NASDAQ Exchange Publishes the “ESG Reporting Guide” for Corporate Managements and Boards

by Hank Boerner – Chair and Chief Strategist, G&A Institute

There is encouraging news for sustainability professionals coming from the world of stock exchanges this month.  The NASDAQ Exchange just published its guide for listed companies – as well for privately-owned firms as perhaps future IPOs for NASDAQ listing – for companies’ public ESG reporting. 

This is the ESG Reporting Guide – A Voluntary Support Program for Companies”.

The pilot program for the guide effort got underway with NASDAQ’s Nordic and Baltic markets in 2017; the May 2019 guide includes third party reporting methodologies for company leaders’ education. 

The recommendations are “completely voluntary” for companies, the exchange emphasizes. Evan Harvey is the Global Head of Sustainability for NASDAQ and key player in development of the guide.

As the corporate ESG reporting pace continues to increase in both volume and velocity, company boards and managements do need more guidance on evolving ESG / sustainability standards and frameworks that could be used [for their increased disclosure and structured reports such as those published annually or periodically for their investors]. 

These frameworks, NASDAQ explains, include the Global Reporting Initiative Standards, (GRI); the standards of the Sustainable Accounting Standards Board (SASB) for 79 industries; the TCFD recommendations (the work of the FSB’s Task Force on Climate-Related for Financial Disclosures); and (as example) the guidance and frameworks for industry reporting such as GRESB for the real estate industry. Note: G&A Institute is the Data Partner for the GRI in the U.S.A., U.K. and Republic of Ireland.

The NASDAQ guide developed along the lines of such ESG / sustainability reporting “being voluntary” by private sector companies underscores that we are yet not quite at the “order to publish” from the United States stock exchanges.

Halfway ‘round the world, the Hong Kong and Singapore stock exchanges set the pace with such listed company rules.  In Hong Kong, listed companies must “comply or explain” for their ESG reporting; in Singapore, the rule is to publish the annual corporate sustainability report after 1/1/17 – also on comply or explain basis.

And in Europe, companies larger than certain market caps and employee counts must report on their CR activities; (“The European Directive of Non-Financial and Diversity Information by Certain Large Companies”, part of the EU’s Initiative of CSR.)

Getting to a “listed rule requirement” that exchange-listed companies must publish an annual or more frequent corporate sustainability report is a heavy lift in the U.S. capital markets, which typically reflect the direction of the political winds in Washington D.C. and the opinions within the corporate community. (Such as: this type of reporting means more work and expense.)

Right now, the chair of the SEC – the regulator of both the stock exchanges and publicly-traded companies – is a Republican and two other members of the five-member Commission are “Rs”.  Their party’s leader in the White House is busily dismantling environmental protection and other rules and pulling the U.S. out of the historic Paris Agreement on climate change.

Background:  The regulatory activities of the stock exchanges based in the United States are governed by statutes passed by the U.S. Congress (such as the Securities Act of 1933 and Exchange Act of 1934) and the stock exchanges therefore by federal law are designated as non-governmental “self-regulating organizations” or SROs. 

As SROs, the New York Stock Exchange and NASDAQ Exchange have certain authority to establish rules and regulations and set standards for companies (“issuers”) whose stock is listed for trading on their exchange.  Of course, the views of the listed company leaders and other stakeholders are considered when rules are being developed.

Proposed listing company or brokerage (“member”) rules are filed with the Securities & Exchange Commission (created by that 1934 law) to oversee and regulate certain activities. And so, the proposed rules for listed companies, brokerage firms and other entities are filed with SEC and public comment invited before SEC approval and then the exchange’s official adoption of the Rule.  

A recent NASDAQ SEC filing example is: “Notice of Filing of Proposed Rule to Adopt Additional Requirements for Listings in Connection with an Offering Under Regulation A of the Securities Act” in April 2019.

Should the U.S. exchanges adopt rules requiring corporate ESG reporting?  Could they?  Will they? Will SEC review and approve such rules for exchange-listed firms?  These are important questions for our times.  Of course, many people are “Staying Tuned!”

An important P.S.: The 1934 Act also ordered publicly traded companies to file annual and other periodic reports.  In the 1970s, the NYSE listing rules required listed companies to begin publishing quarterly reports; some of the listed companies reacted with great alarm. 

But shortly afterward the SEC made this a requirement for all listed companies. And so the familiar 10-K, 10-Q etc.  This extends to non-US companies raising capital in the U.S. such as listing their securities on an American exchange.

Note from Hank Boerner: This writer once served as the NYSE’s head of communications and as the Exchange’s advisor to listed company investor relations, corporate secretaries and corporate communicators on things like timely disclosure and related topics.

Our announcement of [new] listed company rules calling for quarterly corporate reporting and other reforms was quickly greeted by many more jeers than welcoming cheers! But today, quarterly reporting is a settled matter. One day, we may see the same for corporate sustainability reporting.

Click here to find out more about Hong Kong and Singapore exchange rules.

NASDAQ, NYSE, Hong Kong, Singapore – all are participating in the World Federation of Stock Exchanges (WFE) Principles to exert leadership in promoting a sustainable finance agenda. Those principles are explained in the report here.

This Week’s Top Stories

Nasdaq Launches Global Environmental, Social And Governance (ESG) Reporting Guide For Companies
(Thursday – May 23, 2019) Source: NASDAQ – Nasdaq (Nasdaq: NDAQ) has announced the launch of its new global environmental, social and governance (ESG) reporting guide to support public and private companies. The 2019 ESG Reporting Guide includes the latest… 

More information is available at: https://business.nasdaq.com/esg-guide

G&A NOW ACCEPTING APPLICATIONS FOR 2019/2020 SUSTAINABILITY REPORTS RESEARCH ANALYST INTERNSHIP

G&A’S unpaid internship opportunity is for qualified students interested in learning more about corporate sustainability and corporate ESG performance (“Environmental, Social, Governance”) issues. G&A Institute Interns learn important elements about the Global Reporting Initiative (GRI) Standards for sustainability reporting as well as other common frameworks such as CDP, RobecoSAM CSA (DJSI), SASB, IIRC, SDGs, and concepts in sustainability such as materiality, stakeholder engagement, external assurance, balance, comparability, and many others that can be used in their future careers.

The work will support G&A’s pro-bono unpaid relationship as the Global Reporting Initiative (GRI) data partner for the US, UK, and Ireland, along with contributing to associated research on sustainability reporting trends.

The GRI’s reporting framework and standards are the most widely used in the world for these types of reports. However, G&A interns will analyze all types of sustainability reporting and frameworks; beyond the GRI framework.

This is a rapidly growing area of interest to Wall Street, Investors and various corporations from all sectors and industries. In 2018, G&A interns contributed to recent research backing G&A’s annual publication tracking sustainability reporting trends and found that 85% of S&P 500 companies were publishing sustainability reports. This number is up from 20% in 2011!

Opportunity:  

  • Discover the ins and outs of the world’s leading sustainability framework (GRI)
  • Learn to analyze data and interpret content from GRI sustainability reporting
  • Gain insights into the rapidly growing field of ESG from industry-experts
  • Assist in team research supporting G&A publications; public recognition will be given to all interns involved in research and publications

Internship Title:  Sustainability Report Research Analyst (supporting G&A’s GRI Data Partner relationship)

Virtual Location: Work is done remotely – at your own location with a flexible work schedule.  Initial training via virtual meeting tools. There will be opportunities to attend industry networking and training events with G&A’s network of event and training partners.

Time Period & Commitments: Internship position requires approximately 10 hours per week and runs Summer 2019 through May 2020.  The timing of the work is flexible for a majority of the time required and can be done remotely. 

Compensation: This is an unpaid experience only internship.

MORE ABOUT THE INTERN POSITION
In this role, you 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.

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

G&A interns get public recognition for their work in published reports, on G&A’s web platforms, blogs, and public press releases.

G&A’s is proud of its Intern Alumni and are happy to share their success with the world, as they accomplish great things through their careers navigating the way to sustainability.  To see what past G&A Interns have been doing (and their backgrounds) check out G&A’s Honor Roll at http://www.ga-institute.com/about-the-institute/the-honor-roll.html  

INTERNSHIP CANDIDATE REQUIREMENTS

  • Must be in senior year of Bachelors program or in a Masters program with major/studies focused on business, capital markets, ESG, environmental and/or sustainability issues and topics.
  • Demonstrate strong background / keen interest or past work experience in ESG and sustainability-related issues / topics.  
  • Having a basic understanding of business and the capital markets is mandatory.
  • Must have strong skillsets and experience in independent online research and analysis.
  • Must be excellent at using Excel / Google Sheets and researching on Google.
  • Have strong technical, communication and organizational skills. 
  • Must be self-driven and able to work independently to meet expectations and deadlines.
  • Must be fluent in English, additional languages are a plus.
  • Applicants with good writing and editing abilities will have a preference.

APPLICATION PROCESS
If you meet the above requirements, interested students should send:

  1. A cover letter outlining why you would be a good fit for this role.
  2. Resume including your education, skill sets, and work experience.
  3. 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. Include sectors or industries you may be particularly interested in regarding ESG / Sustainability.
  4. 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

ABOUT GOVERNANCE & ACCOUNTABILITY INSTITUTE
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 the data partner for the United States, United Kingdom and the 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 US, UK and Ireland data partner of the GRI, G&A’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 the Republic of Ireland for the benefit of all stakeholders. 

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

A Deeper Shade of Green: The Social Layer of Green FSAs

By Ruth Rennie

Developing Green Firm Specific Advantages (GFSAs) allows firms to build business capacities and assets that enhance both economic and environmental performance.

However developing GFSAs focused solely on environmental management capacity will be inadequate to deliver sustainability and long term financial performance.

An additional set of GFSAs that build capacity to manage the social dimension of the people, planet, profit equation are required. These relate to the internalisation of the social contract, operational approaches that develop social equity, and communications approaches focused on inclusive constituency building.

Introduction

Sustainability frameworks build on the fundamental concept of the “triple bottom line” (TBL) balancing the needs of profit, planet and people. The TBL concept aims to broaden the focus of business performance from profit and loss to tracking and managing a company’s economic (not just financial), social, and environmental impact.

This enables companies to understand the full costs of doing business and calculate real value added.

Today risks associated with climate change, resource scarcity, increasingly stringent government regulation and consumer pressure for transparent and accountable business practice have shifted the focus of sustainability from a simple demonstration of corporate social responsibility to a core driver of commercial viability. Yet business leaders still seldom pay the same attention to people and planet targets as they do to achieving profitability (source: Elkington 2018).

The definition of “green” firm specific advantages (FSAs) first developed in the 1990s acknowledges that firms are likely to invest in better environmental performance only if they will also lead to higher economic returns.

Green FSAs (GFSAs) are business capacities and assets that allow firms to enhance both economic and environmental performance by enabling them to respond to and leverage evolving environmental challenges to achieve sustainable growth and competitive advantage. Developing GFSAs has a range of benefits for firms including cost and operational efficiencies, improved innovation and technological capabilities, enhanced product differentiation and market opportunities, and reputational enhancement (Singh et al 2014).

However, the definition of “green” FSAs related only to environmental management capabilities, creates an unbalanced framework that ignores critical capacities and assets that firms need to manage the social dimensions of sustainability that are increasingly critical to ensure both environmental and financial performance.

The need for wider set of Green FSAs

Though much of the sustainability industry of consultants and framework developers continue to equate “sustainability” and “green” approaches with environmentally-friendly and carbon neutral, the new generation of “green” frameworks explicitly link these issues with social equity and inclusion.

The United Nations calls for “Green Economies” which are “low carbon, resource efficient and socially inclusive” (UN Environment). The current “Green New Deal” policy resolution in the USA emphasises the role of environmental crises and economic transformation in exacerbating “systemic injustices” by disproportionately affecting already disadvantaged “frontline and vulnerable communities.” (Green New Deal Policy Resolution, 2019).

There is ample evidence that businesses are increasingly confronted with risks related to social equity and inclusion that threaten both their commercial and sustainability performance. In a recent survey 80 percent of businesses said they expected their company to be affected by changes to “the social contract” (defined as the general agreement on the rights and responsibilities of members of society[1]) over the next 10 years.

These include workforce risks related to payment of a living wage, technology replacing jobs, and erosion of worker benefits through efficiency measures such as outsourcing.

They also include risks from tensions arising from increasing social inequalities, and rising expectations of the role of business in solving social issues, creating a situation where “Social license to operate is at a higher standard than regulatory license to operate” (BRS 2017).

It is therefore not surprising that companies are now giving the highest priority in their sustainability efforts to social issues related to ethics, diversity, human rights and women’s empowerment, alongside climate change. (BSR 2018)

These trends highlight the limitations of cultivating GFSAs that address only a firm’s environmental management capacity to deliver long-term business sustainability or financial performance. Firms also need to develop “new green” FSAs to strengthen their ability to engage a wide range of stakeholders around a mutually beneficial social contract.

As with the GFSAs defined by Singh et al, the social set of GFSAs also need to be embedded into the firm’s planning and organisational practices, operational practices and communications. This effectively creates an additional layer of GFSAs related to “social management” (for want of a better term) as shown in the diagram below. These relate to the internalisation of the social contract, operational approaches that develop social equity, and communications approaches focused on inclusive constituency building.

[1] The full definition of “social contract” used in the survey was «the unwritten and tacit agreement that exists among members of society (individuals and organizations) that guides behavior and establishes rights and responsibilities of members of society.” (BSR 2017)

Fig 1: Green FSAs : Environmental and Social Management Dimensions

Social Contract Internalization Green FSAs

In the broadest terms Social Contract Internalization GFSAs relate to a firm’s capabilities to incorporate relevant social trends and expectations into strategic planning and develop strategies to mitigate risks related to the impact of their business operations, products and services on different social groups and wider patterns of inequality. Developing this perspective allows firms to internalise the social costs of products, technologies and business practices, and balance environmental management and operational efficiencies with social equity considerations.

Social contract internalisation GFSAs therefore enable firms to develop socially sustainable workforce capacity and supply chain relationships. This includes adopting approaches to measure, report on and address the gender pay gap by which men are still paid more than women for equal work in nearly every country in the world (Rubery, 2019).

It also includes adopting proactive strategies to manage the full range of costs to workers, supply chain actors and communities associated with practices such as the dematerialization of products, sourcing of eco-friendly inputs, achieving resource efficiencies, outsourcing and technological innovation.

For example by assessing the social impact of a shift from producing or using non-renewable to renewable resources such as biofuels on producer communities smallholder agriculture, livelihoods and food security (UNRISD 2012). It also includes developing human resource management strategies that ensure workplace health and safety and freedom from discrimination and harassment, and proactive strategies to address inequalities in access to employment or livelihood opportunities.

Beyond this, firms can develop the capacity for product innovation and expansion to new market segments to address inequalities in access to sustainable products and services between different social groups.


Social Contract Internalization Green FSAs Example – Green Jobs

The International Labour Organisation (ILO)  defines “Green Jobs” as those that both provide employment in the production of green products and services or in environmentally friendly processes AND meet the criteria of decent work by ensuring productive work, a fair income, security and rights at work, social protection, social dialogue and gender equality (ILO 1 & 2).

Yet the social dimension is still often absent from “green” jobs.

A recent study of around 300,000 organisations in Portugal found that the green job sector employs workers with lower qualifications and has poorer provision and lower coverage of Occupational Health and Safety Services resulting in a higher incidence and severity of accidents at work (Moreira et.al, 2018).

Internalization of Social Contract Green FSAs would therefore help firms to mitigate risks and reduce costs of workplace accidents, and demonstrate commitment to reducing the vulnerabilities of low income workers.


Social Equity Development Green FSAs

Social equity development GFSAs recognize that the unequal distribution of risks and rewards within commercial value chains ultimately pose a threat to the long-term sustainability and financial viability of current business models. This is most apparent in the global commodity supply chains where price fluctuations and buying practices such as spot trading create high risk for producers and suppliers that threaten the whole supply chain.

Social equity development green FSAs enable firms to develop business practices and operational processes to share risk and balance the social equity of key actors in the supply chain such as developing long term supplier agreements and investing in producer capacity.

Building social equity in supply chains enables firms to ensure business continuity and implement effective environmental management with producers as long term partners. It also enables firms to develop speciality products based on quality, transparency and local knowledge, enhance brand value develop product portfolios, and satisfy growing consumer demand for authenticity and transparency (Brown 2018, Samper 2018).


Social Equity Development Green FSAs Example – Mars Sustainable in a Generation Plan drive a new approach to commodity sourcing.

Alongside actions to address GHG emissions, water stress, land use, and deforestation the Sustainable in a Generation Plan commits to meaningfully improve the working lives of one million people in its value chain to enable them to thrive.

To do this the company has adopted a new approach to commodity sourcing from known origins and in many cases known farms, with price and sustainability impacts evaluated side by side and generally from longer term partnership arrangements with fewer suppliers.”

In addition Mars is focusing on increasing income, respecting human rights and unlocking opportunities for women. The focus on cultivating long term buyer relationships and investing in the productivity and livelihoods of smallholder suppliers allows Mars to mitigate the risks that poverty discourages the next generation of farmers from participation in essential commodity supply chains. (Sustainable Brands 2018)


Inclusive Constituency Building Green FSAs

The concept of inclusive constituency building goes beyond reputation management, operational partnership development and targeted engagement with local stakeholders already identified in the GFSA framework. Rather it recognises the increasing consumer demand for businesses to demonstrate strong social purpose and to participate in a company’s broader vision. (Brown 2018, BBMG 2017).

A recent global survey shows at least half of consumers believe brands can do more to solve social ills than government and that it is easier for people to get brands to address social problems than to get government to take action. Moreover 57% report buying or boycotting brands based on the brand’s position on a social or political issue (Edelman 2018).

Inclusive constituency-building GFSAs enable firms to develop purpose driven narratives to engage consumers, investors, supply chain actors, local communities and wider stakeholders such as governments, regulators and NGOs in an ongoing relationship based on transparent communication and accountability to build a broad coalition of support for their activities products and services.

This allows firms to develop stronger brand value and engage proactively with employees, customers and peers as brand ambassadors. It also increases firms’ ability for early sensing of societal concerns and foster an organisation-wide culture of listening and engaging with stakeholders that creates goodwill, can transform conflict into productive collaborations and garners “benefit of the doubt” support in regulatory compliance and public approvals processes.

Inclusive constituency building GFSAs also build firms capacity to engage in constructive dialogue to drive product innovation, enhance creativity and strengthen employee motivation through the inclusion of wider perspectives (Sharma and Vrendenberg 1998).


Inclusive Constituency Building Green FSAs Example – Amazon

Amazon is one of the most financially successful companies in the world, and has made environmental sustainability commitments to increase its use of renewable energy and make all amazon shipments net zero carbon, with a target of 50% by 2030. Yet the company’s financial and environmental management strategies are undermined by its failure to develop an inclusive constituency for its brand.

Amazon recently pulled out of a deal to set up a new headquarters in New York City, fearing damage to its reputation from a barrage of objections from politicians, unions, public housing residents, local community leaders and government institutions.

These objections echoed Amazon’s failure to address poor labor practices and anti-unionisation policies, or to contribute to alleviating social inequality issues to which it contributes, by threatening to halt growth in its home city of Seattle if the city approved a tax on large employers to fund homeless services and low-income housing (Sainato, 2018).

The failure of the deal has been attributed to Amazon’s failure to develop a robust strategy to build support amongst key stakeholders groups and miscalculation on how much it needed to engage with those audiences to make the development of the New York HQs a success (Goodman and Weise, 2019).


Conclusion

To adequately ensure sustainability including environmental management and financial performance, Firms need to develop an additional set of Green FSAs focused on the social dimension of the people, planet profit equation.

Social contract internalisation GFSAs that incorporate a social equity and inclusion perspective into strategic planning enable firms to develop socially sustainable workforce capacity and supply chain relationships and strengthen capacity for product innovation and market positioning.

Social equity development GFSAs that build capacity to rebalance risk and build inclusiveness in supply chains enable firms to ensure business continuity and implement effective environmental management strategies based on long term partnerships and to develop product differentiation.

Inclusive constituency building GFSAs that build capacity to engage stakeholders in a broad coalition of support for a firm’s activities products and services allow firms to develop stronger brand value, sense and respond to societal concerns and drive product innovation, creativity and employee motivation through constructive engagement with wider stakeholder perspectives.

REFERENCES

BBMG Globescan (2017), Brand Purpose in Divided Times, Four strategies for Brand leadership. http://bbmg.com/wp-content/uploads/2017/10/BBMG_GlobeScan_BrandPurposeReport_2017.pdf

Britton-Purdy, Jedediah (2019) “The Green New Deal Is What Realistic Environmental Policy Looks Like”, The New York Times Feb. 14, 2019, https://www.nytimes.com/2019/02/14/opinion/green-new-deal-ocasio-cortez-.html

Brown, Nick (2018), “A Radical New Social Contract Concept from James Hoffmann”, Daily Coffee News, October 15, 2018, https://dailycoffeenews.com/2018/10/15/a-radical-new-social-contract-concept-from-james-hoffmann/

BSR, Globescan (2017), The State of Sustainable Business 2017, Results of the 9th Annual Survey of Sustainable, Business Leaders, July 2017, https://www.bsr.org/reports/2017_BSR_Sustainable-Business-Survey.pdf

BSR, Globescan (2018), The State of Sustainable Business 2018, Results of the 10th Annual Survey of Sustainable, Business Leaders, 2018, https://www.bsr.org/files/event-resources/BSR_Globescan_State_of_Sustainable_Business_2018.pdf

Edelman (2017, 2018), Beyond No Brand’s Land, Edelman Earned Brand Study, https://www.edelman.com/earned-brand, / https://www.edelman.com/research/earned-brand-2017

Elkington, John (2018), “25 Years Ago I Coined the Phrase “Triple Bottom Line.” Here’s Why It’s Time to Rethink It”, Harvard Business Review, June 25, 2018. https://hbr.org/2018/06/25-years-ago-i-coined-the-phrase-triple-bottom-line-heres-why-im-giving-up-on-it

Goodman, J. David and Weise, Karen, (2019) “Why the Amazon Deal Collapsed: A Tech Giant Stumbles in N.Y.’s Raucous Political Arena”, The New York Times, Feb. 15, 2019, https://www.nytimes.com/2019/02/15/nyregion/amazon-hq2-nyc.html

Green New Deal Policy Resolution, G:\M\16\OCASNY\OCASNY_004.XML February 5, 2019 (3:27 p.m.) https://assets.documentcloud.org/documents/5729033/Green-New-Deal-FINAL.pdf

ILO 1 – What are Green Jobs? https://www.ilo.org/global/topics/green-jobs/news/WCMS_220248/lang–en/index.htm

ILO 2 – Decent Work, https://www.ilo.org/global/topics/decent-work/lang–en/index.htm

Kantor, Jodi and Streitfeld, David (2015), Inside Amazon: Wrestling Big Ideas in a Bruising Workplace, The New York Times, Aug. 15, 2015, https://www.nytimes.com/2015/08/16/technology/inside-amazon-wrestling-big-ideas-in-a-bruising-workplace.html

Moreira, Sandra, Vasconcelos, Lia, Silva Santos, Carlos, (2018)“Occupational health indicators: Exploring the social and decent work dimensions of green jobs in Portugal” Work, vol. 61, no. 2, 2018 pp. 189-209, https://content.iospress.com/articles/work/wor182792

Rubery, Jill BBC (2019), “Is equal pay actually possible?, BBC News 22 February 2019 https://www.bbc.com/news/business-47212342

Sainato, Michael (2018) Exploited Amazon workers need a union. When will they get one?, The Guardian, Sun 8 Jul 2018, https://www.theguardian.com/commentisfree/2018/jul/08/amazon-jeff-bezos-unionize-working-conditions

Samper, Luis F. (2018), “A New World Coffee Order” Daily Coffee News, October 17, 2018, https://dailycoffeenews.com/2018/10/17/a-new-world-coffee-order/

Sharma, Sanjay and Vredenburg, Harrie (1998), “Proactive Corporate Environmental Strategy and the Development of Competitively Valuable Organizational Capabilities” Strategic Management Journal, 19: 729–753 (1998) http://www.jstor.org/pss/3094125

Singh Nitish, Yung‐Hwal Park, Carri R. Tolmie, Boris Bartikowski (2014), “Green Firm‐Specific Advantages for Enhancing Environmental and Economic Performance”, Global Business and Organizational Excellence, November/December 2014 pp6-17 https://doi.org/10.1002/joe.21580

Sustainable Brands (2018), Screw Incremental Improvements: Mars Is Changing How It Does Business, September 19, 2018, https://sustainablebrands.com/read/walking-the-talk-1/screw-incremental-improvements-mars-is-changing-how-it-does-business / See also – Henderson, James (2017) Mars CEO Grant F. Reid has said business needs to lead “transformational change” in order to tackle the most urgent threats facing the planet and its people, including a radical overhaul of supply chains”. Sep 08, 2017, https://www.supplychaindigital.com/scm/mars-ceo-transformational-business-change-needed-including-radical-rethink-supply-chains

UN Environment “About the Green Economy”? https://www.unenvironment.org/explore-topics/green-economy/about-green-economy https://www.unenvironment.org/regions/asia-and-pacific/regional-initiatives/supporting-resource-efficiency/green-economy

UNRISD (2012), Social Dimensions of Green Economy Research and Policy Brief 12, May 2012, https://www.files.ethz.ch/isn/143941/RPB%2012e.pdf

* * *

A message from G&A Institute

This is the “final paper” authored by Ruth Rennie as she completed the on-line, self-study “Certification in Corporate Responsibility and Sustainability Strategies” hosted by Governance & Accountability Institute and developed by Professor Nitish Singh, Ph.D., Associate Professor of International Business at the Boeing Institute of International Business at Saint Louis University, and founder and consultant at IntegTree LLC; and, Instructor Brendan M. Keating, Adjunct Professor at Wilmington University and VP of IntegTree.

The professionals completing the course work receive certificates from the Swain Center for Executive & Professional Education at the University of North Carolina Wilmington and from G&A Institute.

The certification program provides a broad overview of key corporate responsibility challenges and strategies that will enable organizations to succeed in the 21st Century Green Economy.

Ruth Rennie is a Sustainability and Social Impact Consultant educated at Trinity College, Dublin, Ireland (M.Phil. – Master of Philosophy, History; at Universite Paris 7 (Paris, France), Diplome d’Etudes Approfondies (DEA); and, Victoria University, New Zealand, Dip TESL (Diploma in Teaching English as a Second Language). Profile: https://www.linkedin.com/in/ruth-rennie/

Ruth’s email: rennie.ruth@gmail.com

More information on the CSR course is available at:

http://learning.ga-institute.com/courses/course-v1:GovernanceandAccountabilityInstitute+CCRSS+2016/about

INTERNSHIP: SUSTAINABILITY REPORTS DATA ANALYST

G&A is offering unpaid internship opportunities for qualified students interested in learning more about corporate sustainability and corporate ESG performance (“Environmental, Social, Governance”) issues. G&A Institute interns learn important elements about the Global Reporting Initiative (GRI) Standards for sustainability reporting as well as other common frameworks such as CDP, RobecoSAM CSA (DJSI), SASB, IIRC, SDGs, and concepts in sustainability such as materiality, stakeholder engagement, assurance, balance, comparability, and many others that can be used in their future work situations.

The work will support G&A’s pro-bono unpaid relationship as the Global Reporting Initiative (GRI) data partner for the US, UK, and Ireland, along with contributing to associated research on sustainability reporting trends.

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

Opportunity:  Learn to analyze data and interpret content from GRI sustainability reporting

Intern Position:  Sustainability Report Data Analyst (supporting G&A’s GRI Data Partner relationship)

Location: Virtual — Work is done remotely – at your own location with a flexible work schedule.  Initial training via virtual meeting tools. There will be opportunities to attend industry networking and training events with G&A’s network of event and training partners.

Time Requirements: Position requires approximately 10 hours per week and begins ASAP.  The timing of the work is flexible for a majority of the time required and can be done remotely.  The internship will take place starting in September 2018 and ending May 2019.

Compensation: This is an unpaid experience only internship position.

MORE ABOUT THE INTERN POSITION
In this role, you 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 a 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.

We are proud of our intern alumni and are happy to share their success with the world, as they accomplish great things through their careers navigating the way to sustainability.  To see what other interns have been doing (and their backgrounds) check out G&A’s Intern Honor Roll at http://www.ga-institute.com/about-the-institute/the-honor-roll.html

REQUIREMENTS

  • Must be in senior year of Bachelors program or in a Masters program with major/studies focused on business, capital markets, ESG, environmental and/or sustainability issues and topics.
  • Demonstrate strong background / keen interest or past work experience in ESG and sustainability-related issues / topics.
  • Having a basic understanding of business and the capital markets is mandatory.
  • Must have strong skillsets and experience in independent online research and analysis.
  • Must be excellent at using Excel / Google Sheets and researching on Google.
  • Have strong technical, communication and organizational skills.
  • Must be self-driven and able to work independently to meet expectations and deadlines.
  • Must be fluent in English, additional languages are a plus.
  • Applicants with good writing and editing abilities will have a preference.

APPLICATION PROCESS
Interested students must send:

  • A cover letter outlining why you would be a good fit for this role.
  • Resume including your education, skill sets, and work experience.
  • 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.
  • 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

ABOUT GOVERNANCE & ACCOUNTABILITY INSTITUTE
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 the data partner for the United States, United Kingdom and the 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 US, UK and Ireland data partner of the GRI, G&A’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 the Republic of Ireland for the benefit of all stakeholders.

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

The 21st Century Company: How It Creates Values – And for Whom

Highlights from the strategic “21st Century Company” conference presented annually by Skytop Strategies in November 2017 at the Time Warner Center in New York City.

By  Elizabeth Peterson and Cher Xue, Sustainability Reporting Analysts, G&A Institute

In November, executives in governance, risk, innovation, corporate responsibility, and information technology, and representatives of other functions & disciplines gathered to discuss future trends and share thoughts on the theme of “how to prepare for the risks and opportunities that companies will face in the 21st Century”.

Two prevalent topics of discussion among the executives present were (1) data security and (2) approaching CSR as an opportunity for ROI rather than as an expense.

Hank Boerner, Chairman & CEO at G&A, started the morning off with opening remarks to set the stage for the day’s discussion. He suggested that regardless of the top-notch strategic planning, the 21st Century Company is likely to put forward, disruptions” will always arise.

Using retro props and the evolution of the cell-phone from the early “brick” phone and the revolutionary concept of making a call from anywhere to today’s smartphone (now holding a great deal of our personal information), Hank reminded the audience of the disruptions from the past few decades.

Integration, Innovation, and Progress are what the thriving 21st Century Company will practice to be successful and to thrive, he said. (See his comments here: http://ga-institute.com/Sustainability-Update//2017/12/21/you-and-the-21st-century-company-all-about-iteration-innovation-and-disruption/)

The event was held during the first anniversary of the 2016 U.S. Presidential election, which sparked rigorous conversations about what sustainability will look like for the United States over the next three years.

The past year has involved the start of dismantling of some of the country’s most monumental environmental plans and agreements. While this has led to a dim outlook for sustainable’s future for some, others noted that the corporate world is remaining firm in their sustainability strategic plans and targets, due to stakeholders and investors’ increasingly persistent calls for climate change disclosures, even for the non-renewables industry.

This reassurance has allowed many corporate sustainability advocates “to rest easy”. However, as Bennett Freeman, Senior Advisor, Business for Social Responsibility (BSR), mentioned during his panel, governance without government doesn’t work. Corporate social responsibility without government responsibility is insufficient — and sustainable development should not be left to solely corporations.

Another trend creeping into CSR/ESG performance indicators is data security, presenting both opportunities and risks for companies.

Louis Coppola, Co-Founder and Executive VP at G&A, moderated the panel The Internet of Things: One Example of How Technology Shapes—and Threatens—Value Delivery with panelists Gene Fredriksen, Chief Information Security Officer, PSCU & Appointee, Global Forum to Advance Cyber Resilience and Jonathan Hill, Dean of the Seidenberg School of Computer Science and Information Systems at Pace University.

Key takeaway:  Data is being hailed as the “oil of the 21st century”. The amount of data being collected during your day-to-day activities can be a little unsettling for some.

The information obtained by third parties can support significant business decisions and product/service development. Data can hold unmeasurable value for a company’s future to make informed decisions.

However, the question for debate is how responsible do we expect companies to be with our data?

Elizabeth Peterson, GRI Reports Analyst at G&A Institute, Masters Candidate in Sustainability at Hofstra University focusing on ESG Reporting

A spike in recent data breaches has left consumers feeling a little less secure, but it’s also left corporations feelingn uneasy about their brand reputation and the future of their data security plans.

In 2017 alone, we have learned of significant data breaches at Yahoo, Equifax, Uber, Gmail, and many more companies.

Currently, the Global Reporting Initiative (GRI) provides a voluntary reporting indicator (G4-PR8) asking companies to disclose the number of breaches of customer privacy had occurred during that reporting year.

However, with the risk of significant cybersecurity breaches increasing, it’ll become more prevalent for the 21st Century Company to become much more proactive in protecting customer privacy; and, simultaneously, provide more detailed disclosure on a company’s data security efforts – this will be expected by shareholders.

For more information on whether you’ve been affected by the recent Equifax breach, click here.

As consumers, we expect the companies we interact with to take our personal information and data security seriously. However, we cannot place all the responsibility on businesses. With holiday shopping well underway there are plenty of individual tactics to put in place to make sure data is safe while online shopping.. (Link for bullet point source).  These include:

  • Before surfing the Internet, secure your personal computers by updating your security software. Everyone’s computer should have anti-virus, anti-spyware and anti-spam software, as well as a good firewall installed.
  • Keep your personal information private and your password secure. Do not respond to requests to “verify” your password or credit card information unless you initiated the contact. Legitimate businesses will not contact you in this manner.
  • Choose a password by combining different numbers, letters, and symbols. The longer the password, the better.
  • Beware of “bargains” from companies with whom you are unfamiliar — if it sounds too good to be true, it probably is!
  • Use secure websites for purchases. Look for the icon of a locked padlock at the bottom of the screen or “https” in the URL address.
  • Shop with companies you know and trust. Check for background information if you plan to buy from a new or unfamiliar company.
  • Act immediately if you suspect identity theft. Contact your credit card company, your bank, all three credit reporting agencies.

About Corporate Responsibility in the 21st Century

Cher Xue, GRI Reports Analyst at G&A Institute, Master in Environmental Management from Duke University, Nicholas School of the Environment.

One very interesting presentation was entitled: The Arrow Electronics Story: How Innovation Can Drive Profits While Addressing Social ChallengesThe presenter was Joe Verrengia, Global Director of Corporate Social Responsibility at Arrow Electronics, Inc.

Arrow Electronics is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. And humanitarian technology projects serve as a metaphor for what Arrow does every day in business.

The presentation addressed some bias that has been expressed —  such as there is no real ROI on CSR.

As examples, some critics have said these things:  Personal values don’t always translate to work values. People within the organization have no idea what it is and where to start to work. The CSR budget is the first one to cut because, for some business, CSR is not an investment, but an expense.

Joe Verrengia addressed these negative projections and explained how Arrow Electronics sees ROI on CSR – starting with the Company’s brand itself — and to think about who we are as a foundation.

His company’s lessons were a valuable sharing for the conference participants:

  • Besides have ROI clearly demonstrated by direct numbers of additional revenue, for Arrow, ROI is generated through employee recruitment and retention, in that CSR can lead to greater employee pride.
  • Today, for example, 80% of millennial choose work for a purpose-driven company. And 99% of Arrow’s interns decide to come back to work. ROI also comes from customers’ loyalty — 223 of Arrow’s customers now expect Arrow to be a good corporate citizen and demand annual proof of CSR through questionnaires.
  • Because of Arrow’s work on humanitarian technology solutions, the firm also has attracted new customers who have seen the Company’s work on these projects and recognized that Arrow not only has the solutions expertise they need, but also shares the same values as well.
  • Then there is ROI from “Brand”, which is reputational ROI. Arrow’s CSR technology projects have generated nearly two billion media impressions and more than 600 news stories in just a few years. The earned media value and the calculated brand value of these projects far exceeded what they cost.
  • Arrow’s CSR program has a focus on guiding innovation that improves lives and provides opportunity. The CSR program is demonstrated through humanitarian projects, community investment, employee engagement and corporate reporting.

For the purpose of measuring CSR program and score progress, Arrow has developed an engagement rating system by which the Company evaluates CSR partners and projects. The 10 categories of engagement include Innovation; CSR category alignment; Brand elevation; Social impact; Business development potential; Executive support; Arrow locations; Stature; Arrow V alignment; and, Employee Engagement.

Arrow believes “Five Years Out” is the tangible future, and the Company’s innovations can make the world a better place for us all – now and five years out, which is exactly a 21st Century Corporation approach.

Note:  this commentary featured just two of the event’s panels.  An agenda for the day can be found here.  Follow Skytop Strategies meetings calendar for the 2018 conference with the 21st Company thematic: https://skytopstrategies.com/

Dangerous Antics – Fiddling with the Future of US EPA and the Health and Safety of the American People

by Hank Boerner – Chair & Chief Strategist, G&A Institute

The Trump Administration  — Making moves now on the US EPA to destroy its effectiveness through budget cuts and ideological attacks on its missions.

In his landmark work published in 1993 – “A Fierce Green Fire – The American Environment Movement” – former New York Times journalist Philip Shabecoff explained:  the U.S. Environmental Protection Agency was created by President Richard Nixon (a Republican) in December 1970 (two years into his first term) as part of an overall re-organization of the Federal government. The EPA was created without any benefit of statute by the U.S. Congress.

Parts of programs, departments and regulations were pulled from 15 different areas of the government and cobbled together a single environmental protection agency intended to be the watchdog, police officer and chief weapon against all forms of pollution, author Schabecoff explained to us.

The EPA quickly became the lightning rod for the nation’s hopes for cleaning up pollution and fears about intrusive Federal regulation.

As the first EPA Administrator, William Ruckelshaus (appointed by Richard Nixon) explained to the author in 1989: “The normal condition of the EPA was to be ground between two irresistible forces: the environmental movement, pushing very hard to get [pollution] emissions no matter where they were (air, water)…and another group on the side of industry pushing just as hard and trying to stop all of that stuff…” Both, Ruckelshaus pointed out, regardless of the seriousness of the problem.

We are a half-century and more beyond all of this back and forth, and the arguments about EPA’s role and importance rage on.

Today we in the sustainability movement are alarmed at the recklessness of the Trump White House and the key Administration officials now charged with responsibility to protect the environment and public health in two key cabinet departments: The EPA and the Department of Energy.

The ripple effects of the attacks on climate change science are in reality much larger: The Department of Defense (which has declared climate change to be a major threat long-term); the Department of Interior, overseeing the nation’s precious legacy of national parks and more; the Department of Agriculture (and oversight of tens of millions of acres of farmland); the Department of Commerce; the Department of Justice..and on and on.

The destruction could start early: The Washington Post (with its ear to the ground) is closely watching the administration and reported on February 17th that President Donald Trump planned to target the EPA with new Executive Orders (between two and five are coming) that would restrict the Agency’s oversight role and reverse some of the key actions that comprise the Obama Administration legacy on climate change and related issues.

Such as: rolling back the Clean Energy Plan (designed to limit power plant GhG emissions), which required states to develop their own plan as well. And, withdrawing from the critical agreement reached in Paris at COP 21 to limit the heating up of Planet Earth (which most of the other nations of the world have also adopted, notably China and India).

The destroyers now at the helm of the EPA also don’t like the Agency’s role in protecting wetlands, rivers etc. (The Post was expanding on coverage originally developed by investigative reporters at Mother Jones.)

Mother Jones quoted an official of the Trump transition team: “What I would like to see are executive orders implementing all of President Trump’s main campaign promises on environment and energy, including withdrawal from the Paris climate treaty.”

And, in the Washington Post/Mother Jones reportage: “The holy grail for conservatives would be reversing the Agency’s ‘so-called endangerment finding,’ which states that GhG emissions harm public health and must therefore be regulated [by EPA] under the Clean Air Act.”

Think about this statement by H. Sterling Burnett of the right-wing Heartland Institute: “I read the Constitution of the United States and the word ‘environmental protection’ does not appear there.” He cheered the early actions by the Trump-ians to give the green light to the Keystone Pipeline and Dakota Access Project.

On March 1st The Washington Post told us that the White House will cut the EPA staff by one-fifth — and eliminate dozens of programs.

A document obtained by the Post revealed that the cuts would help to offset the planned increase in military spending. Cutting the EPA budget from US$ 8.2 billion to $6.1 billion could have a significant [negative] impact on the Agency.

We should remember that in his hectic, frenetic campaigning, Donald Trump-the-candidate vowed to get rid of EPA in almost every present form – and his appointee, now EPA Administrator (Scott Pruitt) sued EPA over and over again when he was Attorney General of Oklahoma, challenging its authority to regulate mercury pollution, smog (fog/smoke), an power plant carbon emissions (the heart of the Obama Clean Energy Plan).

In practical terms, the Post explained, the massive Chesapeake Bay clean up project, now funded at $73 million, would be getting $5 million in the coming Fiscal Year (October 1st on). Three dozen programs would be eliminated (radon; grants to states; climate change initiatives; aid to Alaskan native villages); and the “U.S. Global Change Research Program” created by President George H.W. Bush back in 1989 would be gone.

Important elements of the American Society have tackled conservation, environmental, sustainability and related issues to reduce harm to human health and our physical home – Mother Earth – over the past five decades: Federal and state and local governments; NGOs; industry; investors; ordinary citizens; academia.

Today, the progress in protecting our nation’s resources and human health made since rivers caught fire and the atmosphere of our cities and towns could be seen and smelled, is under attack.

The good news is that for the most part, absent some elements of society, the alarms bells are going off and people are mobilizing to progress, not retreat, on environmental protection issues.

American Industry – Legacy of Three Decade Commitment to Environmental Protection – The Commitment Must Continue

The good news to look back on and then to project down to the 21st Century and Year 2017 includes  the comments by leaders of the largest chemical industry player of the day as the EPA was launched and key initial legislation passed (Clean Air Act, Clean Water Act, and many more)  – that is the DuPont deNemours Company.

Think about the importance of these critical arguments – which could be considered as foundational aspirations for today’s corporate sustainability movement:

Former DuPont CEO Irving Shapiro told author Philip Shabecoff: “You’ve have to be dumb and deaf not to recognize the public gives a damn about the environment and a business man who ignores it writes his out death warrant.”

The fact is, said CEO Shapiro (who was a lawyer), “DuPont has not been disadvantaged by the environmental laws. It is a stronger company today (in the early 1990s) than it was 25 years ago. Where the environment is on the public agenda depends on the public. If the public loses interest, corporate involvement will diminish…”

His predecessor as CEO, E. S. Woolard, had observed in 1989: “Environmentalism is now a mode of operation for every sector of society, industry included. We in industry have to develop a stronger awareness of ourselves as environmentalists…”

And:  remember, warned Dupont CEO Shapiro: “…if the public loses interest corporate involvement will diminish…”

Today let’s also consider the shared wisdom of a past administrator as she contemplated the news of the Trump Administration actions and intentions:

Former EPA Administrator Gina McCarthy (2013-2017) said to the Post: “The [proposed] budget is a fantasy if the Trump Administration believes it will preserve EPA’s mission to protect public health. It ignores the need to invest in science and to implement the law. It ignores the history that led to the EPA’s creation 46 years ago. It ignores the American People calling for its continued support.”

Consider the DuPont’ CEO’s comments above … if the American public loses interest.  At this time in our nation’s history, we must be diligent and in the streets (literally and metaphorically) protesting the moves of this administration and the connivance of the U.S. Congress if our representatives go along with EPA budget cuts as outlined to date.

# # #

About “A Fierce Green Fire: The American Environmental Movement,” by Philip Shabecoff; published 1993 by Harper Collins. I recommend a reading to gain a more complete understanding of the foundations of the environmental movement.

A decade ago I wrote a commentary on the 100-year evolvement of the conservation movement into the environmental movement and then on to today’s sustainability movement in my Corporate Finance Review column.  It’s still an interesting read:  http://www.hankboerner.com/library/Corporate%20Finance%20Review/Popular%20Movements%20-%20A%20Challenge%20for%20Institutions%20and%20Managers%2003&04-2005.pdf

 

 

News From the Sustainability Front as The Trump White House Makes Controversial Moves on ESG Issues — Actions and Reactions

by Hank Boerner – Chair/Chief Strategist – G&A Institute

February 23, 2017
Forward Momentum! – Sustainability 2017

Are you like many of us having sleepless nights and anxiety spells as you watch the antics of the Trump White House and the creeping (and similarly moving-backwards) effects into the offices of important Federal agencies that the Administration is taking over?

Consider then “other news” — and not fake news, mind you, or alt-news — but encouraging real news that is coming from OTHER THAN the Federal government.

We are on track to continue to move ahead in building a more sustainable nation and world — despite the roadblocks being discussed or erected that are designed to slow the corporate sustainability movement or the steady uptake of sustainable investing in the capital markets.

Consider the Power and Influence of the Shareowner and Asset Managers:

The CEO of the largest asset manager in the world — BlackRock’s Larry Fink — in his annual letters to the CEOs of the S&P 500 (R) companies in January said this: “Environmental, social and governance (ESG) factors relevant to a company’s business can provide essential insights into management effectiveness and thus a company’s long-term prospects. We look to see that a company is attuned to the key factors that contribute to long-term growth:
(1) sustainability of the business model and its operations; (2) attention to external and environmental factors that could impact the company; (3) recognition of the company’s role as a member of the communities in which it operates.

A global company, CEO Fink wrote to the CEOs, needs to be “local” in every single one of its markets. And as BlackRock constructively engages with the S&P 500 corporate CEOs, it will be looking to see how the company’s strategic framework reflects the impact of last year’s changes in the global environment…in the ‘new world’ in which the company is operating.

BlackRock manages US$5.1 trillion in Assets Under Management. The S&P 500 companies represent about 85% of the total market cap of corporate equities.  Heavyweights, we would say, in shaping U.S. sustainability.

* * * * * * * *

As S&R investment pioneer Steve Viederman often wisely notes, “where you sit determines where you stand…” (on the issues of the day).  More and more commercial space users (tenants and owners) want to “sit” in green spaces — which demonstrates where they “stand” on sustainability issues.

Consider:  In the corporate sector, Retail and other tenants are demanding that landlords provide “green buildings,” according to Chris Noon (Builtech Services LLC CEO). The majority of his company’s construction projects today can easily achieve LEED status, he says (depending on whether the tenant wanted to pursue the certification, which has some cost involved). The company is Chicago-based.

This is thanks to advances in materials, local building codes, a range of technology, and rising customer-demand.

End users want to “sit” in “green buildings” — more than 40% of American tenants recently surveyed across property types expect now to have a “sustainable home.” The most common approaches include energy-saving HVAC systems, windows and plumbing. More stringent (local and state) building codes are also an important factor.

Municipalities — not the Federal government — are re-writing building codes, to reflect environmental and safety advances and concerns. Next week (Feb 28) real estatyer industry reps will gather in Chicago for the Bisnow’s 7th Annual Retail Event at the University Club of Chicago to learn more about these trends.

* * * * * * * *

Institutional investors managing US$17 trillion in assets have created a new Corporate Governance framework — this is the Investor Stewardship Group.

The organizers include such investment powerhouses as BlackRock, Fidelity and RBC Global Asset Management (a dozen in all are involved at the start). There are six (6) Principles advanced to companies by the group that including addressing (1) investment stewardship for institutional investors and (2) for public corporation C-suite and board room. These Principles would be effective on January 1 (2018), giving companies and investors time to adjust.

One of the Principles is for majority voting for director elections (no majority, the candidate does not go on board). Another is the right for investors to nominate directors with information posted on the candidate in the proxy materials.

Both of these moves when adopted by public companies would greatly enhance the activism of sustainable & responsible investors, such as those in key coalitions active in the proxy season, and year-round in engagements with companies (such as ICCR, INCR).

No waiting for SEC action here, if the Commission moves away from investor-friendly policies and practices as signaled so far. And perhaps – this activism will send strong messages to the SEC Commissioners on both sides of the aisle.

Remember:  $17 trillion in AUM at the start of the initiative — stay tuned to the new Investor Stewardship Group.  These are more “Universal Owners” with clout.

* * * * * * * *

Not really unexpected but disappointing nevertheless:  The Trump Administration made its moves on the Dakota Access Pipeline (DAPL), part of the Bakken Field project work, carrying out a campaign promise that caters to the project’s primary owners (Energy Transfer Partners**) and other industry interests, S&R investors are acting rapidly in response.

The company needed a key easement to complete construction across a comparatively small distance. Except that…

  • The Standing Rock Sioux Tribe says the route would cross their drinking water source, impact their sacred sites, and threaten environmentally-sensitive areas;
  • would violate treaty territory without meeting international standards for their consent; (this is the 1868 Fort Laramie Treaty, which according to the U.S. Constitution, should be the supreme law of the land);
  • and ignore alleged shortcomings in the required environmental review (under the National Environmental Policy Act – NEPA).

These are “abuses”, and banks and financial services firms involved may be complicit in these violations by the nature of their financing, S&R investors note. Their involvement in the project financing could impact their brands and reputations and relationships with society. And so S&R shareholders are taking action.

Boston Common Asset Management, Storebrand Asset Management (in Norway) and First Peoples Worldwide developed an Investor Statement to Banks Financing the DAPL. The statement — being signed on to by other investors — is intended to encourage banks and lenders to support the Rock Sioux Tribe’s request for re-routing the pipeline to not violate — “invade” — their treaty-protected territory. The violations pose a clear risk, SRI shareholders are saying.

The banks involved include American, Dutch, German, Chinese, Japanese, and Canadian institutions.  They in turn are owned by shareholders, public sector agencies, and various fiduciaries — “Universal Owners,” we would say.

The banks include: Bayerische Landesbank (Germany); BBVA (Argentina); Credit Agricole (France); TD Securities (Canada); Wells Fargo; ABN AMRO (The Netherlands); Bank of Tokyo-Mitsubishi UFJ; and Industrial and Commercial Bank of China, and others.

The shareholders utilizing the Investor Statement say they recognize that banks have a contractual obligation with the respect to their transactions — but — they could use their influence to support the Tribe’s request for a re-route…and reach a “peaceful solution” acceptable to all parties.

As The Washington Post reported on January 24th, soon after the Trump Administration settled in, President Trump signed Executive Orders to revive the DAPL and the Keystone XL pipelines. “Another step in his effort to dismantle former President Barack Obama’s environmental legacy,” as the Post put it.

One Executive Order directed the U.S. Army Corps of Engineers to “review and approve in an expedited manner” the DAPL. Days later the Corps made their controversial decision, on February 7th reversing course granting Energy Transfer Partners their easement. This week the remaining protestors were removed from the site (some being arrested).

The sustainable & responsible & impact investment community is not sitting by to watch these egregious events, as we see in the Investor Statements to the banks involved. The banks are on notice — there are risks here for you.

* * * * * * * *

May be what is happening in the asset management and project lending activities related to the project is the IBG / YBG worldview of some in the financial services world:  I’ll Be Gone / You’ll Be Gone when all of this hits the fan one day.  (Like the massive Ogalala Aquifer being contaminated by a pipeline break. The route of the extension is on the ground above and on the reservation’s lake bed.  Not to mention the threats to the above ground Missouri River, providing water downstream to U.S. states and cities.)

* * * * * * * *

Energy Transfer Partners, L.P:  (NYSE:ETP)  This is a Master Limited Partnership based in Texas.  Founded in 1995, the company has 71,000 miles of pipelines carrying various products. The company plans to build other major pipelines — the Rover Project — to carry product from the shale regions (Marcellus and Utica) across the Northern U.S. state east of the Mississippi.  ETP LP acquired Sunoco (remember them?).

Mutual Funds – Bond Holders – other key fiduciaries with brands of their own to protect — are funding the operations of ETP LP.

Brand names of equity holders include Oppenheimer; Goldman Sachs Asset Management; CalPERS; JPMorgan Chase.  Bond holders include Lord Abbett, PIMCO, Vanguard.  There are 567 institutional owners — fiduciaries — with some 45% of ownership, according to Morningstar. Partners include Marathon Petroleum Company (NYSE:MPC) and Enbridge (NYSE:ENB). (Bloomberg News – August 2, 2016 – both firms put $2 billion in the project and related work.)

The Partnership used to have an “Ownership” explanation on its web site — now it’s disappeared. But you can review some of it in Google’s archived web site pages here: http://webcache.googleusercontent.com/search?q=cache:http://www.energytransfer.com/ownership_overview.aspx&num=1&strip=1&vwsrc=0

* * * * * * * *

We are seeing in developments every day (like these above with non-governmental strategies and actions) that hold out promise for corporate and societal sustainability advocates and sustainable investment professionals that with — or without — public sector support, the Forward Momentum continue to build.

We’ll share news and opinion with you — let us know your thoughts, and the actions that you / your organization is taking, to continue the momentum toward building a better future…a more sustainable nation and world.

Out the Seventh Generation, as the Native American tribes are doing out in the American West in protecting their Treaty lands.  In that regard we could say, a promise is a promise — the Federal and state governments should uphold promises made in treaties.  Which are covered as a “guarantee” by the U.S. Constitution that some folk in politics like to wave around for effect.

FYI — this is Article VI:  “This Constitution, and the Laws of the United States which shall be made in Pursuance thereof; and all Treaties made, or which shall be made, under the Authority of the United States, shall be the supreme Law of the Land, and the Judges in every State shall be bound thereby…”

Quo Vadis, The Peoples’ U.S. EPA — Where Now in the Trumpian Era?

by Hank Boerner – Chair/Chief Strategist – G&A Institute

February 22, 2017

Quo Vadis (where are we going) with our Environmental Protection Agency?

The leader’s baton is passed and the U.S. EPA has a new head of agency.  E. Scott Pruitt got passed the opposition mounted to his nomination by President Trump and is now the 14th Administrator of the Agency. He was the Attorney General of the State of Oklahoma.

Where he mounted more than a dozen attacks in the courts against the Federal protector of land, air, water and more.  The cases are still pending; Administrator Pruitt has not yet  said he would recuse himself from the proceedings.

The lawsuits challenged EPA on various rules dealing with mercury pollution, carbon emissions, smog, protecting of waters and wetlands, and more.

The EPA Highlights outreach today proclaimed that Scott Pruitt “…believes promoting and protecting a strong and healthy environment is one of the lifeblood priorities of the government…and EPA is a vital part of that mission…”

And — “…as Administrator, Mr. Pruitt will lead EPA in a way that our future generations inherit a better and healthier environment while advancing America’s economic interests…”  We are on notice, I would say.

Meanwhile, hundreds of current and former EPA employees had urged the U.S. Senate NOT to ratify the nomination (450-plus signed on).  In Chicago, at lunch time, possibly imperiling their careers at the Agency, EPA Region 5 employees poured out of the office and into the streets at lunch time in protest.

More than two dozen environmental groups also challenged his qualifications.

The Washington Post yesterday reported that on his first day in office Administrator Pruitt “made clear that he intends to step back from what he sees as the Agency’s over-reach during the [President Barack] Obama years.  “The only authority that any agency has,” he told a noontime gathering at EPA, “is the authority given to it by Congress.  We need to respect that…”

Oh yes, Administrator Pruitt was speaking in the Rachel Carson Green Room at EPA (named for the author of Silent Spring, which helped to launch the modern environmental movement).  Perhaps someone passed along her book to the new leader.

The Administrator did say, according to the Post, that the EPA and the nation could do a better job of being both pro-energy and pro-environment.  Time will tell, we could say, as the actions and proclamations and loud and whispered orders come down from on high at EPA in the days ahead.

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for clues as to what may be ahead with Scott Pruitt at the helm, we could look to a commentary that the new EPA Administrator published on Public Utilities Fortnightly — ” The Methane Myth”  Incompetence and overreach at the EPA… (July 2012).

He wrote:  “,.,,my views on energy policy might be discounted as a simple ploy to bolster the energy industry at the expense of environmental stewardship and responsibility. That perspective would be misguided. I do strongly support energy producers and their role in the nation’s economic sustainability, but this issue isn’t about oil. Nor is it about natural gas or hydraulic fracturing. This is about a wayward federal agency arbitrarily using unsubstantiated, inaccurate, and flawed data to achieve a specific policy objective…”

And…”…The agency’s actions are at best incompetent, and at worst reprehensible. They have a very real effect on families, businesses, communities, and state economies. Without justification, they erode the states’ ability to self-regulate, and they stifle exploration of domestic energy sources, putting our national energy security at risk..”.

There’s more for you to read and process at: https://www.fortnightly.com/fortnightly/2012/07/methane-myth?page=0%2C0

The post is by  E. Scott Pruitt – Attorney General of Oklahoma

and Chair, Republican Attorneys General Association

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One of the pioneer environmental protection associations is the NRDC – founded in 1970 as the Natural Resources Defense Council by attorneys and students.  There are now 2 million members in the group.  The group explained its opposition to AG Pruitt’s appointment in a post on its web site:

Pete Altman:  “It could be his consistent record of siding with industry over public health, frequently choosing positions which benefited companies funneling money to Pruitt’s campaign, his PAC or groups he was raising money for (see here, here and here.) Or that he’s a climate denier. Or that his record includes no positive environmental achievements—as colleague John Walke tweeted yesterday, out of more than 700 press releases from Pruitt’s office, not one touts any action to enforce environmental laws…”

NRDC and other of its peer NGOs and SRI investors and state officials will be watching the EPA actions VERY CLOSELY in the days ahead, we can say with some assurance.

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Late afternoon – Feb 22 — No sooner did I finish and post the above then the news came in —The Washington Post today (2-22-17) is reporting that “thousands of emails detail EPA head’s close ties to fossil fuel industry.”

In response to a legal action by the Center for Media and Democracy, thousands of the AG’s emails were released.  The communications highlight, the Post report says, close relationships between AG Pruitt and fossil fuel interests.

“The emails show Pruitt and his office were in touch with a network of ultra-conservative groups…many receiving backing from billionaire brothers Charles and David Koch, owners of Koch Industries, a major oil company…”

More in the late breaking story for you at: https://www.washingtonpost.com/news/energy-environment/wp/2017/02/22/oklahoma-attorney-generals-office-releases-7500-pages-of-emails-between-scott-pruitt-and-fossil-fuel-industry/?utm_term=.7f34f5c67cd1&wpisrc=nl_evening&wpmm=1

 

In the American West & Midwest: Coal-fired Electricity-Generating Plants to Close

by Hank Boerner – Chair/Chief Strategist / G&A Institute

February 22, 2017

Momentum Forward! – 2017

Some good news to share:  Several large American coal-fired electric utility plant operators are abandoning the burning of coal and moving to natural gas and renewables to generate electricity.  This news was reported by The Washington Post on February 14th. Headline:  “The West’s largest coal-fired power plan is closing. not even Trump can save it.”

Top of the news: a plant in Arizona that is the largest coal-fired facility in the western part of the United States (the 2,250-MW Navajo Generation Station outside Page, AZ) will be de-commissioned by the owners/operators at the end of 2019 — decades before expected, said the Post.

In the era of low natural gas prices, the use of coal would cost more to produce electric power, which would be passed on to the rate base. The US EPA had listed the plant as the #3 of the major carbon-emitting facilities.

The facility is operated by the Salt River Project, utility companies and the U.S. Bureau of Reclamation*. The facility serves the Phoenix area.

The downside:  members of the Navajo and Hopi tribes would (1) lose their jobs in the Kayenta Mine that provides that provides the coal, and (2) the tribes will lose certain royalty payments.  Cautionary note:  The tribes of other operators could step up to continue operations.

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And less than a month earlier, in the State of Ohio the Dayton Power & Light Company and the Sierra Club reached agr3eement to close two plants (Killen and Stuart) which are coal-fired facilities. These will close in mid-2018. Stuart is a 2,440-MW plant; Killen is 666-MW.

Dayton Power & Light will develop solar power facilities to generate about half of the 555-MW by 2022.

The state’s Public Utilities Commission has the plan for its approval from DP&L.  This is good news for environmental NGOs and Ohio consumers; rate payers would be paying more for their electric power with coal — and be breathing in the results of coal-burning.

All of this, of course, comes as President Trump continues to promise to bring back coal mining, and signed an Executive Order to remove the obstacle for mining companies to dump wastes into surface waters (something that President Obama moved to prevent).

The shift from coal to natural gas: Forward Momentum in 2017 for sustainability!

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Footnote: About the Bureau of Land Reclamation*, from its web site:  Established in 1902, the Bureau of Reclamation is best known for the dams, powerplants, and canals it constructed in the 17 western states. These water projects led to homesteading and promoted the economic development of the West. Reclamation has constructed more than 600 dams and reservoirs including Hoover Dam on the Colorado River and Grand Coulee on the Columbia River.

The Bureau is  the largest wholesaler of water in the country, bringing water to more than 31 million people, and provided one-out-of-five Western farmers (140,000) with irrigation water for 10 million acres of farmland that produce 60% of the nation’s vegetables and 25% of its fruits and nuts.

 

Update 2017 – Forward Momentum! For Sustainability – Pope Francis Set the Tone in 2016

by Hank Boerner – Chairman, G&A Institute

Here we are in the year 2017 — and I see momentum coming into this new calendar year for continuing many of the positive trends for corporate sustainability / citizenship / responsibility managers, and sustainable investment professionals that I explored and commented on in 2016.

I set out more than 50 of these trends in my collection of commentaries — “Trends Converging! — The Convergence of Important CSR – ESG – SRI – Sustainability Trends in the Year 2016 and Beyond.”

In my first post of 2017 I explained some of these trends and provided background on the many experts and thought leaders that shared their perspectives with us on key topics and issues.  Going forward, I am going to update the trends material with current news and developments and shared perspectives from third parties.

I see this as continuing momentum for the positive trends — even in the face of hostile action that is anticipated in our nation’s capital.  So I am positioning my comments as “Momentum 2017 – Sustainability Forward!” for corporate sustainability and sustainable investing professionals.  And for NGOs and other stakeholders.

The 2016 trends are available for you in total on our G&A Institute web site (under Research menu).  The updates going forward will include the original materials that I saw as being forward-moving and in many instances helping to make “the business case,” “the investing case,” and so on.

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Here’s the first update for 2017 and the original perspectives shared in 2016.

January 2017 – Momentum – Forward!

Thousands of American Roman Catholics have petitioned President-elect Donald Trump to urge him to “take swift and meaningful action on climate change,” including honoring commitments and pledges made by President Barack Obama.

The Catholic Climate Covenant petition asked the incoming president to “demonstrate bold leadership” on climate on three fronts:

  • Keep the U.S. commitment to the Paris Agreement and go forward on the U.S. pledge to cut GhG emissions to 26% / 28% of the 2005 levels by year 2025.
  • Keep the U.S. pledge of $3 billion to the Green Climate Fund to help developing countries address climate change (mitigation, adjustments), including the development of sustainable energy resources.
  • Go forward with the Federal government’s Clean Energy Plan, and the U.S. EPA’s rules designed to help reduce carbon emissions from coal- and gas-fired power plants. (Note that some states are implementing their state-level plan as mandated in the Obama Administration approach. A Federal court put the plan on ice.)

The Catholic coalition cited Pope Francis’s Laudato Si (encyclical)  — On Care for Our Common Home – to remind the President-elect and his minions of the importance to the Roman Catholic Church worldwide of climate change and environmental and social issues to be addressed.

The U.S. Conference of Catholic Bishops (USCCB) strongly supports a national carbon pollution standard — as one way to move forward to implement the Paris (COP 21) Agreement of 2016.

The Catholic Climate Covenant is gathering signatures for its appeal to the new President and communicating its appeal on [his] favorite channels – social media!

The petition notes that before Pope Francis came to the USA in September 2015, a Public Religion Research Institute poll found three-out-of-four Catholics believed that the U.S. government should be more to address climate change. When white-only respondents were tallied, the percentage rose to 86%.

More recently (May 2016) a Center for Applied Research in the Apostolate at Georgetown University showed the amount held steady, with 73% of American Catholics in favor of society taking steps to combat climate change.

The Covenant petition has been endorsed by the Global Catholic Climate Movement; the Leadership Conference of Women Religious; the Conference of Major Superiors of Men; the Sisters of Mercy; and the Franciscan Action Network.

And in January, the President-elect can expect to see more than 100 prayer vigils stages across the country and during his first 100 days in office. That way, there will be clear demonstration against his climate-skeptic appointments and for an environmentally-sustainable future.

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Here is the foundational perspective offered up in my trend-watching efforts in 2016:  Chapter # 44. Pope Paul and Perspectives and Actions the Roman Catholic Church Worldwide

There are an estimated 1 billion Catholics worldwide, and a huge infrastructure of the RC Church that can implement policies and practices. Worldwide, the Bishops of the Church among other things are traditional heads of local dioceses — there are 177 in the U.S.A. alone. There are “ecclesiastical provinces” organized in metropolitan area; these are usually headed by an archbishop (New York, Washington DC, Baltimore, etc.).

The Roman Catholic Church as a collective institution is one of the largest owners and holders of assets in the world, including properties, solid gold, bonds, cash, and equity investments, pension systems of various orders, Catholic charities, and healthcare systems.

Imagine the power that such an institution can bring to bear on challenges, in the world, in the United States and other large nations — especially when it focuses on a societal issue

The Bishop of Rome, Pope Francis, in May 2015, issued “Laudato Si,” the Encyclical Letter of the Holy Father, “On Care of Our Common Home.” Among other things to explain his position, he addressed a joint session of the U.S. Congress in September 2015. (Note that in the audience, 31% of Members are Catholic, as well as six of the nine Supreme Court Justices.) The speech received 37 standing ovations.

So what are the Pope’s concerns, expressed in the House of the People? Consider these:

• Climate change;
• addressing common needs;
• addressing risk to our common home (the Earth);
• addressing income inequality (especially in less-developed nations);
• the responsibility of richer nations; advancing justice and peace;
• the dignity of human life;
• job creation;
• business is a “noble vocation”;
• environmental challenges.

“We should have a culture of care,'” Pope Francis said, and “now is the time for action” to protect our planet.

The Pope’s 74-page letter “to the world” and especially to the Catholic faithful in all lands, addressed topics that are front-of-mind for sustainability professionals:

• Pollution and climate change are a threat to the world.
• Part of the cause is the residue of industrialization.
• Part of the cause is our throwaway society.
• The climate is a common good, belonging to all.
• Warming has effects on the carbon cycle. This affects drinking water, agriculture, energy and other activities.
• Climate change is a global problem, affecting environmental, social, economic, political, and distribution of goods.
• There are critical issues in water, biodiversity, global inequality.

Pope Francis called for a vision of “integral ecology,” one that seriously considers environmental, social and economic factors.

The Holy Father set out suggestions for “approach and action,” with dozens of specific steps that could be taken to address challenges and bring about integral ecology. It is in these specificities that action will come through the organs of the worldwide RC Church, and its billion adherents to the faith.

We should not underestimate the enormous power that will be applied in many direct, indirect and subtle ways to implement “Laudato Si,” the Holy Father’s vision of how his church can help to bring about significant changes in the global society.

Consider the work of the Interfaith Center on Corporate Responsibility (ICCR), the 35-year old faith-based investment coalition, whose 300 institutional members manage up to $100 billion in assets. ICCR is a value-driven organization “who view the management of their investments as a powerful catalyst for social change.” ICCR’s membership includes many RC Church institutional investors.

We can expect to see the Pope’s vision applied by ICCR institutional members in the areas of concern — corporate governance, domestic health, the environment (including global warming), fair lending, food access and safety, human rights, and water (including corporate water impacts).

I’m keeping in mind the century-long influence that another Pope had with his encyclical letter on labor rights, human rights,

This was Pope Leo XIII and his 1891 letter, “Rerum Novarum” — on “the Rights and Duties of Capital and Labor.” This addressed the conditions of the working classes as industrialization and the emergence of the modern capital markets gained momentum.

What resonates from that work for some today: “Remedy must be found quickly for the misery of wretchedness pressing so unjustly on the majority of the working class…” Through the decades since the start of the 20th Century, RC Church interests have been guided by Rerum Novarum’s dictates to the faithful.

Expect the vision of the present pope to serve RC Church interests in similar ways — with impacts being felt in discussion of climate change, global warming, the plight of the worker, income & wealth inequality, financial & economic fairness, and many more issues that are in the realms of the capital markets and the global corporate community.

Noting MSCI Research on Inequality

About the issues surrounding wealth and income inequality: MSCI recently projected important trends for 2016. In the firm’s “2016 ESG Trends to Watch” report, there is this observation:

According to the NGO Oxfam, at the end of 2014, 80 individuals owned the same wealth as the bottom half of all of the world population. (The number was 388 individuals in 2010.) This is not just a societal issue, MSCI points out. OECD estimates that that growing inequality has cumulatively cuts six to seven percentage points off U.S. economic growth in the United States, Italy and Sweden between 1990 and 2010. (The U.K., Finland and Norway cut in growth was higher, at nine percent.)

What needs more understanding, says MSCI in its report, is how corporations feed into inequality (through job cuts, pushing down of wages, maximizing shareholder return) which over time could impact economic growth and stability.

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So – in the year 2016 we’ll be monitoring the growing intensity of the public debate about wealth and income inequality, in the presidential race for sure (thanks to U.S. Senator Bernie Sanders and his positions on the subject), in the fiduciary concerns raised (especially by activist investors), and in the restlessness of the population if the anger rises and targets are selected (that is, those perceived to be responsible for growing inequality in developed and developing countries).

The actions of the worldwide Roman Catholic Church, following the Pope’s positions on inequality, will be important to watch in the months ahead.

The statements and actions of investors will also be worth watching. The public dialogue on inequality will have many dimensions, depending on the voices raised. As responsible investment thought leader (and G&A Institute Fellow) Steve Viederman notes, “…where you sit will determine where you stand on an issue.” (“Sitting” meaning your affiliation, where you sit during the business day.)

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What are your thoughts?  Let us know!  Send me an email at: hboerner@ga-institute.com.