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Gaining Ground — Sustainable Investment Rising in Emerging Markets (March 2009)

Gaining Ground — Sustainable Investment Rising in Emerging Markets (March 2009)

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Published by IFC Sustainability
While asset managers in developed markets are often credited with being a step ahead in factoring environmental, social, and corporate governance (ESG) issues into investment decisions, this latest research from Mercer and sponsored by IFC reveals that emerging market asset managers are increasingly considering ESG factors in their investment decisions. In fact, it suggests that sustainable investment assets under management in emerging markets have grown to over $300 billion—or nearly 10 percent of total investment in emerging markets in 2008. As part of this effort, IFC and Mercer produced the first rating on ESG practices of fund managers in China, India, South Korea and Brazil and identified best-practice ESG examples to pre-empt potential risks and enhance returns. "Gaining Ground — Integrating environmental, social and governance (ESG) factors into investment processes" was sponsored by IFC in partnership with the Netherlands, Norway, Luxembourg, Italy and New Zealand.
While asset managers in developed markets are often credited with being a step ahead in factoring environmental, social, and corporate governance (ESG) issues into investment decisions, this latest research from Mercer and sponsored by IFC reveals that emerging market asset managers are increasingly considering ESG factors in their investment decisions. In fact, it suggests that sustainable investment assets under management in emerging markets have grown to over $300 billion—or nearly 10 percent of total investment in emerging markets in 2008. As part of this effort, IFC and Mercer produced the first rating on ESG practices of fund managers in China, India, South Korea and Brazil and identified best-practice ESG examples to pre-empt potential risks and enhance returns. "Gaining Ground — Integrating environmental, social and governance (ESG) factors into investment processes" was sponsored by IFC in partnership with the Netherlands, Norway, Luxembourg, Italy and New Zealand.

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Categories:Types, Research
Published by: IFC Sustainability on Aug 26, 2009
Copyright:Attribution Non-commercial

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07/10/2013

Gaining ground

Integrating environmental,
social and governance (ESG)
\ue001actors into investment processes
in emerging markets

March 2009

\u00a9 2009 Mercer LLC (Mercer) and
International Finance Corporation (IFC).
All rights reserved.

The \ue000ndings, interpretations, and conclusions expressed in this
volume do not necessarily refect the views o\ue001 the Executive Directors
o\ue001 IFC/The World Bank or the governments they represent. Neither
IFC/The World Bank nor Mercer guarantees the accuracy o\ue001 the data
or content included in this work, except in the case o\ue001 Mercer, in
respect o\ue001 data which is identi\ue000ed in this volume as veri\ue000ed data.

This document contains in\ue001ormation on investment management
\ue000rms that has been obtained \ue001rom those investment management
\ue000rms and other sources. Research views and opinions on investment
products (including product ratings) contained in this document are
based on in\ue001ormation that has been obtained \ue001rom the investment
management \ue000rms and other sources. Neither IFC/The World Bank
nor Mercer gives any representations or warranties as to the
accuracy o\ue001 such in\ue001ormation, or accepts any responsibility or liability
(including \ue001or indirect, consequential or incidental damages) \ue001or any
error, omission or inaccuracy in such in\ue001ormation other than in case
o\ue001 Mercer, in relation to in\ue001ormation which is identi\ue000ed in the volume
as veri\ue000ed in\ue001ormation.

Any opinions on or ratings o\ue001 investment products contained
herein are not intended to convey any guarantees as to the
\ue001uture investment per\ue001ormance o\ue001 these products. In addition:

Past per\ue001ormance cannot be relied upon as a guide to
\u0083
\ue001uture per\ue001ormance.
The value o\ue001 investments can go down as well as up and
\u0083
you may not get back the amount you have invested.
Investments denominated in a \ue001oreign currency will fuctuate
\u0083
with the value o\ue001 the currency.
Written by

Helga Birgden
Dr Danyelle Guyatt
Dr Xinting Jia

Acknowledgements
We are grate\ue001ul to the \ue001ollowing people who have made
major contributions to this report:

Berit Lindholdt Lauridsen
Dan Siddy
David Carruthers
Sophie Ramsay

In addition, we would like to thank Jane Ambachtsheer,
Lauro Arujo, Richard Cahill, Bin Chen, Rebecca Dixon,
Marianne Feeley, Felipe Giorgi, Kenneth Hwang, Anthony
Lane, Rashmi Mehrota, Brian Minns, Kristy Pilcher, Sheela
Molluso, Louise Oakley, Thryso Pizzo\ue001errato, Thomas Priju,
Ying Tan and Rachel Whittaker, who helped with various
aspects o\ue001 this research project.

We would also like to express our thanks to all the investment managers who have participated in our Global Survey as well as in our research meetings.

Thanks to sponsoring institution
This research would not have been possible without the
\ue001inancial support o\ue001 the International Finance Corporation (IFC).
About IFC
IFC, a member o\ue001 the World Bank Group, creates opportunity
\ue001or people to escape poverty and improve their lives. We

\ue001oster sustainable economic growth in developing countries
by supporting private sector development, mobilizing private
capital, and providing advisory and risk mitigation services
to businesses and governments. Our new investments
totalled $16.2 billion in \ue001iscal 2008, a 34 per cent increase
over the previous year.

The Environmental and Social Sustainability Business Line
o\ue001 IFC works \ue001or the large-scale adoption o\ue001 business models
that are pro\ue001itable, good \ue001or the environment and promote
social development. Its projects address the market barriers
to a sustainable private sector by demonstrating practices
that can generate green pro\ue001its across an entire sector.

For more in\ue001ormation, visitwww.ifc.org

Foreword............................................................ 1 Executive summary............................................. 2 Global survey........................................................ 3 Country level ESG research o\ue000 emerging

market investment managers........................... 3 SI-labelled EME strategy research..................... 4 Key themes........................................................... 4 Key research \ue000indings: ESG practices o\ue000

emerging market investment managers......... 5
Recommendations.............................................. 6
1. Introduction.....................................7

1.1. Key concepts..............................................8 1.2. Methodology..............................................9 1.2.1. Overview o\ue000 the global survey................. 9 1.2.2. Research meetings in China,

India, South Korea and Brazil................ 11
1.2.3. Research into best practice

SI-labelled strategies.............................. 12 1.2.4. Industry research.................................... 12 1.2.5. Other relevant standards

and sources.............................................. 12
1.3. Structure o\ue000 the report........................... 12
2. Global survey on emerging
market managers...................... 13

2.1. Growth in Assets..................................... 14 2.2. ESG Practices at a glance....................... 14 2.3. Survey results..........................................15 2.4. Development o\ue000 ESG integrated

EME products globally............................ 18 2.4.1. Key \ue000indings............................................. 18 2.4.2. Data analysis background..................... 18 2.5. Product split.............................................19 2.6. Signi\ue000icant products...............................20

3. Sustainable investment
practices in China...................... 21
3.1. Key \ue000indings.............................................22
3.1.1. Overview o\ue000 the investment
industry in China.................................... 22
3.2. ESG integration capabilities o\ue000
investment managers in China............ 24
3.2.1. Highest ESG rated managers
in China.................................................... 25
4. Sustainable investment
practices in India....................... 27
4.1. Key \ue000indings.............................................28
4.1.1. Overview o\ue000 sustainable
investment in India................................ 28
4.2. ESG Integration capabilities o\ue000
investment managers in India.............. 29
4.2.1. Highest ESG rated
managers in India................................... 30
Contents

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