisk, especially Alexandra Milhailescu; Measurabl (Matt Ellis); The Conference Board’s Matteo Tonello; Nancy Mancilla and Alex Georgescu at our partnering organization for training, ISOS Group; Bill Baue at Convetit; Herb Blank at S-Networks Global Indexes; Robert Dornau at RobecoSAM Group, managers of the Dow Jones Sustainability Index family; Barbara Kimmel at Trust Across America.

Also, Professor Nitish Singh of St. Louis University, with his colleague VP Brendan Keating of IntegTree, our on-line professor and tech guru for the new G&A on-line, sustainability and CSR e-learning platform.

And, Executive Director Judith Young and Institute Founder James Abruzzo, our colleagues at the Institute for Ethical Leadership at Rutgers University Business School; Matt LePere and the leaders at Baruch College / City University of New York; and, Peter Fusaro, our colleague in teaching and coaching, at Global Change Associates.

And thank you, Washington DC Power Players!

Very important: We must keep uppermost in mind the landmark work of our President Barack H. Obama (consider his Action Plan on Climate Change, issued in December 2015) with the Clean Power Plan for the USA included. His Executive Orders have shaped the Federal government’s response to climate change challenges.

And there is U.S. Senator Bernie Sanders, again and again hitting the hot button sensitive areas for the middle class — like income and wealth inequalities and Wall Street reform — that raised the consciousness of the American public about these issues.
.
Former Secretary of State Hillary Rodham Clinton and her views (published in The New York Times) in her “How to Rein in Wall Street” op-ed.

And I thank my G&A Institute colleagues for their support and continued input all through the writing process: EVP Louis Coppola; Ken Cynar, our able editor and news director; Amy Gallagher, client services VP; Peter Hamilton, PR leader; Mary Ann Boerner, head of administration.

So many valuable perspectives shared by so many experts and thought leaders! All available to you…

* * * * * * * *

And Now to 2017!

And so what will happen in these many, many areas of forward-momentum in addressing society’s most challenging issues (like global warming) with “deniers and destroyers” lining up for key Federal government positions in the new administration and in the 115th Congress?

I and my colleagues at G&A Institute will be bringing you news, commentary and opinion, and our shared perspectives on developments.

If you would like to explore the many (more than 50) positive trends that I saw as 2016 began and proceeded on into the election season, you will find a complimentary copy of “Converging Trends!” (2016) at:http://www.ga-institute.com/research-reports/trends-converging-a-2016-look-ahead-of-the-curve.html

* * * * * * * *

Please do share with us your own thoughts where you think we might be headed in 2017, and your thoughts on the 2016 trends and their future directions — for 2017 and beyond. Do tune in to the many experts that I included in the various commentaries as they adjust to the New Normal of Washington DC.

I plan to share the individual commentaries with updates in 2017. Do Stay Tuned to G&A Institute’s Sustainability Update blog (you can register here to receive notice of new postings). You can sign on to receive the latest post at: http://www.ga-institute.com/sustainability-update-blog.html (Sharing insights and perspectives for your sustainability journey.)

Best wishes from the G&A Institute team for the New Year 2017!

 

 

The NYT Brings Us Encouraging News in the Swelter of Negative Reports as Sustainability Advocates Consider Possible Changes of Course in the New Year for U.S. Federal Government Policies

Leading Business readership publication focuses attention on the dramatic rise of ESG factors in investing over the past five years in wrap up story…

If you have not yet seen the story by Randall J. Smith that appeared in The New York Times Business Section on December 14th, we urge you to read it now, and to share it with your colleagues. Especially those occupants of the C-suite, board room, investor relations office — this will help to make the important case for ESG / sustainable investing. It’s our Top Story this week and the headline puts things in focus: investors are sharpening their focus on “S” and “E” risks to stocks.

This is a front page, Business Section [Deal Book] wrap-up feature that shares news, commentary and important developments at such organizations as MSCI, Vanguard, TIAA-CREF, Goldman Sachs, Perella Weinberg Partners, Rockefeller Brothers Fund, US SIF, Heron Foundation, Parnassus and other leaders in sustainable investing.

“Investing based on ESG factors has mushroomed in recent years,” author Randall Smith explains, “driven in part by big pension funds and European money managers, trying new ways to evaluate potential investments.”  The article helps those not yet familiar with sustainable investing to understand the increasing momentum in “sustainable” or “ESG” or “sustainable, responsible & impact” investing.

The organization MSCI is in sharp focus in the piece, with Linda-Eling Lee (the firm’s able head of global research) interviewed on the company’s approach to ESG research, ratings, equities indexes, and related work.  At MSCI, the assets managed using ESG approaches is now at $8 billion-plus — that’s triple the 2010 level.  ESG-related risks and opportunities are being closely evaluated as MSCI looks at publicly-traded companies, and as explained by the MSCI head of global research, 6,500 companies are followed by 150 analysts working in 14 global offices.

The recent US SIF survey results are heralded — $8.1 trillion in professionally-managed AUM assets in the U.S.A. are determined using ESG factors in analysis and portfolio management (the big driver is client demand).  The TIAA-CREF Social Choice Equity Fund is at $2.3 billion in assets under management — doubling in the past five years.  MSCI’s ESG indexes are at $3 billion — tripling over the past three years.  Vanguard’s social index fund is at $2.4 billion — quadrupling since 2011.  There’s a new CalSTRS low-carbon portfolio (using an MSCI index) set at $2.5 billion.

This article in the Business Section of a leading American daily newspaper provides an encouraging — and very timely! — look at the momentum that’s been building the capital markets signaling mainstream capital markets uptake and dramatic growth in adoption of ESG strategies and approaches for asset owners and asset managers.

As we suggest, it is a wonderful wrap-up of top-line developments in sustainable investing that also underscores the importance of corporate sustainability to individual institutional investors — and should help to make the investing and business cases for top management.

This news article is of course timely as corporate sustainability and sustainable investing professionals consider the potential changes on the horizon with a new administration and the new congress coming to town with a very different agenda – at least what has been publicly proclaimed to date.  There is clearly momentum in the capital markets for consideration of corporate ESG factors as investment dollars are being allocated.  This is good news heading into 2017 and the probable headwinds sustainability professionals will encounter.

Investors Sharpen Focus on Social and Environmental Risks to Stocks
(December 14, 2016)
Source: New York Times – Investing based on so-called E.S.G. factors has mushroomed in recent years, driven in part by big pension funds and European money managers that are trying new ways to evaluate potential investments. The idea has changed over the last three decades from managers’ simple exclusion from their portfolios of “sin stocks” such as tobacco, alcohol and firearms makers to incorporation of E.S.G. analysis into their stock and bond picks.

For Finance / Investing Professionals: “ESG” IN FOCUS IN ALL-DAY WORKSHOP Hosted At Baruch College/CUNY – NYC

The interest in sustainable investing continues to rise in the mainstream investment community.  Numerous data & analytics providers, ratings & rankings organizations, and other influentials are busily shaping new approaches in and for the mainstream investment community. Corporate “ESG” factors are an important addition to the ubiquitous Bloomberg terminals, as example (i.e. the ESG Dashboard).  Mainstream asset managers — notably BlackRock, Morgan Stanley, Goldman Sachs, State Street, and others — are putting sustainable investment approaches in place and launching new products for clients that are demanding “investable” vehicles for “doing well and doing good” with their assets.

As an investment professional, are you up to speed on these developments?  Need to “be more in the know” about sustainable investing?  Here’s a suggestion:  plan to attend an all-day workshop hosted at the Newman Vertical Campus of Baruch College/CUNY and presented by Governance & Accountability Institute and Global Change Associates (GCA). Participants will receive a Certificate of Completion from G&A Institute and GCA.

Mark the Date:  Wednesday, December 14, 2016
The course begins at 8 a.m. and features a full day of lectures from leaders in the field of sustainable investing and corporate sustainability. A networking lunch is included. The topics to be covered include:

  • What is Corporate ESG & Why It Really Matters to Shareowners;
  • ESG Analysis, Rating & Research;
  • What Investors Need to Know about the Rising Importance of Impact Investing;
  • The Sustainable Accounting Standards Board (SASB);
  • Case Study of Corporate Malfeasance — the VW Case;
  • ESG Equity Fundamental – Data Analytics;
  • About the Baruch CSR-Sustainability Monitor Project; 
  • and, Looking Beyond Corporate Sustainability & Financial Performance.

Presenters include:  Samuel Block, MSCI; Kate Starr, Flat World Partners; Eric Kane, SASB (Healthcare); Hideki Suzuki, Bloomberg LP; Mert Demir, PhD, Weissman Center at Baruch College.  And, there’ll be presentations by the principal organizers: Peter Fusaro of Global Change Associates; and, Hank Boerner, Chairman, and Louis D. Coppola, EVP (and co-founders) of G&A Institute.

We look forward to seeing you there, at Baruch College in December! 

CLICK HERE TO REGISTER for the workshop & for more information on the course offering.

New Training Announcement: Introduction to Corporate Environmental, Social, Governance (ESG) for Investment & Finance Professionals Certification

– The Why and How of Applying ESG to Corporate Valuations

New York, NY (November 3, 2016) –  In response to the growing demand for sustainable investing education from asset owners, asset managers, financial analysts and other financial professionals we are pleased to announce a one-day certificate program entitled, “Introduction to Corporate Environmental, Social and Governance (ESG) for Investment and Finance Professionals.” The program is organized by Governance & Accountability Institute (G&A) in collaboration with Global Change Associates (GCA) and hosted by the Zicklin School of Business at Baruch College/CUNY.

The first all-day certification program will be presented on Thursday, December 14, 2016. The program is being hosted at Baruch College’s Newman Vertical Campus (55 Lexington Avenue) in midtown Manhattan.  The course will begin at 8 a.m. with registration and continental breakfast, leading into a full day of lectures from leaders in the sustainable investing field.  A networking lunch is included.  Participants will receive a certificate of completion from G&A and GCA at the 5 p.m. close of the seminar.

AGENDA

Arrival, Registration & Continental Breakfast

What is Corporate ESG and Why It Really Matters to Shareowners
Hank Boerner, Chairman & Co-Founder, Governance & Accountability Institute

Bridging the Perceived Gap Between Corporate Sustainability & Corporate Profitability: Materiality, Risk Management and How Top and Bottom Lines Are Affected
Louis Coppola, EVP & Co-Founder, Governance & Accountability Institute

Coffee Break and Networking

ESG Analysis, Rating, and Research
Samuel Block, Research Analyst – Investment ESG Risk, MSCI

What Investors Need to Know About the Rising Importance of Impact Investing
Kate Starr (Invited), Founder & CIO, Flat World Partners; formerly Vice President-Capital Deployment, Heron Foundation

Networking Lunch

SASB 101: About the Sustainability Accounting Standards Board (SASB) and More Effective 10-k Disclosure
Eric Kane, Sector Analyst – Health Care, SASB

Case Study of Corporate Malfeasance:  The VW Emissions Scandal
Peter Fusaro, Chairman, Global Change Associates

Break

ESG Equity Fundamentals Data Analytics
Hideki Suzuki, ESG Group, Equity Fundamentals Department, Bloomberg LP

About the Baruch CSR-Sustainability Monitor Project
Mert Demir, Ph.D. in Finance, Senior Research Associate, Weismann Center for International Business at Baruch College

Looking Beyond Corporate Sustainability & Financial Performance
Louis Coppola, EVP & Co-Founder, Governance & Accountability Institute
Peter Fusaro, Chairman, Global Change Associates
Lecturers include leading experts in the sustainable investing field and the participants will come away with an understanding of why ESG matters, and how to apply ESG to corporate valuations, reputation, risk, opportunity and other aspects of financial analysis.

For information and to register click the link below: 
https://www.eventbrite.com/e/intro-to-corporate-esg-for-investment-finance-professionals-certification-tickets-29052781652

About Baruch College (http://www.baruch.cuny.edu/)
Baruch College is a senior college in the City University of New York (CUNY) with a total enrollment of more than 18,000 students, who represent 164 countries and speak more than 129 languages. Ranked among the top 15% of U.S. colleges and the No. 5 public regional university, Baruch College is regularly recognized as among the most ethnically diverse colleges in the country. As a public institution with a tradition of academic excellence, Baruch College offers accessibility and opportunity for students from every corner of New York City and from around the world.

About Governance & Accountability Institute, Inc. (www.ga-institute.com)
Governance & Accountability Institute is a New York City-based sustainability research, consulting and educational services company working with corporate sector and investment community clients. Typical engagements include preparation of sustainability, CSR and citizenship reports; peer benchmarking on ESG issues and reporting; customized ESG research (environmental, social and governance performance); strategic materiality analysis; sustainable investor relations; corporate communications around sustainability; and assistance with stakeholder engagements. The company is the exclusive Data Partner for the Global Reporting Initiative (GRI) for the USA, UK and the Republic of Ireland.


About Global Change Associates (www.global-change.com)
Peter C. Fusaro founded Global Change Associates, Inc. in 1991 to focus on the convergence of energy and environmental financial markets. His insights have earned him the international status of “thought leader” in these markets. His advice to client companies who require expert guidance to navigate their way through the multiple impacts of clean energy, natural gas and water technologies has proven invaluable to them. The focus of GCA today is to assist in raising funds for clean energy funds as a Registered Representative and to assist in the commercialization of new energy technologies. Peter holds the highly successful Wall Street Green Summit (www.wsgts.com) now in its 16th year and held in New York City each spring.

Lots of Important Sustainability Events & Training To Tell You About!

Today we call your attention to a number of events and training initiatives that may be of interest if you are:

  1. A corporate manager with responsibilities in the areas of [corporate] citizenship, sustainability, ESG, responsibility, and related areas, or
  2. Working in the capital markets and want to learn more about these topics, or
  3. Working in another field and would like to join a company or investor organization focused on sustainability and sustainable investing…

An important part of the G&A Institute mission since our founding a decade ago is to help educate, inform and share critical information related to the above topics and positions.  As an example we work closely with Skytop Strategies on many events such as the ESG Summit, 21st Century Company, and Future of Corporate Reporting that educate and inform on these subjects.  We’d like to tell you about a few of our most recent initiatives in these areas.

Introduction to the Importance of Corporate ESG for Investment & Finance Professionals at Baruch College 
Watch for announcements soon about a new program offering we’ve organized in partnership with Baruch University and Global Change Associates (headed by G&A Fellow Peter Fusaro) — this is an all-day “Introduction to the Importance of Corporate ESG for Investment and Finance Professionals.”  We’ll have speakers from Bloomberg, MSCI, Sustainability Accounting Standards Board and other organizations sharing valuable information.  Save the date:  December 14th at the Newman Vertical Campus in mid-town Manhattan.

G&A Sustainability Training HQ Platform & CCRSS Course Offering
The “Certification in Corporate Responsibility and Sustainability Strategies” in partnership with Professor Nitish Singh of St Louis University, is the first course offering on the new “G&A Sustainability Training HQ” online training platform.

To learn more about the special introductory G&A Sustainability Training Pioneers Program for this course (including a special discount and extra recognition as a leader in this area), contact Louis Coppola at G&A: lcoppola@ga-institute.com.   Click here for more information and to register for the course.

Join G&A for a Special GRI Standards Launch Event Webinar
We’ve been communicating with you about the important event coming up at Bloomberg Headquarters in New York City– the Global Reporting Initiative’s (GRI) Sustainability Standards Launch Event scheduled for Wednesday, November 3rd.  We’ve learned that the registration for the in-person event is now full and closed.

You can still learn about the new GRI Standards via the convenience of a lunchtime webinar:  Governance & Accountability Institute invites you on behalf of GRI to join us in celebrating the launch of the GRI Sustainability Standards on an informative one-hour webinar led by GRI’s Alyson Genovese on Thursday, November 10th at 12 Noon Eastern Standard Time (EST).

Whether you are new to sustainability reporting or a seasoned veteran, this webinar is designed to provide you with an interactive, detailed overview of the very latest in sustainability reporting. You’ll be guided through the new GRI Standards, important background and benefits, and you’ll be receiving an excellent overview of the changes from the current G4 Guidelines. You’ll have ample opportunity to ask questions to both GRI and G&A (reminder: we’re the exclusive GRI Data Partner in the USA, United Kingdom and Republic of Ireland, member of the GRI Data Consortium, and a Gold Community Member).

To learn more and register for this free event, please visit: 
https://goo.gl/forms/jVPOVUL19Jzd1WnB3

If you have questions or want to learn more, please contact Louis Coppola at lcoppola@ga-institute.com.