SUSTAINABILITY STUDIES

ASSIGNMENT-2

TOPIC – STUDY OF DJSI SUSTAINABILITY INDEX

SUBMITTED TO – MR. GANGADHAR MALIK

ASST. PROFESSOR
NIFT BHUBANESWAR

SUBMITTED BY – NIKITA
BFT/17/143

NATIONAL INSTITUTE OF FASHION TECHNOLOGY, BHUBANESWAR 1

TABLE OF CONTENTS

1. INTRODUCTION……….………………………………………………………….3
2. INDEXES OF DJSI………………………………………………………………..3
3. CHARACTERSTICS AND METHODOLOGY…………………………………..5
4. COMPANY SELECTION PROCESS……………….…………………………...7
5. ASSESSMENT……………………………………………………………………..8
6. VALUE OF DJSI INCLUSION……………………………………………………10
7. CONSTRUCTION………………………………………………………………….10
8. REASONS TO PARTICIPATE IN DJSI………..………………………………..11
9. RESULTS…………………………………………………………………………..11
10. CRITICISM…………….…………………………………………………………...12
11. CASE STUDIES……………………………………………………………………15
12. CONCLUSION…………………………...………………………………………...20

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INTRODUCTION

The family of the Dow Jones sustainable indices was created in September 1999
with the purpose of reflecting the top, large company performers in terms of
economics, social and environmental aspects. This family, which consists of several
indices that are based on global, regional and national benchmarks, has grown and
become diversified through the years with the creation of specific indices at the
regional and industry level.
It arrived in Europe in 2001 with the creation of several regional indices (DJSI
Europe and DJSI Eurozone). The last ones that were created were the DJSI
Emerging Markets and the DJSI Australia. Today, this set of indices constitutes a
clear and sound benchmark for large investors.
The Dow Jones Sustainability World Index (DJSI World) tracks the performance of
the top 10% of the 2500 largest companies in the Dow Jones Global Total Stock
Market Index℠ that lead the field in terms of sustainability. These 2500 companies
represent the eligible universe for the DJSI World and are assessed using the CSA
(Corporate Sustainability Assessment) on an annual basis.1

INDEXES OF THE FAMILY DJSI

Composite Index
Dow Jones Sustainability World Index (DJSI World)

Subset Index
 Dow Jones Sustainability World Index ex Alcohol, Gambling, Tobacco,
Armaments & Firearms (DJSI World ex. All)
 Dow Jones Sustainability World Index ex Alcohol, Gambling, Tobacco,
Armaments & Firearms and Adult Entertainment (DJSI World ex. All/AE)

1
https://www.investopedia.com/terms/d/djones-sustainability-world.asp

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 Dow Jones Sustainability World Index ex Europe, Armaments & Firearms,
Nuclear, Gambling and Tobacco (DJSI World ex ANGET)
 Dow Jones Sustainability World Index ex Australia (DJSI World ex Australia)
 Dow Jones Sustainability World 80 Price Index
 Dow Jones Sustainability World 80 Total Return Index
 Dow Jones Sustainability World ex US 80 Price Index
 Dow Jones Sustainability World ex US 80 Total Return Index
 Dow Jones Sustainability World Index ex Tobacco
 Dow Jones Sustainability World Total Return Index ex Tobacco
 Dow Jones Sustainability World Index ex Gambling
 Dow Jones Sustainability World Total Return Index ex Gambling
 Dow Jones Sustainability World ex Australia Index ex Tobacco
 Dow Jones Sustainability World ex Australia Total Return Index ex Tobacco
Each subset index is derived from the DJSI World index.

Customized index
The DJSI methodology facilitates the design, development and delivery of
customized sustainability indexes. For example, indexes covering different regions,
indexes covering different segments of the leading sustainability companies, indexes
covering additional exclusion criteria and indexes denominated in different
currencies.2

2
https://www.resolve.ngo/docs/djsi-world-guidebook_tcm1071-337244.pdf

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DJSI WORLD CHARACTERSTICS AND
METHODOLOGY

DJSI World, in March 2018, reported 318 constituents and five-year annualized net
total returns of 9.5%. About a third of the benchmark's weight by market
capitalization was concentrated in companies based in the United States, of which
there were nearly 50. In terms of environment, social and governance disclosures,
the index reported a carbon footprint (measured in metric tons of CO2 emissions per
$1 million invested) about 25% better than the broader S&P Global BMI, the index
from which DJSI World draws its constituents. Fossil fuel reserve emissions
averaged nearly half of those reported for the S&P Global BMI, and DJSI World also
fared better in terms of carbon efficiency.

The index is weighted based on free-float market capitalization, and changes are
made once each year in September based on updated sustainability scores. Each
company represented in the index has its corporate sustainability assessed through
an intricate weighting system that looks at economic, environmental, and social
metrics. Candidate firms are further assessed based on media and stakeholder
commentary and industry-specific criteria. Companies are reevaluated each year;
those that fail to show consistent progress may be removed from the index.3

3
https://www.investopedia.com/terms/d/djones-sustainability-world.asp

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 DJSI Family starting universe
S&P Global BMI
(Approximately 10,000 companies)

Invited universe
Consists of the companies by float adjusted market capitalization
from the S&P Global BMI that have been invited to participate in CSA
(Approximately 4,500 companies)

Assessed universe
Consists of the companies in the invited universe that have been
analysed based on CSA

DJSI
Rule - based selection of top 10% most sustainable market caps
per industry, based on their sustainability scores.

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COMPANY SELECTION PROCESS STEPS OF DJSI

 The process begins with a large universe of companies (approximately 10,000

companies from the S&P Global BMI, Broad Market Index).
 From this initial scenario and following the criteria established by the S&P, the
number of companies is reduced to about 3,400, which then make up the total
eligible universe for the full family of indices.
 Next, about 2,500 companies are invited to participate in the selection process for
the world index, which are selected according to market capitalization criteria or
degree of representativeness within their sector.
 Companies are ordered according to the GICS, Global Industry Classification
Standard adopted in 2012 as part of the integration process between S&P and
Dow Jones.
 The GICS comprises 24 Industry Groups, which in turn are divided into 59 sectors
(Industries) into which all of the companies from the eligible universe are
classified.
 Companies must then complete a form divided into the three dimensions that
sustainability encompassing,
1. Economic, by analyzing aspects pertaining to corporate governance and code
of conduct, corruption and competition, risks and supply chain management
2. Environmental, by measuring the level of management activity conducted by
the company in terms of efficiency, management and strategy with respect to
its setting
3. Social, by examining compliance with human rights, treatment to employees
and their health and safety conditions
 In addition to the questionnaire, the agency conducting the analysis examines the
corporate documentation supplied by candidate companies and monitors and
analyzes all relevant aspects in the media in order to measure their reputation.
 Once all of the information has been analyzed, ‘best-in-class’ criteria is used to
obtain the results, which means you are being measured against the best
companies in your sector and therefore, although your sustainability performance

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 may be good, other companies may end up performing better than you, resulting
in your company being left out of the selected group of companies.
 At this point it is very important to remember that the criteria used by other
agencies conducting the analyses for the other indices are not the same and
therefore the outcome of the selection process may differ when starting off of a
minimum common set of standards.4

ASSESSMENT

A defined set of criteria is used to assess the economic, social, and environmental
opportunities of the companies that the DJSI has listed, which are chosen based on
the Corporate Sustainability Assessment by RobecoSAM. Information comes from
the annual RobecoSAM questionnaire (the Corporate Sustainability Assessment),
company documentation, the Media and Stakeholder Analysis (an examination of
media coverage, stakeholder commentaries and other publicly available sources
provided by RepRisk ESG Business Intelligence), and personal contact with the
companies. Industry leaders from RobecoSAM Research's Corporate Sustainability
Assessment are chosen to be listed on the DJSI.
Once a company is listed on the DJSI, it is monitored daily for any critical arising
issues, which can lead to the exclusion of the company if deemed critical enough.
Examples of events that would lead to exclusion include: commercial practices,
human rights abuses, layoffs or worker disputes, or catastrophic disasters. This
monitoring is supported by RepRisk, a global research firm and provider of
environmental, social and governance (ESG) risk data. RepRisk screens media
outlets, stakeholder groups and other publicly available sources to identify risks
related to these issues. The information gathered is then systematically analyzed
and quantified. If a critical event happens, the situation is analyzed by RobecoSAM
for the scope in which it reaches. If large enough, the event will be analyzed further

4
https://blog.ferrovial.com/en/2015/09/best-in-class-what-is-it-and-what-criteria-are-required-to-join-
the-dow-jones-sustainability-index-djsi/

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based on severity, media coverage, and crisis management. RobecoSAM analysts
decide from here whether the company will be excluded from the DJSI. At the onset
of DJSI's assessment criteria, SAM mainly focused on government compliance and
regulations. It has evolved to embrace corporate sustainability as a key competitive
advantage, taking into account nine specific criteria in addition to industry-specific
criteria. Below are the criteria and weightings SAM uses to assess a company's
overall score.5

CRITERIA WEIGHTINGS
Economic Dimension 33%
Environmental Dimension 33%
Social Dimension 33%
Industry Criteria 57%
General Criteria 43%
ECONOMIC DIMENSION WEIGHTINGS (in %)
Corporate Governance 6.0
Risk and crisis management 6.0
Codes of conduct/compliance/anti- 6.0
corruption and bribery
Industry-specific criteria Depends on industry
ENVIRONMENTAL DIMENSION WEIGHTINGS (in %)
Environmental reporting 3.0
Industry-specific criteria Depends on industry
SOCIAL DIMENSION WEIGHTINGS (in %)
Human-capital development 5.5
Talent attraction and retention 5.5
Labour practice indicators 5.0
Corporate citizenship/Philanthropy 3.0
Social Reporting 3.0
Industry-specific criteria Depends on industry

5
https://en.wikipedia.org/wiki/Dow_Jones_Sustainability_Indices#DJSI_World_Index

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VALUE OF DJSI INCLUSION

 65% of sustainability leaders in one study rank DJSI as No. 1 in external

credibility.
 In another survey of 1000 investment professionals, 44% used DJSI; making it the
second most used ESG (Environmental, Social and Governance) rating.
 75% of those who take part in DJSI say that it adds significant value to their
business.
 Results included in this index are very valuable for a firm and results in an
increase in market value of almost 2.1%.

CONSTRUCTION OF THE DJSI WORLD INDEX

 10,000 companies started universe of S&P Global Broad Market Index.

 2500 companies are then invited to complete the questionnaire.
 1800 companies submit a questionnaire.
 340 companies are then selected as the most sustainable, representing the top
10% in terms of market capital per industry.

REASONS TO PARTICIPATE IN THE DJSI WORLD

INDEX

Investment
 Members gain exposure to investors who value DJSI.
 Members also gain exposure to investment products and tools that use DJSI data,
such as the S&P ESG index series and Bloomberg terminals, both newly
announced in 2016

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Benchmarks
 Participating companies receive an industry benchmarking report to help assess
performance versus their peers.
 Some companies also use the DJSI score as an executive compensation
performance measure.

Recognition
 DJSI members can trumpet the achievement and utilize the DJSI logo in
communication.
 Inclusion can also strengthen employee commitment to values and support
recruitment efforts of candidates. 6

RESULTS OF DJSI WORLD INDEX

 The results lead to companies entering and leaving the index, as each sector is
represented by market capitalization volume.
 As a result, companies leaving the index give way to new companies entering it
and the number of companies making up each sector is different and fixed,
although this may vary from year to year depending on the companies comprising
the sector.
 In the case of the World Index (DJSI World), approximately about 10% of
candidate companies are selected to be part of this exclusive group, that is, those
that have obtained the highest score in the ranking within their sector and which
therefore represent the best sustainability performance.
 To many companies the presence or continuity in this index has become a
fundamental and strategic objective given the influence it has on the so-called
‘socially responsible’ investors or ‘SRI’.

6
https://www.slideshare.net/FrameworkLLC/what-is-the-dow-jones-sustainability-index-djsi

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 When using this best-in-class criterion and in addition to the score itself (from 1 to
100), companies are also informed about who the leader is – the company from
the same sector that has obtained the highest score – when the results are given
out, as well as the sector’s average score.7

CRITICISM

SAM uses four sources of information to assess corporate sustainability: company

questionnaire (the Corporate Sustainability Assessment), company documentation,
Media and Stakeholder Analysis, and contact with companies8

INFORMATION WHO PROVIDES WHAT TYPE OF DOCUMENTS?

SOURCE THEM?
Company Companies SAM distributes sector-specific
questionnaire questionnaires to each company. Companies
complete and sign the questionnaire. SAM
analysts validate responses. The responses
are further verified by
PricewaterhouseCoopers, an external
resource.
Company Companies Documents requested from companies
documentation include sustainability reports, environmental
reports, health and safety reports, social
reports, annual financial reports, special
reports (e.g., on intellectual capital
management, corporate governance), and all
other sources of company information.

7
https://blog.ferrovial.com/en/2015/09/best-in-class-what-is-it-and-what-criteria-are-required-to-join-
the-dow-jones-sustainability-index-djsi/
8
https://en.wikipedia.org/wiki/Dow_Jones_Sustainability_Indices#DJSI_World_Index

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Media and RepRisk ESG A variety of third-party sources and external
stakeholder Business stakeholders, including print and online news
analysis Intelligence articles, stakeholder commentaries from
NGOs, governmental agencies, think tanks,
social media and others, as well as other
publicly assessable sources.
Company Companies and Discussions and phone conversations with
Contact SAM company representatives.

Using self-reported data as proxies for the social or environmental effects the DJSI
intends to reflect leaves the index exposed to corporate biases and additional
credibility risks. It rewards companies with greatest capacity to respond to SAM's
questionnaires and information requests rather than those with the best socially
responsible practices. Secondly, relying on self-reported data carries substantial
risks since information from companies may not be completely credible. An index
based on biased information often underestimates real risk factors in the listed
companies' operation, even in those instances when submitted information if verified
by an auditing firm such as PricewaterhouseCoopers, KPMG, etc. Ultimately,
companies with challenging corporate environmental and social issues are more
likely to devote public relations resources to minimize the perception of risk within
their operations. In order to address some of this feedback, RobecoSAM added a
Media and Stakeholder Analysis component to the annual Corporate Sustainability
Assessment, in order to complement and help corroborate the questionnaire and
documentation provided by the participating companies. For the MSA, RobecoSAM
works with RepRisk, a global research firm specialized in risk analytics and metrics
related to environmental, social and governance (ESG) issues. RepRisk screens
media outlets, stakeholder groups and other publicly available sources to identify
risks, which are then systematically analyzed and quantified.

It has been also found that in the DJSI the three dimensions of sustainability are not
considered in a balanced way, being biased towards economic criteria to the
disadvantage of social and environmental ones. A further bias of the DJSI is that it

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only includes large companies, whereas other indices include smaller companies as
well. As a consequence of these limitations, a survey conducted among
sustainability experts found that only 48 percent considered the DJSI as highly
trusted.

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CASE STUDIES OF COMPANIES USING DJSI
WORLD INDEX

Adidas
Adidas has been included in the Dow Jones Sustainability Indices (DJSI) for the
twentieth time in the year 2019. This year also marks the twentieth edition of the
globally recognized indices, which evaluate the sustainability performance of the
largest 2,500 companies listed in the Dow Jones Global Total Stock Market Index.
The comprehensive assessment considers factors such as corporate governance,
risk management, climate change mitigation, labor and environmental standards
both within the company and with its suppliers, as well as innovation management.

In addition to being again included in the indices, Adidas was ranked best in its
industry in the criteria of Brand Management, Information Security/Cyber Security &
System Availability, Environmental Policy & Management Systems, Operational Eco-
Efficiency, Social Reporting and Talent Attraction & Retention.

Adidas continues to become ever more sustainable. In the current period of its
sustainability strategy, the sporting goods manufacturer is pursuing tangible and
measurable targets up to 2020. Key priorities include the use of more sustainable
materials for products, tackling water scarcity in manufacturing countries and further
improving working conditions in the supply chain. Adidas has not used plastic bags
in its own stores since 2016; sources only sustainably produced cotton since 2018
and presented the world's first fully recyclable running shoe this year. From 2024
onwards, only recycled polyester will be used in every product and on every
application where a solution exists.

The results of the annual DJSI review were announced by RobecoSAM, a global
investment group focused exclusively on sustainability investing, in collaboration with
S&P Dow Jones Indices. The DJSI are the longest-running global sustainability
benchmarks, a key reference point in sustainability investing for investors and an

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effective engagement platform for companies which want to adopt sustainable best
practices. The annual review of the companies included in the DJSI is based on a
thorough analysis of corporate economic, environmental and social performance.

Burberry
Burberry has been included in the 2019 Dow Jones Sustainability Index (DJSI) for
the fifth consecutive year, ranked third place in the ‘Textiles, Apparel & Luxury
Goods’ sector and achieving its highest score ever score in the Index. The leading
global sustainability metric, the DJSI evaluates a company’s economic,
environmental and social impact and is a trusted benchmark for investors who
integrate sustainability considerations into their decision-making and investments.
Burberry has a longstanding commitment to sustainability, with social and
environmental programmes in place for more than 15 years and its latest five-year
Responsibility Agenda covering its products, global operations and the communities
that sustain the luxury industry.
During 2018/19, Burberry reduced its market-based emissions by 43% and procured
58% of its total energy (including 68% of its electricity) from renewable sources.
Burberry is now carbon neutral across the Americas region, its EMEIA retail stores
and UK operations, and aims to be 100% carbon neutral by 2022. Building on this,
Burberry recently set two new, ambitious climate goals approved by the Science
Based Target initiative (SBTi) for its own operations and extended supply chain.
Burberry’s Spring/Summer 2020 show during London Fashion Week was certified as
carbon neutral. Burberry offset its impacts, such as the flights of guests travelling to
London specifically for the show and the build and production of the event, through
VSC-certified REDD+ projects which prevent deforestation and conserve tropical
rainforest in the Brazilian Amazon.
Driving a more circular economy for fashion is central to Burberry’s sustainability
agenda and as part of this Burberry continues to expand ways to reuse, repair,
donate and recycle products and materials. A founding member of the New Plastics
Economy Global Commitment which aims to eradicate plastic waste and pollution by
2025, Burberry is working to eliminate problematic or unnecessary plastic packaging.
This includes ensuring plastic in packaging can be easily reused, recycled or

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composted and circulating any plastic packaging so that it can be made into new
packaging or products. Recently, Burberry launched new sustainable packaging
made from 30m recycled coffee cups, with the resulting product fully recyclable and
certified by the Forest Stewardship Council (FSC).
Burberry is also committed to supporting the people and communities that sustain
the luxury industry through youth inspiration, community cohesion and social and
economic empowerment programmes. In the UK, The Burberry Foundation has
engaged 65,000 students and teachers in Yorkshire through school workshops,
teacher training, guest speaker sessions and work experience at Burberry. In Italy,
18,000 people have benefitted from new youth mentoring programmes and better
access to community support services in Tuscany. In Afghanistan, the Burberry
Foundation is working with Oxfam and PUR Project to create a more equitable and
sustainable cashmere industry, with 7,000 people benefitting from training on animal
husbandry and harvesting so far.
A key figure in driving industry collaboration, Burberry is a founding signatory of the
UNFCCC’s Fashion Industry Charter for Climate Action, a signatory of the UN Global
Compact, and a core partner of the Ellen MacArthur Foundation’s Make Fashion
Circular initiative, working with industry and NGOs to address key impacts of the
fashion industry. Burberry is also a signatory of The Fashion Pact, a global alliance
between 32 of the world’s leading fashion companies to tackle climate change
announced at the 2019 G7 Summit in Biarritz

Moncler
Moncler has for the first time in 2019 entered the Dow Jones Sustainability Indices
World and Europe, recognized as the Industry Leader in the textiles, apparel and
luxury goods’ sector.
The Dow Jones Sustainability Index globally ranks the leading sustainability-driven
companies based on economic, environmental and social responsibility criteria,
which are analyzed by RobecoSAM’s trusted sustainability investment specialist.
Moncler reports every year on its sustainability performances and targets and will
present its new strategic sustainability plan for the 2020-2025 period in the coming
months.

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The energy used throughout Moncler’s operations and stores in Italy comes from
renewable sources and Moncler’s corporate headquarters, the logistics center and
owned production site have an ISO14001-certified environmental management
system that provides continuous impact mitigation programs. The company is
committed to becoming carbon-neutral regarding its global direct emissions by 2021.
Moncler’s has been researching low-impact solutions, ranging from fabrics and
accessories made with recycled materials to those of alternative origin, as well as
focusing on the well-being of its employees, offering health programs and
professional development initiatives dedicated to young talents as well as the
possibility to volunteer during working days.
Moncler is also active in supporting initiatives that help disadvantaged populations,
aiding for example around 25,000 children in difficult situations in some of the world’s
coldest areas as part of the Warmly Moncler project for UNICEF in the past two
years.
Moncler is one of more than 30 fashion and textile companies that signed The
Fashion Pact, launched at the last G7 in Biarritz at the end of August, committing to
fight climate change, protect the oceans and safeguard biodiversity.

Inditex
Inditex, the most sustainable retailer according to the Dow Jones Sustainability Index
For the third year in a row i.e in 2018, the Dow Jones Sustainability Index has
singled out Inditex as the retailer with the best practices along the environmental,
social and economic dimensions
The report, underpinned by reinforced methodology this year, flags Inditex's
leadership in Environmental Management Policy and Contribution to Society and
Philanthropy
The company keeps avant-garde in Supply Chain Management, Human Rights, and
Strategy for Emerging Markets, Operational Eco-efficiency and Tax Policy, among
others
Inditex scored 45 points above the sector average. Inditex has been ranked the most
sustainable company in the global retailing industry by the Dow Jones Sustainability

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Index (DJSI) for the third year in a row. The company scored a total of 68 points out
of 100, putting it 45 points above the sector average.
This ranking, which is compiled by S&P Dow Jones Indices using the methodology
developed by sustainability investing specialist RobecoSAM, highlights Inditex's
leadership in sustainable development and defines the company as a global
benchmark in the field. RobecoSAM's corporate assessment method was
overhauled this year, reinforcing the focus on continuous monitoring of the
sustainability principles the participating companies report to the market.
Specifically, the report defines Inditex in a leadership role on account of its decisive
commitment to respecting and championing human rights all along its value chain, its
operational eco-efficiency and its environmental reporting transparency.
The company obtained some of the highest scores in its sector in the following
categories: Supply Chain Management, Strategy for Emerging Markets, Contribution
to Society and Philanthropy and Human Rights, among others.
Inditex has been a member of the DJSI since 2001, consistently being placed at the
top end of the retailing category.
The DJSI is widely considered to be the global gold standard for sustainability
investing; each year it tracks the leading sustainability-driven stocks based on
analysis of environmental, social and governance (ESG) factors. The components of
this index stand out for their leadership in their respective sectors along the
economic, social and environmental dimensions. Within each of these three
dimensions, the contenders are assessed across a host of parameters, from
corporate governance to supply chain management, customer service systems,
environmental policies and even the transparency of their sustainability reporting
efforts.

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CONCLUSION

Dow Jones Sustainability Indices (DJSI) rating are increasingly being used in
innovative new products for investors, such as the S&P 500 ESG, S&P Europe 350
ESG, S&P Topix 150 ESG, S&P Global 1200 ESG and S&P Long-Term Value
Creation Index. Selected results of the DJSI are also shared on the Bloomberg
Professional platform, making them accessible to a growing number of investors.
The DJSI gives us the unique opportunity to provide a more in-depth and complete
picture of company's corporate sustainability efforts. This opportunity sets the DJSI
apart from most other sustainability rating frameworks. This is the world's most
credible international sustainability rating and done globally, free of cost.

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