A United Nations Investor Roundtable

16 June 2004 | Paris, France On 16 June 2004, the UNEP FI Asset Management Working Group held an Investor Roundtable ‘Implementing Responsible Investment’ in Paris, hosted by Groupama Asset Management. The 40 participants included pension funds from across Europe, consultants, analysts and representatives from the member firms of the Working Group. The key points that were realised from the meeting included:
  • Environmental, social and corporate governance issues are clearly material – especially over the long term – and companies and their investors who do not take these issues into account do so at their own peril.
  • These issues must be brought into the mainstream and firmly integrated into the work of all players, whether they be investors, fund managers, brokers, investment consultants or companies themselves.
  • Collaboration by investors in their shareholder engagement activities is essential to achieve improvements in corporate behaviour in order to address the risks and opportunities posed by environmental, social and corporate governance issues. There is a clear need for a global alliance of investors to collaborate across borders to bring about this change.
  • Research, education and the upgrading of skills to address these issues is required on a global basis. There is significant experience with engagement processes in a small number of countries, and this experience can form the basis of a global collaboration.
  • There are significant opportunities involved in responsible investment in emerging markets, but more research, better information and regulatory frameworks are required to minimise the risks.
Topics and presentations
  • Introduction (PDF: 76 KB)
    Carlos Joly, Storebrand; Co-chair, Asset Management Working Group
Topic 1: The materiality of social, environmental and corporate governance issues For an in depth discussion of these topic, see the report, “The Materiality of Social, Environmental and Corporate Governance Issues to Equity Pricing.” (PDF: 1.1 MB) Topic 2: Responsible investment and fixed income portfolio management. Integrating environmental social and corporate governance criteria into fixed income investments, bonds and MMF.
  • Case Study: HSBC (PDF: 260 KB)
    Xavier Desmadryl, SRI Analyst, HSBC
  • Michel Ducommun, President, Caisse de Prevoyance du Canton de Geneve
Topic 3: Best-practice shareholder engagement strategies Topic 4: Responsible investment in emerging markets Current issues for pension fund investments in emerging markets New tools for ensuring long-term stable returns Moving ahead Convening a forum for promoting global best practice. Global investor principles for responsible investment. Facilitator:
  • Vincent Zeller, Co-Chair Asset Management Working Group, General Manager and Chief Investment Officer, Groupama Asset Management

Brazil ABN AMRO Real Bank Brazil Mr Kleber Moreira Senior Manager
Brazil PREVI Luiz Carlos Aguiar Chief Investment Officer
Denmark Borne og Ungdaomspaedagoger, Pensionkassen for Leif Brask-Ramussen General Manager
Denmark Industriens Pensionsforsikring Erik Adolphsen CEO
France Fonds de Réserve des Retraites Antoine de Salins Directeur Général
France Fonds de Réserve des Retraites Nada Villermain-Lecolier Director of Investments
France Foundation Charles Leopold Mayer pour de Progres de l’Homme Pierre Calame Director General
France CDC Caisse des Depots et Consignations Stéphanie Giamporcaro-Saunière Chargée d’études ISR
France BTP Retraite (Caisse de Retraite du Batiment et des Travaux Publics) Jean Marc Giobbini  
Germany Victoria Lebensversicherung Peter Michael Kracht Asset Allocation Manager
Netherlands ABP Investments Rob Bauer Head of Research
Norway Storebrand Aslak Skancke Head of SRI department
Norway The Norwegian State’s Petroleum Fund Eli Lund Finansdepartementet
OECD OECD Pension Fund Group Juan Yermo  
Switzerland CIA (Caisse de Prevoyance du Canton de Geneve) Michel Ducommun President
UK Universities Superannuation Scheme Raj Thamotheram Senior Advisor, Responsible investment
UK Hermes Jennifer Morris  
France Agrica Jean Ruffie Financial Director
Netherlands BPMT (Mn Services) Patrick Wierckx  
Poland Commercial Union Otwary Funduz Emerytalny BPH CU WBK Piotr Szczepiorkowski CEO
UK Hewitt Yusuf Samad  
France Innovest Pierre Trevet  
US CERES / Investor Network on Climate Risk Ariane van Buren  
France Eurosif Matt Christensen  
UK Goldman Sachs Anthony Ling Co-Director of European Research
Germany West LB Volker Kudszus Associate Director, Insurance Research Analyst, CEFA
France Groupama AM Orith Azoulay SRI Analyst
France Groupama AM Francis Ailhaud (opening remarks) CEO
US Citigroup AM Erda Gercek Emerging Markets Equity Country Specialist
Asset Management Working Group Members
France Groupama AM Vincent Zeller Chief Investment Officer; Co-chair Asset Management Working Group
France Storebrand Carlos Joly Co-chair, Asset Management Working Group
UK Morley Fund Management Luigi Minerva Company Analyst
France BNP Paribas AM Eric Borremans Head of SD Research
France HSBC AM Xavier Desmadryl SRI Analyst
Norway Storebrand Hanne Iverson Rye SRI Analyst
US Calvert Barbara Krumsiek President and CEO
Italy Sanpaolo IMI AM Gianluca Manca Global SRI Equity Fund Manager
US Citigroup AM Mary Jane Mcquillen VP, Social Awareness Investment
Japan Nikko Global AM Norimichi Mishima Joint Managing Director and CEO of London Office
Brazil ABN AMRO Asset Management Brazil Pedro Angeli Villani SRI Portfolio Manager
Switzerland   Paul Clements-Hunt Head of Unit
France   Monique Barbut Director, Division for Technology, Industry and Economics, UNEP
Switzerland   James Gifford Project Manager
Switzerland   Jacob Malthouse Senior Consultant