SCOPE AND

ROLE OF ESG
IN BUSINESS
PART 1
What is ESG?
Today's reality
• Surface temperature has been steadily rising across the world.
• In the last few years, we have seen forest fires & heatwaves
2000
across North America, Nordics, Middle East, and Asia
• Virus outbreaks indirectly linked to deforestation and human
encroachments
• Rising sea levels risk displacing 40% of the people
• Low carbon travel, plant-based diets, and sustainable cities are
a priority area
2021

Source:
https://www.nature.com/articles/d41586-020-02341-1
https://earthobservatory.nasa.gov/global-maps/MOD_LSTD_M
Climate Destabilization

Source:
MET Office and HM
Government
Atmosphere
Composition
From Industrial production to
agriculture, from fossil fuel
extraction to transportation, from
urban cities to the type of food
consumption, grasping a clear
understanding of the changing
climate is the best investment one
could make.

Source:
https://gisgeography.co
m/
 Social issues
around the world
Not just Environment, Social
inequality has been rising and we
are seeing various
Community/citizen led revolutions
today –

#metoo, #blacklivesmatter,
#noplastic or the more recent
#vaccineequity #govegan

Source:
www.forbes.org
www.weforum.or
g
Do Corporates have a role to play?
• Deforestation • Discrimination in the
• Air Pollution. While employment practices
air quality has • Labour unions
improved greatly in
Philanthropic
responsibility • Support of political
the last 50 years, it aspirants
Ethical
still remains an issue
responsibility • Support of charitable
in many major cities
with large causes
populations. Legal
• Support of educational
responsibility
• Global Warming institutions
Economic
• Water Pollution responsibility • Marketing of products
considered anti-social
• Natural Resource
Depletion • Export of products
• Policies regarding
modernization
Scope of ESG: corporate perspective
Use of natural resources, operations impact on
environment and management of climate risk.
E
Impact on (in)direct employees, supply chain,
customers and the communities.
s
Structure and independence of Company Board,
executive compensation, and strategic alignment with
shareholder objectives. G
8
Scope of ESG: Investor perspective

9
Introduction to the Onion framework
Task Force on Climate-related Financial Disclosures (TCFD)
Although the TCFD framework focusses on climate-related disclosures, the four pillars of the framework are applicable to
ESG issues more generally and provide a good guide to investors’ expectations of investee companies on boarder ESG
issues.

Governance
Governance
The organization’s governance around climate-related risks and
opportunities
Strategy Strategy
The actual and potential impacts of climate-related risks and
Risk opportunities on the organization’s business, strategy and financial
Management planning
Risk Management
The processes used by the organization to identify, assess, and
Metrics and manage climate-related risks
Targets
Metrics and Targets
The metrics and targets used to assess and manage relevant
climate-related risks and opportunities
PART 2
Understanding Governance
What is governance
Governance Governance is the totality of structures and processes that are designed to ensure
accountability, transparency, responsiveness, rule of law, stability, equity, empowerment, and
broad-based participation.

Governance also represents the norms, values and rules of the game through which public,
government, institutional and company affairs are managed.

Corporate governance is the system of rules, practices, and processes by which a firm is
directed and controlled.

12
Governance failures: accounting
• Falsely boosted revenue by
Tyco
Satyam Computers
$1.5 billion.
• Main accused: Ramalinga
Raju.
• Fraud by falsifying revenues,
margins and cash balances.
• Finally admitted the fraud in
a letter to the company's
board of directors.
• Released after the Central
Bureau of Investigation
failed to file charges on
time.
• In 2002, investors learned • In 2003, it was discovered
Freddie Mac
that CEO, Dennis Kozlowski, that Freddie Mac had mis-
and CFO, Mark Swartz, stole stated over $5 billion in
over $150 million earnings.
• They also inflated the • COO David Glenn, CEO
company’s earnings by over Leland Brendsel, former
$500 million. CFO Vaughn Clarke, had
intentionally overstated
• Kozlowski and Swartz were
earnings
both sentenced to 8 to 25
years in prison. A class- • Glenn, Clarke, and Brendsel
action suit forced them to were all fired and the
pay $2.92 billion to investors company was fined $125
million.
13
Governance failures: anti-competition
Amazon
Apple Inc.
• Removal of competitor
products: On October 1, 2015,
Amazon banned sale of Apple
TV and Google Chromecast
• Participant and owner: Amazon
owns platform and sells its own
products
• Small business unfriendly:
Agreement with Apple in 2018,
shut out independent re-sellers
with small volumes
• Price control: Pulled books by
Macmillan Publishers when
they increased prices.
Qualcomm
• Vendor lock-in: Proprietary
screws, soldered
motherboards, glued battery
• iTunes forced EU buyers to buy
in country where their cards
were registered
• Google maps and voice
removed.
• App store payment cut of 30%
with no alternative.
• Threatened eco-system on
repercussions of hiring Apple
engineers.
• Qualcomm blocked
competition of baseband
chipsets through predatory
prices
• EU allows low prices, but not
sale below costs with the
intention of eliminating a
competitor
• When Qualcomm perceived
Icera as a threat, they dropped
prices for ZTE and Huawei
• EU fined Qualcomm $271M for
predatory pricing
14
Corporate's Perspective
BENEFITS
• Integrating material ESG issues into company’s strategy
can increase awareness and understanding of associated Manage risks and
Control the narrative
risks and opportunities. In turn, result in a long-term identify opportunities
resilience and longevity of the business.
• Empowered, purpose-driven and loyal workforce, Comply with
increased customer trust and goodwill. Stakeholder's trust
regulations
• Strong board oversight and management of ESG issues
can help an investee company gain the trust of investors
and improves access to capital.
Improve valuations Employer of choice
• Companies are being researched, assessed and scored by
investors and independent ratings providers whether they
like it or not, a strong ESG strategy allows company to
control the narrative. Gain trust from the Create a robust
public framework
Investor activism (1/2)

• Pershing Square began purchasing shares of CP by Dec 12, 2011, their holding had reached 14.2% of CP voting shares
Pershing Square

• On February 6, 2012, Ackman, with Hunter S. Harrison (retired CEO of CN and leader in efficiency) by his side, made a fact-based
presentation about the failings of the CP board and management.
• Harrison and Ackman stated that their goal for CP was to achieve an operating ratio of 65 for 2015 (down from 81.3 in 2011—the lower the
ratio, the better the performance).
• The Board qualified Harrison’s (and Ackman’s) targets of “shot in the dark”, showing a lack of research and a profound misunderstanding of
CP’s reality.
• On April 4th 2012, Bill Ackman came out swinging in a scathing letter to CP shareholders disparaging CP’s Board of directors in general, and
its CEO, Fred Green, in particular.
• According to Mr. Ackman, “under the direction of the Board and Mr. Green, CP’s total return to shareholders from the inception of Mr.
Green’s CEO tenure to the day prior to Pershing Square’s investment was negative 18% while the other Class I North American railways
delivered strong positive total returns to shareholders of 22% to 93%.” Thus, according to him, “Fred Green’s and the Board’s poor
decisions, ineffective leadership and inadequate stewardship have destroyed shareholder value.”

16
Investor activism (2/2)
Pershing Square

• A few hours before the annual meeting, CP issued a press release in which it stated that Fred Green had resigned as CEO, and
that five other directors, including the Chairman of the Board, John Cleghorn, would not stand for re-election at the
company’s shareholder meeting.
• Pershing Square had won the proxy fight; all the nominees proposed by Ackman were elected.
• Almost exactly five years after first buying shares of CP, Ackman confirmed in August 2016 that Pershing Square would sell its
remaining shares of CP, thus formally exiting the “target.” Over those five years, CP has generated a compounded annualized
total shareholder return of 45.39% (between September 23, 2011 and August 31, 2016), a performance well above the CN and
the S&P/TSX 60 index (CP is a constituent of that index). Pershing Square pocketed an estimated $2.6 billion in profits for its
venture into CP.
• With massive reductions in the workforce, a transformation of the operations and a radical change of the CP’s organizational
culture, CP is undoubtedly a different company from what it was before the proxy fight.
• In early September 2016, Bill Ackman resigned from CP’s Board, officially concluding this episode

17
 Proxy advisory
What What do Proxy advisors do?
• Proxy advisory firms are independent research outfits that evaluate the pros and cons of corporate matters such as mergers, acquisitions, top
appointments and CEO pay. Issues where shareholders are expected to vote on in AGMs
• PA firms analyse major actions and produce reports advising shareholders on how they should swing to safeguard their interest.

Power Power of Proxy Advisory Firms

• While proxy advisory firms should make recommendations consistent with the objective of shareholder value maximization, their
recommendations do reflect other considerations.
• For example, ISS recommended HP shareholders support merger with Compaq, despite decline in HP value from merger.
• Given the slim margin of the HP shareholder vote, the role of PA became clear.

Conflicts of Interest Why the model is said to be conflicted

• In early May 2012, ISS, recommended against ESOS of Axcelis Technologies, this was just nine days before the company’s 2013 annual
meeting.
• Axcelis was forced to lower the cap and reduce the shares awarded to employees because it “did not have a strong chance of obtaining
shareholder approval for the equity plan increase without ISS’s support
• One week after its meeting, Axcelis received a marketing call from an ISS representative. The representative referenced the equity plan
proposal, suggesting that “going forward… you do have the ability to work with us prior to filing a proxy so you would know to a pretty high
degree of certainty what the likely vote recommendation would be”.

18
Governance disclosures
• Structure and composition, Chair of the Board, other Board membership and commitments
• Nomination/selection to Board, tenure of members, diversity, inclusion of social groups
• Role of Board and conflicts of interest. Independence, affiliation of Board members
• Committees and their responsibility
Board •
•
Performance evaluation of Board
Process for determining remuneration of Board and Executives
• Stakeholder consultation and representation on E and S topics
• Involvement in developing and reporting sustainability practices and reacting to key concerns

• Delegation of powers
• Executives in charge of E & S
Executive • How ES&G is integrated in daily operations and decision making
•
Management •
Process for dealing with E&S risks
Materiality assessments of risks and how stakeholders are informed
• Frequency of reporting E&S risks to Board

19
Governance disclosures
• Remuneration policy and process
• Who oversees, is there a remuneration committee, is it independent
Compensation • Stakeholder consultation on remuneration
Policy and • Vote results on remuneration policies/proposals
Process • Use of benchmarks/external consultants to determine remuneration
• Compensation ratios and controls: highest to median (excluding highest) for each country of
operation

• Fixed, variable, performance, equity, bonuses, deferred and vested shares

Compensation details
• Sign-on bonuses, recruitment, incentive payments
• Termination payments including golden parachutes
• Malus and Claw backs enforced
• Retirement benefits, differentiated by senior executives and other employees
• Compensation of highest paid executive by region
• Total compensation expenses

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PART 3
Understanding Environment
Environmental obligations of a business
What are Every business has an impact on the environment - A responsible business is expected to not only
environmental and legal obligations that it must fulfil. Businesses in control environment impact of their operations but
sectors such as mining, fertilizers, chemicals, power also minimize the environment impact of their
obligations generation are particularly susceptible to supply chain and products through their lifecycle.
environmental risks, which need to be actively
managed.

What is expected Minimize packaging waste Treat effluents to reduce adverse impact when
discharged
Store and dispose waste appropriately Use water judiciously, reduce water stress

Control air pollution Handle hazardous substances with due care

Reduce carbon and other green-house gases Preserve bio-diversity

Key Pillars of Emissions, covering GHG, Nox, Sox, PM and VoC Bio-diversity and habitat protection/re-forestation
environmental
Responsibility
Product lifecycle impact on environment and recycling Sustainable resource use, especially energy
initiatives

Waste management Water management

22
Why environment impact is not localized

23
Environmental failures: supply chain
Mattel
JBS
• JBS is the second largest food company globally with
235,000 employees and 2016 revenue of R170.4
billion.
• 5 percent, 12 percent, 47 percent of their revenue
comes from sales to the EU, East Asia and the
United States respectively
• In 2017 JBS was fined $7.7m by Brazil’s
environmental regulator for buying cattle from
ranchers operating on blacklisted land
• The company's monitoring system is limited to its
direct cattle suppliers, and it does not yet have
systems in place to systematically monitor its
indirect suppliers
• Mattel, the world’s largest toy company, recalled
about 21 million toys in 2007 because of lead paint
and hazards posed by small magnets.
• Mattel had previously given manufacturers in China
a list of eight approved paint suppliers to use, but in
order to reduce costs, subcontractors decided to
use unapproved suppliers.
• In some cases, the lead content was over 180 times
the legal limit
• Third-quarter profit in 2007 fell to $236.8 million, or
61 cents a share, from $239 million, or 62 cents a
share, a year earlier
24
Environmental failures: resource use
Toilet paper

• We’re aware about damage single-use plastics and fast fashion has on the environment, but these are disposed less frequently.
• There is one product we all throw away every single day : toilet paper.
• America’s heavy use of toilet paper – particularly the pillowy soft kind – is worsening climate change and taking “a dramatic and
irreversible toll” on forests, especially the Canadian boreal forest
• The boreal forest covers almost 60% of Canada and is home to 600 indigenous communities. Its huge size means it can absorb large
amounts of carbon dioxide from the atmosphere, the equivalent to the annual emissions of 24m cars each year.
• Major brands’ refusal to switch to sustainable materials in toilet paper is having a devastating impact on forests and climate.
• About 28m acres of Canadian boreal forest have been cut down since 1996, an area the size of Pennsylvania. Virgin pulp, the key
ingredient in toilet paper, accounted for 23% of Canada’s forest product exports

25
Environment focus areas: emissions
Co and Co2 main contributor to
GHG, source transportation, power
gen and heating through
combustion.
CFCs are used as a refrigerant and
specialized manufacturing. CFCs
have a devastating impact of
22,800x of CO2
Nitrous Oxide (NOX), warming
Methane (CH4), vehicle emissions,
effect is 298x of CO2, emitted by
cattle farming, energy generation.
cars, agriculture – animal waste
This is 83x more damaging than
decomposing and synthetic
CO2.
fertilizer.
Particulate Emissions (PM) include
smoke, micro-plastics, chemical
emissions and waste emissions
26
Understanding scope 1, 2 and 3 emissions

27
Largest emitters and attribution by end use

28
Who are the biggest GHG producers

29
Brands that have sourcing problems

Consumes more wood than any One of the most unsustainable

other company; 1% of world materials in the fashion industry is
production. Also furniture don’t polyester. 50% of Adidas products
last long. consist of polyester.

The mining processes for H&M is linked to viscose produced

aluminum, cobalt, silicon and tin in polluting factories. Viscose
create significant amounts of causes severe environmental
pollution. damage.

Criticized for selling products with Using tea from pesticide certified
a short life span and greenwashing farms mean Lipton cannot scale up
disclosures. Hard to be cheap and rapidly when demand increases.
responsible. Also finding suppliers is tough.

30
What is two-degree alignment

31
How is the world looking to tackle this?
To tackle climate change and its negative impacts, world leaders at the UN Climate Change
Conference (COP21) in Paris reached a breakthrough on 12 December 2015: the historic Paris
Agreement.
• The Agreement sets long-term goals to guide all nations:
• substantially reduce global greenhouse gas emissions to limit the global temperature increase in this century to 2
degrees Celsius while pursuing efforts to limit the increase even further to 1.5 degrees;
• review countries’ commitments every five years;
• provide financing to developing countries to mitigate climate change, strengthen resilience and enhance abilities
to adapt to climate impacts.
• The Agreement is a legally binding international treaty. It entered into force on 4 November 2016. Today, 192
Parties (191 countries plus the European Union) have joined the Paris Agreement.
The COP26 summit brought
parties together to accelerate
action towards the goals of the COP26 Objectives COP26 Outcomes:
Paris Agreement and the UN 1. Secure global net zero by mid-century and 1. Mitigation: secured near-global net zero, NDCs
Framework Convention on keep 1.5 degrees within reach from 153 countries and future strengthening of
Climate Change. mitigation measures.
2. Adapt to protect communities and natural
habitats 2. Adaptation & Loss and Damage: boosted efforts
to deal with climate impacts
3. Mobilise finance
3. Finance: mobilised billions and trillions
4. Work together to deliver
4. Collaboration: worked together to deliver
PART 4
Understanding Social
 Social obligations of a business
What are the social No business exists in isolation. Every organ of the
responsibilities society contributes towards the success of a
business. Thus it becomes imperative that business
too does something for the society in return. This
responsibility of business towards the society is
called social responsibility
What is expected Development of backward areas
Treat employees fairly, assure race, gender neutrality
Encourage diversity in culture, support minorities, don’t
discriminate on sexual orientation
Minimize community impact through ethical sourcing
Key Pillars of Social Human rights
Responsibility
Fair operating practices
A socially responsible firm should not work solely for
profit maximization. Social responsibility of business
refers to its obligations to take decisions and
perform actions which are acceptable in terms of
the objectives and values of the society
Community development, assistance to weaker
sections of society
Take care of customers and supplier eco-systems
Ensure, workplace, product, information safety
Safeguard indigenous communities
Labor practices
Consumer issues
Community involvement and development
34
Social failures: responsible sourcing
Blood Diamonds

• Mwanza’s mine, is at the center of one of the world’s most important sources of gem-quality diamonds.
• Yet in the provincial capital, Tshikapa, none of the roads are paved, not even the airport runway.
• Hundreds of miners die every year in tunnel collapses that are seldom reported because they happen so often.
• Teachers at government schools demand payment from students to supplement their meager salaries.
• Many parents choose to send their teenagers to the mines instead. “We do this work so we can find something that will let us
eat,”. There is no money left for school.
• In an age of supply-chain transparency, when a $4 latte can come with an explanation of where the coffee was grown it is
unclear why diamond mining is not rewarding for the laborer!
• Kimberley Process doesn’t go far enough. Unfair labor practices and human-rights abuses don’t disqualify diamonds under the
protocol, while the definition of conflict is so narrow as to exclude many instances of what consumers would, using common
sense, think of as a conflict diamond

35
Social failures: indentured labor
Xinjiang re-education
camps

• The business of hair extensions is booming, the Black hair care market in US was estimated to be worth more than $2.5 billion
in 2018. The majority of hair products come from Asia, mostly China.
• The Chinese factories supplying hair are suspected of using forced labor in the country’s far western region of Xinjiang. Beijing
has called the camps “vocational training centers” and says the labor camps are part of a “poverty alleviation” program.
• In September, US Customs and Border Protection announced a Withhold Release Order (WRO) on any incoming shipments of
hair from the Lop County Hair Product Industrial Park in southern Xinjiang. That followed two earlier WROs on companies
registered in the same area, including the seizure of 13 tons of human hair worth $800,000 from Lop County Meixin Hair
Products -- which is now subject to a criminal investigation by the US Immigration and Customs Enforcement (ICE) -- and a
previous order blocking imports from Hetian Haolin Hair Accessories.
• I&I Hair cancelled all orders from the factory, and later cut ties with their agency, KCA Global in South Korea, which I&I said
managed their supply chain.

36
Social failures: workplace safety
Johns Manville

• Johns Manville was the largest manufacturer of asbestos products and the leading asbestos supplier in the U.S
• It later came to light that JM reached this milestone by placing company profits over the health of workers, evidenced by countless
internal memos, industry letters and courtroom depositions
• In 1949, Dr. Kenneth Smith, a local physician, sent a memo to Johns Manville headquarters concerning seven asbestos mill workers
whose chest X-rays showed early signs of asbestosis.
• Smith advised company executives against sharing the test results with the workers, writing, “As long as the man is not disabled, it is
felt that he should not be told of his condition so that he can live and work in peace, and the company can benefit by his many years
of experience.”
• JM took Smith’s advice and made it company policy, leaving sick workers completely uninformed as their health degraded. JM later
hired Smith as medical director, confirming they shared the doctor’s cruel approach to occupational health.

37
Social failures: consumer protection
Insurance Company
Metropolitan Life

• While Metropolitan Life Insurance Company was not an asbestos business, it worked closely with asbestos companies to conceal
the health effects of the toxic mineral.
• In 1944, the company insured more than a dozen big names in the industry, including Johns Manville, Raybestos-Manhattan,
National Gypsum, Fibreboard and Flintkote.
• Metropolitan Life knew about the high asbestosis rates at Johns Manville’s factory in Manville, New Jersey, as early as 1932,but
succeeded in blocking an inspection for poor work conditions there in 1945.
• The company even convinced government officials that asbestos hazards were under control, despite having knowledge of
confidential company-sponsored reports that found evidence of asbestosis in 20 percent of workers.
• Cut to 2011: Asbestos-related claims against MetLife Inc rose 11 percent in the first half of the year.
• Ratings agency A.M. Best has said it expects the industry to ultimately face $75 billion in exposure to asbestos claims, and it has
argued that some companies are still not fully reserved for claims they may experience

38
PART 6
Legislations and Regulations
Measures by G20 and Central Banks
The BOVESPA Stock Exchange set up a Corporate Sustainability Index as early as
2005. The Banco Central do Brasil has introduced requirements for banks to The Indonesian financial regulatory authority (Otoritas
monitor environmental risks, building on a voluntary Green Protocol from the Jasa Keuangan, OJK) published a Green Finance Roadmap
banking sector. Brazil’s banking association (Federação Brasileira das Associações in 2014.
de Bancos, FEBRABAN) is developing a standardized assessment approach.

The Reserve Bank of India (RBI) has included lending to small renewable
The People’s Bank of China has introduced green bond energy projects within the targets of its Priority Sector Lending
standards and green banking regulation. requirement which require banks to allocate 40% of lending to key
sectors such as agriculture and small and medium-sized enterprises.

The French government introduced mandatory climate-change-related

reporting for institutional investors (Article 173 of France’s law on
“energy transition for green growth”) starting in January 2016. SFDR Since 2010, environmental, social and governance (ESG) disclosure
also applies to entire EU. indicators have been introduced by the Johannesburg Stock Exchange.

In 2015, the Bank of England’s Prudential Regulation Authority The German national Development Bank “Kreditanstalt für Wiederaufbau”
published a report on the impact of climate change on the UK (KfW) currently belongs to the largest Green Bond issuers worldwide.
insurance sector. SFDR also applies to entire EU.
Regulations & frameworks
SFDR
SFDR “lays down harmonized rules for financial market participants and financial advisers on transparency with regards to the integration of
sustainability risks and the consideration of adverse sustainability impacts in their processes and the provision of sustainability‐related information
with respect to financial products”.

It aims to achieve such objectives by imposing more stringent requirements on sustainability-related disclosures made by financial-services
institutions such as banks, insurance companies, pension funds and investment firms with regards to sustainability risks, as well as by focusing on how
to account for any adverse impacts on sustainability through the investment decisions being made or the financial advice being issued.

Scope Disclosur Outcom

From Mar-21, applies es of
Integration e edge to
Provide an
to all Financial Market sustainability risks and FMPs offering
Participants operating accounting of adverse sustainable products.
in EU impact

Objectiv Greenwashin
e reporting
Harmonized g to
Expected
determining substantially reduce
commitment to Greenwashing.
sustainability
PART 8
Need for sustainable finance
Need for Sustainable Finance/Investment?

Quality of Life linked to Economic

Growth Policy needs a framework
Improving quality of life requires Incentives need to follow a
higher investments in infrastructure framework on lending, portfolio re-
and healthcare and other Government balancing, exposure and targets.
spending.

Incentives need to be governed

Growth degrades Environment Green financing needs policies
Growth consumes natural covering corporates, governments
resources, creates pollution and and banks, specifying eligibility and
impacts health benefits.

Growth has to be sustainable Sustainability needs incentives

Eco-friendly technologies can minimize or Funds need to be channeled to Sustainable
negate the environmental impact. projects through incentives or penalties for
brown lending.
What is Sustainable Investment?
‘Sustainable investment’ is a term inclusive of investment approaches that consider
environmental, social, and governance (ESG) factors in portfolio selection and management.
- As defined by GSIA
Core Approaches of
Sustainable Investments
Region Highest proportion of sustainable
investments within respective

ESG INTEGRATION regions

$ 37.8
Canada 62% tn
48% ASIA $ 11 tn
CORPORATE ENGAGEMENT & Europe
Australasia
42%
38%

SHAREHOLDER ACTION United States 33% Global AUM sustainable The next wave of growth
investments are estimated to could be from Asia
Japan 24% The debt market could be
NORMS-BASED SCREENING hit USD 53 tn by next year.
EU accounts for half of all USD 11 tn
Region Growth in ESG (2018 to 2020) investments.
NEGATIVE/EXCLUSIONARY SCREENING Canada 48%

United States 42%

BEST-IN-CLASS/POSITIVE SCREENING
SUSTAINABILITY THEMED/THEMATIC
INVESTING
IMPACT INVESTING AND COMMUNITY
INVESTING
Japan 34% • As of 2021, many regions continue to see strong growth in
Australasia 25% sustainable investment AUM.
Europe* -13% • Canada, US and Japan registered the strongest growth rate.
*Europe reported a 13% decline due to
• EU and Australasia have seen a slower growth largely due to
changes in how sustainable investment is defined.
changed measurement methodology reflecting
a period of transition associated with revised
definitions of sustainable investment
THANK YOU FOR YOUR TIME
“Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it is the only thing that ever has.”
—Margaret Mead