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Sustainability Report Q1 2020 SUSTAINABILITY REPORT First quarter 2020 SUSTAINABILITY REPORT | WWW.SKAGENFUNDS.COM 1 SKAGEN FUNDS SUSTAINABILITY REPORT | Q1 2020 CONTENTS CONTENTS sustainability criteria PAGE 03 Towards a new social contract PAGE 05 ESG Risk Rating: Assessing the full picture PAGE 07 Carbon Footprinting: Measuring companies’ carbon efficiency PAGE 08 SKAGEN’s funds’ voting activities PAGE 09 Corporate sustainability news PAGE 10 Engagements PAGE 12 Exclusions IMPORTANT INFORMATION SKAGEN seeks to the best of its ability to ensure that all information given in this report is correct, however, makes reservations regarding possible errors and omissions. The report should not be perceived as an offer or recommendation to buy or sell financial instruments. SKAGEN does not assume responsibility for direct or indirect loss or expenses incurred through use or understanding of the report. SKAGEN recommends that anyone wishing to invest in our funds contacts a qualified customer adviser by telephone on +47 51 80 39 00 or by email at [email protected]. SKAGEN AS was bought by Storebrand Asset management AS in 2017 and is now part of the Storebrand Group. Storebrand Asset Ma- nagement owns 100% of SKAGEN AS and Storebrand ASA owns 100% of Storebrand Asset Management AS. SKAGEN AS remains a separate company within the group, reporting to its own board. 2 SKAGEN FUNDS SUSTAINABILITY REPORT | Q1 2020 LEADER Towards a new social contract While it is fruitless trying to predict the future during a time of turmoil, we see clear signs that the COVID-19 pandemic could end up having a positive impact on environmental, social and governance (ESG) issues. It has been widely asserted that the true litmus test for ESG-focused investing will come during a period of economic downturn; that is when we will find out whether ESG strategies are able to hold their own. Early evidence suggests that ESG-focused ETFs have held up well during the current crisis, both in terms of return and inflow1, sending bullish signals of steady demand for ESG-oriented investing in the future. A long stakeholder lens ESG in investing is strongly influenced by public sentiment. One way that people have assessed ESG during the ongoing crisis, has been to consider the different governance models applied by companies. Microsoft, a SKAGEN Global holding, is ranked first among JUST Capital’s stakeholder companies in the US2. In addition to collaborating with John Hopkins University on their coronavirus tracker, Microsoft has provided teachers with access and remote teaching through Microsoft Teams. Abbott Laboratories, also a SKAGEN Global holding, has launched three types of COVID-19 tests so far and is currently developing another – a diagnostic test that could be used for mass testing. Other companies have come under fire for relying on the government and public provisions to take care of their employees or for neglecting the needs of laid-off workers along their supply chains who lack safety nets. Other companies have experienced political pressure. The US multinational conglomerate corporation 3M, for example, Since the pandemic started spreading across the world in mid-March, people in resisted President Trump’s request for them to stop exporting their many countries have only been allowed to leave their homes for essential journeys or N95 respirator masks to Canada and Latin America3. exercise. Pictured: empty streets in Vienna, Austria by Philipp Lublasser, Unsplash.com Klaus Schwab, the founder of the World Economic Forum who earlier this year launched a manifesto for ‘Stakeholder Capitalism’, Mind the social gap has gone on record stating that those companies who had embraced In Albert Camus’s ‘The Plague’ (1947), the protagonist, Dr. Rieux a stakeholder model of governing their company with a long-term states that “It may seem like a ridiculous idea but the only way stakeholder lens prior to the crisis have fared better than those to fight the plague is with decency”. The notion of decency in who have not4. His view seems to be that the case for stakeholder crises is particularly apt at a time of great debate around social modes of governing companies has been further legitimised by issues such as decent work, life and outlook as prerequisites the current crisis. for a sustainable future. People in lower income percentiles 1 https://www.ft.com/content/dd47aae8-ce25-43ea-8352-814ca44174e3?mod=article_inline 2 https://justcapital.com/rankings/ 3 https://www.bbc.com/news/world-us-canada-52161032 4 https://www.ft.com/content/234d8fd6-6e29-11ea-89df-41bea055720b 3 SKAGEN FUNDS SUSTAINABILITY REPORT | Q1 2020 LEADER Many have claimed that environmental considerations can no longer be addressed without taking the social issues that inform the political agenda into serious consideration. Photo: Sam Beasley, Sunset on the Li River, Unsplash.com are, for example, much less likely to be able to work from home transition will only be possible if people receive assurance that and many find themselves facing a dual economic and health they too will benefit. risk5. Thus, the risk of being infected is not only influenced by the type of emergency response deployed by governments, but A new trajectory? also by the political economy of different nations – epitomised Following the devastation of WWII, an era of economic growth by income inequality and the nature of public welfare provisions ensued where countries were rebuilt from the rubbles of crisis; in different countries6. Naturally, this issue is very much linked an era that has been dubbed by historians as the ‘Golden Age’. to the cooperation and coordination between corporations and Data from the International Energy Agency (IEA) shows that governments, but both have a responsibility to ensure progress global energy-related emissions flatlined in 2019. Whilst the when it comes to securing decent work and economic growth global economy grew by 2.9%, energy-related emissions remained (Sustainable Development Goal (SDG) 8) as well as addressing at 2018 levels (33 gigatonnes) – largely due to wind and solar damaging levels of income inequality (SDG 10). deployment, fuel-switching and nuclear energy9. These figures are so encouraging that the executive director of the IEA, Fatih “Fears eclipse hopes” Birol, believes that peak carbon might arrive 10 years before One silver lining emerging from the COVID-19 crisis, is that the schedule10. Video technology will surely give rise to discussions importance of social issues will likely be elevated and addressed. about reducing physical business travel as well as smarter ways The recent Public Trust Barometer by Edelman clearly shows that of working. people’s trust in key public institutions such as corporations and As we observe clouds of smog clearing from our cities and governments is low and on a downward trajectory7. ‘Fears eclipse the ecosystem catching its breath from our climate emergency, hopes’ is one of their conclusions from the survey. this may well be the moment that the first foundations of a new Social cleavages – low-income versus high-income, urban versus sustainable growth trajectory rural, globalist versus protectionist – are commonplace in any are laid. Our hope is that one democratic political system and inform the politics that political of the legacies of COVID-19 will parties front. Political parties in turn fight to secure provisions be a progression in the debate for their cohorts - often causing collective action problems for in the Western world around a societies in addressing our challenges fairly and robustly. Many green new deal in addition to a have claimed that environmental considerations can no longer revised and modernised social be addressed without taking the social issues that inform the contract. Investors too need to political agenda into serious consideration8. Securing a green play their part in this discussion. 5 https://www.bruegel.org/2020/03/how-covid-19-is-laying-bare-inequality/ Sondre Myge Haugland 6https://www.bruegel.org/2020/03/how-covid-19-is-laying-bare-inequality/ ESG specialist 7 https://cdn2.hubspot.net/hubfs/440941/Trust%20Barometer%202020/2020%20Edelman%20Trust%20 Barometer%20Global%20Report.pdf?utm_campaign=Global:%20Trust%20Barometer%202020&utm_source=Website 8 https://www.fiduciaryinvestors.com/wp-content/uploads/sites/61/2018/09/Statement-of-investor-commitment-to- support-a-just-transition-on-climate-change.pdf 9 https://www.iea.org/articles/global-co2-emissions-in-2019 10 https://www.iea.org/commentaries/this-is-our-chance-to-make-2019-the-definitive-peak-in-global-emissions 4 SKAGEN FUNDS SUSTAINABILITY REPORT | Q1 2020 ESG RISK RATING Company ESG data from research firm Sustainalytics is at the core of each of the pillars for SKAGEN’s ESG work. Photo: Karsten Würth, Mölsheim, Germany, Unsplash.com ESG Risk Rating: Assessing the full picture To understand companies’ exposure to material ESG issues and Large caps have more disclosure how they may impact shareholder value, SKAGEN uses the ESG risk The ESG management score tends to favour larger and/or older ratings compiled by the research and rating firm Sustainalytics. companies, as smaller and/or newer ones rarely have the resources These ratings are expressed as absolute numeric scores between or capability to provide solid management programs and policies. 0 and 100, with 100 indicating the highest level of ESG-driven Younger companies also tend to have less experience in conducting financial risk. These scores fall into five levels of risk: negligible materiality consultations and integrating ESG factors into their (0-10), low (10-20), medium (20-30), high (30-40) and severe corporate strategy. We therefore often see that these companies (40-100). The ESG risk rating is made up of two components: the receive a low management score, despite being involved in few general ESG risk exposure that a company has (ESG exposure), controversies. As some of our funds tend to invest a significant and how well that risk exposure is managed (ESG Management).
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