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Euromoney Learning Solutions

Impact, esg & Sustainable Investing

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Description

Discover sound (ESG) investing practices with this relevant 3 day course

Today, Socially Responsible and Impact Investing is one of the fastest growing segments of the fund management industry and the growth is expected to accelerate. Institutional investors have realised that they have a duty to consider sustainability issues when they make investments. Corporate boards are also realising the need to define value beyond the narrow interests of shareholders and are embracing a broader fiduciary approach and including a wider range of stakeholders, from consumers and employees to communities, broader society and the environment.

Why an ESG and Socially Responsible Investing Course

Many forces are at work today transforming the way businesses operate and societies function. Many corporate boardrooms and institutional investors are still holding on to ingrained governance practices and are failing to adapt to a more complex and disruptive environment.

Traditional interpretations of corporate governance and fiduciary responsibilities of both Institutional Investors and Boards of Directors are being challenged by ESG activists. In order to meet the needs of all stakeholders, business leaders today are reassessing why their organisations exist and what purpose they fulfil. Reframing the value proposition to incorporate a broader range of stakeholders is proving not just to make good business sense, but can help the company’s share price as well.

This new programme examines the different frameworks for incorporating ESG and responsible investing practices from both the investor and corporate boardroom perspectives. The various approaches to ESG investing, including ESG inclusion, ESG integration, ESG engagement and ESG screening will be covered comprehensively. The full spectrum of ESG products and strategies across the equity and fixed income asset classes will be covered. The programme will focus on the practical application of ESG investing and examine some of the traps and pitfalls in implementing an ESG strategy.

Day One : A Framework for ESG and Responsible Investing

Session 1 – History and Background to ESG and Responsible Investing

  • An historical overview of socially responsible investing
  • Social purpose, sustainability and purposeful capitalism
  • Differentiating between socially focused investing, governance focused investing and environment focused investing
  • The size and growth of the ESG and SRI marketplace
  • Global ESG assets by type of exposure
  • Stimulants and catalysts behind the growth of ESG and SRI investing
  • Why the ESG market is poised for further growth

Case Study : The Growth of ESG and Socially Responsible Investing

Session 2 – Theoretical Backdrop : The Shareholder Model Vs Stakeholder Model

  • Summary of shareholder value maximisation theory
  • The Milton Friedman doctrine
  • Agency theory and the separation of ownership and control
  • Shareholder value theory and ESG integration are compatible
  • Stakeholder value theory and why it is on the ascendancy
  • Narrow versus broad definitions of stakeholders
  • Defining corporate responsibilities to all stakeholders
  • Frameworks for shareholder stewardship
  • ESG factor analysis
  • ESG risk premia
  • Alpha, beta and smart beta in the context of ESG and SRI investing

Case Study : The Capitalist Reformation

Session 3 – Standards and Regulatory Background

  • The Paris Agreement 2015, UNFCCC
  • The Sustainable Development Goals
  • The Coalition for Environmentally Responsible Economies (CERES)
  • The Sustainability Accounting Standards Board (SASB)
  • The UN Principles for Responsible Investment (PRI)
  • The Green Bond, Social Bond and Sustainable Bond Principles
  • Unilever’s sustainable living plan

Case Study : Drafting Responsible and Sustainable Investing Standards

Session 4 – The Future for ESG and Responsible Investing

  • Rapid growth set to continue, if not accelerate
  • ESG metrics – the soft underbelly of the ESG market
  • Formulating ESG disclosure frameworks
  • Corporate governance and stewardship codes
  • Engaged owners and engaged ownership
  • An institutional charter

Case Study : Future Developments in ESG Investing Day Two : ESG Methodologies and Investment Processes

Session 1 – Exclusion-Based ESG Investing

  • Overview of exclusion-based ESG investing
  • Examples of large scale exclusion-based ESG investing
  • Complexities in determining an exclusionary policy
  • The problems and pitfalls of negative screening
  • The bandwagon effect
  • What impact do exclusions have on returns
  • Negative screens and tracking error considerations
  • The impact of negative screens on the risk and performance of various style indices
  • Approaches to implementing exclusions
  • Application of screens to passive and active management
  • Understanding the complexities and biases that screens introduce

Case Study : Exclusion-Based ESG Investing

Session 2 – Integration-Based ESG Investing

  • What is integration-based ESG investing
  • What added-value do integration-based approaches offer
  • Incorporating alpha insights into an integration-based approach
  • Common ESG factors that are targeted
  • Fundamental ESG integration – evaluating ESG factors
  • Systematic ESG integration – quantitative criteria Vs qualitative insights
  • ESG as part of a multi-factor analysis
  • ESG ratings improvement momentum

Case Study : Integration-Based ESG Investing

Session 3 – Impact-Based ESG Investing

  • Defining impact-based ESG investing
  • Understanding the cause and effect relationship in impact investing
  • Impact investing as engaged ownership
  • Concessionary Vs non-concessionary impact investors
  • Making the impact objective explicit, intentional and measured
  • Mission-related investments Vs programme-related investments
  • Investors’ impact matrix and impact reporting and investment standards
  • Is there a single way to approach impact measurement

Case Study : Impact-Based ESG Investing

Session 4 – Engagement-Based ESG Investing

  • Why do investors choose engagement-based ESG investing
  • The different tones to engagement – collaboration, hostile
  • The strategy for engagement – private, public
  • Engagement through proxy voting

Case Study : Engagement-Based ESG Investing

Day Three : ESG Products, Instruments and Strategies

Session 1 - Green and Climate Bonds

  • What are green bonds and how do they work ?
  • The green bond principles and climate bond initiatives
  • What comes under the classification of a green bond
  • Overview of the global green bond market
  • Issuer and issuance statistics for green bonds
  • Performance characteristics of green bonds
  • How are the bond proceeds used – external verifiers
  • The sovereign green bond market
  • The corporate green bond market
  • Green CLOs
  • Future growth prospects for the green bond market
  • Recent themes in green bond investing

Case Study : The Market for Environmental and Climate Change Products

Session 2 – Social Bonds

  • What are social bonds and how do they work ?
  • The social bond principles initiative
  • Private Vs public sector issuers of social bonds
  • The financial structure of social bonds
  • Social bond finance projects that address social issues

Case Study : The Market for Social Investment Products

Session 3 – Sustainability Bonds

  • What are sustainable bonds and how do they work ?
  • The sustainability bond guidelines
  • The U.N.’s sustainable development goals
  • Issuer and issuance statistics for sustainable bonds
  • Financial structure of sustainable bonds
  • Financing a mix of green and social projects

Case Study : The Market for Sustainability Bonds

Session 4 – ESG Mutual Funds and ETFs

  • Overview of active and passive ESG investing
  • Alpha and ESG investing via mutual funds
  • Smart beta and ESG investing via ETFs
  • Some popular ESG mutual funds and ETFs

Case Study : Active and Passive Funds Engagement

Who should attend

  • Asset Allocators/Portfolio Strategists
  • Portfolio Managers
  • Investment Advisors
  • Product Developers
  • Marketing and Distribution Professionals
  • Private Bankers/Wealth Managers
  • Equity and Fixed Income Analysts
  • Board Directors
  • Governance and Stewardship Specialists
  • Family Office Managers

Experts

Bernard Duffy began his investment management career with Abbey Life in Dublin before moving to London in 1985 to work for Irish Life Assurance Plc. At Irish Life, he was responsible for investment product marketing and new fund launches and was responsible for the company’s successful entry into...

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