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Sailin the south esg investing

Federica betting 28.12.2019

sailin the south esg investing

Garry Jensen, Managing Partner of Jensen Capital Partners explores the capital raising environment for funds in a virtual context against a. Sustainable Development Goals (SDGs) are a representative example of this trend, investment, and stable human resource development chal- lenging. We believe in investing in long-term solutions for zero emissions, and that this is the only way we can truly protect the planet from further climate damage. We. COLLEGE FOOTBALL BETTING PICKS FORUM

This indicates that, from a global perspective, SA still has a relatively high embedded risk premium. The year SAGB trades at close to the highest multiple of cash Figure 3 , meaning that bond yields can sell off more than bps before they start to underperform cash. This, combined with the evidence presented in figures 1, 2 and 3, leaves us confident that current bond yields reflect adequate compensation for the underlying fundamental risks.

The suggested pace of the reduction is quicker than the market expected; however, this was balanced by increased emphasis on the decoupling of tapering and rate hikes. In , when the Federal Reserve Board the Fed reduced its asset purchasing, it injected a huge amount of volatility and uncertainty into market, which caused risk assets to sell off aggressively. This time around, we think a few key things have changed: The process of tapering is a more familiar concept than it was in and much more is known about the process.

The announcement of tapering in was a surprise and no forewarning was given. In fact, in the months leading up to that tapering, the Fed had revised its expectations of the long-term neutral rate lower. Currently, the Fed has guided to the longer-term policy rate being 2.

In addition, current 5y5y rates are at 2. It is for the above reasons that we do not believe that tapering this time around will result in the amount of volatility that was created in , or a large selloff in risk assets. REWARD FOR RISK In previous iterations of this report, we have spoken in detail about the listed credit markets and our view that valuation does not adequately compensate for the underlying risks in most tradable, listed credit instruments.

This remains the case. In fact, spreads have continued to compress, making most of the asset class unattractive. As such, we continue to remain cautious on this asset class. A new segment of the credit market has presented itself, which we believe warrants investment. Sustainability-linked bonds SLBs , while a new domestic asset class locally, are well established internationally.

This funding benefit is reflected in a tighter credit spread 0. Issuance has been small approximately R3 billion year to date , but this is a segment that will grow. Spreads have been more attractive than those of traditional listed credit, as is generally the case with a young and lesser understood asset class.

Ship in service classification Class assigned upon the completion of document and drawings examination A ship intended to sail in international trade must hold a valid class certificate, issued upon verification of its compliance with the rules of a Classification Society. The first objective of RINA Rules for the classification of ships is ensuring that vessels are maintained and operated in such a way to minimize the risks to life, environment and property.

Class is assigned to a ship in service upon the completion of satisfactory document and drawings examination, and of surveys performed to verify that it is in compliance with the relevant Rules of the Society. Deliverables Classed ships are subject to periodical surveys renewal, intermediate, annual, bottom, tail shaft, boiler for maintenance of class.

Occasional surveys are to be performed following incidents and other events. A dedicated software, Leonardo Info, allows ship managers to view survey reports and monitor the survey status, as well as eventual outstanding recommendation and memoranda, and forthcoming applicable rule requirements. Why RINA?

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Issues affecting staff could include the company's health and safety track record, its policy on diversity, equity and inclusion DEI , and its labor relations between management and workers. External issues that fall under the broad umbrella term could include the company's relationship with local community leaders, whether its suppliers use forced or child labor, and product safety. As with most ESG metrics, investors and independent ratings providers typically assess social factors based on the financial risks and opportunities they pose to a company.

Some risks are evaluated with qualitative questions, for example whether and to what degree a company tracks human rights abuses in its supply chain. Others, such as the gap in compensation between male and female employees or the percentage of racially diverse workers, are measured quantitatively. Of course, social risks and their potential financial impact vary from industry to industry. For example, investors may give more weight to workplace safety standards at an oil drilling company than at a software firm, while customer data protection may pose a higher risk for the software business than the oil driller.

Investors often obtain this information directly from companies, but they can supplement it with data from other sources such as government and nonprofit databases, news reports and social media. The most common process is known as "ESG integration," where fund managers assess environmental, social and governance risks alongside traditional financial issues such as sales and cost projections as a way to improve returns and manage risk.

Other investors take a more active role by explicitly excluding stocks whose social characteristics do not align with their values, for example companies connected to weapons manufacturing, pornography or tobacco. That result might be expected, and it is possible that investors would be happy to sacrifice financial returns in exchange for better ESG performance. They found that the companies in the ESG portfolios had worse compliance record for both labor and environmental rules.

They also found that companies added to ESG portfolios did not subsequently improve compliance with labor or environmental regulations. This is not an isolated finding. They did not detect any improvement in the ESG scores of companies held by PRI signatory funds subsequent to their signing. Furthermore, the financial returns were lower and the risk higher for the PRI signatories. Why are ESG funds doing so badly?

Part of the explanation may simply be that an express focus on ESG is redundant : in competitive labor markets and product markets, corporate managers trying to maximize long-term shareholder value should of their own accord pay attention to employee, customer, community, and environmental interests.

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Of course, social risks and their potential financial impact vary from industry to industry. For example, investors may give more weight to workplace safety standards at an oil drilling company than at a software firm, while customer data protection may pose a higher risk for the software business than the oil driller. Investors often obtain this information directly from companies, but they can supplement it with data from other sources such as government and nonprofit databases, news reports and social media.

The most common process is known as "ESG integration," where fund managers assess environmental, social and governance risks alongside traditional financial issues such as sales and cost projections as a way to improve returns and manage risk.

Other investors take a more active role by explicitly excluding stocks whose social characteristics do not align with their values, for example companies connected to weapons manufacturing, pornography or tobacco. So-called impact investors go even further, seeking investments that have a measurable social benefit, for example by tracking the number of jobs a company creates at or above the living wage, or evaluating investments in education by hours of training per employee.

Investors also engage directly with companies on social issues, both to elicit information and push for change. When engagement fails, shareholders of companies can propose and vote on resolutions pushing management to undertake human rights risk assessments or disclose internal pay disparities, for example.

While regulators have required companies to disclose more data on social factors in recent years, investors must still rely on management to provide much of the information, making it difficult to verify claims or compare one company with another. This is further complicated by ratings agencies' use of different methodologies, metrics and weighting schemes to assess social risks.

The Meaning of S First, we need to better understand how the field currently defines S. Commentators and investors have described S in many different ways: as social issues, labor standards, human rights, social dialogue, pay equity, workplace diversity, access to health care, racial justice, customer or product quality issues, data security, industrial relations, or supply-chain issues.

Complex social dynamics, from surges in online public opinion to physical strikes and company boycotts by different groups, affect long-term shifts in consumer preferences. That makes sense because the bread and butter of those agencies is rating corporate and municipal debt, and the primary concern of any investor with respect to debt is, of course, repayment. Risk analysis focuses on the likelihood of repayment.

And equity investors seek to maximize their returns, not just mitigate their risks. Indeed, simply de-risking ESG exposure is unlikely to help investors make affirmative bets on which companies will outperform the market. To do so, we must overcome several key conceptual challenges: standardization, quantification, and reporting.

One of the biggest challenges in measuring social impacts has been the absence of a reliable, quantitative measurement standard. The result is that every company and NGO defines, measures and reports every social impact differently. For investors, this results in unreliable, incomparable, and low-value data that cannot be used in financial models. While there have been a few attempts to create frameworks for reporting social impacts, most have fallen short.

Why is this the case? While these may be important political goals established by the UN, they are not universally relevant to all companies and all communities. The ESG field needs an objective standard for reporting social outcomes. Outcomes-based standards are designed to measure the quantum of social change that was realized as a result of a program, strategy or intervention.

An outcomes-based S standard could be used voluntarily by companies and NGOs to self-select which outcomes they want to report against. Investors could also use outcomes data to conduct more robust social impact analysis. Or whether the impacts are advantageous to recruitment, business growth, competitive advantage, diversity, innovation, market development or employee health? How did this return compare to other companies or to the industry average?

Which populations or communities were most impacted? The power of standardized, comparable social impact data gives rise to a whole new level of S analytics that is more incisive, precise and relevant. Once social impacts are standardized and classified, they must be properly quantified. Rigorous rules and methodologies are established to ensure consistency and reliability of data across heterogeneous projects. For example, a 1. Social outcomes could be quantified in a similar way.

Investors and other stakeholders could actually assess the level of contribution of a business to a critical social issue. Companies could be compared by industry or across industries. Quantification could also be used to price and benchmark social impact. Imagine being able to put a value on a unit of social impact, and eventually trading social impact credits much like carbon? But as many researchers have pointed out, there are both negative and positive aspects of materiality.

Some activities create material risks that could negatively impact corporate performance and merit disclosure. At the same time, some corporate activities create material benefits that could positively impact corporate performance. In fact, the view that materiality only means material risk is inconsistent with the way mainstream financial markets define the concept.

Indeed, many insider trading lawsuits initiated by the SEC are based on materially-positive information that contributed to substantial financial gains. To improve S reporting, the ESG field must expand its view of materiality.

An Impact Materiality Map could help investors determine which social impacts are most strategic and beneficial to companies by industry. For example, improving the STEM education pipeline could materially impact innovation and growth in technology firms.

For retail grocers, food security and sustainable agriculture could materially influence topline sales. For financial services companies, financial inclusion can materially expand their customer base and market penetration. For health care companies, social determinants of health can materially influence their cost structure and patient well-being. And so on. Positive social impacts can also serve as risk mitigation for risky social issues.

These impacts are potentially more material than climate change reduction to financial services firms, who already face significant reputational risk in Black communities.

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