Engaging Companies in Sustainable Reporting
S-Lab Project by: Tyler Capps Stig Habbestad Anders Karde Juliana Kerrest
Introduction
Background
HIP Investor is an investment management firm whose aim is to manage their clients’ investments in a manner that maximizes both their human impact and profits (HIP).
The drivers of 85% of a firm’s market value are not shown on the balance sheet1. HIP Investor has developed a methodology for rating and ranking investments for future risk, return potential and net impact on society. This methodology serves as a useful tool for investors to fund human, social and environmental solutions while pursuing optimal risk-adjusted returns. The purpose of this project was to educate investors that environmental, social, and corporate governance (ESG) reporting is an asset in terms of trust and transparency and a driver of future risk and value, as opposed to describing it as non-financial information.
Currently, there are approximately 44,000 equities listed on stock markets globally, but only about 4,800 publish meaningful ESG info, which investors need to make socially & environmentally responsible investment decisions2. The initial scope of this project was to help reduce this gap in reporting by:
● Generating ideas to expand the universe of stocks with ESG information ● Creating a tool that organizations can use to report ESG information and increase transparency ● Possibly authoring case study vignettes of ESG-reporting companies to understand methods and drivers
Problem Statement
Given the disparity between the total number of equities and the number of companies who report their ESG metrics, the goal of this project was to close this gap by incentivizing small/mid cap companies in the US and Europe to begin reporting ESG metrics, hence widening the market for sustainable investments.
What Actually Incentivizes ESG reporting?
In an Accenture and UN study on sustainability where more than 1000 CEOs from global companies contributed, 93% stated that they considered sustainability important for the future of
1 Interview with Paul Herman, CEO HIP investor 2 According to the case problem statement of HIP Investor provided in class their company3. The survey also found that 67% of the CEOs believe that they are still failing to do “enough to address global sustainability challenges4.”
But the survey also discovered that the CEOs were worried and frustrated that many of these efforts were constrained by a number of factors. One of the most pressing being the CEO's responsibility towards the owners (shareholders) and the failure of the stock market to price in social and environmental costs. On the other side of the equation, investors do not have enough information to effectively account for ESG when conducting their investment.
At the same time, governments are pushing companies to report on sustainability (UN Sustainable Development Goal 12, Target 12.6)5. In September of last year (2015) all 193 members of the UN adopted a plan for “achieving a better future for all.6” One of the central points of this plan is 17 Sustainable Development Goals (SDGs) and with it 169 targets. These targets relate to what the UN considers to be “the most important economic, social, environmental and governance challenges of our time6.”
When the Global Sustainable Investment Association (GSIA) released its first report in 2013 for the fiscal year 2012 it was the “the first report to collate the results from the market studies of regional sustainable investment forums for Europe, the United States, Canada, Asia, Japan, Australasia and Africa7.” The 2015 report shows that the global sustainable investment market has grown strongly over the last years from $13.3 trillion in 2012 to $21.4 trillion in 2014. The report also shows that the number of asset managers covered has increased from 21.5 to 30.2. According to the report, the fastest growing country has been USA followed by Canada and Europe, and that these regions account for 99% of global sustainable investing assets.
The most recent numbers from the UN PRI website8 as shown in Figure 1, show that there are currently 1380 signatories with an asset under management (AUM) of $59 trillion. The figure also shows that there has been a sharp growth in the number of signature firms over the last 9 years.
3 "Accenture CEO Study on Sustainability 2013 - UN Global Compact." 2014. 11. 12 May. 2016
Figure 1: Growth of signatories and AUM over time
One interesting finding from a paper by Ghoul, Guedhami, Kim, and Park9 showed that shareholders perceive firms that have imposed environmental risk management as being less risky, and reduce the risk premium of the company. Their sample consists of over 7000 fiscal year observations over more than 30 different countries represented by 2107 firms. They arrive at their findings using a multivariate regression framework controlling for effects and characteristics at the firm level as well as year, country and industry. Their findings conclude that the cost of capital is lower for firms with a high corporate environmental responsibility.
These findings are also supported by Eccles, Krzus, and Serafeim, who showed that the market and investors are increasingly focused on non-fiscal information in the form of a proxy of management quality10. These findings also showed that investors put more emphasis on the environmental and corporate governance portion of ESG than the social aspect. According to the authors, this might be an indication of that it's easier to quantify and to incorporate environmental and corporate governance metrics into financial valuation models than it is with the social aspect.
Project Scoping and Hypotheses
Early on in the project, the scope included creating a web-based tool in which companies could self-report their ESG metrics online. This information would then become public domain for investors and investment managers to use as they please.
The scope has since been refined to understanding what incentivizes companies to report their ESG metrics, and to translate this insight into action by using this information to get the non-
9 El Ghoul, Sadok et al. "Corporate Environmental Responsibility and the Cost of Capital: International Evidence." Available at SSRN 2467223 (2014). 10 Eccles, Robert G, George Serafeim, and Michael P Krzus. "Market interest in nonfinancial information." Journal of Applied Corporate Finance 23.4 (2011): 113-127. reporting companies to start reporting. We addressed this through testing the following hypotheses:
1. Reasons why companies report on ESG today: a. Regulatory requirements b. Competitors do it c. It gives access to additional funding (more long-term capital through institutional investors) d. They believe they are doing the right things and can differentiate themselves through reporting e. Understanding of ESG’s importance for the company/industry/society 2. Companies currently not reporting on ESG may benefit from it through: a. Receiving publicity for their efforts b. Climbing on rankings (i.e. Newsweek) c. Getting access to additional funding
The approach to testing these hypotheses is discussed in further detail in the following section.
Project Approach
As the goal of the project was to gather information around why ESG reporting and non- reporting companies are taking their current actions, we developed a survey tool to gather this information. Qualtrics was chosen as the survey tool as it provided great survey features and was accessible to us as MIT students.
Since the survey would be the main interface for how information was gathered, we placed great emphasis on the content and how participants would interact with the survey. The project team met multiple times with Professor John Sterman and, CEO of HIP Investor, Paul Herman to carefully craft and review both the delivery (initial email and organization of actual survey) and content (questions, different options for reporting/non-reporting companies, etc.) of the survey. The survey also allowed the option to report a few basic ESG metrics which would then be displayed back to them in a way that could be used to officially report within a public forum such as Newsweek’s Green Company Rankings.
The survey was administered in a manner that attempted to display the value that could be added to both types of companies if they chose to report within our survey, so even if they chose not to select any answer choices, reading through the survey would educate them as to the value that doing so in the future could yield.
We initially sought to contact someone listed as being directly involved in the firm’s work on CSR (Corporate Social Responsibility), sustainability, social impact, or similarly named target areas, but it was extremely rare for a specific point of contact to be listed. As a result, most all emails were sent to both Investor Relations and Media Relations contacts.
After sending an initial group of survey requests and receiving questions regarding anonymity, we decided to employ an A/B testing approach and send the rest of the emails with updated text that explicitly called out the option of leaving the company name text field blank.
Following the conclusion of the survey, the results that were automatically aggregated within Qualtrics were analyzed for any statistical significance as to what the main incentives for reporting ESG metrics are. The efficacy of the survey garnering responses was also analyzed. These results were used to help generate a roadmap for how to take this project to the next level in the future.
The Survey The survey was aimed at both reporting and non-reporting companies, with the following objectives: ● Understand what incentivizes companies that currently report on ESG. ● Help non-reporting companies to start reporting on ESG.
As an incentive to provide the metrics, the respondents were informed that they would be provided calculated factors for reporting to the Newsweek Green Ranking after completion of the survey11. If the companies provided us with information like their annual energy consumption and revenue for example, the survey would automatically calculate and provide them with the numbers that they can input into the Newsweek database.
The survey logic was as follows for reporting companies: 1. Rank reasons for reporting on ESG 2. Provide available top-level ESG metrics
The survey logic for non-reporting companies was as follows: 1. Answer 5 questions about ESG management practices 2. Answer 5 questions about ESG-related revenues 3. Provide available top-level ESG metrics
In order to achieve as many responses as possible, ease of completion was emphasized in all parts of the survey. Thus, all questions were optional, based on the reasoning that any information provides useful insights, and the realization that not all answers are as easy to provide.
The ranking of reasons for reporting on ESG was based on a simplification of reasons provided by the Sustainable Stock Exchange Initiative, where the respondent simply was asked to rank seven possible reasons. For the metric reporting, they were asked to provide metrics on the highest level (e.g. energy usage, emissions, water usage etc.), restricted to the input factors required to calculate factors for the Newsweek Green Ranking.
11 "Top Green Companies in the US 2015 - Newsweek." 2015. 13 May. 2016
The questions about ESG management practices and revenues were built based on the HIP Investor Quiz12. However we decided to move away from the HIP branding in the survey, while still holding on to the basis of the HIP framework. This was done to avoid possibly confusing the recipients with HIP specific jargon. For each of the questions, there were five answers from 1 to 5 building on each other, where 1 signified a low grade and 5 signifying high. The questions required little to zero preparation for the survey-taker, making them easy to complete even if they were not familiar with ESG reporting.
Targeting Companies The target companies for the survey were current non-reporting companies. We used different approaches to acquire data on non-reporting companies. One such approach was sourcing a list of companies from our host HIP Investor, which linked us to company names of 120 non- reporting companies from the Russel 1000 Index. To ensure a broad enough pool for the survey we also used index lists form the DAX, MDAX, SDAX, TecDAX, Stoxx 500, and from index funds with a European or Global mandate. Since companies can report ESG on different levels and on different platforms we found it best to try to get as many companies as possible on the list. In total over 300 companies were targeted.
Who to target within the companies was also an issue. The non-reporting companies proved to seldom have designated ESG contacts, in addition companies are more and more reluctant to post contact information in e-mail format directly on their web page to prevent spamming issues. Thus, gathering appropriate contact information for companies proved to be a huge manual task. Discussing with our host the ranking of contact points within a company we tried to focus on IR and CFO contacts in the absence of ESG contacts.
When reaching out to companies we made sure not to overload them with information in the cover e-mail. We also stated the expected time it would take to complete the survey. Finally, we tried to be as personal in our outreach as possible, which was enabled by taking care of collecting name and title information in addition to e-mail addresses when we did research for the mailing list.
Project Findings
Survey Results and Analysis The survey was sent out to a total of 800 companies from which we received 48 responses; 28 being fully completed and 20 were only partially completed. Among the 48 companies, 75% were currently reporting on ESG while 25% were not. All of the questions in the survey were optional, as we recognized that some areas might be difficult to answer for some companies. All companies were asked to provide their company names, but this was also optional. For the first
12 See appendix for the original HIP Investor Quiz email distribution wave, we did not inform the companies that doing the survey anonymously was possible, but we did it for the second round. Two companies have completed the survey twice. Since this was due to different people within the same companies responding to the survey, we chose to include all of the responses.
Incentives for ESG reporting In the survey, 26 of the 36 reporting companies ranked the reasons for why they report on ESG, from most to least important. The survey results show that Corporate Reputation and Branding is the most important reason for reporting, and that Compliance and Risk Management is a clear number two. The two next ranked reasons (Information Flow and Profitability and Growth) are tightly clustered in third and fourth place, as are the three bottom ranked reasons: Enhanced Investor Relations and Management (5), Measurable Achievements (6), and Access to Capital (7).
What we found to be the most interesting result was that Access to Capital was ranked lowest. As mentioned earlier, research shows that cost of capital is lower for firms with a high corporate environmental responsibility. Our results seem to show that companies are not aware of this fact, and that creating awareness of this can possibly increase the importance of this factor.
Reasons in ranked order M M Me Std i a an Dev n x
1 CORPORATE REPUTATION AND BRANDING - Demonstrate corporate commitments and 2. 1.5 adherence to industry ethical 1 5 6 7 standards. - Improve stakeholders 9 and employee perception of a company.
2 COMPLIANCE AND RISK MANAGEMENT - Address 3. mandatory reporting requirements 1.6 1 6 0 and mitigate compliance risks. - 7 0 Stay ahead of emerging ESG and disclosure regulations.
3 INFORMATION FLOW - Ensure 4. that key stakeholders have relevant 1.7 2 7 0 information needed to make 5 4 informed decisions.
4 PROFITABILITY AND GROWTH- 1 7 4. 1.7 Identify opportunities for cost 0 0 savings, revenue generation and 8 risk mitigation.- Drive innovation and enhance market differentiation and competitiveness.
5 ENHANCED INVESTOR RELATIONS AND MANAGEMENT 4. 1.8 - Improve relationships with 1 7 6 3 investors by engaging throughout 2 the reporting process.
6 MEASUREABLE ACHIEVEMENTS- Measure the realization of strategy and the 4. extent of ESG impacts. High-quality 2.1 1 7 7 reporting enables the measurement 4 7 of success or progress in key corporate strategies as well as impacts of corporate practices.
7 ACCESS TO CAPITAL- Demonstrate transparency and 4. 2.3 effective management.- Enhance 1 7 8 3 ability to attract longer-term capital 1 and favorable financing conditions.
Response from non-reporting companies Among the 12 non-reporting companies, 6 provided information about their ESG management practices and 5 about their ESG revenues.
Looking at the ESG management practices, the ratings are overall quite low, with a mean between 1.5 and 2.33 for the 5 questions (recall 1 means lowest grade/least action taken increasing to 5). We didn’t find this very surprising, as it seemed logical that non-reporting companies score low on these questions due to lack of awareness or misalignment with company values. The responses are summarized below, together with an extract of our key findings.
Question Key findings Min Max Mean StdDev
Vision Have started to examine the environmental and 1 3 2.00 0.63 social benefits of their business. Metrics Have started to track some ESG measures, 1 3 2.33 0.82 mainly process-type indicators.
Financials Very little revenue is related to ESG impact. 1 2 1.50 0.55
Accountability Low level of organizational ESG accountability 1 5 1.83 1.60 - however one company reports board and CEO mandate for ESG impact and profit.
Decision ESG is assessed on a nice-to-have level, but 1 3 1.83 0.75 Making not required for approval.
In terms of ESG revenues the response was more versatile, and the mean score on average higher than for the ESG management practices. We believe that this may be because the questions span over more than the sustainability agenda, being about health, justice and equality - topics of broad acceptance and acknowledged importance. The questions are more about common sense and ethical standards, while the ESG management practices questions, to a greater extent, set requirements for internal governance and compliance.
Question Key findings Min Max Mean StdDev
Health High variance on contribution to health and life 1 5 2.60 1.82 quality of customers, employees and suppliers.
Wealth High variance on contribution to wealth of 1 5 3.20 2.05 customers, employees and suppliers.
Earth Low degree of carbon neutral 1 3 1.60 0.89 products/services.
Equality The organizations’ are fairly representative to 2 4 3.20 0.84 the populations they do business with.
Cust. & Empl. Surveys are to a small extent conducted, and 1 3 1.60 0.89 Satisfaction for those who conduct the results are fairly low.
Sharing of performance metrics Among the 36 companies answering that they are currently reporting on ESG, only 8 companies answered that they were willing to share their performance metrics. Among these, only 3 companies actually shared their data. Among the 8 companies willing to share their environmental metrics, only 2 confirmed that they have a third party auditing these metrics. We don’t find the low number of companies actually sharing their metrics very surprising. This can partially be explained by the informal style of the survey and the respondents simply not having the metrics at hand when answering the survey.
We found it more surprising that 18 companies sent email responses saying that they would not like to share their metrics, and that 10 chose not to answer the question (also implying the answer no). Some of these companies actually sent us emails explaining that they did not want their metrics to be revealed un-anonymously due to competitive reasons. For this reason, we chose to inform explicitly when sending out the reminder that the survey could be done anonymously. While 15 companies answered no and 4 answered yes in the first round, 3 answered no and 4 answered yes in the second round. Hence, we believe that ensuring the respondent that the survey could be done anonymously increased the probability for them being willing to share their performance metrics.
General learnings There is a definite move towards disclosing ESG information—one firm, TLG IMMOBILIEN, responded that they could not fill out the survey at this time, as they would be putting out their first sustainability report at the end of this year.
However, this is a situation in which being a “trailblazer” has significant risks; as previously mentioned, the market is not able to fully price in social and environmental costs, so efforts to positively address these issues can be seen as undue burdens and negatively affect a company’s stock price.
Furthermore, with companies approaching ESG disclosure in piecemeal fashion and a lack of both uniform standards and majority participation, putting such information out to the public is viewed as something that is more likely to harm a company, rather than help it. As one of the asset management companies we reached out to wrote:
Currently in our industry there is quite a bit of discussion as to what extent ESG factors should be implemented in portfolio management. That discussion adds a layer of complexity for us, since we don’t want anyone to view these company-level responses as the views of our portfolio management teams.
The fact that the vast majority of companies we reached out to had some type of ESG-related disclosure or information on their website shows the promising direction in which businesses are moving. It demonstrates that there is building pressure for companies to document, evaluate, and report what social and environmental impact their firm is having. This pressure is external however, and one that is counterbalanced by the potential backlash that could result in disclosing ESG shortcomings.
The increase in response rate from those companies that were clearly told they could report the information anonymously intimates that:
a) This is an issue they are already thinking about internally and have begun to evaluate and document on some level b) The risk of this information being used against them is viewed as a real and significant danger that could be costly in more ways than one
Until there is a proper understanding of what ESG data signifies, companies will continue to be reticent to gather, let alone disclose, such information. Likewise, until enough companies are gathering and disclosing this information to create an appropriate set of standards and benchmarks, the market and relevant stakeholders will not know how to interpret ESG data. This suggests that a two-pronged approach, undertaken simultaneously, may be necessary in order to address the two key problems of information and understanding.
Further Development of the Tool
Due to our limited timeframe in the project, we prioritized getting a working pilot up and running over establishing a web portal for collecting the results. In this chapter, we wish to share our recommendations for further development of the project.
Simplify the survey for non-reporting companies We experienced difficulties in getting the non-reporting companies to actually report anything. When looking at the responses we received, it appears that the ESG management practices section could benefit from being simplified. We observed that the respondents all scored very low on all these questions. Our hypothesis is that this is because a non-reporting company more or less by definition will have poor ESG management practices or less awareness of the subject. The questions therefore make little sense to these companies in how they are phrased, and could probably be simplified in order to meet the level of understanding of the companies at which they are aimed. It was observed that the ESG revenues questions seemed to garner higher scores, which may be attributed to not being as focused on core sustainability topics as the ESG management practices questions were.
Build web platform We recommend building the survey into a web platform. This will make it easier to share the results which would inspire learning across companies. We suggest making it possible for companies to log in and track their reporting over time, and also being able to benchmark themselves to other companies in the same industry or other selection criteria. An important finding in our survey was that many of the reporting companies wished to keep their results anonymous, to also attract these companies into using the platform it should be considered to keep the results anonymous on company level, but still adding inquiries into different responsibility areas and type of industry. This would still bring value to the survey by allowing comparisons within and across industries, eg. what metrics are recognized among the top performers? Further develop the tool as a “road trip” for GRI reporting GRI13 provides an extensive standard for ESG reporting, and also lists the companies reporting according to the standard. Tightening the link between this tool and the GRI standard could prove useful in terms of establishing this tool as a low-entrance point for starting to report according to GRI standard further down the road. This could for example be done by developing a step by step methodology, where companies are asked to provide more sophisticated answers as they reach new levels on ESG reporting. As part of this, it should be discussed with GRI to get the companies reporting through this tool listed in their overview of reporting companies (on lowest level).
Appendix
Email — Version A Sent
13 https://www.globalreporting.org/standards/reporting-framework-overview/Pages/Technical-Protocol- .aspx Email — Version B Sent
h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s d " C f D N Y ( I W E P C . o s E N c e e o o r o i u
S r h d m S s y e a t
m r a / s a
o C G w c G r y t i o t p u e l t a n o
s s ) i t
i a r r n ? k c s u w
o R
h l n e c t P
e
e t l a k t o y e h h y s n t e n e
p m o e
p l R / k o R A : l
/ j o p d ' a a n w s / e x w a e . n a r
p
p T h t n t r w k m p h i s o o ? y n i a w n ? a p e r
c g c t t g t i
.
o I i G n o u n
s t r n =
e S e f r
i G r g
r b s p e y w e e u t
y S o o e q n s u r
u r r n t u w t v v t h l e r
i i y y n e C e
c e P c
k g r e r
y o i o n e e
k t m a P m E n p . r n e c S d o p v p o d i e
r a G a w o t m
n i e n f n
r i / a y A e g g e ? s s
r l p o a y e " r
n t
e i t e l l o i
n s E d 2
t d
0 n
2 m ( o 1 v 0 O Q , e i 6 1 u
r p a a t o
5 l r t c e r n n i i / c c a n t d s m o s
n S
t
p u r
e h c r e r v n a a e e g p y t n n
r S o a f e o k
o r f l r t , e
w t l e
y i l a S n n o d r o e g w o u u c
c c i r o t n
h i e a m f g i r
r l o r
, p m l i
u i s a a n
k g n m n k
h d
a i e f o
o n N C s r r d e e
o u
m
w c a r . p r s o c s e o . c r w a e r u 2 a e t r 0 e t e a e 1
k t l o
5 e ' G s n ) l y .
o g
G
i v n r t e e e
t r r e h n m n i a s
n
v y c a e e l u a e r ' s 1 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s ( ( ( ( ( M w d ( t ( ( b ( ( a V F M h . 5 4 3 2 1 5 4 3 2 1 c o e e n h i o e ) ) ) ) ) ) ) ) ) ) e r s m m n a
d i
t U Q T S N E W S O W l t / l i e h e C
a n r o o r e o S h p n o f o u u
i a e e s n i n s
n a c m a t d f r a G r t t c
s r c e s o
o
o h h r s e : n g f k l y
e u t l
e e l i P
o f a a r o i r : n t
e
m r a i a h k e s i m w
f H v v t i n r f a a n
i ? t y t o e e e e i n o H p m a e l n n a r o p /
l n A
g u g a a d n
c i c f u A o j w h n t a
i
r c l e i d e
q o n x l t h a
w N o l t
. t
r b u y
p r m a o
i n t l d c
w h a g e a
D
y u
v p n u t p o s d e p c h ? t n p a
a s
c t t a o r r
k c o r f c
i d e r i c l o r i o P i n i e u u g t a i l e o n i n e
n n e c o e h p m e r e l n l m v s r e e
s g a
a = s e r
g t s , e a e G m s
o r s d t e s n u " o o y
i s e s a 1 o f c f .
s t s a a c a f i t o S u i " t s
n o
s i u c t t
r y l h a t v u r u y r s a e
i r u e
e v
u ( c e n
p
y r b r e r
p a r r s b y e
e m p
d e e e o e e r P o g n s e u s
r
r
t
u a s
s o i i d r s r p u i t . e n m a n e
e g y t n r a
l r P w n d a c n d s
n n r a a , l o h e t s
a v h u n i o s s v r s c n a , r a i u a y l s
. e n
o a t g t i w n , m n s s h t z y
c t (
a c e b
a c o i e a m i e o s
a e e n u t r l . t a
f i o s g o l d o s t E i
i
w o
s z i . o . u
m n w S
h b e u a n r c s ) s e
e y r G p
a t
e t e o w i
t
a
a r o E a ? l n r s f e b l c a i
t r n v
t S v h o h t e a h c e i / ' u r G n , s E
n
l k o
Q
s o m
i a
d S
u n
n n t v u ( n a E a
a c e l G m e d t i r t r r s i
n r S .
i u m t c v " . e g e i i
s 5 t n o G i i
a . n r e s S m "
g a n
u s l i t l i
o o r i a
s l p e i
v n
t m w
n a e l b o a s t e
y h . i y n
e c
m S s
p e e w O
o t r d
2 x f a
f h p t e a w e o
u 0 a i c a t g a a n n r r i 2 m r h t c m
e l d e ? o t t 0 e t i h i
s r s m n u ) e h g , . t . e r
o l e y o l
i e
E n w ) l t p v i , h n S e
e
t w e i i e l t m
G .
t s h d e o
i
i z i r n a c
m i e r v v h r e e s p e i
r w a
a s o e c l
c e n l i a p e z t
m r
r a a e a t o h r e r n
f e
b i n a d t a
. t o t n
n a e p t d d l s h r
a o t w
f i n o E n f i e t g s d S
t r
c e t e s G h a r o s s i n
s u c i
m i e l a y t s q e l p
u a o a a r v . c l e i t t r y
2 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s ( D ( l ( ( ( ( a A ( ( ( ( ( F i . 1 5 4 3 2 1 5 4 3 2 1 n c n i o e c ) ) ) ) ) ) ) ) ) ) ) n k m
d c c N B E M S N N H Q A N i / a n C
i o o x t n p o o e a o o u g n a s a n e a e u t a l r a t n c f f i r p r e o c o f
r c o r r e n n a
( l o d i e l x u P d f l 5 y a v t g n e a t i s e q i t o t n 0 e a t a i e l a a i
? a c e v u s t t % n M n l r b d i a / l u e t i A v l s : r u i d
e l j v t i
e e ) a a t
l i r e
l y
h o x r e v C i e d H o . k , s p i t e f e l
m o p h r y h E y s i a o p
p
, n r o f d ? o i m :
p O t p i r w a a n r p
e g m o c a a
t o t
a r o i i c A
j m q : o c n n e o e r m n n i
f e t u s t = g y
c f
/ a c
p i i H G
E i a u
t t s w o o n i l t s e i a e r
l S o a c t o n f d o S
a t h
l v a e t h u G
s w t a t t t t r p e a h
n t r h r v
t p r
i t e e l
r e e t d b e i ( r
o y a r
e b o 2 e r P
l o u
o f f i e r r u C v f s 5 q o n o i j t e n r e t a u v e y % u t E r i r g a P t
c m
o b s e n i i r n a E b O r a e ) t t u l l v e s u
e a n e a l S t i o e
r e i . d d n i f . i e v w w
z G n r . o o
o c e
f a a r m
( r o
e s e
p t i g o b i m r i
n o s o r a
r t i r l a e o e t r
p n i n e t e y p n s s d y a ' i g s
z o t r y u ) i u c i
r o s
a n
u l r t a i t c
e
t f n g s l r a t i i t i o v e
t i
n s t n ( i o ) e n i d m k 9
a Q d r n o i .
e 0 u s t g p i a u i m r p d % v
l a a
t e r r r . e p i p c e o c n
. s a i r a t f l s
i
o S i a z n a c t
u . d j t a d t r n e v
e r a e t d c i u y d i v n
o
S t p p e
d s o n t ) r f n o t
o w
p a f
r
a r f b r E e r o i p e o t y
m q p S l f
i i i u n r t m
G . o i k i
s r ( p v .
e y i f a e m r o
c o a d u t p m c /
? E m a c
i S c o m a t G y u ? p
n . d a t e c a t s / b c E i r l S i i b t G y e
f d m o r e i r v
c E i n h S g a
n G p i r s
o i m m f i s t . p a c t 3 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s ( r W ( ( ( ( ( b H F E ( ( ( ( R . 1 5 4 3 2 1 5 4 3 2 e c o e o e e ) ) ) ) ) ) ) ) ) ) S r d e m
n t a v A N M A A A O R R N / u a h C G e l e e b r e e e i o c n l o t c s s o f n
t n o h a q q f e i l t s
e m m h r u y o t o u R r u u
t u :
l
l n
: l l t P t a a t
h t o y i i ( h
o h e r r a
d a e w l l
i h n W e e l l g e W a e s e
b i h a d d a v l f f n h / l
r r A o l a h g l
q d a a
e f h e j t t q a
( u v
o o a q u c c x e 9 s ( a u n t e . 5 u p t t t
t a 0 b s a a t i i h 7
e
0 o o u p i i s % l h s s r t m m s 5 ? i % n n
t t h a t o s e e o h % i c y
o p p e a w a t o o ) r i r s a n o a a .
) s n o r r r n s
( . r t
= c c h s e 2 d , a f l l e G
e e t t
o 5 "
/ / r e x l
1 o u s s E E i i w t % o S f s " e s s p f e u S S
f k
r r . . s ) )
i e y v
s G G m . . y e ) o p o y
o r o
P p f o e u p b r u f a s i c f n
r u r e
n r t o c
u P t y
n p e
t r d p s e n / t o s r v g E u r t o i o u e o a o c t S w t h d r t t m d G e
s i r u v c e
u
l e e a o c u q d c w
r r t u s r i t e s s m e i s i t v
r s
, o a
e a
e p t a e
m p d s a l n e n m p
c v d e p f d r t o e
p r / o r
l E r i o Q
s i n v l
a n u o f a S , e n a i i
i t t l p y d t e G d t . i r i
a i p e c . a " m . s 5 r t e
t o i S " i v p
s u v v i r s e l
v a e o
o e s t y l s h y . r
S e
i e o i m s
f n h t e w u i c g p a s p r h r e r
e e p o o s a l r v t i
e s e l s e r e
u v s t
e h p ? t l h . e p e
l i h
e i e n r s a c ? l o t h m ,
e e
x o t r e
a n s d s
t e h t e s
l ( i o f e r ,
o r 4 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s C ( ( ( ( ( b E ( ( ( ( ( d E ( ( ( ( . 5 4 3 2 1 5 4 3 2 1 5 4 3 2 c a e q a o u ) ) ) ) ) ) ) ) ) ) ) ) ) ) m
s s r u s E M R O N N M A A A N M A A / C e i t g a t x b r b r h e o e e o n o o o s s o o o n a n o o l p t a a l t : s s s m
r y u u i m c
o u u r e r r r r t t t t
l n n l e e l l e t P y a p t t W y y y d ( ( l
a d d e y p s a a l l :
a h h n l a
r a a
e
e
r r b b t h r a a e r a a l f
e t o / l l
t n e r A H o o l l i l l p i
a & a
s f f v j a
t q q p a ( ( u u
r a h e o t c x 9 9 ( ( e l
u u e r
t t . l 5 5 t E p t n a e y
w s 0 0
i a a i s h 7 7 v 0 0 o t
t p s h v % % m e r r r a o 5 5
? e % % n e t t e r a e a n t e e % %
c
e
n i p p i t a a t
o t v ) ) r r r i n h o n a p t . . e r
) ) n n e l r n a
( ( e . . o e t
= o f r 2 2
d d
i l t r s G e o v a e i
y
o 5 5
v e p e e e u u t s s f t n % % e e
S
n
o s a p p n e y u t
e t r .
a l ) ) ) ) p v n o v a l w l . . . .
; e i t u i S n t
t u y
r i i u a P a t v l o e r a r h a n l t i e
n l n i i t o
a b t t v n , P l i i m
e n a r o r s e
a e g r v d l v n f n e a
e i e a e a a
d s a n w m n l n c r s
c c t e t y a
i t a h y e z i
o n
p
d l o y a b o
a u i
i o c n a t f a m g
i
a u l o d b t : e a
l p
r e a n o l r n
y
s a A i l o '
c n
l s , b
i c e
d r n l g
b e u g t p d
d Q ? u v l b s a o
r u
e o t a o a i u w
n n l l n l t l s d r e p a i i e e
c z . s u g n s
r s a
y s
S e c c l s u
o t e e n t s r i
v s o v u d d w o e
e y n r
e
a
a i a S
l ' t r s C o s n t , h t f
t
w o d B e B u ? c a f t
o s o r u
h s e o a a t n s e o r r r i t g d r d c m o v a , i
t m
a i n e y e c n i
x r e e z a d
e a a r s n
, c t e d
n
i s a e o x
d
i r n e m a n
e . c E n c p
u o d c m t l m
o a i m v p y r e e b a l e
o c n r o e a y l a a n
n e g a s k e e n s n s
. r e d . S s u
. a s t r t u i a s p l f ; p a
a l c i e n t i r d o
n a r e 5 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s S E m b w Y ( ( ( ( ( S P . h 5 4 3 2 1 c e o c n c o e h ) ) ) ) ) a t m
t t u o o e r i O F F F N n p t / c C f e
p r r r r r y : r o o o h v e g o o o / r n e e
e
/ t
r s m m m y r c w i y i
p o r m n n
1 u
l
P o (
o a u 1 d
1 8 4 s a
m a u t n G r 6 y s t i 2 0 0 h e t a o n
l 0 s e a e / 0 % h H e A m t g % , c
x j d o
a
a
i t
G h x s n " e e
o t
. v 1 = N o p t g ( u r
h h 1 a e / 1 2 M
e p p c e e 7 2 ? 9 a v 5
0 m a h m . 9 d w e e % 0 c t 9 o 1 t
%
a i r t p % 0 i o y s a r a 5
s r n t g c l o w % =
s i o g a s
c o G c / c ( u
y i i . e e o e G n m a ; o o s
e t
S m D x e g t m t i n u e J b r f t p
k r
b r i a s v
8 : i b d n n s a l e
i
a 0 c y G g n i u
e o ( n c P y % k i t e i r r d n t e t r o g i o v
n
d i e . o d
t n i m n a e P o u n . e . r n g y n j e r
g e o v n .
k e
e i h e i a u
n n
w s i s C o g s l o v c e . h r u o
e w o s
O e r m m s p . e
r
p t t
e 1 o p d h f o e o k r a , a r 1 r n
e s W
n t t b
h
f 2 i r E a o e o h e e n t S s l
n 3 h Q p l = d o " u G
) ) o a
a
.
w l r 0 t p r
r n a t i m . c i r i n s 0 s n n o
S e w g 0 k g v u t r i
3 i
e v n r l d o e i i 6 r n y g c i n
n G S k s 1 s o
g f
t . , ) t J w t h
.
o P a ) a g e r
n e l o v s e d o i e a e
d
c s w m
o e p
e u
d u f t l i e b d r l l i f
l
c i i o b n c s u e i i
t t w t n i y
o t ? e i h n l l f
e s i a t :
l m y l o o e w u t r r
y i c c o s o u
m b
t e p o l a
o r n a w y n
f k i o n r 6 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s p W N Y D N W S S . c e r o c c o o o o a h m s o o n / d t a y C p p e o u t o r n e e r
e t c w u
r
o u c t 3 2
l P a i h s y v a
s n G G e a c i e t
l
l y v / y H H A e (
e j c o a d i G G x n
u u .
a p
w b
h r t
e e p
h t i ? r a c h m m a e e c s
i t m i v
r i i o t N s s d n e e = e s s
e G n p g i i t e o o w u e t a e S n n e r u s r n r s t s s v
w y e e ( )
y U
( ( e r P a t t a r o o S e i n u t t n n k P e $ d r
n n e d ) i G v t
e e i
i e i ( n n w r s s t e g
o . ) 2 e
n
y 0 n I n n o 1
e C c u 5 s l r o u ? ?
e m d
) ( n e T p v
h Q a d i u i r n i a s o s l t
y r c n i n c
s l m R u o
S m u s a e r v u n n e b y r k t
e e S a i o n r
f l t
i
w g f w m
a a s r i e e l ) v l
t a b r i i e c l a
s u b ? s l e e ) d
t o
c a l c u l a t e
e f f i c i e n c y
a n d 7 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s M p f t I W W G E y B Q C . i h f c r o
a n a o a r u I m y e a a m u T e r e s l o
e / t s t C c r
e h
i e e r u i c t s o S g u n n f t e n d r i
i t t t
p y r
r a l p
i o P L t a s P H o o
l a h r P : P a t r t e / a n r n t e o / o i n i o b s r
w o e
n s
u o i d l t t d / t n A h n g e w
T o s d u j u f t a e
s e p e p e o x u c w i c . n
p a
r t c r v h t t . G 5 i e
p i
o m n v t a o v ? r 0 i s a a i w e v e l i u t c : 0 t u t y t s i
w e y p i a t r o
e
y A n
g d = o r ( s = s = s
d G G n r , = w
u r
e e 0 s p t 0 d e
t H r e S i e 0
v r e n n u E e G e r n e v r t g S k e e v s e y ) y
. i P ,
, r G s c c o P
r i i J n t n o o u
t r u P r c g m o s m r e l o e
l d i v t c y a / m i p h e g u o
w n e r a r c p g e a e s n t a n p i , e e v i
n i o e S n t
i t i i v r s o e y t t a 2 i e
n g s = l 0
u d
, i c
1 n e a 0 a i 5
n s n
t n
Q / h
d ( t i t u
o T n e h a b
l T t p t h
e r e o i w c y i
s s g
s l f
o B S e o
r u u i r r e r u l n l r v o d e e v n c y o . e
n l d S
u m o W y
f d t c b , w b
e e o a e s e r e s
m o l t o r
h m g s p w a ' c s a e . n o
n
d k o p i a
e f e y
t s t s o a h
u b u 1 e
a . ,
f s
m o s 2 . e r
e
2 a , y t 0 n r o i 1 d c u 5 s
r 3
n t c ) i m o e u e e l d d
a e
r n d a d
n t o k
t y a o k u e r 8 / 1 0 h 5 t / t 1 p 2 s / : 2 / / 0 m 1 6 i t . c o 1 . q u a l t r i c s l E P e . c p t S l o a h
e m A r M I E I D S D I E D e G s m m d a / a C d n t n e r e
t e e c a o s i m p p
d s h v m m n t a n ( i y e i t r r m u r e a r d c e s t o o
o e o o
i a r
e l n
u a f r P r v v i e s p n n M E I C C P A y a n h a s a c N r s e e s
n s s
o e N R C n . e e O O t g o u e n E
F t t h l r s
m r o a
/ r r p r
H O C A k t A R M e a t a O a a t a e h v d j a p a a
a l b A E t S F t t P m x a a e n h P
R
e e o n k n . o i k p I N S U t t
l O d o L e
r h T e i t M i i r d e f c t t o o t p ) S e
C
w R I h r y A n u R a ? y e o . A d a n n A a a
o t n E
t B E m c r t
A T n s
r N s o T l t o p l y a o i i i o D d o I A h t T O s z t r e I
L C o i n o a n f y O e e a p p a i =
E
B r p I
r k s d u I
G E r g s t T C a t
a N r N
L s t i e s u
e y
e
R o i r
r Y t e t A
n f s E
S V A h c a
e e o w p o a n F n E u
g e c P o c
n E N r A u o r n
A i c h v L e
P o t e t l c I e r E S d d c r N D h o a O T y C s t f l y U
o o P i
e
m S T n A s t s D
n
s e i r W H h R s n T n a r i
c O e G n t g L m m s
o t t r g A e I v n e G P I
l
E a
R S r
s e r e r e T p d h
i
a
e t t e R m i V a p v K s r
c m e l a m I n o i R q e O v e t r O E t g v
t a d w o o y e u f i M i e E p e f N o n y M r
W r e g e n i r k d o s
r
L g A n m
e r a r c t e E e i A
T A s e e s r s s N b
t n m t t
N p i
, N s l c T H
c , a v y a
d e A d e
s r l e T a I e
D o t n n v e i O e G
r t h n f p
S i a s d h c f v c
m n n e t N e B i E u e n
e e t s e g
a r a a
k r R p t S M n
e
a t e d a e l e n o i t o
u
n A g n i
E h a n x A y Q a o r f e p t i f N t
e n d e u
i N n g o n N e
t a c a
r d g g h l D g ( e r n t T o m t e D r o m 1
e u i i
e m t c o I r f n t f
N s i a n l ) p h
t a o a M n
c
e a S i f v e o r b G g t f t
o e u n o
i o i A a r r r a o c o e E
v a l a t u r n t l e N o . t n n o a i o S t y t e g n d i e m
s A S
b o w
h n G
i g o
. c n c l n G s p f o e e t i o
w o d
n t i a m u e
a E r m a m m u f g a n r t d i n e M n
s o p t p y t e
p d e t a h i . s a l E r d n e
i g n e y a r c t
t N
i
i
c
t i n t s t e i t e r o s e m i T i e k c s n v t
. r h
m e
p
e g m p m H a i
o n
c a r o s c i i r i s e a g t k
s o t r i w i
s l h g e t k n
n o a s s a e s
g d q i f . t n . t n l
a
i l i u r p t
o t f n i a e o , a o r n
d s o r a l t n . i m h
a t c s s i y m r e e e . o
d r s
d p n e s b s
a . p s . d o c o
e t f t t r s o c o t
i i r n s o m
i g r f o
e
c n ( e p o 7 s n o r . ) a p
r b b o t i l e r n e a i s g n t e
g o n 9 / 1 0 h 5 P t / t 1 p 2 o s / : 2 w / / 0 m 1 e 6 i t r . c e o d 1 .
q b u a y l t
r Q i c s N Y i w u f A e t D u n . o e c e . a a o p o i i
s l r l d m l s t l s , l m r t o h .
/ , r
i C y I r
i l y w
a I 2 o e
c
w
n v o 2 t s w t 0 t c i o r
o a n u 0 o m e 1 o l
u P l g
1 d u u i 5 a k l v a
n d 6 o l e n l ) e d e n i
l .
n , /
n o
A
c
t n l W j y k a o i o a w a k e x o
t n
. e n
f p o
s r l u o h t d .
i
p u t h k t g r r ? o a
e a l
a r e d
c m m k e
s t t i t t
e o
o p h
y n e o r y = h
a e o o s t r G o o r r e p r h u e e i u t t l c S
o a i
d
d n u
m m s r r r o e v e e g t
e y i n i f r
y t n
n o m s
P a t
t g h r d t r o , i i h y n
l
r
p t a r s
P E p o i d e
s r
s e l r u h S a e p
v
o y i w g t e v t o G a w v t e e h p r e i
a l d t
:
r l i N d / l r n e i /
n ' a w a s g l e a g t
s a
w w " t
t
, N e u o q s
w s d s
e u w t u .
h n w a y m c e e e l h o s Q e i e
f w
u u w N y k a a t l r s
r ' s t e r s e
y i i
w t c c
e C w o o s G s
e S k u O p s
u r ' e c r r
s w 2 v e l
k a e e
c
y e e T e . n
v o S c n o e m o
e m o f a
p t k w C i l m s
t
a p m t r G r s o r e a a / i a g m o e r n n c e n r t k y p e r t e s
i i
a e , c n i f n
n o w n s n g
v r C ? y
a
e i 2 c
t f o R A s e
0 e y m t r t 1 a r o
o
w t p t 5 n a r u h s a a / k i
e t n , s c n i o
n
t
h d i e e p l e g o o e
n e s s a g o m d t "
n r c s b
o e l . o s e y i s n e ? f
t t t s n
t
o h I h ( t t
r e O c
e r a i
e o s
p e t s p e
m e n q u o
n d l p u r o r v
a i t t n c o
e h n t k g f h y e i
e
e a y s m n o d u 1 0 / 1 0
List of Companies Contacted
3D Systems Corp Amerco Inc Aurubis 3M Co América Móvil SAB de CV Australia and New Zealand A O Smith Corp American Campus Banking Group Ltd Aareal Bank Communities Inc Automatic Data Processing Inc ABB Ltd American Capital Agency Corp AutoZone Inc Abbott Laboratories American Express Co AvalonBay Communities Inc AbbVie Inc American Homes 4 Rent Aviva PLC Accenture PLC American International Group AXA SA Actelion Ltd Inc Axel Springer Activision Blizzard Inc American Tower Corp Baidu Inc ADR adidas AG Ameriprise Financial Inc Baker Hughes Inc Adler Real Estate AmerisourceBergen Corp Banco Bilbao Vizcaya ADO Properties Amgen Inc Argentaria Adobe Systems Inc AmorePacific Corp Banco Santander ADVA Optical Networking Amphenol Corp Bank Bradesco Advanced Semiconductor Anadarko Petroleum Corp Bank Hapoalim Engineering Inc Analog Devices Inc Bank Leumi Le-Israel Aetna Inc Annaly Capital Management Inc Bank of America Corporation Aflac Inc Antero Resources Corp Bank Of China Ltd. H Agricultural Bank of China Ltd Anthem Inc Bank of Montreal AIA Group Ltd Aon PLC Bank of New York Mellon Corp Air Liquide Apache Corporation Bank of Nova Scotia Air Products & Chemicals Inc Applied Materials Inc Barclays PLC Airbus Group Aramark Holdings Basf SE AIXTRON ARC Resources Ltd Baxalta Inc Ajinomoto Co Inc Archer-Daniels Midland Co Baxter International Inc AkzoNobel ARIAD Pharmaceuticals Inc Bayer AG Alaska Air Group Inc ARM Holdings PLC Bayerische Motoren Werke AG Alexion Pharmaceuticals Inc Artisan Partners Asset BayWa Alibaba Group Holding Ltd ADR Management Inc BB&T Corp Alimentation Couche-Tard Inc Asahi Group Holdings Ltd BCE Inc Alkermes PLC Ascena Retail Group Inc Bechtle Alleghany Corp ASML Holding NV Becton Dickinson & Co Allergan PLC Aspen Pharmacare Holdings Bed Bath & Beyond Inc Allianz Ltd Berkshire Hathaway Inc Allison Transmission Holdings Assa Abloy Bertrandt Inc Assicurazioni Generali BHP Billion Allstate Corp Associated British Foods PLC Bidvest Group Ltd Ally Financial Inc Assurant Inc Bilfinger Alphabet Inc Astellas Pharma Inc Biogen Inc alstria office REIT-AG AstraZeneca PLC BioMed Realty Trust Inc Amadeus FiRe ASX Ltd Biotest Amazon.com AT&T Inc Blackhawk Network Holdings Ambev Atlas Copco Inc Amcor Ltd Atos BlackRock Inc AMERCO Aurizon Holdings Ltd List of Companies Contacted
BMF Bovespa SA Bolsa Celgene Corp Commonwealth Bank of Valores Merc Fut Celltrion Inc Australia BNP Paribas Cenovus Energy Inc CommScope Holding Co Inc Boston Properties Inc Central Japan Railway Co Compagnie de Saint-Gobain Boston Scientific Corp Centrica PLC SA Compass Group PLC BP PLC CenturyLink Inc Braas Monier Building Group Cerner Corp CompuGroup Medical ConAgra Foods Inc Brambles Ltd CEWE Stiftung & Co. KGaA Concur Technologies Inc Brenntag CGI Group Inc BRF SA Charles Schwab Corp ConocoPhillips Consolidated Edison Inc Bridgestone Corp Charter Communications Inc Constellation Brands Inc Bristol-Myers Squibb Company Class A Brixmor Property Group Inc China Construction Bank Corp Continental AG Corning Inc Broadcom Ltd China Life Insurance Co Ltd Costco Wholesale Corp Brookfield Asset Management China Merchants Bank Co Ltd Inc China Mobile Ltd Coty Inc Covestro Brown-Forman Corp China Overseas Land & Credicorp Ltd BT Group PLC Investment Ltd Credit Suisse Group AG Bunge Ltd China Petroleum & Chemical CRH PLC Burger King Worldwide Inc Corp Crown Castle International BVB (Borussia Dortmund) China Resources Land Ltd Corp C.H. Robinson Worldwide Inc China Steel Corp CSL Ltd CA Inc China Telecom Corp Ltd CST Brands Inc Cabela's Inc China Unicom (Hong Kong) Ltd CSX Corp Campbell Soup Co Chubb Ltd CTBC Financial Holding Co Ltd Canadian Imperial Bank of Chunghwa Telecom Co Ltd CTS Eventim Commerce Church & Dwight Co Inc Cummins Inc Canadian National Railway Co CI Financial Corp CVR Energy Inc Canadian Natural Resources Cielo SA CVS Health Corp Ltd Cigna Corp Daikin Industries Ltd Canadian Pacific Railway Ltd Cinemark Holdings Daimler AG Canadian Tire Corp Ltd Class A Cisco Systems Inc Daiwa House Industry Co Ltd CANCOM Citigroup Inc Danaher Corp Canon Inc CK Hutchison Holdings Ltd Danone SA Capital One Financial Corp Clean Harbors Inc Danske Bank AS Capital Stage Clorox Co Darden Restaurants Inc Cardinal Health Inc CME Group Inc DBS Group Holdings Ltd Carl Zeiss Meditec CMT Market Liquidity Rate Deere & Co Carnival Corp CNOOC Ltd Delphi Automotive PLC Carrefour Coca-Cola Amatil Delta Electronics Inc Carter's Inc Cognizant Technology Denso Corp Solutions Corp Caterpillar Inc Deutsche Bank AG Cathay Financial Holding Co Colfax Corp Deutsche Beteiligungs Ltd Colgate-Palmolive Co Deutsche Euroshop CBS Corp Class B Comcast Corporation Deutsche Pfandbriefbank CDW Corp comdirect bank AG Deutsche Post AG List of Companies Contacted
Deutsche Telekom AG Equinix Inc G4S PLC Deutsche Wohnen Equity Lifestyle Properties Inc Gaming and Leisure Properties, DEUTZ Equity Residential Inc. Diageo PLC Essex Property Trust Inc Gazprom PJSC Dialog Semiconductor Essilor International SA GEA Group DIC Asset Eutelsat Communications Geberit AG Direct Line Insurance Group Eversource Energy General Electric Co PLC Evonik Industries AG General Growth Properties Inc Discover Financial Services EVOTEC General Mills Inc Dollar General Corp Exelon Corp General Motors Co Dollar Tree Inc Experian PLC Genesee & Wyoming Inc Dominion Resources Inc Express Scripts Holding Co Genuine Parts Co Domino's Pizza Inc Extra Space Storage Inc Gerresheimer Dow Chemical Co Exxon Mobil Corporation Gerry Weber International Dr Pepper Snapple Group Inc Facebook Inc GfK Drägerwerk vz Fanuc Corp GFT Technologies Dril-Quip Inc Fast Retailing Co Ltd Gilead Sciences Inc Drillisch Fastenal Co Givaudan SA DTE Energy Co Federated US Treasury Cash GlaxoSmithKline PLC Dürr Reserves I GNC Holdings Inc E.I. du Pont de Nemours & Co FedEx Corp Golar LNG Ltd E.ON SE Ferratum Goldman Sachs Group Inc East Japan Railway Co FHLBA Google Inc Eaton Corp PLC Fidelity National Information Grammer AG eBay Inc Services Inc GRENKELEASING AG Ecolab Inc Fielmann Grifols SA Edgewell Personal Care Co FireEye Inc Groupe Bruxelles Lambert Edison International Firstrand Ltd Gulfport Energy Corp EDP - Energias de Portugal SA Fiserv Inc Halliburton Co Edwards Lifesciences Corp Flextronics International Ltd HAMBORNER REIT AG Eisai Co Ltd Ford Motor Co Hamburger Hafen und Logistik Electronic Arts Inc Formosa Chemicals & Fibre AG Eli Lilly and Co Corp Hammerson PLC ElringKlinger AG Formosa Plastics Corp Hannover Rueck EMC Corp Frank's International NV Hapag-Lloyd AG Emerson Electric Co Franklin Resources Inc Hatteras Financial Corp Enbridge Inc Fraport HCA Holdings Inc ENEL Ente Nazionale per freenet HCL Technologies Ltd L'Energ Elet SPA Fresenius Medical Care AG & HD Supply Holdings Inc Engie SA Co. KGaA Healthcare Trust of America Inc Eni SpA Fresh Market Inc Heidelberger Druckmaschinen Entergy Corp Fubon Financial Holdings Co Heineken NV Envision Healthcare Holdings Ltd Hella Inc FUCHS PETROLUB Hennes & Mauritz EOG Resources Inc Fuji Heavy Industries Ltd Hess Corp EP Energy Corp FUJIFILM Holdings Corp Hewlett Packard Enterprise Co List of Companies Contacted
Hexcel Corp Itausa Investimentos ITAU SA Largan Precision Co Ltd Hilton Worldwide Holdings Inc ITOCHU Corp Las Vegas Sands Corp Hindustan Unilever Ltd Jack Henry & Associates, Inc Lawson Inc Hitachi Ltd Japan Real Estate Investment LEG Immobilien HOCHTIEF Corp Legal & General Group PLC Home Depot Inc Jardine Matheson Holdings Ltd Legrand SA Home Properties Inc Jazz Pharmaceuticals PLC LEONI Hon Hai Precision Industry Co JENOPTIK Level 3 Communications Inc Ltd JM Smucker Co LG Chem Ltd Honda Motor Co Ltd Johnson & Johnson LG Household & Health Care Hong Kong Exchanges and Johnson Controls Inc Ltd Clearing Ltd JPMorgan Chase & Co Liberty Global PLC C Hormel Foods Corp Jungheinrich Liberty Ventures Hornbach Holding K+S Linde AG Housing Development Finance Kao Corp Lions Gate Entertainment Corp Corp Ltd Kasikornbank Public Co Ltd Lloyds Banking Group PLC Hoya Corp Shs Foreign Registered LM Ericsson Telephone Co HP Inc KB Financial Group Inc Loblaw Companies Ltd HSBC Holdings PLC KDDI Corp Lowe's Companies Inc HUGO BOSS Kellogg Co LVMH Moet Hennessy Louis Humana Inc Kerry Group PLC Vuitton SE Hypoport Keyence Corp LyondellBasell Industries NV Hyundai Mobis Co Ltd Kia Motors Corp M&T Bank Corp Iberdrola SA Kimberly-Clark Corp Macquarie Group Ltd IBM Corporation Kinder Morgan Inc P Magna International Inc Illinois Tool Works Inc Kingfisher PLC Magnit PJSC GDR Illumina Inc KION GROUP Mahindra & Mahindra Ltd Incyte Corp Ltd Kirin Holdings Co Ltd Malayan Banking Bhd INDUS Holding AG Klöckner Pentaplast Group Mallinckrodt PLC Infineon Technologies AG Knowles Corporation Manulife Financial Corp Infosys Ltd Koenig & Bauer Marathon Petroleum Corp ING Groep NV Komatsu Ltd Marks & Spencer Group PLC Ingersoll-Rand PLC KONE Oyj Marsh & McLennan Companies Intact Financial Corporation Koninklijke Ahold NV Inc Intel Corp KRONES MasterCard Inc Intelsat SA Kubota Corp McCormick & Co Inc Non- Intercontinental Exchange Inc Kuehne + Nagel International Voting International Business AG McDonald's Corp Machines Corp KUKA McGraw Hill Financial Inc International Paper Co KWS SAAT SE McKesson Corp Intesa Sanpaolo L Brands Inc Mead Johnson Nutrition Co Intuit Inc L'Oreal SA MediaTek Inc Intuitive Surgical Inc LafargeHolcim Ltd Medivation Inc Iron Mountain Inc Lands' End Inc Medtronic PLC ISS A/S LANXESS Mega Financial Holding Co Ltd Itau Unibanco Holding SA Laredo Petroleum Inc Meggitt PLC List of Companies Contacted
Merck & Co Inc Nimble Storage Inc Parker Hannifin Corp MetLife Inc Nintendo Co Ltd PATRIZIA Immobilien AG METRO Nippon Building Fund Inc Paychex Inc Metro Inc Nippon Steel & Sumitomo Metal PayPal Holdings Inc Microsoft Corp Corp PBF Energy Inc Mid-America Apartment Nippon Telegraph & Telephone Pearson PLC Communities Corp PepsiCo Inc Mitsubishi Corp Nissan Motor Co Ltd Pernod Ricard SA Mitsui & Co Ltd NN Group Perrigo Co PLC Mitsui Fudosan Co Ltd Noble Energy Inc PetroChina Co Ltd H Mizuho Financial Group Inc Nokia Oyj Petroleo Brasileiro SA Molson Coors Brewing Co Nomura Holdings Inc Petrobras Mondelez International Inc Nordea Bank Pfeiffer Vacuum Technology Monsanto Co Nordex Pfizer Inc Monster Beverage Corp Norfolk Southern Corp PG&E Corp Moody's Corporation NORMA Group Phillips 66 Morgan Stanley Norwegian Cruise Line Ping An Insurance (Group) Co. MorphoSys Holdings Ltd of China Ltd H MRC Global Inc Novartis AG Pinnacle Foods, Inc. Mtn Group Ltd Novartis AG Pioneer Natural Resources Co MTU Aero Engines Novo Nordisk A/S PJSC Lukoil Munchener Ruckversicherungs- NTT Data Corp PNC Financial Services Group Gesellschaft AG NTT DOCOMO Inc Inc Munich RE Nu Skin Enterprises, Inc. Post Properties Inc Murata Manufacturing Co Ltd Nucor Corp Power Assets Holdings Ltd Murphy USA Inc NVIDIA Corp Power Corporation Of Canada Mylan NV O'Reilly Automotive Inc Power Financial Corp Nan Ya Plastics Corp OAO Novatek GDR PPG Industries Inc Naspers Ltd Class N Occidental Petroleum Corp PPL Corp National Australia Bank Ltd Old Dominion Freight Lines Praxair Inc National Bank of Canada Omega Healthcare Investors Premier Inc Class A National Grid Inc Proassurance Corp Omnicom Group Inc National Retail Properties Inc Procter & Gamble Co ONE Gas, Inc. Nationstar Mortgage Holdings Progressive Corp Ono Pharmaceutical Co Ltd Inc Prologis Inc Oracle Corp NAVER Corp Prudential Financial Inc Nemetschek Orange SA Prudential PLC ORIX Corp Nestlé Global PT Astra International Tbk Orkla ASA Netflix Inc PT Bank Central Asia Tbk NewMarket Corp Osaka Gas Co Ltd Ptt PLC Shs Foreign OSRAM Licht NewMarket Corporation Registered Public Bank Bhd Next PLC Oversea-Chinese Banking Corp Ltd NextEra Energy Inc Public Service Enterprise PACCAR Inc Group Inc Nidec Corp Palo Alto Networks Inc Public Storage Nielsen Holdings PLC Nike Inc Panasonic Corp PUMA List of Companies Contacted
Qatar National Bank SAQ Sanlam Ltd SolarCity Corp QIAGEN Sanofi SA SolarWinds Inc Qorvo Inc Santander Consumer USA Sonic Healthcare Ltd Qualcomm Inc Holdings Inc Sonova Group Quest Diagnostics Inc SAP SE Sony Corp Quintiles Transnational Sartorius vz Spectra Energy Corp Holdings Inc Sasol Ltd Spirit Realty Capital Inc Ramsay Health Care Ltd Sberbank of Russia PJSC Splunk Inc RATIONAL SCANA Corp Sprint Corp Reckitt Benckiser Group PLC Scentre Group Sprouts Farmers Market Inc Regeneron Pharmaceuticals Schaeffler Group SSE PLC Inc Schlumberger Ltd St Jude Medical Inc Reliance Industries Ltd Schneider Electric SE Stabilus Remgro Ltd Science Applications STADA Arzneimittel Renault SA International Corp Standard Bank Group Ltd Republic Services Inc Scout24 AG Standard Chartered PLC Resona Holdings Inc Seattle Genetics Inc Stanley Black & Decker Inc Retail Properties of America Inc SeaWorld Entertainment Inc Starbucks Corp Rexam PLC SECOM Co Ltd Starwood Property Trust, Inc. Rheinmetall Sempra Energy State Street Corp RHÖN-KLINIKUM Seven & i Holdings Co Ltd Statoil ASA RIB Software SGL Group Steinhoff International Rice Energy Inc Shaw Communications Inc Stratasys Ltd Roche Holding AG Dividend Sherwin-Williams Co STRATEC Biomedical Right Cert. Shin-Etsu Chemical Co Ltd Ströer Rockwell Automation Inc Shinhan Financial Group Co Stryker Corporation Rockwell Collins Inc Ltd Südzucker Rogers Communications Inc Shire PLC Sumitomo Corp Rollins Inc Siemens AG Sumitomo Mitsui Financial Rolls-Royce Holdings PLC Signature Bank Group Inc Roper Technologies Inc Siltronic Sun Hung Kai Properties Ltd Ross Stores Inc Simon Property Group Sun Life Financial Inc Royal Bank Of Canada Singapore Telecommunications Sun Pharmaceuticals Industries Ltd Royal Dutch Shell PLC Ltd Royal Mail PLC Six Flags Entertainment Corp Suncor Energy Inc Royal Philips NV Sixt Suncorp Group Ltd RTL Group SK Holdings Co Ltd SunTrust Banks Inc SABMiller PLC SK Hynix Inc SÜSS MicroTec SAF-Holland SK Innovation Co Ltd SVB Financial Group Salesforce.com Inc Sky PLC Svenska Cellulosa Salix Pharmaceuticals Ltd SLM Solutions Group Svenska Handelsbanken Salzgitter SMA Solar Technology Swedbank Sampo Oyj Smith & Nephew PLC Swiss Prime Site AG Samsung C&T Corp Societe Generale SA Swiss Re Samsung Electronics Co Ltd SoftBank Group Corp Swisscom AG SanDisk Corp Software Symrise List of Companies Contacted
Synchrony Financial The Whitewave Foods Vinci SA Syngenta AG Company Visa Inc Sysco Corp Theravance Inc Visteon Corporation T. Rowe Price Group Inc Thermo Fisher Scientific Inc Vivendi SA Tableau Software Inc Thomson Reuters Corp Vodafone Group PLC TAG Immobilien Time Warner Inc Volkswagen AG Taiwan Semiconductor TJX Companies Inc Volvo Manufacturing Co Ltd TLG IMMOBILIEN Vonovia SE Takeda Pharmaceutical Co Ltd Tokio Marine Holdings Inc Vornado Realty Trust TAKKT AG Tokyo Gas Co Ltd Vossloh Talanx Toyota Motor Corp Voya Financial Inc Tanger Factory Outlet Centers TransCanada Corp VTG Inc Transurban Group Vulcan Materials Co Target Corp Triumph Group Inc W P Carey Inc Tata Consultancy Services Ltd TUI AG W.W. Grainger Inc Tate & Lyle PLC Turkiye Garanti Bankasi AS WACKER CHEMIE Tatneft PJSC Twenty-First Century Fox Inc Wacker Neuson Taylor Morrison Home Corp Class A Walgreens Boots Alliance Inc TE Connectivity Ltd Twitter Inc Walt Disney Co Tele Columbus Two Harbors Investment Corp WashTec Telecom Italia SpA Rsp Tyco International PLC Waste Management Inc Telefónica Deutschland Tyson Foods Inc Waters Corp Telefonica SA UBS Group AG WCM Beteiligungs- und Telenor Group Ultrapar Participacoes SA Grundbesitz-AG TeliaSonera Under Armour Inc Wells Fargo & Co Telstra Corp Ltd Uni-President Enterprises Corp Welltower Inc TELUS Corp Unibail-Rodamco SE Wesfarmers Ltd Tenaga Nasional Bhd UniCredit SpA Westfield Corp Tencent Holdings Ltd Unilever PLC Westpac Banking Corp Tesco PLC Union Pacific Corp WestRock Co Tesla Motors Inc United Continental Holdings Inc Weyerhaeuser Co Teva Pharmaceutical Industries United Internet Whitbread PLC Ltd United Overseas Bank Ltd Whitewave Foods Company Texas Instruments Inc United Parcel Service Inc Willis Towers Watson PLC The Estee Lauder Companies United Rentals Inc Wilmar International Ltd Inc United Technologies Corp Wirecard The Fresh Market, Inc. UnitedHealth Group Inc Wolseley PLC The Hartford Financial Services UPS Inc. Woodside Petroleum Ltd Group Inc US Bancorp Woolworths Ltd The Hershey Co Valero Energy Corp World Fuel Services Corp The Kraft Heinz Co Veeva Systems Inc WPP PLC The Kroger Co Ventas Inc Wüstenrot & Württembergische The Priceline Group Inc Verizon Communications Xcel Energy Inc The Sage Group PLC Vertex Pharmaceuticals Inc XING The Toronto-Dominion Bank Vestas Wind Systems A/S Yahoo! Inc The Travelers Companies Inc VF Corp Yum Brands Inc List of Companies Contacted
Zalando ZEAL Network Zimmer Biomet Holdings Inc Zoetis Inc zooplus zulily Inc Zurich Insurance Group AG Zynga Inc