Dear Colleagues,
We are delighted to announce the launch today of:
RESPONSIBLE INVESTMENT
Edited by Rory Sullivan and Craig Mackenzie, Insight Investment, UK
March 2006 | 382pp | 234 x 156 mm
Hardback: ISBN 1 874719 03 9 | GBP45.00 USD85.00
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To place an order for this title at a discount of 10%, or to view the
Introduction by Rory Sullivan and Craig Mackenzie online,
please visit the Greenleaf website at:
http://www.greenleaf-publishing.com/catalogue/respinv.htm
You can also request a review copy or inspection copy from this site -
see the home page:
http://www.greenleaf-publishing.com
*********************************
Today, Stephen Timms, the UK Minister for Pensions Reform, launched
RESPONSIBLE INVESTMENT, edited by Insight Investment’s Rory Sullivan
and Craig Mackenzie. The book - which brings together some of the
leading practitioners and commentators in the field of responsible
investment - reviews and critically analyses the emerging ‘engagement’
and ‘enhanced analysis’ approaches to social, ethical and environmental
(SEE) issues in investment.
Reflecting on the key findings of the book, Rory Sullivan commented:
“There is clear evidence that investor engagement on social, ethical
and environmental issues has proven to be effective at encouraging
significant changes in corporate performance. In recent years, UK
shareholders have successfully encouraged companies to improve the
quality of their policies, management systems and disclosures on issues
such as climate change, bribery and corruption, supply chain labour
standards, human rights and access to medicines. A growing number of
investors have also started to explicitly focus on social, ethical and
environmental issues as a standard part of their investment analysis,
potentially strengthening the signals to companies about the importance
of these issues to long-term business success.”
Craig Mackenzie noted that the book points to a number of important
barriers to progress to responsible investment, commenting: “Most
long-term investors have a profound interest in encouraging more
sustainable and responsible approaches to business. And yet, in
practice, all too often the emphasis placed on delivering narrow,
short-term investment performance discourages effective action by
investors to address the long term risks associated with social,
ethical and environmental issues. Without tangible support for a
broader longer term view of investment success, further progress
towards genuinely responsible and sustainable investment will be
difficult to sustain.”
*********************************
To place an order for this title at a discount of 10%, or to view the
Introduction by Rory Sullivan and Craig Mackenzie online,
please visit the Greenleaf website at:
http://www.greenleaf-publishing.com/catalogue/respinv.htm
You can also request a review copy or inspection copy from this site -
see the home page:
http://www.greenleaf-publishing.com
*********************************
Most investment today is conducted by a relatively small number of
institutional investors - pension funds and investment managers - who
manage the pensions and saving funds of millions of ordinary people.
The manner in which these institutional investors invest and discharge
their responsibilities as the owners of companies is, therefore, of
critical importance to society as a whole.
In recent years, some of the biggest institutional investors have
actively encouraged companies to improve their management of social,
ethical and environmental issues. A number have also sought to
explicitly analyse companies’ performance on these issues and to
incorporate this analysis into investment decision-making. These
activities have contributed to important changes: a number of companies
have committed to stabilising or reducing greenhouse gas emissions from
their activities and operations, labour conditions in many retail
supply chains have improved significantly, and many companies have
significantly improved their governance of corporate responsibility
issues.
However, to date, there has been little systematic analysis of
fundamental questions such as: Do responsible investment strategies
systematically result in improvements in the social, ethical and
environmental performance of companies? To what extent is it in
investors’ interest to encourage higher standards of corporate
responsibility? Do responsible investment strategies enhance financial
performance for investors?
In this ground-breaking collection, Rory Sullivan and Craig Mackenzie
have brought together some of the leading practitioners and
commentators in the field of responsible investment to explore these
questions. The contributors to this book present their views on the
practicalities of implementing responsible investment strategies, the
outcomes that have been achieved, the practical issues and barriers
faced in implementing such strategies, and the challenges to be faced
if responsible investment is to become a mainstream investment
approach. The results are both unique and surprising.
This book will be mandatory reading for all those involved in the field
of social and environmentally responsible investment, corporate
governance and corporate social responsibility whether they be
academics, researchers or practitioners.
PRAISE
A ‘who's who' of leading UK SRI thinkers and practitioners, together
with a savoury salting of other EU and US experts. Highly recommended.
John Elkington, Founder and Chief Entrepreneur, SustainAbility
Voting demographics, a growing crisis in public finances and the
destruction of economic value through shareholder short-termism will
drive forward responsible investment even if our personal and
collective ethics fail to underpin a moral renaissance in investor
behaviour. The question is when and how, not whether, and this book
offers much-needed pathways that the investment community can choose to
take, or else be overwhelmed by coming changes.
Simon Zadek, Chief Executive, AccountAbility
Companies are unlikely to thrive in the long term if they are in
conflict with the society from which they derive their franchise. This
book sheds useful light on the implications of this for investment.
Peter Montagnon, Director of Investment Affairs, ABI
This book provides valuable hard evidence of the practice of
responsible investment. As the world moves towards a new model of
caring capitalism there is the possibility of the next 'great
transformation'. We need news from the front of the movement from
corporate social responsibility to corporate citizenship and this book
has an abundance of intelligent insights by reflective practitioners.
Malcolm McIntosh, General Editor, Journal of Corporate Citizenship and
Visiting Professor, Universities of Bath, Nottingham and Stellenbosch
Responsible investment has been defined too narrowly for too long. This
book redefines responsible investment to reveal its relevance to all
institutional investors, suggesting that many today may be engaged in
irresponsible investment that neither serves society nor their
fiduciary obligations.
Craig Smith, Senior Fellow in Marketing and Ethics, London Business
School
Just what’s needed: an introduction to the field; case studies that set
out the state of the art; and a critical appraisal of the hype by some
of socially responsible investment’s foremost practitioners. Part
manual, part call to arms and part thought-provoking reflection. An
essential starting point for anyone who wants to shape the future of
socially responsible investment or to understand its potential and
limitations.
Halina Ward, International Institute for Environment and Development
Responsible investment is now not only an important issue for
investors, but also for regulators, NGOs and listed companies. This
book brings together leading thinkers from these fields and makes a
valuable contribution to the development of the subject.
Mark Makepeace, Chief Executive, FTSE Group
This excellent book explains the increasingly important role played by
institutional investors who demand financial returns that are
sustainable over long-term horizons. A welcome addition to a field that
is quickly entering the financial mainstream.
Matt Christensen, Executive Director, European Sustainable and
Responsible Investment Forum (Eurosif)
TABLE OF CONTENTS
Foreword
Stephen Timms MP, Minister for Pensions Reform, UK
Part I: Introduction and background
1. Introduction
Rory Sullivan and Craig Mackenzie, Insight Investment, UK
2. The scope for investor action on corporate social and environmental
impacts
Craig Mackenzie, Insight Investment, UK
3. A historical perspective on the growth of socially responsible
investment
Russell Sparkes, Chief Investment Officer, Central Finance Board of the
Methodist Church, UK
Part II: Enhanced investment analysis and decision-making
4. Does a focus on social, ethical and environmental issues enhance
investment performance?
Rory Sullivan, Craig Mackenzie and Steve Waygood, Insight Investment, UK
5. Integrated investment analysis: investment implications of the REACH
regulation
Steve Waygood, Insight Investment, UK
Steffen Erler, Walter Wehrmeyer and Harish Jeswani, Centre for
Environmental Strategy, University of Surrey, UK
6. Morley Fund Management’s approach to investment integration
Ronnie Lim, Morley Fund Management, UK
7. Integrating governance, social, ethical and environmental issues
into the corporate bond investment process
Kerry ten Kate and Andy Evans, Insight Investment, UK
8. HIV/AIDS: economic implications for the Southern African mining
industry
Simon Toyne, Dresdner Kleinwort Wasserstein, UK
9. The Goldman Sachs Energy ESG Index: integrating environmental,
social and governance factors into energy industry analysis
Sarah Forrest, Anthony Ling and Jonathan Waghorn, Goldman Sachs, UK
10. Sustainable investment research: Innovest Strategic Value Advisors
Matthew Kiernan, Innovest, USA
11. SAM’s approach to measuring and valuing corporate sustainability
performance
Gabriela Grab Hartmann and Thilo Goodall, SAM Sustainable Asset
Management
12. Communicating risks to pension fund trustees: the UKSIF sector
notes project
Meg Brown, UKSIF, UK
Part III: Shareholder activism
13. Shareholder activism on social, ethical and environmental issues:
an introduction
Rory Sullivan and Craig Mackenzie, Insight Investment, UK
14. Universities Superannuation Scheme: implementing responsible
investment
Peter Casson, University of Southampton, UK
David Russell, USS, UK
15. Henderson Global Investors: engagement and activism
Rob Lake, Henderson Global Investors, UK
16. Insight’s approach to activism on corporate responsibility issues
Craig Mackenzie and Rory Sullivan, Insight Investment, UK
17. The role of activism in responsible investment: the FTSE4Good
indices
Will Oulton, CRG Advisory Services, UK
18. Measuring the effectiveness of investor engagement: GSK and
developing-country access to essential medicines
Steve Waygood, Insight Investment, UK
Part IV: Perspectives on responsible investment
19. The universal owner’s role in sustainable economic development
James P. Hawley and Andrew T. Williams, Saint Mary’s College of
California, USA
20. Companies run in shareholders’ long-term interests also serve
society’s long-term interests
Robert Monks, Lens Governance Advisors, USA
Allen Sykes, UK
21. Why socially responsible investment requires more risk for
companies rather than more engagement
Peter Frankental, Amnesty International UK
22. SRI analysts: is it time to bring them in from the cold?
Ralph Edmondson and Adrian Payne, British American Tobacco, UK
23. Exerting influence: engagement or best-in-class?
Andy Wales, Severn Trent plc, UK
24. Engaging with investors: from values to value
Chris Tuppen, BT, UK
25. Workers’ capital: promoting trade union concerns through investment
Tom Powdrill, Trades Union Congress, UK
26. Pharma Futures: investor analysis of the future of the
pharmaceutical sector
Sophia Tickell, Pharma Futures, UK
27. Evaluation and research of SRI managers
Emma Whitaker, Mercer Investment Consulting, UK
28. Why should investors care about responsible investment?
Yusuf Samad, Hewitt Bacon & Woodrow, UK
29. A critical perspective on activism: views from a pension fund
professional
Raj Thamotheram, USS, UK
30. Shaping the market: investor engagement in public policy
Nick Robins, Henderson Global Investors, UK
31. Harnessing investors to implement health and safety public policy
Steve Waygood and Rory Sullivan, Insight Investment, UK
Alan Morley, Health and Safety Executive, UK
Part V: Discussion and conclusions
32. The practice of responsible investment
Rory Sullivan and Craig Mackenzie, Insight Investment, UK
33. Looking forwards
Craig Mackenzie and Rory Sullivan, Insight Investment, UK
Appendix 1. Innovest Intangible Value Assessment: Aracruz Celulose
Appendix 2. Just Pensions: Pharmaceutical Sector Note
*********************************
To place an order for this title at a discount of 10%, or to view the
Introduction by Rory Sullivan and Craig Mackenzie online,
please visit the Greenleaf website at:
http://www.greenleaf-publishing.com/catalogue/respinv.htm
You can also request a review copy or inspection copy from this site -
see the home page:
http://www.greenleaf-publishing.com
*********************************
Alternatively, please contact:
Jayney Bown
Greenleaf Publishing Ltd
Aizlewood Business Centre
Aizlewood's Mill
Nursery Street
Sheffield S3 8GG
UK
+44 (0)114 282 3475 - Telephone
+44 (0)114 282 3476 - Fax
sales@greenleaf-publishing.com
Best Wishes
John Stuart
Greenleaf Publishing,
Aizlewood Business Centre,
Aizlewood's Mill,
Nursery Street,
Sheffield S3 8GG
UK
Tel: +44 114 2823475
Fax: +44 114 2823476
E-mail:
john.stuart@greenleaf-publishing.com
http://www.greenleaf-publishing.com
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