Organismes D'analyse Sociale Et Environnementale FICHES

Organismes d’analyse sociale et environnementale

FICHES

Octobre 2012

Observatoire de la Responsabilité Sociétale des Entreprises 25 rue du Charolais - 75012 Paris - Tel. : +33 1 43 46 02 22 - Fax : + 33 1 43 46 86 99 Courriel : [email protected] - Site : www.orse.org

BMJ RATINGS Mise à jour en mars 2012

Activité : Agence de notation extra- financière sollicitée Statut juridique : Adresse : 11 rue Paul Baudry 75008 Paris - France Téléphone : + 33 (0) 1 53 89 02 50 Fax : + 33 (0) 1 53 89 02 51 Contact : [email protected] Site Internet : www.bmjratings.com

Activités  Produits et services pour les investisseurs  Univers Analyse et notation Conseil et recherche en investissement  Couverture Informations (revues de presse, etc…) Grandes entreprises cotées Système d'alerte Grandes entreprises non-cotées Indices boursiers Petites et moyennes entreprises cotées Profil d’entreprise PME non-cotées Benchmarks sectoriels Projets d'investissement Screening de portefeuilles Collectivités locales Services de résolution en AG Pays Etudes thématiques et sectorielles Participation à la création d’indices boursiers éthiques

 Produits et services pour les entreprises  Univers Analyse et notation Etudes thématiques et sectorielles  Couverture Informations (revue de presse, etc...) Grandes entreprises cotées Conseil Grandes entreprises non-cotées Certification Petites et moyennes entreprises cotées Audit PME non-cotées Benchmarks sectoriels Projets d'investissement Formation Collectivités locales Rédaction de rapports Développement Pays durable ou autres, précisez :

 Autres services Communication Contribution à des conférences Contribution à des rapports d'entreprise Dialogue avec l'entreprise et les parties prenantes Engagement / Dialogue avec les entreprises Autres : publication d’études

Informations sur l'organisme

 Présentation et historique BMJ et Associés, fondée en 1993, a été pionnière en matière de notation sollicitée des entreprises en France, dans les domaines sociaux, puis dans les domaines environnementaux et Guide des organismes d’analyse sociétale 1 ORSE - Mars 2012

sociétaux. BMJ est devenue la première agence européenne de notation sollicitée, en rachetant en 2004 l’agence CoreRatings France à FIMALAC, qui entre alors au capital de BMJ Ratings.

A côté de son activité historique de notation sollicitée des entreprises, l’agence a développé une activité de notation extra-financière des collectivités territoriales, de tout type : villes, intercommunalités, conseils généraux et régionaux. Elle réalise régulièrement des enquêtes sur le développement durable dans les collectivités françaises.

Spécialisée sur le marché de la notation sollicitée, BMJ Ratings propose aujourd’hui des modèles d’évaluation des risques extra-financiers pour les organisations de tout type.

En juillet 2009, l’agence BMJ Ratings a intégré les équipes du groupe Ginger, un des leaders européens de l’ingénierie de prescription, filiale du Groupe Grontmij.

L’agence a son siège à Paris et ses équipes d’analystes interviennent sur le marché international, dans tous les secteurs économiques, pour le compte de ses clients et de leurs filiales à l’international.

 Implantation géographique Siège à Paris (France)

 Structure du capital BMJ Ratings est une filiale à 100% du groupe Ginger.

 Gouvernance L’agence est une SAS, dirigée par un Président et un Directeur général.

- Le Conseil scientifique Il est composé de 6 personnalités qualifiées. Le comité scientifique s’est fixé pour rôle de déterminer les règles éthiques de l’activité de notation extra-financière et de veiller au respect par l’agence de ces règles dans la conduite de leurs procédures et d’émettre un avis motivé, sur chacune des notations, proposées par les analystes de BMJ Ratings.

- La déontologie L’indépendance de la notation Pour garantir la fiabilité de la notation extra-financière, il est absolument nécessaire que le tiers intervenant soit indépendant et ne présente aucun risque de conflit d’intérêt sans sa relation contractuelle. Cette indépendance se mesure au niveau du capital de l’agence et de ses centres de décision, au niveau de la pratique de ses métiers en évitant de cumuler les activités de notation et de conseil.

- Revenu annuel : 900k€

 Organisation - Effectif total : 10 - Nombre d'analystes à temps plein : 8 - Nombre d'auditeurs à temps plein : 8 - Sous-traitance :2

Guide des organismes d’analyse sociétale 2 ORSE - Mars 2012

 Réseaux significatifs

AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif SIF nationaux (Sustainable Investment Forum) PRI (Principes de l’Investissement Responsable) Réseaux académiques, précisez : BMJ Ratings suit régulièrement les travaux de la Chaire Finance Durable et Investissement Responsable, de l’Ecole Polytechnique et de l’Ecole d’Economie de Toulouse. BMJ Ratings intervient régulièrement en Universités et Grandes Ecoles sur ses sujets d’expertise.

Autres : Comité 21 - Comité français pour l’environnement et le développement durable OREE – Entreprises, territoires et environnement. BMJ Ratings est membre du Conseil d’Administration d’OREE, et préside le groupe de travail « Reporting et affichage environnemental ».

 Partenariats professionnels

 Partenariats avec les sociétés productrices d’indices boursiers

 Partenariats universitaires BMJ Ratings est intervenu ces dernières années régulièrement dans plusieurs formations :

 Euromed Management  Reims Management School  Audencia  Ecole de commerce et de management SKEMA Sophia-Antipolis.  Ecole des Ponts et Chaussées  Ecole Centrale de Paris  Université Paris 1 Panthéon Sorbonne  Université Paris Dauphine  Université de Nantes  IAE de Caen  HEC  ENA

Produits et services

 Description et thématique des produits et services à destination des entreprises

 Spécialité(s)

 Objectif La notation extra-financière est devenue un outil reconnu d’évaluation de la performance des organisations, permettant d’enrichir l’analyse traditionnelle des risques. La démarche de notation sollicitée proposée par BMJ Ratings répond au besoin des entreprises de disposer d’une évaluation indépendante, opposable à leurs parties prenantes. BMJ Ratings met en œuvre un processus d’audit approfondi, permettant de mesurer finement le degré d’engagement des entreprises sur l’ensemble des domaines de la responsabilité sociale et environnementale (RSE). Pour cela, l’agence a développé un modèle exclusif de mesure de la performance extra-financière : le DEEPP Model®.

Guide des organismes d’analyse sociétale 3 ORSE - Mars 2012

 Approche Cartographier ses enjeux L’application du DEEPP Model® permet de conduire une analyse structurée sur l’ensemble des champs extra-financiers. Dans chaque domaine évalué, l’agence effectue une cartographie des enjeux spécifiques à l’entreprise, exprimés en termes de risques et d’opportunités. Cette cartographie est basée sur l’identification des parties prenantes de l’entreprise et l’analyse de leurs attentes. L’approche de BMJ Ratings est stratégique et managériale : elle vise à identifier les problématiques clés de l’entreprise et à évaluer les modalités de gestion de ses enjeux extra- financiers.

Réaliser son diagnostic La démarche de notation permet à l’entreprise de disposer d’un état des lieux sur l’ensemble de ses actions, en s’appuyant sur le regard d’un tiers expert et indépendant. L’agence fournit à l’entreprise un rapport qui détaille les points forts et axes d’amélioration identifiés au cours de la mission. Dans chacun des domaines évalués, des préconisations sont établies selon un calendrier à court, moyen et long termes. La notation constitue un outil précieux d’aide à la décision pour le management de l’entreprise, permettant d’engager une démarche d’amélioration continue.

Communiquer sur sa performance Le modèle de BMJ Ratings permet de déterminer une note pour chacun des 6 domaines extra- financiers évalués, en tenant compte du poids relatif des différents enjeux identifiés. Une note globale est également calculée ; elle traduit le niveau général de performance extra-financière de l’entreprise et constitue un signal fort adressé à ses parties prenantes. En complément du rapport de notation, une synthèse est fournie à l’entreprise, récapitulant les principaux enseignements de la mission et pouvant être utilisée aux fins de publication.

 Méthodologie

6 domaines de responsabilité Le DEEPP Model® évalue la performance de l’entreprise sur l’ensemble des domaines extra- financiers : - environnement ; - ressources humaines ; - relation clients ; - relation fournisseurs ; - société civile ; - gouvernance.

7 principes de gestion Dans chacun des 6 domaines, le modèle d’évaluation croise une approche thématique (critères d’analyse sectoriels) et une approche managériale (principes de gestion). 7 principes de gestion, issus des meilleures pratiques d’entreprises, sont analysés par l’agence. Ils s’inscrivent dans une démarche d’amélioration continue de la performance.

Cartographie des enjeux Les enjeux auxquels l’entreprise est confrontée sont cartographiés, qualifiés – en termes de risques et d’opportunités – et hiérarchisés. Une pondération des enjeux est effectuée, prenant en compte le niveau d’attentes des parties prenantes de l’entreprise et les marges de manœuvre dont celle-ci dispose pour y répondre.

Processus de notation Pour chaque enjeu identifié, une note est attribuée sur une échelle de 0 à 10, exprimant le niveau de maîtrise de l’entreprise sur cet enjeu. Les résultats sont ensuite consolidés sous la forme d’une note sur 100 pour chacun des 6 domaines évalués, ainsi qu’au niveau global afin de fournir une unique note extra-financière représentative de la performance de l’entreprise. Cette note globale est assortie d’une tendance qui reflète l’opinion de l’agence quant à son potentiel d’évolution à long terme.

Guide des organismes d’analyse sociétale 4 ORSE - Mars 2012

 Méthode d’analyse des informations

La démarche de notation extra-financière sollicitée suit un protocole rigoureux en 4 étapes :

Etape 1 : Analyse documentaire  Réalisation d’un benchmark sectoriel (enjeux et bonnes pratiques d’entreprises)  Collecte et analyse d’informations qualitatives et quantitatives, à partir de la documentation interne à l’entreprise notée (politiques, procédures, outils de gestion, systèmes de reporting…) et de ses documents de communication

Etape 2 : Entretiens avec dirigeants et audits d’entités opérationnelles  Identification des problématiques stratégiques de l’entreprise et validation par la tenue d’entretiens avec ses cadres dirigeants  Analyse des attentes des parties prenantes de l’entreprise par le biais d’entretiens externes  Organisation d’audits au sein d’entités opérationnelles de l’entreprise, visant à évaluer le déploiement des politiques et des outils corporate

Etape 3 : Cartographie des enjeux extra-financiers et notation de la performance  Identification des risques et opportunités dans chacun des 6 domaines extra-financiers évalués  Notation de la performance suivant le DEEPP Model® et consolidation des résultats

Etape 4 : Recommandations et restitution  Livraison du rapport de notation extra-financière  Définition de recommandations stratégiques et restitution auprès des instances dirigeantes

 Critères  Sources d'information Entreprises Critères d'exclusion non Questionnaire : non Taux de réponse : Approche sectorielle oui Temps moyen pour répondre : Entretiens : systématiques  Vérification Visites de sites : systématiques Communication des résultats avant la notation : oui Parties prenantes : ONG, Syndicats. Questionnaire : non Validation* des données avec les parties Entretiens : oui prenantes : Lesquelles : Information publique : oui + information interne ONG à l’entreprise Syndicats Bases de données : Pouvoirs publics  Révision * entretiens systématiques avec les parties trimestrielle prenantes pour connaître leurs attentes semestrielle annuelle

 Système d'alerte

 Le calendrier de notation De 1 à 3 mois en fonction de la mission.

 Performances financières

 Indices boursiers ISR

Guide des organismes d’analyse sociétale 5 ORSE - Mars 2012

 Description et thématique des produits et services à destination des collectivités

 Spécialité(s)

 Objectif Les collectivités territoriales sont aujourd’hui confrontées à un double contexte de renforcement des obligations réglementaires en matière de développement durable et de contrainte budgétaire accrue. La notation extra-financière permet de répondre à l’obligation pour les collectivités de plus de 50 000 habitants de présenter chaque année un rapport faisant le point sur la situation en matière de développement durable (article 255 loi Grenelle 2). Elle offre à la collectivité l’opportunité de procéder à une émission obligataire socialement responsable permettant de diversifier ses financements. L’évaluation d’une collectivité fait ressortir les enjeux qui lui sont propres, diagnostique ses points forts et ses axes d'amélioration et formule des recommandations. Les missions concernent tout type de collectivités, à tous les stades d’engagement de la démarche de développement durable.

 Approche

Positionner sa performance : L’évaluation permet de positionner sa performance globale en matière de développement durable par rapport à d’autres collectivités. BMJ Ratings met à la disposition des missions de notation sollicitée sa base de données des bonnes pratiques développement durable. Cela lui permet d’étalonner les performances partielles au regard des pratiques observées dans d’autres collectivités au contexte similaire. Améliorer sa démarche : L’évaluation offre à la collectivité une identification précise des marges de progrès de son fonctionnement, de ses politiques et de ses projets. L’agence délivre à la collectivité des recommandations à court, moyen et long terme. La collectivité dispose ainsi d’un outil de pilotage pour améliorer sa performance globale de développement durable. Valoriser sa collectivité : L’application du modèle Urbi Valor® conduit à la production d’un rapport d’analyse faisant état des principales réalisations et des marges de progression de la collectivité. L’organisme dispose d’informations significatives pour mieux valoriser les politiques menées en interne. La note globale est un élément de communication externe, preuve de l’engagement de la collectivité responsable.

 Méthodologie

Une évaluation au regard du développement durable La notation extra-financière est une évaluation : - du fonctionnement interne de la collectivité ; - de ses politiques en fonction de ses compétences ; - de ses projets.

4 domaines d’analyse Le modèle Urbi Valor® évalue la performance de la collectivité sur les 4 piliers du développement durable : - environnement ; - cohésion sociale ; - développement économique et territorial ; - gouvernance.

7 principes de gestion Dans chacun des 4 domaines, le modèle d’évaluation croise une approche thématique (critères d’analyse sectoriels) et une approche managériale (principes de gestion). 7 principes de gestion, issus des meilleures pratiques d’entreprises, sont analysés par l’agence. Ils s’inscrivent dans une démarche d’amélioration continue de la performance.

Guide des organismes d’analyse sociétale 6 ORSE - Mars 2012

Cartographie des enjeux Les enjeux auxquels la collectivité est confrontée sont cartographiés et hiérarchisés, en fonction du contexte local et de la demande des parties prenantes, et des marges de manœuvre dont dispose la collectivité pour y répondre.

Processus de notation Une note matérialise pour chaque enjeu identifié le niveau de maîtrise de la collectivité sur cet enjeu. Les résultats sont ensuite consolidés sous la forme de notes par domaine et par principe de gestion puis d’une note extra-financière globale représentative de la performance de la collectivité.

 Méthode d’analyse des informations

La démarche de notation extra-financière sollicitée suit un protocole rigoureux en 4 étapes :

Etape 1 : Analyse documentaire  Réalisation d’un benchmark sur les bonnes pratiques de collectivités comparables (type et contexte)  Collecte et analyse d’informations qualitatives et quantitatives, à partir de la documentation interne de la collectivité notée (politiques, procédures, outils de gestion, systèmes de reporting…) et de ses documents de communication

Etape 2 : Entretiens avec les principaux élus et directeurs  Identification des problématiques stratégiques de la collectivité et validation par la tenue d’entretiens avec ses principaux élus et directeurs  Analyse des attentes des parties prenantes de la collectivité par le biais d’entretiens externes

Etape 3 : Cartographie des enjeux extra-financiers et notation de la performance  Identification des risques et opportunités dans chacun des 4 domaines analysés  Notation de la performance suivant le modèle Urbi Valor® et consolidation des résultats

Etape 4 : Recommandations et restitution  Livraison du rapport de notation extra-financière  Définition de recommandations stratégiques  Restitution des résultats

 Critères  Sources d'information Entreprises Critères d'exclusion non Questionnaire : non Taux de réponse : Approche sectorielle Temps moyen pour répondre : Entretiens : systématiques  Vérification Visites de sites : systématiques Communication des résultats avant la notation : oui Parties prenantes : ONG, Syndicats. Questionnaire : non Validation* des données avec les parties Entretiens : oui prenantes : Lesquelles : Information publique : oui + information interne ONG à la collectivité Syndicats Bases de données : Pouvoirs publics  Révision * entretiens systématiques avec les parties trimestrielle prenantes pour connaître leurs attentes semestrielle annuelle

 Système d'alerte

Guide des organismes d’analyse sociétale 7 ORSE - Mars 2012

 Le calendrier de notation De 1 à 2 mois en fonction de la mission.

 Performances financières

 Indices boursiers ISR

Services aux clients

 Les clients

Principaux clients Entreprises de BMJ Ratings depuis 5 ans : - Aéroports de Paris - Alexandre Finance - Cari - Colas - Club Méditerranée - Crédit Agricole - Eiffage - Euralis - Groupe Foncière des Régions - Maïsadour - Natexis Asset Management - Norbert Dentressangle - Nouricia - RATP - Services Industriels de Genève - Spie batignolles - Veolia Environnement

Principaux clients Collectivités de BMJ Ratings depuis 5 ans : Conseils régionaux de Nord-Pas de Calais, Rhône-Alpes et Provence-Alpes-Côte d’Azur Conseils généraux du Finistère et du Morbihan Communautés urbaines de Lyon et de Nice Côte d’Azur Communauté d’agglomération Mulhouse Sud Alsace Villes de Clermont Ferrand, Cannes, Blanc Mesnil, Meaux, Beauvais, Gérardmer, Sarlat la Canéda, Saint Gilles Croix de Vie

 Accès direct aux analystes : oui

 Information sur les changements méthodologiques

 Information sur les changements de la notation de l'organisation BMJ Ratings est une agence de notation sollicitée, intervenant à la demande de ses clients. Les méthodes et la notation sont donc transparentes pour ces derniers.

 Publication et confidentialité des résultats

Les organisations notées sont libres de publier ou non le résultat de la notation. Cependant, BMJ Ratings incite systématiquement à la publication des principaux résultats, sous forme de communiqué de presse, de pages dédiées dans le rapport annuel, dans le rapport de développement durable, etc.

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CAER – CORPORATE ANALYSIS. ENHANCED RESPONSIBILITY Updated in March 2012

Activity: ESG Research Organisation Legal status: Private company Address: Physical: Trevor Pearcey House, 34 Thynne Street Block E, Traeger Court, BRUCE ACT 2617 Postal: PO Box 229 Belconnen ACT 2616, Australia Telephone: +61 (0)2 6201 1900 Fax: + 61 (0)2 6201 1987 E-mail: [email protected] Website: www.caer.org.au

Activities

 Products and services to investors  Universe Analysis/ rating Investment research and consulting  Coverage Information provision Large-cap companies Stock indexes Non-listed large companies Benchmarks Small and mid-cap companies Alert system Non-listed SMEs Portfolio screening Investment projects Company profiles Local authorities Proxy voting services Countries Sector and thematic research reports Participation in the creation of ethical stock indexes

 Products and services to companies  Universe Analysis/ rating ASX-300 and NZ-50 Sector and thematic research Information provision  Coverage Consulting Large-cap companies Certification Non-listed large companies Audit Small and mid-cap companies Benchmarks Non-listed SMEs Training Investment projects Writing Sustainable Development Local authorities reports or other, specify: Countries

 Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 Organisation background and structure

 History and experience Founded in 2000, the legal entity Centre for Australian Ethical Research, trading as CAER - Corporate Analysis Enhanced Responsibility was initially operated as a business unit of specialist ethical fund manager Australian Ethical Investment Ltd (AEI). CAER was formally established as an independent, private company that is not-for-profit and staff owned in October 2002.

 Geographical implementation CAER is based in Canberra, A.C.T., Australia and covers the Australian and New Zealand markets as an international partner of the London based, Ethical Investment Research Services (EIRIS).

 Structure of capital CAER is a not-for-profit and staff owned private company. Shares are held by company Directors, staff, its board of oversight and the Centre for Environmentally Responsible Investment (CERI).

 Governance

- Board of Directors Includes representatives from CAER staff and the not-for-profit Centre for Environmentally Responsible Investment.

- Advisory Panel Not Applicable.

- Deontology CAER has a defined research methodology that ensures compliance of procedures to assure transparency of the research process and to ensure the integrity of its data. CAER is the only Australian organisation to be certified by the AI CSRR to the CSRR - QS 2.1 Voluntary Quality Standard.

- Annual income Approximately $600,000-$700,000 per annum.

 Staff structure - Total staff: 8 - Number of full time analysts: 7 - Number of full time auditors: 0 - Subcontracting: 0

 Memberships

 Professional partnerships CAER is the Australian partner of the Ethical Investment Research Service (EIRIS). CAER provides research on Australian & New Zealand companies to EIRIS. Member of the Association for Independent Corporate Sustainability and Responsibility Research (AI CSRR).

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012  Partnerships with producing organisations of stock indexes EIRIS partnership work feeds into the FTSE4Good Index.

 University Partnerships CAER currently undertaking responsible investment research work with the University of New South Wales

Products and Services

 Description and theme of products and services CAER maintains a database of the ASX-300 and NZ-50. Data on the local constituents of the FTSE All-World Developed Index are made available to global clients through EIRIS’ Portfolio Manager software (EPM). CAER is the exclusive distributor of global data via EPM to investors in Australian and New Zealand markets.

 Speciality-ies CAER is focused on the provision of ESG data in the Australian and New Zealand market place to institutional investors.

 Objective CAER was established to provide independent social and environmental data on companies operating in Australia and the Asia-Pacific region. CAER’s mission is to raise the level of awareness of ethical investment in Australia by providing tailored, independent, quality research services to fund managers and organisations so as to enable them to make informed investment decisions.

CAER's data assists clients seeking to apply ethical or responsible investment criteria using a range of different approaches including: exclusion; positive and negative screening; rating; best of sector methodologies and engagement.

 Approach CAER is a not-for-profit and staff owned organisation focused on promoting product diversity in the ethical investment marketplace in Australia and New Zealand. CAER’s approach is to collect data on a broad range of social and environmental criteria, without any philosophical or ideological bias, and to allow its clients to develop their own ratings or screens.

By using the EPM software developed by its UK partners EIRIS, CAER clients are able to quickly and easily develop investment portfolios tailored to meet the needs of their particular stakeholders.

 Methodology CAER research processes are designed to maximise the diversity of information available to clients, at the same time as minimising use of subjective judgements when recording data points. Information is provided to clients on over 200 criteria, under the broad headings of environment, social issues and other general issues. CAER does not seek to provide an overall ‘rating’ of companies – rather, CAER seeks to provide quality quantitative data to enable the maximum of diversity of ESG data in the ethical investment market in Australia and New Zealand.

Information is provided to clients via the EPM software, and clients can access information at three different levels: - Level 1 – database-style output; - Level 2 – large report evaluating specific criteria effects per each company in the portfolio; - Level 3 – detailed report on each company showing all the information that is held on that company.

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012

 Analyse process of informations

 Criteria

 Screening Criteria Positive criteria: Criteria areas covered: - Environment – reporting; management systems; policies; performance; prosecution (mining, forestry, nuclear power, etc) - Social Issues – corporate governance; community involvement; equal opportunities and diversity; health and safety; human rights; employee participation; stakeholder engagement; customer and supplier relations - General Issues – alcohol, animal testing, fur, gambling, genetic manipulation, intensive farming/meat sale, military issues, political donations, pornography, positive industries, tobacco

Clients are able to utilise the above, and other, criteria to develop positive or negative screens, ratings processes, ‘best-of-sector’ ratings or engagement approaches, as they see fit.

 Sources of information Companies Questionnaire: Annual Rate of answer: 25-50% Average time to answer: 1 week Interviews: Occasionally Visits of sites: No

Stakeholders: Trade-unions, NGOs Questionnaire: No Interviews: Occasionally

Public information: social, environmental, financial and newspapers data bases, Government information sources, NGO information sources, Standards data. Databases: Internal database system underlying EPM software

 Rating review quarterly bi-annually annually

 Alert system There is an ongoing media monitoring process that will pick up alerts and there is a regular review of company announcements.

 Research and rating Schedule Average time of analysis by organisation: Approximately 1 day

The annual research plan is organised by company reporting dates. Questionnaires are sent out at times relevant to each company’s main sustainability reporting date. Analysis of companies is carried out on an ongoing basis throughout the year, with specific triggers to update data held, such as web site checks and mail-out of data to companies to check on the accuracy of data.

 Financial performances CAER doesn't keep track of the financial performance of rated companies.

 SRI stocks Indexes

FTSE 4 Good, created on July 2001 by FTSE and EIRIS. CAER conducts sustainability analysis of Australian & New Zealand companies for this index, for EIRIS in London.

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012

Client services

 Clients Pension Funds, Investments Funds, Asset Managers, Financial Advisors, Public Institutions and Universities in Australia (100%)

 Access to analysts for clarification of results at any time: Yes

 Information about changes in the analysis process: Yes

 Information about changes in the company's rating: Yes

 Publication and confidentiality of results: Yes, CAER doesn't publish companies rating, CAER doesn't sign confidentiality clauses with companies.

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012 CHAMPLAIN RESEARCH Mise à jour en mars 2012

Activité : Agence de notation Statut juridique : SAS Adresse : 75, bd Haussmann 75008 Paris France Téléphone : +33 (0)1 58 18 38 26 Fax : +33 (0)1 58 18 37 64 Contact : Maud Fouilloux Site Internet : www.champlainresearch.com

Activités Produits et services pour les investisseurs Univers : Analyse et notation International avec un fort biais valeurs Conseil et recherche en investissement moyennes Informations (revues de presse, etc…) Système d'alerte Couverture Indices boursiers Grandes entreprises cotées Profil d’entreprise Grandes entreprises non-cotées Benchmarks sectoriels Petites et moyennes entreprises cotées Screening de portefeuilles PME non-cotées Services de résolution en AG Projets d'investissement Etudes thématiques et sectorielles Collectivités locales Participation à la création d’indices Pays boursiers éthiques

Produits et services pour les entreprises Univers Analyse et notation Etudes thématiques et sectorielles Couverture Informations (revue de presse, etc...) Grandes entreprises cotées Conseil Grandes entreprises non-cotées Certification Petites et moyennes entreprises cotées Audit PME non-cotées Benchmarks sectoriels Projets d'investissement Formation Collectivités locales Rédaction de rapports Développement Pays durable ou autres, précisez :

Informations sur l'organisme

Présentation et historique : Créée en 2011, Champlain Research est une filiale de la Financière de Champlain, la société de gestion française spécialiste du développement durable. Elle a été conçue au départ pour doter Champlain d’une équipe indépendante afin d’ISRiser l’ensemble de la gamme actions (dont 3 fonds thématiques environnement et santé). La méthodologie originale

Guide des organismes d’analyse sociétale 1 ORSE - Mars 2012 développée par Champlain Research permet aujourd’hui de proposer ces services à d’autres sociétés de gestion.

Implantation géographique : Paris

Structure du capital : SAS

Gouvernance

- Le Conseil d’administration : Présidé par Jean-François Descaves

- Le Conseil scientifique : mise en place d’un comité éthique en cours

- La déontologie : indépendance totale par rapport aux entreprises analysées, confidentialité, gestion des conflits d’intérêt, non discrimination

- Revenu annuel : société créée en 2011

Organisation - Effectif total : 5 - Nombre d'analystes à temps plein : 3 - Nombre d'auditeurs à temps plein : 3 (auditeurs/analystes) - Sous-traitance : 0

Réseaux significatifs

Partenariats professionnels : Ecofi Investissements (actionnaire de Financière de Champlain à hauteur de 58% du capital)

Partenariats avec les sociétés productrices d’indices boursiers

Partenariats universitaires

Produits et services

Description et thématique des produits et services : notation extra-financière et services d’engagement

Spécialité(s) : audits de site et consultation des parties prenantes systématiques (pas de déclaratif) et forte expertise sur les valeurs moyennes

Objectif : valider la cohérence des discours sur le terrain pour mesurer l’intégration des enjeux ESG à la stratégie de la société. Montrer la réalité « objective » des pratiques ESG de la société. Définir « en amont » des axes d’engagement pertinents. Assister, le cas échéant, les investisseurs dans la préparation et le déroulement du dialogue avec les entreprises dans le cadre de procédures d’engagement : identification des risques, des contraintes sectorielles et des performances de l’entreprise sur les axes d’engagement ciblés, collecte des indicateurs, conception d’une grille

Guide des organismes d’analyse sociétale 2 ORSE - Mars 2012 d’entretien, conception d’un rapport final. Une démarche d’engagement est en cours pour le compte d’Ecofi Investissements sur le thème de la diversité auprès des grandes entreprises du CAC 40.

Approche : Sélection ESG (pas de best-in-class). Nous raisonnons en valeur absolue par rapport à la situation de la société à l’instant t et non par rapport à un benchmark pour déterminer le potentiel d’amélioration de l’entreprise analysée. Nous intégrons dans l’analyse 3 niveaux d’indicateurs : génériques, sectoriels mais également « conjoncturels », ciblés sur les enjeux spécifiques de la société étudiée. Notre approche s’efforce de prendre en compte la réalité des contraintes propres à l’entreprise pour définir de façon plus pertinente ses risques et axes d’amélioration.

Méthodologie : Une méthodologie axée sur le qualitatif et l’exploitation des témoignages de terrain. Elle vise à allier une analyse approfondie des risques et une dimension éthique dans la hiérarchisation des enjeux ESG. Lors des visites de sites, et dans la mesure du possible, des rencontres sont organisées avec trois catégories d’acteurs internes : la Direction opérationnelle, les collaborateurs et les membres de l'instance de contrôle. En fonction des spécificités de l'entreprise, et afin d’approfondir certains aspects critiques, des entretiens sont conduits avec des parties prenantes externes à l'entreprise : sections syndicales départementales, clients et fournisseurs, acteurs locaux et experts santé et environnement.

Ces entretiens sont réalisés sur la base d’une grille d’analyse composée de trois types de critères (génériques, sectoriels et conjoncturels) pour chacun des quatre piliers ESG (gouvernance, social, environnement, sociétale). La transparence fait l’objet d’un cinquième pilier comprenant notamment : l’ouverture à la démarche (choix des sites), la réactivité dans la transmission des informations, l’existence d’indicateurs quantitatifs, la liberté d’accès au management et aux réprésentants des salariés...

Ces 5 piliers sont équi-pondérés pour permettre à l'investisseur d'appliquer ses propres pondérations en fonction de ses convictions.

Démarche de terrain et critères d’évaluation :

Guide des organismes d’analyse sociétale 3 ORSE - Mars 2012 Méthode d’analyse des informations

Critères : voir point Méthodologie ci- Sources d'information dessus Entreprises Questionnaire : envoi préalable à l’audit Critères d'exclusion (Financière de Taux de réponse : 100% Champlain) : tabac, alcool, armement, Temps moyen pour répondre : NS énergies fossiles, nucléaire, OGM, matières Entretiens : avec l’ensemble des parties premières, pompes funèbres. prenantes (Direction, représentants des salariés, responsables opérationnels : qualité, Approche sectorielle : RH, achats, production...) valeurs environnement et santé en lien avec Visites de sites : systématiques (pas la spécialisation de Champlain sur les uniquement le siège : 1 site de production thématiques liées au développement durable obligatoirement) mais également une approche multisectorielle sur les valeurs moyennes Parties prenantes : ONG, Syndicats, (services...) riverains, DRIRE, clients, fournisseurs... Questionnaire : Vérification Entretiens : téléphonique systématique suite à Communication des résultats avant la l’audit de site notation : non après sous la forme d’une synthèse. Information publique : Bases de données : Validation des données avec les parties prenantes : Révision Lesquelles : trimestrielle ONG semestrielle Syndicats annuelle Pouvoirs publics Système d'alerte : veille presse et internet

Le calendrier de notation : une analyse dure environ 3 semaines.

Performances financières : pas de lien effectué avec les performances ESG mais la plupart des sociétés étudiées sont présentes dans les portefeuilles non ISR de la Financière de Champlain et ont donc déjà fait l’objet d’une analyse financière en amont, ce qui facilite l’appréhension des impacts économiques des performances ESG.

Indices boursiers ISR : Financière de Champlain pratique une gestion non benchmarkée excluant certains secteurs. L’approche de Champlain Research repose donc culturellement davantage sur le stock picking et une gestion convictions.

Services aux clients

Les clients : sociétés de gestion et private equity

Accès direct aux analystes : oui

Information sur les changements méthodologiques : sur site

Information sur les changements de la notation de l'organisation : démarche d’engagement

Publication et confidentialité des résultats : publication de résumés des recherches et d’interview d’entreprises sur le site dans la rubrique intitulée « En direct du terrain ».

Guide des organismes d’analyse sociétale 4 ORSE - Mars 2012 Nom du document : Champlain research Fiche 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 23/01/2012 11:22:00 N° de révision : 19 Dernier enregistr. le : 02/03/2012 09:37:00 Dernier enregistrement par : rapports Temps total d'édition : 204 Minutes Dernière impression sur : 02/03/2012 16:34:00 Tel qu'à la dernière impression Nombre de pages : 4 Nombre de mots : 1 475 (approx.) Nombre de caractères : 8 116 (approx.)

COVALENCE ETHICALQUOTE Updated in March 2012

Activity: Research Organisation Legal status: Company Address: Covalence EthicalQuote 1 Av. Industrielle, 1227 Carouge GENEVA SWITZERLAND Telephone: +41 (0)22 800 08 55 Fax: +41 (0)22 800 08 56 E-mail: [email protected] Website: www.ethicalquote.com

Activities

Products and services to investors Universe Analysis/ rating Investment research and consulting Coverage Information provision Large-cap companies Stock indexes Non-listed large companies Benchmarks Small and mid-cap companies Alert system Non-listed SMEs Portfolio screening Investment projects Company profiles Local authorities Proxy voting services Countries Sector and thematic research reports Participation in the creation of ethical stock indexes

Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Organisation background and structure

History and experience Covalence was founded in 2001 in Geneva (Switzerland), in the form of a private limited company by a group of six professionals from finance and social sciences backgrounds, backed by the Graduate Institute of Development Studies (University of Geneva) and several NGOs.

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 Geographical implementation Covalence is based in Geneva (Switzerland), and has a US representative.

Structure of capital Covalence SA was founded in the form of a private limited company by a group of six professionals from finance and social sciences backgrounds, who are the owners of the company. They have been joined in 2005 and 2006 by 3 individuals.

Governance

- Board of Directors Antoine Mach and Marc Rochat

- Advisory Panel Beth Krasna, Vincent Ossipow, Matthias Brunner

- Deontology

- Annual income N/A

Staff structure - Total staff: 4 associates and 8 student interns - Number of full time analysts: 3 analysts - Number of full time auditors: - Subcontracting:

Memberships

Professional partnerships

Partnerships with producing organisations of stock indexes

University Partnerships

The universities mentioned here allowed their students to complete their end of study internships at Covalence: Cornell University (USA), Drew University (USA), Ecole Int. de Commerce et Développement Lyon (France), Fulda University of Applied Sciences (Germany), Groupe ESC Toulouse (France), Groupe ESC Troyes (France), HEC Genève (Switzerland), HEC Paris (France), Institut d’Etudes Politiques de Lyon (France), Institut Ingémédia de Toulon (France), Institut Universitaire et Professionnel Ingémédia de Toulon (France), International University Bremen (Germany), Lycée St Jude Armentières (France), Pepperdine University (USA), Sabanci University Istanbul (Turkey), Universita della Valle d’Aosta (Italy), Universität Regensburg (Germany), Université Blaise Pascal, Clermont-Ferrand (France), Université de Franche Comté - Besançon (France), Université de Genève (Suisse), Université de la Vallée d’Aoste (Italy), Université de Lausanne (Switzerland), Université des Sciences et Technologies de Lille (France), Université Lyon 2 Lumière, Lyon (France), Université de Neuchâtel (Switzerland), Université de Toulouse (France), Université Laval, Québec (Canada), Université Marien Ngouabi (Brazzaville- Congo), University of Finance (Switzerland), University of Düsseldorf (Germany), University of Maastricht (Holland), University of Münster (Germany), University of Richmond (USA), Vilnius Gediminas Technical University (Lithuania), Webster University (Switzerland).

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012 Products and Services

Description and theme of products and services

For investors: Covalence runs EthicalQuote, an ethical reputation index tracking the world’s largest companies as well as major Swiss equities. Covalence has developed solutions for finance professionals willing to integrate ethical criteria into their investment decisions and products.

Financial institutions can use the global service offered by Covalence for any of their clients, mandates or products. Covalence helps investment professionals in their selection process of equities, corporate bonds and other related securities.

Finance professionals may wish to benefit from Covalence’s expertise in the frame of a tailored product: fund, index, or structured products such as, for example, a certificate based on a basket selected among top ethical companies.

For companies: Covalence offers reputation management services to corporations that are included in its universe. World major brands use Covalence independent expertise.

Ten years of experience in screening and analysing ethical information allow us to provide insightful reputation analysis and benchmarking to the following departments of large corporations: Communications, Public / External Affairs, Investor Relations, Global Reputation Management, Corporate Social Responsibility, Sustainability.

Reputation manager Ethics is at the core of your company’s most valuable asset: its reputation. Covalence integrates the best of its products and services into an ethical reputation management package for corporate departments such as Communications, Public/External Affairs, Investor Relations, Global Reputation Management, Corporate Social Responsibility, or Sustainability.

Ranking Covalence EthicalQuote Ranking allows corporations to monitor their ethical reputation, to benchmark against peers and to communicate internally and externally.

Research Covalence produces research analyzing the reputation of multinationals by issues, regions and sources, offering a synthetic view of claims and initiatives related to corporate social responsibility on a global scale. Covalence research comes as Sector Reports, Company Reports and customized research.

Speciality-ies

Covalence EthicalQuote is an ethical reputation index tracking the world’s largest companies and Swiss equities. We provide media analytics and extra-financial ratings to corporates and investors since 2001.

EthicalQuote confronts quantities of positive and negative news items gathered on the web.

Objective

Provide companies and investors with extra-financial ratings that face the problem of defining ethics, rely on credible information and have economic relevance.

Approach

The award-winning EthicalQuote system relies on international social and environmental standards while respecting cultural diversity, political pluralism and scientific uncertainty which characterize

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012 modern society. Using multiple sources of information, it offers a democratic view of corporate ethical reputation.

Reflecting public opinion in a pragmatic and dynamic way, this ethical reputation scoring system allows exploring and using potential correlations between ethical and financial measures of performance.

Methodology

While relying on universally shared values, the methodology developed by Covalence faces the characteristics of modern society such as cultural diversity, democratic debate and scientific uncertainty, and the challenges of defining objective ethical criteria and credible information sources.

Covalence measures the ethical reputation of companies by confronting quantities of positive and negative news items gathered on the web. The EthicalQuote score combines the difference and the ratio between these quantities and is affected by a historical erosion factor.

This process relies both on technology and on human analysis (500 intern ethical information analysts have collaborated with Covalence since 2001).

Covalence EthicalQuote Ranking combines the score calculated across criteria (measure of popularity) and the scores calculated in each criteria group (measure of diversified performance).

The ethical reputation scoring system developed by Covalence, reflecting public opinion in a pragmatic and dynamic way, allows exploring and using potential correlations between ethical and financial measures of performance.

Our conviction is that ethical reputation is translating trust and consensus of the different stakeholders in a company, and its ability to adequately factorize social and environmental concerns. It is an indicator of the quality of risk management, brand positioning, innovation capacities, and strategic vision. Ethical reputation is also a measure of the return on investment of Corporate Social Responsibility programs.

Analyse process of informations

Covalence measures the ethical reputation of companies by confronting quantities of positive and negative news items gathered on the web from various sources. This process relies both on technology and on human analysis (500 intern ethical information analysts have collaborated with Covalence since 2001).

Covalence’s approach addresses the problems of subjectivity and of credibility by integrating multiple opinions and information sources in a dynamic and democratic way. Measuring the ethical reputation of companies helps to approach an invisible reality – their real ethical performance.

We assume that the raw data mainly consists of text, as opposed to numbers. A parallel can be made with another complex field of research: medicine. Health records are largely composed of text; text analysis is therefore needed for researching into, and classifying these records.

The basic metrics used by Covalence are quantities of news items gathered on the web (texts, web pages), that can be coded as having a positive or a negative orientation towards named companies (polarity, sentiment). More precisely, a distinction is made between “ethical offers” (“information on what the company does for society”, positive news, compliment), and “ethical demands” (“information on what the company should do for society”, negative news, criticism).

Explicit positive or negative words have to be found in the text for demonstrating an orientation and allowing the document to be coded and accounted in the system. Examples of negative words: “predator”, “undermining”. Examples of positive words: “contributing”, “helping”.

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012 To be coded into Covalence database a text must also be related to 1 or 2 of the 45 Covalence “Criteria of business contribution to human development”.

Criteria Sources of information Criteria arborescence is available on the Companies website. Questionnaire: never 4 groups, 45 criteria, 6 legal references Rate of answer: 1. working conditions Average time to answer: 2. impacts of production Interviews: never 3.impacts of products Visits of sites: never 4.institutional impact Stakeholders: Trade-unions, NGOs Questionnaire: Exclusionary criteria No Interviews: Covalence EthicalQuote scoring system Sector-specific criteria No allows any interested parties to submit information in the spirit of a journal’s readers Verification section, thus feeding the database and influencing the “ethical quote” of companies. Validation data with stakeholders: Information can be submitted using the Which: NGOs contact form or by email to Trade-unions [email protected]. Authorities Public information: systematically

Databases: search engines

Rating review quarterly bi-annually annually

Alert system

Research and rating Schedule Relevant information is gathered and coded on a daily basis. Ratings are produced monthly.

Financial performances

SRI stocks Indexes

Client services

Clients Asset managers in Europe and US Large companies in Europe and US

Access to analysts for clarification of results at any time: Yes

Information about changes in the analysis process: Yes

Information about changes in the company's rating Yes. It depends if the client buys a one-time report or an updated monitoring service

Publication and confidentiality of results Extracts of companies’ profiles are published Otherwise results are confidential and available to clients only.

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012 Nom du document : Covalence Form 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 14/12/2011 10:19:00 N° de révision : 18 Dernier enregistr. le : 02/03/2012 09:38:00 Dernier enregistrement par : rapports Temps total d'édition : 64 Minutes Dernière impression sur : 02/03/2012 16:34:00 Tel qu'à la dernière impression Nombre de pages : 5 Nombre de mots : 2 072 (approx.) Nombre de caractères : 11 402 (approx.)

ECODES Updated in March 2012

Activity: Research Organisation Legal status: Non-profit organisation Address: Plaza San Bruno, 9, oficina 1 50001 ZARAGOZA SPAIN Telephone: +34 976 298 282 Fax: +34 976 203092 E-mail: [email protected] Aurelio García: [email protected] Marta Ferrer: [email protected] Aranzazu Romero: [email protected] Website: www.ecodes.org

Activities

Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Guide to Sustainability Analysis Organisations 1 ORSE – March 2012 Organisation background and structure

History and experience Established in 1992, Ecología y Desarrollo (ECODES) is an independent, private not-for-profit, organization specializing in sustainable development and corporate social responsibility. Since 1999, ECODES has promoted social corporate responsibility (CSR) in Spain through knowledge creation and dissemination as well as the provision of services for institutional investors, companies, public administrations and not-for-profit organizations. For further information, please visit www.ecores.org.

Geographical implementation Spain and Latin América

Structure of capital ECODES is a charitable foundation and as such, has no owners or shareholders.

Governance ECODES statutes reflect its structure and its governance. The foundation does not have economic interest. Only Mr. Víctor Viñuales, the CEO of ECODES practises a remunerated position.

- Board of Directors The board is made up of 3 managers and meets four times by month. The composition is available on the website.

- Advisory Panel It is a consultative organ, and is made up of the board of directors and the adhered members that are chosen by the directors.

- Deontology ECODES has certified a Voluntary Quality Standard developed by AI CSRR (for further information www.csrr-qs.org). In June 2007, we carried out our first external audit in this area. In February 2011, we carried out our last external audit in this area.

- Annual income 2010: EUR 2,768,884.30

Staff structure - Total staff: 31 - Number of full time analysts: 3 - Number of full time auditors: - Subcontracting:

Memberships AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (Sustainable Investment Forum) PRI (Principes Responsible Investment) Academics network, specify:

Professional partnerships

Partnerships with producing organisations of stock indexes ECODES is the Spanish research partner of the Ethical Investment Research Service (EIRIS). www.eiris.org ECODES is the Spanish partner of the Carbon Disclosure Project (CDP), since 2008. www.cdproject.net

University Partnerships ECODES has developed partnership with several universities as: University of Zaragoza, University of Valencia, INCAE Business School, ESADE, IE Business School, etc.

Guide to Sustainability Analysis Organisations 2 ORSE – March 2012 Products and Services

Description and theme of products and services ECODES is the Spanish research partner of EIRIS and it does not have commercial activity in CSR business.

Speciality-ies

Objective

Approach

Methodology EIRIS methodology.

ECODES researches companies according to a range of criteria across a wide spectrum of areas. Once the profile is updated with public information and reports, the profile is sent to the company to make comments on it (with links to specific parts of the survey).

Analyse process of informations

Guide to Sustainability Analysis Organisations 3 ORSE – March 2012 Criteria Sources of information Companies Corporate Governance, Stakeholder Questionnaire: systematically Engagement, Business Ethics/Code of Average time to answer: 2 to 4 weeks Conduct, Social, Environmental, Ethical Response rate: 65-80% (SEE) Risks, Environment, Labour Pre-filled questionnaire: Yes practices, Health and safety, Human Rights, Interviews: No Community, Customer/product Visits of sites: No responsibility, Supply chain responsibility, Controversial activities and others. Stakeholders: Trade-unions, NGOs Questionnaire: No Exclusionary criteria Yes Interviews: No

Sector-specific criteria Yes Public information: Systematically Databases: News paper databases Verification Stakeholders: Trade-unions, NGOs Validation data with stakeholders: Questionnaire: Which: NGOs Interviews: Trade-unions Authorities Public information: Databases:

Rating review quarterly bi-annually annually

Research is updated on an ongoing basis.

Alert system

Research and rating Schedule Average time of analysis by organisation: 32 hours work of analyst Month of questionnaire sending: through the year

Financial performances

SRI stocks Indexes FTSE 4 Good, created on July 2001 by FSTE. This index is based on EIRIS research. ECODES carries out sustainability analysis of Spanish and Portuguese companies for EIRIS.

Client services

Clients: No

Access to analysts for clarification of results at any time: Yes

Information about changes in the analysis process: Yes

Information about changes in the company's rating: Yes

Publication and confidentiality of results o ECODES does not publish ratings; however, the information it receives from companies is put in EIRIS database, and therefore is available for EIRIS clients to use. o ECODES signs confidentiality clauses with companies when it is required.

Guide to Sustainability Analysis Organisations 4 ORSE – March 2012 Nom du document : ECODES Form 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 24/01/2012 14:11:00 N° de révision : 8 Dernier enregistr. le : 02/03/2012 15:12:00 Dernier enregistrement par : rapports Temps total d'édition : 11 Minutes Dernière impression sur : 02/03/2012 16:35:00 Tel qu'à la dernière impression Nombre de pages : 4 Nombre de mots : 1 144 (approx.) Nombre de caractères : 6 296 (approx.)

ECO-FRONTIER CO. Updated in March 2012

Activity: ESG Analysis and rating agency Legal status: Company Address: 6th Floor, DMC Hi-tech Industry, Sangam- Dong, Mapo-Gu, Seoul Telephone: +822-3153-7749 Fax: +822-3153-7702/3 E-mail: [email protected] Website: www.ecofrontier.com/eng

Activities

 Products and services to investors  Universe Analysis/ rating KOSPI & KOSDAQ listed companies Investment research and consulting Information provision  Coverage Stock indexes Large-cap companies Benchmarks Non-listed large companies Alert system Small and mid-cap companies Portfolio screening Non-listed SMEs Company profiles Investment projects Proxy voting services Local authorities Sector and thematic research reports Countries Participation in the creation of ethical stock indexes

 Products and services to companies  Universe Analysis/ rating Registered companies Sector and thematic research Information provision  Coverage Consulting Large-cap companies Certification Non-listed large companies Audit Small and mid-cap companies Benchmarks Non-listed SMEs Training Investment projects Writing Sustainable Development Local authorities reports or other, specify: Countries

 Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other: Green Investment Advisory Service, Eco Merchant Banker Service

Organisation background and structure

 History and experience Eco-Frontier, as the nation's first sustainable investment advisory, consultancy and persuade major domestic and international financial institutions to invest in economic, social, environmental and sustainable business opportunities.

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 Since 2002, it has been evaluating the level of sustainable management and risk management capability, which includes corporations’ environmental, social and economic aspect. We provide our rating information to domestic and foreign investors.

 Geographical implementation Korea, China & Hong Kong, Taiwan

 Structure of capital N/A

 Governance

- Board of Directors: Members are publicly disclosed in Companies House.

- Advisory Panel: Eco-Frontier did not develop an advisory panel.

- Deontology: Eco-Frontier has defined compliance measures to assure the transparency of its research process and the confidentiality of information and data.

- Annual income: N/A

 Staff structure – Total staff: 90 – Number of full time analysts: 15 – Number of full time auditors: 1 – Subcontracting: 0

 Memberships

AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (Sustainable Investment Forum) PRI (Principes Responsible Investment) Academics network, specify: Green Finance MBA Course at KAIST & KOREA University Business Consuliting Program by Han Yang University

 Professional partnerships – Eco-Frontier is a founding voting member of ASrIA (Association for Sustainable & Responsible Investment in Asia). Mr Dae-Woong Lim (Managing Director of Eco-Frontier) is recently appointed member of ASrIA Advisory Board. – Eco-Frontier is a signatory partner of the UNEP FI and a coordinator of Korean Group. – Eco-Frontier is a signatory of UNPRI. – Eco-Frontier organized CDP Korea Committee with Korea Social Investment Forum (Kosif) in 2008. As a technical advisor, Eco-Frontier encourages companies to participate in CDP, support and hold training courses, and proceed own projects such as publishing domestic reports. – Eco-Frontier is participating for the Global 100 Most Sustainable Companies as a member of sustainability research provider group. – Eco-Frontier is a member of ASRA (Asia Sustainability Research Alliance).

*ASRA: ASRA is a company whose members and shareholders are established Asia-Pacific based ESG provider and financial solution companies including, Eco-Frontier (Korea, China, Indonesia, and Malaysia), SIRIS (Australia), OWW group (Malaysia and Singapore) and Phoenix Global Capital Management (USA). ASRA is proud to feature; over 100 dedicated staff,

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012 over 2,000 Asian coverage and a local presence in Australia, China, Indonesia, Malaysia, Korea and Singapore, as well as the United States. www.asraesg.com

 Partnerships with producing organisations of stock indexes – Eco-Frontier is a co-developer of Korea’s first SRI index called KRX SRI Index with Korea Stock Exchange.

 University Partnerships – Eco-Frontier has a partnership with Chungang University, Hanyang University, KAIST Graduate school of management and Kwangwoon University.

Products and Services

 Description and theme of products and services Eco-Frontier provides periodically updated corporate ESG rating D/B as well as Assessment service for individual companies and industries. The analyst will offer a variety of customized service, such as the corporate assessment report, in-depth analysis report and industrial report through data collection and analysis tool, when financial institutions or public companies want to receive the ESG, the risk of climate change and environmental compliance service.

At the same time, we also provide a screening service to evaluate the eligibility by the analysis of not only financial aspect but also non-financial aspect such as ESG issue when the construction of portfolio.

Eco-Frontier provides a various methods of Engagement service such as active dialogue with management (Dialogue), proxy voting (Voting), shareholder Proposal (Shareholder Resolution), holding shareholders’ meeting and withdrawal of investments of providing through analysis and evaluation of sustainable management activities.

Recently, we launched the nation's first IT Platform service called S-CAP™ (Sustainable Finance- Credit Assessment Package) as sustainable finance credit assessment system in order to provide distinct investment advisory service. The corporate assessment information database and analysis reporting services of S-CAP™ support the transition of financial institutions to the sustainable finance system through sustainable management of corporate ESG, the risk assessment in various aspects, e.g. climate change and product environment compliance, and the execution of the integrated risk assessment.

Eco-Frontier is active member of Asia Sustainability Research Alliance. ASRA is the largest ESG Research Consortium in Asia and is providing approximately 2,000 ESG ratings to the global investment Institutions.

 Speciality-ies Eco-Frontier provides not only ESG research and rating service but also Green Investment Advisory services and Eco Merchant Banker service to global market.

1. Green Investment Advisory Service: Eco-Frontier provides not only consulting service for renewable energy technology sector such as solar, wind, fuel cells and other clean fuels but also investment advisory service for a variety of green technologies, businesses and projects such as carbon reduction technologies and waste / recycling technologies. 2. Eco Merchant Banker Service: A variety of sustainable green financial products have been increasingly being launched throughout the world based on the correlation between ROI and corporate environmental management. A purpose of Eco-Frontier’s "Eco Merchant Banker" service is to expand and spread sustainable green financing in domestic market.

 Objective Eco-Frontier evaluates a company's sustainability management capabilities in the environmental, social and economic aspects and a company's commitment to the environmental, social and economic responsibilities in its operations and throughout its value chain.

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012

Eco-Frontier promotes domestic responsible investment by providing High-quality ESG research and analysis.

 Approach Eco-Frontier evaluates the company’s sustainability management capabilities in the environmental, social and economic aspects and company’s commitment to the environmental, social and economic responsibilities in its operations and throughout its value chain and the company’s ability to maintain a competitive edge in the issues related to sustainability and the environment.

 Methodology StaR™(Sustainability tool for assessment & Research) is originally developed based on the experience of the sustainability assessment model in the past decade. We have been establishing benchmarks by evaluating the potential risk of Environment, Social, and Governance in the industry. StaR ™ is commonly used in the selection of the Asia-Pacific 100 most sustainable Corporations and this provides globally recognized assessment methodology to major financial institutions, asset managers and banks.

Eco-Frontier, in partnership with MSCI (the Global ESG research and Investment Advisory), has been rating corporate sustainability by conducting EvoValue 21™ for environmental aspect and IVA™ for social aspect. EcoValue21™ provides a relative-scale of environmental assessment against some 60 criteria that reflects industry characteristics: historical contingent liabilities, operating risk exposure, sustainability risk, financial risk management, strategic management capacity and sustainable profit opportunities. The IVA model™ provides detailed profiles of company performance in the areas of Sustainable Governance, Human Capital, Stakeholder Capital, Products/Services and Emerging Markets. Rating is granted in 7 grades from AAA to CCC.

Carbon Beta™ evaluates the latest condition of carbon business and the level of carbon risk by integrating carbon management, carbon reduction activities, opportunities for green business, and the growth potential based on Carbon Footprint in each industry. Carbon Beta™ rating results for more than 1,000 companies in the world are used as a guideline for investment in large-scale pension funds and global investment institutions.

 Analyse process of information

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012  Criteria  Sources of information Companies Exclusionary criteria: Yes Questionnaire: Occasionally Rate of answer: About 50% Sector-specific criteria :Yes Average time to answer: 2 weeks to 4 weeks Interviews: Occasionally  Verification Visits of sites: Occasionally Eco-Frontier does not have external verification process. However, we have Stakeholders: Trade-unions, NGOs internal compliance committee to verify Questionnaire: Never final ESG rating Interviews: Occasionally Public information: Systematically Validation data with stakeholders: Databases: newspaper, ESG data base, Which: NGOs financial information data base, government Trade-unions data base, Global SRI initiative data base. Authorities  Rating review quarterly bi-annually annually

 Alert system Eco-Frontier provide ESG alert service to our clients  Research and rating Schedule Average time of analysis by origination: 3 to 5 working days

 Financial performances Eco-Frontier tracks the high ESG rating groups’ monthly financial performance.

 SRI stocks Indexes Eco-Frontier released suitable SRI benchmark index for domestic and foreign SRI Market and also launched KRX-SRI Index and AP100 in order to develop SRI Index Fund and ETF. 1. KRX SRI Index and KRX SRI Eco Index are based on Eco-Frontier’s Environmental/Social Sector assessment and Corporate Governance Service (CGS)’s Governance structure evaluation. 2. AP100 is the Asia 100 most Sustainable Corporations in Asia-Pacific by Asia Sustainable Research Alliance (ASRA-Eco-Frontier, Phoenix, OWW, SIRIS) which is the largest ESG Research Consortium in the Asia.

Client services

 Clients 1. Products to investors (>95%): Samsung Asset Management, NH-CA Asset Management, Woori Asset Management, IBK Asset Management, KDB Asset Management, UBS-HANA Asset Management, Shinhan BNP Paribas Asset Management, National Pension Service. Highland Good Steward Management. 2. Products to companies (<5%): listed companies in Korea.

 Access to analysts for clarification of results at any time: Yes

 Information about changes in the analysis process: Yes

 Information about changes in the company's rating: Yes

 Publication and confidentiality of results – Companies’ ratings are not disclosed publicly. – Eco-Frontier doesn't sign confidentiality clauses with companies.

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012 ECOVADIS Mise à jour en mars 2012

Activité : Évaluation RSE de la chaîne d’approvisionnement Statut juridique : Entreprise SAS Adresse : 4, rue du Faubourg Montmartre 75009 Paris France Téléphone : +33 (0)1 82 28 88 88 Fax : + 33 1 82 83 85 83 Contact : [email protected] Site Internet : www.ecovadis.com

Activités Produits et services pour les investisseurs Univers Analyse et notation Conseil et recherche en investissement Couverture Informations (revues de presse, etc…) Grandes entreprises cotées Système d'alerte Grandes entreprises non-cotées Indices boursiers Petites et moyennes entreprises cotées Profil d’entreprise PME non-cotées Benchmarks sectoriels Projets d'investissement Screening de portefeuilles Collectivités locales Services de résolution en AG Pays Etudes thématiques et sectorielles Participation à la création d’indices boursiers éthiques

Autres services Communication Contribution à des conférences Contribution à des rapports d'entreprise Dialogue avec l'entreprise et les parties prenantes Engagement / Dialogue avec les entreprises Autres : Plateforme en ligne collaborative permettant de gérer (i) l’intégration des notations RSE dans les processus achat des entreprises (ii) l’identification et le suivi des actions d’améliorations en matière RSE pour les « fournisseurs » (entreprises évaluées)

Informations sur l'organisme

Présentation et historique EcoVadis à été créé à Paris en avril 2007, avec pour ambition de transformer la façon dont les Guide des organismes d’analyse sociétale 1 ORSE – Mars 2012 problématiques de développement durable sont prises en compte dans les relations clients- fournisseurs.

EcoVadis opère la 1ère plateforme collaborative (« Software as a Service ») de gestion des fournisseurs en matière de développement durable. En mettant à disposition des informations fiables et facilement compréhensibles sur la performance environnementale, sociale et éthique des fournisseurs, elle aide les directions achat à mieux gérer les risques et favoriser l’éco-innovation. Au- delà des organisations achat des grands groupes, la vision d'EcoVadis est également de promouvoir l'émergence de meilleures pratiques environnementales et sociales dans le tissu des PME, en proposant un nouveau standard global en matière d’évaluation de la performance en Responsabilité Sociétale de l’Entreprise (RSE).

Implantation géographique : Le siège social d’Ecovadis est situé en France (Paris) et l’entreprise est implantée au Royaume-Uni, aux Pays-Bas et à l’île Maurice.

Structure du capital : Société par Actions Simplifiée au capital de 49 877 Euros, détenue par le Management (majoritaire) et par 10 actionnaires individuels (minoritaires).

Gouvernance

- Le Conseil d’administration : En tant que SAS, Ecovadis dispose d’un conseil de Surveillance composé de trois membres : Frédéric Trinel, Pierre-François Thaler et Frédéric Jousset.

- Le Conseil scientifique : Le comité scientifique international d'EcoVadis réunit des experts de la RSE et de la chaîne d'approvisionnement, aide la société à faire les bons choix en termes de méthodologie et de gouvernance. Ses 8 membres viennent du milieu universitaire et d’organisations spécialisées dans la RSE et dans les achats responsables (GRI, SustainAbility…).

- La déontologie : Ecovadis a mis en place un code éthique qui couvre l’ensemble des activités d’Ecovadis et s’applique à tous les employés. Un Ethic Officier est en charge de veiller au respect de ce code.

- Revenu annuel : N.A.

Organisation - Effectif total : 54 - Nombre d'analystes à temps plein : 30 - Nombre d'auditeurs à temps plein : 0 - Sous-traitance : 0

Réseaux significatifs

Partenariats professionnels : Ariba, Arseg, GRI, Ivalua, Microsoft, PM’Up !, PriceWaterhouseCoopers, The Carbon Hub, Weir-tscs

Partenariats avec les sociétés productrices d’indices boursiers : EcoVadis a collaboré par exemple avec SAM à l’amélioration de l’évaluation « Achats Responsables »

Partenariats universitaires : EcoVadis collabore avec HEC et l’INSEAD à la rédaction d’études sur les achats responsables.

Guide des organismes d’analyse sociétale 2 ORSE – Mars 2012

Produits et services

Description et thématique des produits et services :

9 Supplier Profile : Évaluation RSE des fournisseurs 9 Ecovadis Category Profile (fiches catégories d’achat) 9 Fiches Pays 9 Formation des acheteurs 9 Module d’analyse des risques 9 Plan d’action corrective

Spécialité(s) :

Objectif : EcoVadis vise à aider les directions achat à améliorer leurs performances, tout en leur permettant de réduire les coûts associés à l'évaluation de la performance "Développement Durable" de leurs fournisseurs. L’objectif est de fournir au client une fiche de résultats (scorecard) claire et synthétique résumant la performance RSE du fournisseur évalué, quelque soit la taille, l’activité, la localisation géographique de l’entreprise en question. Cette fiche permet également d’accompagner le fournisseur dans sa démarche RSE.

Approche : La plateforme collaborative d’Ecovadis permet la mise en commun et l'analyse des indicateurs de performance des fournisseurs évalués sur le plan environnemental, éthique et social des acteurs de la chaîne d'approvisionnement par le biais des fiches d’évaluation des fournisseurs. L’évaluation des fournisseurs est conduite avec une exigence de cohérence et de minutie, ainsi l’analyse se fonde toujours sur des documents justificatifs ou des certificats. Ces preuves sont indispensables pour accorder le crédit suffisant au système de management de l’entreprise évaluée.

Méthodologie : La méthodologie utilisée par EcoVadis comporte plusieurs étapes, clairement définies, intégrant des étapes documentaires, des analyses et des étapes numériques. Un logiciel spécifique a été développé par EcoVadis afin de stocker les informations et de produire des synthèses numériques et graphiques. EcoVadis évalue le système de management de la responsabilité environnementale, sociale et éthique des fournisseurs sur la base de 21 critères organisés en 4 thèmes principaux : l’environnement, les pratiques sociales, l’éthique des affaires et la chaine d’approvisionnent du fournisseur. Ces critères et objectifs puisent leur source dans les textes et conventions internationales érigés à l’intention des Etats mais aussi des entreprises. Ils sont notamment alignés avec l’ISO 26000, les indicateurs du GRI, et les principes du Global Compact. Ces critères sont évalués par l’équipe d’analystes à partir de quatre sources d’information : les réponses données par l’entreprise à un questionnaire personnalisé, la documentation fournie par l’entreprise, la documentation publique et la documentation émanant des parties prenantes extérieures à l’entreprise.

Méthode d’analyse des informations : Les 21 critères de RSE sont ensuite évalués selon 7 indicateurs de management (répartis en 3 sous thèmes : politiques, actions, résultats) en fonction d’une grille de notation incluant la pondération des différents enjeux RSE développée par EcoVadis. Pour chaque indicateur de management, une note de 1 à 5 est attribuée en appliquant des règles précises d'évaluation portant sur les valeurs des attributs de « l'empreinte » obtenue par les questionnaires de la première étape et l'examen des documents internes et publics. Au final, la valorisation des 7 indicateurs de management permet de déterminer la performance des critères retenus ainsi que les 4 thèmes sur une échelle de 0 à 10 divisée en 5 niveaux principaux :

• Score thème (1,2) : Aucun engagement/Risques forts • Score thème (3,4) : Engagements partiels/Risques moyens • Score thème (5,6) : Engagements probants/Risques maitrisés Guide des organismes d’analyse sociétale 3 ORSE – Mars 2012

• Score thème (7,8) : Engagements avancés/Opportunités moyennes • Score thème (9,10) : Engagement exceptionnels/Opportunités fortes

Critères Sources d'information Entreprises Critères d'exclusion : non Questionnaire : envoi systématique d’un questionnaire dynamique adapté à la taille, Approche sectorielle : oui, EcoVadis adapte l’activité et la localisation de l’’entreprise. sa méthodologie d'évaluation à 150 catégories Taux de réponse : 90% + d’achat différentes, couvrant pour chacune les Temps moyen pour répondre : variable selon standards, règlementations et meilleures le type de campagne. pratiques spécifiques. Entretiens : demande d’informations supplémentaires par mail ou courrier si Vérification nécessaire. Communication des résultats avant la Visites de sites : non notation : non Parties prenantes : ONG, Syndicats Validation des données avec les parties Questionnaire : non prenantes : Entretiens : non Lesquelles : ONG Information publique : Syndicats systématique (information de l’entreprise et de Pouvoirs publics ses parties prenantes) avec moteur de recherche spécialisé Bases de données : constitution d’une base de données contenant un large éventail de lois et référentiels RSE sectoriels et trans-sectoriel, nationaux et internationaux.

Révision trimestrielle semestrielle annuelle

Système d'alerte

Système d’abonnement aux alertes e-mails pour les utilisateurs en cas de changement du score d’un des fournisseurs suivis.

Le calendrier de notation Une campagne d’évaluation se déroule en 4, 6 ou 12 semaines.

Performances financières Non suivies

Indices boursiers ISR

Services aux clients

Les clients : Aujourd’hui plus de 50 multinationales et environ 50% des entreprises du CAC40 utilisent la plateforme EcoVadis pour l’évaluation de leurs fournisseurs. Ils peuvent utiliser les produits/services suivants : o Supplier Profile : Évaluation RSE des fournisseurs Guide des organismes d’analyse sociétale 4 ORSE – Mars 2012 o Ecovadis CP : fiches catégories d’achat o EcoVadis CR : Fiches Pays o Formation des acheteurs o Module d’analyse des risques o Plan d’action corrective

Accès direct aux analystes : Oui, possible.

Information sur les changements méthodologiques : Oui, communiquées aux clients et aux entreprises évaluées au travers de différents canaux de communication.

Information sur les changements de la notation de l'organisation : Oui - Envoi de mises à jour des fiches d’évaluation au client et au fournisseur sur demande.

Publication et confidentialité des résultats : Les fiches d’évaluation sont confidentielles. Elles sont publiées de manière sécurisée sur la plateforme Ecovadis du client et sur celle du fournisseur. Des clauses de confidentialités relatives à la divulgation des informations transmises sont signées. Les entreprises évaluées ont toutefois la possibilité d’obtenir la license d’utilisation et de communication en externe de leur évaluation.

Guide des organismes d’analyse sociétale 5 ORSE – Mars 2012

Nom du document : EcoVadis Fiche 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\4Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 21/12/2011 19:20:00 N° de révision : 15 Dernier enregistr. le : 02/03/2012 09:40:00 Dernier enregistrement par : rapports Temps total d'édition : 34 Minutes Dernière impression sur : 02/03/2012 16:27:00 Tel qu'à la dernière impression Nombre de pages : 5 Nombre de mots : 1 867 (approx.) Nombre de caractères : 10 273 (approx.)

ECOVALORES Updated in March 2012

Activity: ESG Research and responsible investing Legal status: non-for profit organisation Address: Niño Jesus 89-8 Mexico DF Telephone: 5255 56550003 Fax: E-mail: [email protected] Website: www.ecovalores.org

Activities

 Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Organisation background and structure

 History and experience Ecovalores is a non for profit organisation dedicated to environmental, social and corporate governance research of publicly listed companies, Ecovalores also has a an area dedicated to environmental economic research, we promote socially responsible investments and sustainability projects.

Guide to Sustainability Analysis Organisations 1 ORSE – March 2012 Ecovalores is EIRIS (Experts in Responsible Investments) Mexican partner. EIRIS is a leading global provider of independent research into the environmental, social, governance (ESG) and ethical performance of companies. It is an independent, not-for-profit organisation, which works with clients to develop the market in ways that benefit investors, asset managers and the wider world. EIRIS’ mission is to empower responsible investors with independent assessments of companies and advice on integrating them with investment decisions. EIRIS now provides responsible investment services to more than 100 asset owners, asset managers, banks, stockbrokers and governments around the world - as well as major index providers.

 Geographical implementation Ecovalores is analysing Mexican and Latin-American companies; however given its EIRIS partner it can have global coverage.

 Structure of capital

 Governance

- Board of Directors Luisa Montes Jorge González

- Advisory Panel The advisory panel is in stage of formation and Jorge Kanawati, Gustavo Alanís, Mario Gomez and Leticia Rojas have been invited to be part of it.

- Deontology

- Annual income USD 50,000

 Staff structure - Total staff: 5 - Number of full time analysts: 2 - Number of full time auditors: 1 - Subcontracting: 2

 Memberships

 Professional partnerships The Natural Step Sustainability UNPRI

 Partnerships with producing organisations of stock indexes Mexican Stock Exchange

 University Partnerships Tecnológico de Monterrey Universidad Anahuac del Sur, A.C. México.

Guide to Sustainability Analysis Organisations 2 ORSE – March 2012 Products and Services

 Description and theme of products and services Ecovalores is a local provider of independent research into the environmental, social, governance (ESG) and ethical performance of companies. Ecovalores also researches on current topics of responsible investment and environmental economics.

 Speciality-ies Responsible Investments Sustainability Environmental Economics

 Objective Ecovalores mission is to develop a more equitable economic system by promoting socially responsible investment and research aimed at influencing private and public policy and the support of sustainable projects which help our environmental and the development of a more equitable and just society.

 Approach

 Methodology The methodology used for ESG research is EIRIS’ methodology.

 Analyse process of informations Based on public information Ecovalores develops a profiles which in turned is sent to the company along with an explanation letter. Ecovalores receives comments and analyses further information if relevant. The updated information is then uploaded into an information system and revised by the sector expert.

 Criteria  Sources of information Companies Exclusionary criteria Questionnaire: No Rate of answer: Sector-specific criteria Average time to answer: 6 weeks Interviews: Several  Verification Visits of sites: Several

Validation data with stakeholders: Stakeholders: Trade-unions, NGOs Which: NGOs Questionnaire: Trade-unions Interviews: Authorities Public information: Databases:

 Rating review quarterly bi-annually annually

 Alert system yes

Guide to Sustainability Analysis Organisations 3 ORSE – March 2012  Research and rating Schedule

 Financial performances

 SRI stocks Indexes IPC Sustentable

Client services

 Clients Bolsa Mexicana de Valores (BMV)

 Access to analysts for clarification of results at any time

 Information about changes in the analysis process

 Information about changes in the company's rating

 Publication and confidentiality of results

Guide to Sustainability Analysis Organisations 4 ORSE – March 2012 EIRIS Updated in March 2012

Activity: Research Organisation Legal status: non-profit organisation Address: Londres Telephone: +33 (0)1 48 03 92 24 Fax: +33 (0)1 48 03 92 47 Contact: Marion de Marcillac E-mail: [email protected] Website: www.eiris.org

Activities

 Products and services to investors  Universe Analysis/ rating FTSE AWD, FTSE All Share, Eurostock 600, Investment research and consulting S&P 350 (Europe), publicly announced additions Information provision to MSCI and national indices such as Dax 30, Stock indexes MDax 50, IBEX 35, DJ Nordic 30, CAC 40 Benchmarks Alert system Emerging countries: 700 capitalisations of MSCI Portfolio screening EM. Company profiles Proxy voting services Large universe for some services (news, Sector and thematic research reports controversial weapons) Participation in the creation of ethical stock indexes 74 countries including all OECD members and Euro zone

 Coverage Large-cap companies Non-listed large companies Small and mid-cap companies Non-listed SMEs Investment projects Local authorities Countries

Guide to Sustainability Analysis Organisations 1 ORSE – March 2012  Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other: voting service on ESG issues

Organisation background and structure

 History and experience Ethical Investment Research Services (EIRIS) Ltd is a wholly owned subsidiary of the EIRIS Foundation. The Foundation was set up in 1983 originally to help churches and charities apply their ethical principles to their investments. EIRIS also immediately attracted institutional clients who wanted independent research with an „ethical‟, „sustainable‟ or „responsible‟ focus on a broad range of environmental, social and other issues. Peter Webster, Executive Director, has been with the organisation since its inception and the stability of management is a result of the ownership structure. It does not promote any particular view on ethical issues and is completely independent. The Foundation aims to promote a wider understanding of, and debate, of corporate responsibility and responsible investment. EIRIS is partner of more than 150 institutional investors, asset managers and producing organisations of stock indexes.

 Geographical implementation EIRIS is located in London (headquarters), Boston and Paris. It has research and commercial partnerships in Australia, France, Germany, Israel, Mexico, South Korea and Spain.

 Structure of capital EIRIS Ltd, is financed by the sale of SRI and related services to its clients (not the companies that it assesses). Its parent company, the EIRIS Foundation, is a registered charity. Profits are re-invested in the subsidiary to further develop research capacity and expertise, and gift-aided back to the Foundation.

 Governance

- The Board of Directors The Foundation's trustees and the members of the company board come from a variety of backgrounds, including the Carbon Disclosure Project, Oxfam, the Gaeia Partnership, the Central Finance Board of the Methodist Church, the Esmee Fairbairn Foundation, and various consultancy groups.

- Deontology EIRIS defines compliance policies to assure the transparency of the research process, all available in our Website (www.eiris.org/about-us): EIRIS Independence policy & report EIRIS Confidentiality policy EIRIS Stakeholders policy EIRIS Code of conduct policy EIRIS Environment policy

- Annual income Thanks to contact us for more details.

Guide to Sustainability Analysis Organisations 2 ORSE – March 2012  Staff structure - Total staff: 60 (except interns) - Number of full time analysts: 36 (+25 via our partners) EIRIS' research team is split into sector. Each analyst is specialised on specific issues (focus on sustainable development and geographical areas).

 Memberships AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (Sustainable Investment Forum) PRI (Principes Responsible Investment) Academics network, specify:

 Professional partnerships EIRIS works in collaboration with various specialised social and environmental research partners: CAER (Australia), IMUG (Germany), Ethifinance (France), Ecodes (Spain), Greeneye (Isreal), KO- CSR (South Korea) and Ecobanca (Mexico). EIRIS also works with sales partners: CAER, IMUG and Economistas sin Fronteras in Spain.

 Initiatives participations EIRIS participated to various initiatives which aim to contribute to the progress of the profession: OECD research papers, UNEP Finance Initiative, UNCTAD‟s ISAR project for corporate reporting indicators, the Global Reporting Initiative indicators working group for the G3 version of the Guidelines , the GRI Finance Sector Guidelines and the PRI expert group, the Association for Independent Corporate Sustainable and Responsible Research (AI CSRR) which has developed the CSRR-QS quality standard for independent SRI research groups, the Emerging Markets Disclosure Project , UK Social Investment Forum Retail Revolution, OneReport, New Economics Foundation advisory group on ethical finance, ECCR Guidelines, FairPensions, the EIRIS Foundation Charity Project.

 Partnerships with producing organisations of stock indexes FTSE, Mexican Stock Exchange and Johanesburg Stock Exchange are our clients.

 University Partnerships EIRIS works with universities on specific projects, for example ESCEM in France - provision of data; Universidad Pontificia de Salamanca - presentation and paper for „Responsibilidad Social Corporativa‟, University of Groningen studies into CSR & SRI, University of St Andrews Scotland on SRI, and University of Exeter on SRI and pension funds , the University of Birmingham on financial returns . Research development incorporates academic input.

Products and Services

 Description and theme of products and services

EIRIS Portfolio Manager (EPM)

Some specific Tools develop by EIRIS are also available:

PRI Toolkit

Convention Watch

Sustainability Rating

Climate change toolkit

ESG Engagement Service

Guide to Sustainability Analysis Organisations 3 ORSE – March 2012

Country Sustainability Ratings

Controversial Weapons Monitor

ESG News Monitor

 Speciality-ies Accompanying various ISR approaches. Flexible Tools.

 Objective EIRIS' research aims to be independent, comprehensive and consistent and reflects the concerns of its clients. Its core business is carrying out research into corporate governance, environmental and social performance. EIRIS' research is designed to review portfolios against benchmarks in accordance with bespoke rankings which could incorporate any number of ESG issues or a single criteria; to create sector benchmarks based on the clients‟ chosen criteria; to identify stocks for acquisition and sale based on the companies‟ compliance with the investor's minimum CSR requirements; and to define main sector risks & opportunities detailed in company reports.

 Approach EIRIS does not promote one particular view on responsible or ethical issues. Rather, it provides clients with the information, and advice they need to put their own principles into practice. EIRIS researches and analyses data on listed companies and provides the data via a software tool. This enables the user to produce bespoke ratings, rankings, screening lists and full company reports supporting clients in a variety of approaches to „responsible investment‟, such as „best of class/ sector‟, engagement, exclusionary or full integration into the fundamental analysis. The client team, with the assistance of the research team, provides consultancy services to investors.

 Methodology EIRIS research can be divided broadly into three different approaches. In the first approach, we identify a company‟s involvement and degree of impact in a variety of social, environmental, governance and other ethical issues. The second approach is to assess companies‟ capacity to mitigate or manage social, environmental, governance and ethical risks through its policies, management systems and reporting. The final approach is to assess corporate performance in these areas, using a variety of indicators from different sources. These three approaches are combined to provide a detailed holistic view of a company‟s behaviour with regards to social, environmental, governance and ethical issues.

Companies are assessed on these criteria based on a grading scale comprising four or five levels, depending on the criteria. The gradings are based on a range of indicators which are detailed in the methodology behind each criterion. So for example, a company‟s environmental performance is measured against a range of quantifiable indicators which are assessed at two different points so as to provide the user with the trend performance: e.g. climate change, emissions to air, discharges to water, waste and water consumption and a grade from inadequate to exceptional is given. There are five assessment grades in total:

 Inadequate  Weak  Moderate  Good  Exceptional

For each criterion EIRIS has a defined methodology, set out in our “Guide to EIRIS Research”. This defines the underlying indicators collected and definitions of each of the assessment grades. This guide is used for both internal training purposes and is available to clients i.e. we are fully transparent about our criteria methodology.

Guide to Sustainability Analysis Organisations 4 ORSE – March 2012 EIRIS places the highest emphasis on the quality of our research. EIRIS is committed to accurate, timely and impartial assessments of all companies conducted by our professional team of analysts. We have a quality management system to monitor and implement this commitment.

Data is delivered to clients via the EIRIS Portfolio Manager (EPM) software. Clients can select from over 80 ESG domains and create their own bespoke rating, ranking or screening systems to identify: (a) Involvement in activities of interest, for example weapons manufature, tobacco production, etc.; (b) Risk management & mitigation of risk - criteria relate to policy, systems and reporting systems and where relevant the impact is identified; (c) Performance data - either as reported by the company or assessed / raised by 3rd parties - NGOs, press, regulatory bodies and courts.

EIRIS has a wealth of experience in helping clients set up their policies, in advising on the advantages and disadvantages of the different types of criteria and any re-balancing needed to take account of sector, country and size bias.

Analyse process of informations

 Criteria The following table details the various ESG and ethical areas looked at by EIRIS research for its standard universe (i.e. approx 3,000 companies in developed markets).

Convention Environment Governance Social/Stakeholder Ethical Watch Anti-Bribery Environmental Board Practice Human Rights Overall Alcohol Principles Impact

Human Rights Environmental Codes of Ethics Human Rights Policy Animal Testing Principles policy

Contraceptives, Environmental Countering Bribery International Human Rights Systems Abortion and Management and Corruption Labour Standards Abortifacents Environmental ESG Risk Human Rights Kyoto Protocol Fur Reporting Management Reporting Environmental Women on the Supply Chain Biodiversity Gambling Performance Board Standards Sector Specific Genetic Anti-Personnel Biodiversity Supply Chain Policy Issues * Engineering landmines Supply Chain Intensive Farming Cluster Munitions Climate Change Access to Medicines Management Systems and Meat sale Chemicals of Mobile Phone Health Supply Chain Military Production Environmental Concern Concerns Reporting and Sale Pollution Pornography & Product Exposure to Obesity Stakeholder adult entertainment Stewardship Risks Management services Project Finance & Positive Products Nuclear Power Employee Relations Sustainability and Services Community Sustainable Timber Indigenous Rights Tobacco Involvement

Risk or Impact linked criteria

Guide to Sustainability Analysis Organisations 5 ORSE – March 2012

Exclusionary criteria Theoretically any single criterion or any combination of criteria could be used for exclusion if the client wished. In practice it is common for activity or performance based criteria to be used for exclusionary policies, for example pollution convictions or tobacco production.

Please note that the EPM software allows for the criteria to be used in bespoke rankings which can be used for „Best of Sector‟ or „Best of Class‟ approaches, which of course exclude „worst of sector‟, „worst of class‟. In these cases it is common for both performance and risk management based criteria to be used.

Sector-specific criteria FTSE sector classifications are used within its software and broadly within its research. However, data can be exported from the software tool and overlaid with other index providers‟ sector classifications.

Many of EIRIS‟ criteria take into account the impact or risk exposure of a company based on its sector and business activities, and take these sector impacts into account in the assessment methodology. For example, the environmental criteria differentiate between high, medium or low impact companies, based on their sector and business activities, and the product stewardship criteria only apply to certain sectors such as the automobile or chemical sectors.

EIRIS also research sector specific financially significant risks, such as safety and sustainability concerns in the chemical industry; the pharmaceutical sector and the issue of access to medicine in developing countries; project finance and the Equator principles for financial institutions; the food and beverage industry and the risks related to obesity; indigenous people‟s rights for the Oil and Gas, Mining, Forestry, Agriculture sectors and radio frequency radiation in the telecoms sector. Alongside the assessment of companies on these sector-specific criteria EIRIS has published a number of briefing papers outlining the issues at stake.

Guide to Sustainability Analysis Organisations 6 ORSE – March 2012

 Sources of information  Verification Companies Communication of results before rating: Questionnaire: systematically (for additional Yes, EIRIS sends companies their profiles information not found in public sources) for verification on an annual basis. It is a Rate of answer: snapshot of the data that it holds on them at Average time to answer: that time. Companies can request their Interviews: occasionnally profile at any time. Visits of sites: Validation data with stakeholders: Which: NGOs Stakeholders: Trade-unions, NGOs Trade-unions Questionnaire: never Authorities Interviews: occasionnally  Rating review Public information: systematically quarterly Databases: social and environnemental bi-annually databases, news database (Lexis nexis, annually factiva etc.) Our updating process is ongoing, but we aim Governmental databases: occasionnally to fully review all companies head-quartered in Europe on an annual basis, and for companies based in North America and Asia, our updating process is based on a maximum two year cycle. However, companies are classified based on a risk assessment, to prioritise the updating process – the risk assessment is based on the level of disclosure of the company, its involvement in controversial activities which may be considered in a screening approach, its environmental impact and risk exposure to issues such as human rights. Companies deemed „high risk‟ are prioritised and reviewed on an annual basis. The client can download new information to their Ethical Portfolio Manager (EPM) software every week. So new data may be received on a weekly basis if required.

 Alert system Our clients can be alerted of change of assessment directly through our software EPM. We also have an ESG News Monitor service which picks up negative news on a large universe and is available on a monthly basis.

 Research and rating Schedule Surveys are sent out once all public information (annual reports, CSR reports, websites) has been reviewed, and only include questions for which the analysts were unable to find the relevant information in the public domain. Research is ongoing; corporate actions such as mergers and alliances are monitored on a daily basis, new companies to the base indices are covered within 6- 8 weeks as a guideline, and survey responses are analysed as and when received. Websites are checked on a regular basis (at least six monthly). Other data, such as regulatory data, is reviewed once received and depends on the source. Press, NGO and union data are continuously monitored. Companies have approximately 2 months to answer the questionnaire.

 Financial performances EIRIS does not keep track of the financial performance of analysed companies.

 SRI stocks Indexes BMV, the Mexican stock exchange, has launched in December 2011 its sustainability index, with EIRIS.

Guide to Sustainability Analysis Organisations 7 ORSE – March 2012

Client services

 Clients Pension funds, investment funds, asset managers, insurance companies, governments, NGOs, Independent Financial Advisers, private client brokers, charities, churches and individual investors in the United Kingdom, France, Germany, Spain, Belgium, the Netherlands, Sweden, Denmark, Norway, Ireland, USA, Australia, Japan and Singapore.

 Access to analysts for clarification of results at any time Yes, clients are able to access analysts via the client support team. Support is seen as an integral part of the EIRIS service. Analysts respond to approximately 1000 calls a year. In addition, the client team are able to advise on more general aspects of research and on the use of data.

 Research access to a web portal Clients can access EPM (EIRIS Portfolio Manager) over the internet through Citrix.

 Information about changes in the analysis process Yes, the analysis of companies on all issues is set out in the „Guide to EIRIS research‟. Client consultation is an important part of the process when refining analysis in the creation of new criteria. Clients are advised by e-mail of changes to criteria, and a changeover period is factored into the research process. Clients are sent revisions to the Guide to EIRIS Research and advice is available regarding the use of revised criteria (especially to minimise portfolio churn).

 Information about changes in the company's rating Yes, clients have access to data and are able to re-calculate ratings on a regular basis, if desired. This can be done as frequently as once a week. Ratings are bespoke to clients. Ongoing research means that changes to assessments for a company on a particular issue may occur - where this impacts on „results‟, the software identifies changes e.g. from „acceptable‟ to „unacceptable‟. Where EIRIS provides the rankings for clients according to the client‟s specifications, the client may ask for changes to be highlighted.

 Publication and confidentiality of results Ratings are not publicly published. However some clients put elements of data in the public domain. EIRIS sometimes produces reports using collated data, for example presenting differences in performance by countries. EIRIS advises all companies regarding the use of data, indicating that the information provided by the company is assumed to be publicly available or available on demand.

Guide to Sustainability Analysis Organisations 8 ORSE – March 2012 ETHIFINANCE Mise à jour mars 2012

Activité: Agence d’évaluation extra financière Statut juridique: Entreprise SCIC Adresse: 2, rue Croix Castel 78600 Maisons-Laffitte Téléphone: + 33 (0)1 39 62 13 22 Fax: + 33 (0)1 39 62 59 11 Contact: [email protected] Site Internet. www.ethifinance.com

Activités

 Produits et services pour les investisseurs  Univers International (Europe- Analyse et notation Etats-Unis- Japon) Conseil et recherche en investissement Informations (revues de presse, etc…)  Couverture Système d'alerte Grandes entreprises cotées Indices boursiers Grandes entreprises non-cotées Profil d’entreprise Petites et moyennes entreprises cotées Benchmarks sectoriels PME non-cotées Screening de portefeuilles Projets d'investissement Services de résolution en AG Collectivités locales Etudes thématiques et sectorielles Pays Participation à la création d’indices boursiers éthiques

 Produits et services pour les entreprises  Univers France + monde (analyse de Analyse et notation filiales) Etudes thématiques et sectorielles Informations (revue de presse, etc...)  Couverture Conseil Grandes entreprises cotées Certification Grandes entreprises non-cotées Audit Petites et moyennes entreprises cotées Benchmarks sectoriels PME non-cotées Formation Projets d'investissement Rédaction de rapports Développement Collectivités locales durable ou autres, précisez : Pays

Guide to Sustainability Analysis Organisations 1 ORSE March 2012 Informations sur l'organisme

 Présentation et historique

EthiFinance est une émanation de l’Observatoire de l’Ethique (ODE), association qui a assuré l'activité d'analyse RSE pour le compte d’investisseurs socialement responsables entre 2000 et 2003. Il s’agit maintenant d’une agence indépendante de notation extra-financière spécialisée dans l'évaluation de la responsabilité sociétale des entreprises (RSE). Nous accompagnons les investisseurs dans l'intégration des enjeux environnementaux, sociaux et de gouvernance (ESG) dans leur gestion financière et leur mettons à disposition des outils de suivi de la performance ESG des émetteurs (Entreprises et Etats). En faisant cela, nous encourageons nos clients à investir dans des entreprises engagées dans une démarche développement durable.

En 2010, EthiFinance a diversifié ses activités en deux pôles distincts :

- Corporate Services : pôle indépendant créé pour la notation sollicitée des entreprises et proposant ses services pour la définition, l’évaluation et l’accompagnement de celles-ci dans la mise en place de leur démarche RSE ;

- Investisseurs : notation extra-financière déclarative des entreprises et des Etats et activités de conseil pour les investisseurs institutionnels et autres sociétés de gestion dans la mise en place et le déploiement de leur politique et leur process ISR. Cette activité intègre depuis 2011 notre filiale ExFi Partners spécialisée dans l’accompagnement des sociétés de gestion en Private Equity et des fonds d’infrastructures.

 Implantation géographique

Les bureaux d’EthiFinance sont localisés à Maisons-Laffitte.

 Structure du capital

EthiFinance est une Société Coopérative d’Intérêt Collectif (SCIC) au capital variable de 141 000 euros. Cette structure a l’avantage de permettre à l’ensemble des parties prenantes d’entrer dans le capital. Les associés sont regroupés en collèges à l’intérieur desquels la règle « un homme = une voix » est respectée. Chaque collège désigne un représentant qui siège au Conseil d’Administration, où les droits de vote sont répartis de la façon suivante : Clients 32% ; Financeurs 28% ; Experts 26% ; Salariés 14%. Il est à noter qu’une seule partie prenante ne pourra pas rejoindre le capital d’EthiFinance, à savoir les entreprises analysées et ce, afin de garantir l’indépendance totale de ses analyses.

 Gouvernance

- Le Conseil d’administration

Le Conseil d’Administration est régi par une charte et se réunit six fois par an. Les onze administrateurs, nommés pour une période de six ans sont les suivants :

Administrateur Collège Bruno de Pazzis (Président) Expert Emmanuel de La Ville (DG) Salarié Jean-Claude Fillaud Expert Mireille d’Herbès Expert François Jérôme Expert Agnès de La Ferrière Expert Sébastien Marquet (Administrateur salarié) Salarié Jean-Paul Marsaud Client Jean-Claude Perrin Expert Jean-Marie Reisser Financeur Fanny Serre Expert

Guide to Sustainability Analysis Organisations 2 ORSE March 2012

- Le Conseil scientifique

EthiFinance n’a pas formalisé de conseil scientifique. Cependant, ses équipes ont recours régulièrement à des experts indépendants sur des sujets spécifiques.

- La déontologie

Conscients des responsabilités particulières liées à l’analyse extra financière, les collaborateurs d’EthiFinance (c’est-à-dire les administrateurs, dirigeants, salariés et stagiaires ainsi que les apporteurs d’affaires) s’engagent à respecter les principes fondamentaux définis dans sa politique déontologique. Chaque collaborateur est tenu de prendre connaissance et de signer le Code de Conduite et la Politique d’indépendance d’EthiFinance. Les aspects couverts par le Code de Conduite sont les suivants : Indépendance, Professionnalisme, Responsabilité, Objectivité, Confidentialité, Conflits d’intérêt, Honnêteté, Non Discrimination.

- Revenu annuel

Chiffre d’affaires 2010 : 811 000 EUR.

 Organisation - Effectif total : 11 personnes - Nombre d'analystes à temps plein : 7 - Nombre d'auditeurs à temps plein : 2 - Sous-traitance : AUCUNE

 Réseaux significatifs AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif SIF nationaux (Sustainable Investment Forum) PRI (Principes de l’Investissement Responsable) Réseaux académiques, précisez :

 Partenariats professionnels

EthiFinance s’est associé en 2011 à INDEFI, cabinet de conseil en stratégie pour créer ExFi Partners, un cabinet de conseil en stratégie d’optimisation de la performance extra-financière à destination des sociétés de gestion de private equity et d’infrastructures.

Les services d’ExFi Partners incluent : - L’appui à la définition d'une stratégie ESG pour une société de gestion - L’appui à la levée de fonds - L’évaluation de l'opportunité de création d'un fonds de private equity ESG - Due diligence ESG d'une cible d'acquisition - Audits ESG et suivis de la performance extra-financière de participations - Séminaires de sensibilisation aux thématiques ESG En savoir plus sur ExFi Partners.

EthiFinance a développé un partenariat avec le cabinet de conseil Oresys afin de proposer une offre de conseil (audit et plan d’action Développement Durable, cartographie du risque Fournisseurs, cartographie du risque pays) et un service d’évaluation du risque pays avec l’outil Global Risk Rating. En savoir plus sur Global Risk Rating (G2R).

Guide to Sustainability Analysis Organisations 3 ORSE March 2012 En 2011, EthiFinance a développé une offre produit avec Data Observer afin de proposer à ses clients (entreprises et investisseurs) une étude de leur réputation sur internet et en particulier sur les enjeux de RSE et de développement durable. En savoir plus sur Ethi-Observer

D’autre part, EthiFinance est membre de l’Institut Français des Administrateurs (IFA) et de l’AI- CSRR, association européenne de certification des agences de notation extra-financière.

 Partenariats avec les sociétés productrices d’indices boursiers

Depuis 2009, EthiFinance est associé avec IdMidCaps, un bureau d’analyse financière indépendant sur les valeurs moyennes dans le cadre de la création du Gaïa Index.

 Partenariats universitaires

Produits et services

 Description et thématique des produits et services

SERVICES AUX INVESTISSEURS

Analyse déclarative :

Veille ISR et RSE :

Accompagnement à la mise en place d’une politique d’investissement ISR et engagement actionnarial :

EthiFinance propose ses services aux investisseurs souhaitant mettre en place et déployer une démarche d’investissement ISR. En parallèle, nous accompagnons les investisseurs dans leur démarche de dialogue avec les entreprises et d’engagement actionnarial.

Guide to Sustainability Analysis Organisations 4 ORSE March 2012

SERVICES AUX ENTREPRISES

EthiFinance propose un accompagnement dans la définition, le déploiement et le renforcement de la démarche RSE des entreprises : - Pour identifier et hiérarchiser les enjeux en matière de responsabilité sociétale de l’entreprise (RSE) ; - Pour évaluer les points forts et axes de progrès de la démarche RSE au regard des standards normatifs et des meilleurs pratiques ; - Pour positionner la démarche et le reporting RSE au regard des leaders de chaque secteur ; - Pour mobiliser les collaborateurs sur les problématiques de développement durable ; - Pour construire et déployer les outils de pilotage de la démarche d’amélioration continue ; - Pour dialoguer et rendre compte de des performances auprès des investisseurs, clients et de l’ensemble des parties prenantes.

Corporate Services

Standards Environnement normatifs économique

Enjeux RSE Taille et sectoriels stratégie de Politique l’entreprise Attentes des et parties Gouvernance prenantes stratégie de l’entreprise RSE

Déploiement de la démarche RSE Dialogue Pilotage et avec les reporting parties prenantes

L’offre d’EthiFinance Corporate Services porte sur trois objectifs :

 Définition de la stratégie RSE et des instances de pilotage : outils d’aide au déploiement, outils de suivi et outils d’analyse ;

 Evaluation de la stratégie RSE existante : diagnostic des performances EthiDiag, évaluation RSE selon l’ISO 26000 Ethi26000, benchmark sectoriel markER, audit RSE de filiales en France et à l’étranger, audit externe des données extra-financières (article 225 Grenelle 2) ;

 Accompagnement au déploiement : sessions de formation RSE/DD et animations de comités, business case RSE et autres présentations DD / RSE, dispositifs de concertation avec les parties-prenantes, élaboration du rapport de développement durable, cartographie de la réputation RSE sur internet Ethi-Observer.

Guide to Sustainability Analysis Organisations 5 ORSE March 2012  Spécialité(s)

EthiFinance s’est spécialisé dans l’offre sur-mesure afin de répondre au mieux à l’attente de ses clients. En parallèle, EthiFinance encourage ses clients à demander aux analystes de réaliser des audits terrains auprès des entreprises analysées, notamment pour les Small et Mid Caps.

 Objectif

Les missions d’EthiFinance sont les suivantes : - garantir un haut niveau d’expertise sur les enjeux extra financiers ; - fournir une information de qualité sur la performance extra financière des entreprises à nos clients investisseurs ; - accompagner les entreprises (émetteurs et investisseurs) dans la stratégie, la gestion et le suivi de performance des risques extra financiers. Effectuer des prestations de conseil en phase avec les attentes des parties prenantes, investisseurs ou entreprises.

 Approche

EthiFinance a adopté une approche sur mesure qui consiste à accompagner ses clients dans la construction d’un référentiel et d’une grille de notation correspondant au mieux à leurs attentes. Les compétences de l’agence en matière de conseil et de formation sont également mises au service des clients afin de les accompagner dans leur démarche d’intégration des critères extra financiers. D’autre part, EthiFinance a acquis une expertise dans l’analyse des petites et moyennes valeurs en développant une méthodologie et un référentiel d’analyse spécifiques.

 Méthodologie 1/ Création du référentiel et de la grille de notation Client et paramétrage de la base de données ; 2/ Analyse des documents publics de l’entreprise et des informations externes (presse, ONGs, associations, etc.) ; 3/ Revue de qualité interne de l’analyse ; 4/ Revue de qualité externe de l’analyse (prise de contact avec l’entreprise et ses parties prenants) ; 5/ Finalisation du rapport d’analyse. Note : les analyses sont mises à jour en continu en fonction d’informations nouvelles communiquées par l’entreprise ou par des sources externes. Le référentiel EthiFinance est constitué en 3 niveaux : 4 thèmes ; 20 catégories ; 192 critères. Les critères permettent d’évaluer les politiques, les systèmes de gestion et la performance de l’entreprise au regard des enjeux extra financiers. Pour chacun des critères renseignés, chaque réponse correspond à une note entre 0 et 1. Le choix de ce mode de notation a pour but d’optimiser l’objectivité de l’évaluation et de faciliter la comparaison des analyses. Chacune des catégories du référentiel comprend également des critères qualitatifs dont l’objet est d’évaluer l’exhaustivité et la pertinence de l’information communiquée, d’une part en prenant en compte le périmètre et la fiabilité du reporting, d’autre part en intégrant les informations issues de la presse et des parties prenantes de l’entreprise. La note globale de la catégorie considérée est majorée ou minorée en fonction de cette évaluation qualitative. Pour l’analyse des petites et moyennes valeurs, la méthodologie d’analyse a été adaptée afin de prendre en compte les spécificités des entreprises (taille, effectif, présence géographique, parties prenantes, etc.) et la publication plus limitée d’informations relatives à la RSE par rapport aux grandes valeurs. Tout en conservant la même structure que le référentiel « Large Caps », le référentiel « Small & Mid Caps » se constitue ainsi de critères permettant une évaluation adaptée. De plus, une démarche plus poussée de prise de contact avec l’entreprise et ses parties prenantes a été mise en place.

Guide to Sustainability Analysis Organisations 6 ORSE March 2012  Méthode d’analyse des informations

 Critères  Sources d'information GOUVERNANCE : Fonctionnement des Entreprises instances de gouvernance, gestion des risques Questionnaire : Oui et déontologie, Stratégie RSE, Relations avec Taux de réponse : 50% les actionnaires. Temps moyen pour répondre : trois semaines CAPITAL HUMAIN : Evolution de l’effectif, Entretiens : Oui Gestion du capital humain, Santé et sécurité, Visites de sites : Oui (à la demande du client) Dialogue social, Activités dans les pays sensibles Parties prenantes : ONG, Syndicats. ENVIRONNEMENT : Politique Questionnaire : Non environnementale, Système de management Entretiens : Ponctuellement environnemental, Gestion des impacts (GES, énergie, déchets, etc.) PARTIES PRENANTES EXTERNES : Information publique : Oui Relations avec les fournisseurs / chaîne Bases de données : Oui d’approvisionnement, Relations avec les clients, Relations avec la société civile

Critères d'exclusion Les critères d’exclusion chez EthiFinance sont définis par les clients et à leur demande. Approche sectorielle Oui. La grille de pondérations sectorielles  Révision basée sur la classification MSCI (66 secteurs) trimestrielle permet la prise en compte des enjeux semestrielle sectoriels, en pondérant les critères ou en les annuelle désactivant en fonction du secteur d’activité. EthiFinance ne couvre pas d’univers récurrent chaque année mais réalise les analyses à la demande des clients.  Vérification Communication des résultats avant la  Système d'alerte notation : Non mais un questionnaire est EthiFinance propose EthiNews, une revue de envoyé à chaque entreprise analysée et le presse hebdomadaire sur-mesure sur l’actualité rapport final d’analyse est disponible sur ESG des entreprises européennes cotées ou non. demande de l’entreprise.

Validation des données avec les parties prenantes : Lesquelles : ONG Syndicats Pouvoirs publics

Guide to Sustainability Analysis Organisations 7 ORSE March 2012  Le calendrier de notation Le processus d’analyse débute en avril et s’étend jusqu’à janvier. Les questionnaires complémentaires sont envoyés aux entreprises tout au long du processus d’analyse. Entre janvier et mars, les équipes d’EthiFinance se concentrent sur les études sectorielles et la revue du référentiel tout en effectuant les revues de presse et le suivi auprès des entreprises analysées. La durée moyenne d'une notation: 3 jours.

 Performances financières EthiFinance ne suit pas la performance financière des entreprises qu'elle note.

 Indices boursiers ISR

En 2009, EthiFinance, en partenariat avec IDMidCaps, a lancé le Gaïa Index, premier indice développement durable des valeurs moyennes françaises. Chaque année, les équipes d’EthiFinance sélectionne parmi un univers de 230 SMID françaises, les 70 valeurs qui intègrent au mieux les enjeux ESG. En savoir plus sur l’indice GAIA.

Services aux clients

 Les clients Fonds de pension, sociétés de gestion, sociétés de bourse, entreprises (cotées et non cotées) et ONGs.

 Accès direct aux analystes Oui. Le nom de l’analyste apparaît sur les rapports d’analyse remis aux clients ainsi que sur les bases de données.

 Information sur les changements méthodologiques Oui. EthiFinance étudie régulièrement, avec ses clients, l’évolution de la méthodologie, par rapport à leurs attentes et à l’utilisation qu’ils souhaitent faire des analyses produites.

 Information sur les changements de la notation de l'organisation EthiFinance met à disposition des entreprises avec qui l'agence a engagé un dialogue le rapport final d’analyse.

 Publication et confidentialité des résultats o Principes énoncés dans la politique d’indépendance et le code de conduite d’EthiFinance signé par l’ensemble des collaborateurs o Les notations ne sont pas rendues publiques o Clauses de confidentialité avec l'entreprise notée

Guide to Sustainability Analysis Organisations 8 ORSE March 2012 ETHIX SRI ADVISORS Updated in March 2012

Activity: Advisor to institutional investors in the field of sustainable and responsible investment Legal status: Privately owned company Address: Stureplan 4c, Box 5759, 11487 Stockholm, Sweden Telephone: +46 8 407 00 10 Fax: E-mail: [email protected] Website: www.ethix.se

Activities

 Products and services to investors  Universe Clients aggregated holdings, global Analysis/ rating Investment research and consulting  Coverage Information provision Large-cap companies Stock indexes Non-listed large companies Benchmarks Small and mid-cap companies Alert system Non-listed SMEs Portfolio screening Investment projects Company profiles Local authorities Proxy voting services Countries Sector and thematic research reports Participation in the creation of ethical stock indexes

 Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Organisation background and structure

 History and experience Privately owned company established in 1999. Based in Copenhagen, Helsinki, London and Stockholm. Industry pioneer and internationally recognised expertise. Developed norm-based

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 screening in 2000, SRI concept for emerging markets in 2005 and has played a leading role in the European debate regarding controversial weapons since early 2000. International team of experts with thorough experience and academic records. Service proposition based on high quality research, robust quality assurance and, uniquely, expert analyst input. Strong IT platform enables clients to access to alerts, research, analysis, dialogue and recommendations to support SRI policy implementation, UN PRI commitment and stakeholder dialogue. Also an effective tool for investors to supplement Ethix’ research with own in-house analysis.

 Geographical implementation Based in Stockholm, Sweden.

 Structure of capital

 Governance

- Board of Directors

 Jan Bernhard Waage, chairman  Ulrika Hasselgren  Ulf Källum  Tom Erik Urö

- Advisory Panel

 Dr. Rory Sullivan, Advisory Council Chair  Ola Löhman, independent consultant  Marianne Flink, independent consultant  Björn Kårfalk, Brandkontoret  Erland Lindkvist, IF Metall  Karin Reuterskiöld, Danske Bank

- Deontology

- Annual income

 Staff structure - Total staff: 24 - Number of full time analysts: 12 - Number of full time auditors: 1 - Subcontracting:

 Memberships

 Professional partnerships: Proxy voting, Manifest and NIS

 Partnerships with producing organisations of stock indexes: SIX

 University Partnerships

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012 Products and Services

 Description and theme of products and services

 Speciality-ies: Controversial Weapons Screening, Norm-Based Screening

 Objective

 Approach

 Methodology

 Analyse process of informations

 Criteria  Sources of information Companies Exclusionary criteria Questionnaire: Rate of answer: Sector-specific criteria Average time to answer: Interviews:  Verification Visits of sites:

Validation data with stakeholders: Stakeholders: Trade-unions, NGOs Which: NGOs Questionnaire: Trade-unions Interviews: Authorities Public information: Databases:

 Rating review quarterly bi-annually annually

 Alert system Yes, via an IT platform

 Research and rating Schedule

 Financial performances

 SRI stocks Indexes

Client services

 Clients Serves over 100 clients in Belgium, Denmark, Finland, France, Germany, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom with estimated assets under its advice exceeding €300bn

 Access to analysts for clarification of results at any time: Yes

 Information about changes in the analysis process

 Information about changes in the company's rating

 Publication and confidentiality of results

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012 imug Updated in March 2012

Activity: Analysis and rating agency Legal status: Company Address: imug GmbH Brühlstr.11 30161 Hannover - Germany Phone: + 49 511 12196-0

Fax: +49 511 12196-95 Website: www.imug.de Contact: Silke Riedel (Head of imug Investment Research) Email: [email protected] and [email protected]

Activities

 Products and services to investors  Universe: MSCI & FTSE – for Eiris: Analysis/ rating German, Austrian and Swiss companies for Investment research and consulting other clients: European stoxx (blue chips, Information provision small and mid-caps) Alert system Stock indexes  Coverage Benchmarks Large-cap companies Portfolio screening Non-listed large companies Company profiles Small and mid-cap companies Proxy voting services Non-listed SMEs Sector and thematic research reports Investment projects Local authorities Countries

 Products and services to companies  Universe: Germany: Dax and MDAX; Rating Austrian and Swiss companies Proxy voting Research  Coverage Information provision Large-cap companies Consulting Non-listed large companies Certification Small and mid-cap companies Audit Non-listed SMEs Local authorities and government departments Countries  Other services Contribution to conferences Communication Stakeholder dialogue Contribution to sustainability reports

Organisation background and structure

 History and experience Imug Investment Research is a unit of imug GmbH, a consultancy in the field of sustainability, founded in 1999. Its actions are based on the experiences of imug Institut fuer Markt-Umwelt- Gesellschaft (Institute for market - environment - society) at the University of Hanover, founded in 1992. Since 1999 imug Investment Research focuses on ESG research, and provides social,

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 environmental and ethical information about companies for investors/fund and asset managers. imug was created by Prof. Dr. Dr. h.c. Ursula Hansen, Dr. Ingo Schoenheit, Dr. Peter Hansen.

 Structure of capital: imug's capital is held by its founders.

 Governance

Board of directors: Prof. Dr. Dr. h.c. Ursula Hansen, Dr. Ingo Schoenheit, Dr. Peter Hansen, Jan Devries, Stefan Dahle, Ulrike Niedergesaess, Silke Riedel.

CEO: Dr. Ingo Schoenheit

Advisory Panel: imug has not an advisory panel to assist in the ongoing development of its methodology.

Deontology: imug works to apply CSRR- QS

 Annual income N/A

 Staff structure - Total staff: 30 - Number of full time analysts: 6 Analysts work on client specific projects and around themes social, environmental, corporate governance, etc. - Sub-contacting: imug uses experts’ opinions.

 Analysts’ experience Experience on the job Background Previous experience 1 to 5 years: 50% Environmental: 25% Consulting and Audit: 50% 5 to 10 years: 50% Social: 25% Research:50% Economics: 25-50%

 Memberships SiRi Company AI CSRR SRI World group Eurosif ASRia National SIF

 Professional partnerships: imug is the German Partner of EIRIS for the FTSE4Good Indexes. For EIRIS, imug does the research on Austrian, Swiss and German companies. Since 15 years EIRIS has established a broad platform of research organisations around the world with partners in Europe, Australia, Israel, Hong Kong, South America and Africa. Furthermore imug has signed UN PRI and is organisational stakeholder at GRI and also member of the German SIF. You can find the list of all clients and professional partnerships on the imug website.

 University partnerships: imug works with the University of Hanover in relationships with Pr.Dr.Dr.h.c Ursula Hansen and collaborates with different universities in Germany in the field of SRI research projects.

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012 Products and Services  Research to investors In 2011, imug realised 170 sustainability analysis of large cap companies of Germany, Switzerland and Austria and 100 sustainability analysis of small cap companies to investors. Furthermore imug and EIRIS offered a Country Sustainability Bond Rating for 74 country bonds according to 65 social, environmental and governance criteria. Also imug has developed an own sustainability rating of 120 German and European covered bonds.  Objective imug research is designed to result in sustainability sector benchmarks and to sustainability risks and opportunities cartography.  Approach imug does not promote one particular view on SRI issues, so that it applies the criteria corresponding to its client's own principles. The methodology used and the form of the results depend on clients and services. The imug analysis can be presented under the descriptive profile form, or under a quantitative evaluation.  Methodology: see above  Criteria: imug uses 250 criteria in these three domains: Corporate Governance: transparency, disclosure, structure, management responsibilities, shareholder rights, code of ethics, bribery and corruption, ESG risk management, etc. Environmental criteria: Environmental Policy and Management, Environment-Related Processes and Product Ecology, Climate Change, Sustainable timber, biodiversity, chemical of concerns, etc. Social Criteria: General Employee Interests, Interests of Specific Groups of Employees, International Social Responsibility, Stakeholder Management, Human Rights, Supply chain etc. And also sector-related criteria, e.g. sustainable project finance, obesity, indigenous rights, etc.

Exclusionary criteria: According to clients  Sources of information request imug integrates the full range of Companies exclusion criteria, e.g. alcohol, tobacco, arms, Questionnaire: systematically landmines, animal testing, genetic engineering, Average time to answer: 5 weeks gambling, nuclear power, etc. Response rate: 50-75% Interviews: occasionally Sector-specific criteria: Yes, FTSE sector Visits of sites: occasionally specific classes. Stakeholders: NGOs, Trade-unions,  Verification experts Communication the results to the issuer for Questionnaire: never discussion before rating: Yes Interviews: occasionally

Validation data with stakeholders: sometimes Public information: systematically Which: NGOs Databases: Social, environmental, Trade-unions financial, and newspapers databases Authorities Medias

 Research and rating Schedule  Rating review Average time of analysis by organisation: quarterly from 1 day to 6 days bi-annually Sending period of questionnaire: different annually

 Alert system: Yes

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012  Financial performance imug doesn't keep track of the financial performance of rated companies.

 Stock Indexes For the FTSE4Good index, imug covers the German, Swiss and Austrian companies of FTSE indexes.

Client services  Clients o Services to investors: ESG ratings and analysis to investments funds, Asset managers, insurance companies to set up SRI funds and SRI screened portfolios o Services to companies: Listed companies, Non-listed companies

 Access to analysts for clarification of results at any time: Yes

 Information about changes in the analysis process: Yes

 Information about changes in the company's rating: Yes

 Publication and confidentiality of results: o Companies' ratings made for investors are disclosed to companies before the publication. o At the most of the criteria imug would like to see public available documents and policies. imug ensures the confidentiality of the concrete content, we only analyse the content and publish our analysis’ assessment to our clients.

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012 INRATE Updated in March 2012

Activity: Independent Sustainability Rating Agency Legal status: Limited liability company Address: Rue de Romont 2, 1700 Fribourg, Switzerland Telephone: +41 (0)58 344 00 00 Fax: +41 (0)58 344 00 01 E-mail: [email protected] Website: www.inrate.com

Activities

 Products and services to investors  Universe: MSCI World index, MSCI Emerging Analysis/ rating markets index, Swiss Performance Index Investment research and consulting Information provision  Coverage Stock indexes Large-cap companies Benchmarks Non-listed large companies Alert system Small and mid-cap companies Portfolio screening Non-listed SMEs Company profiles Investment projects Proxy voting services Local authorities Sector and thematic research reports Countries Participation in the creation of ethical stock indexes

 Products and services to companies  Universe: MSCI World index, MSCI Emerging Analysis/ rating markets index, Swiss Performance Index Sector and thematic research Information provision  Coverage Consulting Large-cap companies Certification Non-listed large companies Audit Small and mid-cap companies Benchmarks Non-listed SMEs Training Investment projects Writing Sustainable Development Local authorities reports or other, specify: Countries

 Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other: Host twice a year “Sustainability Breakfasts” for investment professionals.

Organisation background and structure

 History and experience Since 1990, Inrate has been linking its sound understanding of sustainability with innovative research solutions for the financial markets and belongs to the largest and most respected agencies in Europe.

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 Milestones  2010: merger of Centre Info and INrate bringing under one roof more than 20 years of experience and allowing faster time-to-market of next generation ESG analysis.  2009: development of the first methodology to assess the sustainability of private equity investments.  2007: First provider of full research on EM companies.  2006: launch of the first thematic research on fundamental sustainability trends – water, climate change, consumption, mobility.  2005: Launch of envIMPACT, the first methodology to assess the climate change impact of companies over the entire value chain of their activities.  2001: Set-up of an independent Board of Experts to supervise the overall rating process.  2000: Among the founders of SiRi Group, a coalition of sustainability research agencies based in Europe, North America and Asia.  1999: Establishment of as a limited liability company.  1998: Development of the Best in Service analysis approach (BiS) that formally creates new incentives for the required structural change toward a sustainable way of doing business.  1994: Pioneered the first methodology for corporate sustainability assessments based on the premises of the Brundtland Commission Report.  1990: Start as think-thank of the Duchemin foundation whose aim is to foster sustainable development.  1983: NEST, the future core shareholder of Inrate, is created to answer pension funds needs of Swiss small and medium sized firms placing at the heart of its investment philosophy sustainable development and long-term performance.

 Geographical implementation Inrate has two offices in Switzerland (Zurich and Fribourg) and works in collaboration with research partners based in North America, Europe, Asia and Emerging Markets.

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012  Structure of capital

Inrate share capital is held by the following long term shareholders that share a common vision: %capital

Pier-Luigi Giovannini The aim of the Foundation Pier-Luigi Giovannini is to 39% Foundation contribute to the development of the concept of the sustainability by supporting projects and initiatives in the field of socially responsible investment. NEST Pension Fund NEST was created in 1983 to answer pension funds 23% needs of Swiss small and medium sized firms placing at the heart of its investment philosophy sustainable development and long-term performance. INFRAS INFRAS is an independent research company for 18% private and public institutions since 1976. Since 2001, INFRAS and Inrate have been united in a close partnership. With its extensive expert knowledge in the area of environmental and social sustainability, INFRAS provides key insights that allows Inrate to be at the forefront of sustainability research and analysis. Inrate management & team Inrate management and senior analysts. 20%

 Governance

- Board of Directors Board of directors includes representatives of major shareholders with key complementary competencies (sustainability, investments, pension funds market, political and social economics). More information here: http://www.inrate.com/Site/About-us/Organization/Board-of-Directors.aspx

- Advisory Panel The Inrate sustainability rating process is monitored closely by an independent Board of Experts. On behalf of the Board of Directors, this body ensures that the results of the sustainability analysis correspond to the given objectives. In order to guarantee this, the Board of Experts has a considerable influence on the rating approach and the methodology. The Board of Experts consists of designated and experienced specialists who are experts in their respective fields such as water, energy, diversity and financial markets. More information here: http://www.inrate.com/Site/About-us/Organization/Board-of-Experts.aspx

- Deontology Inrate is an independent rating agency. To avoid any perceived conflict of interest Inrate does not provide solicited assessments on companies’ request. The only service provided to companies is benchmarking where the company’s performance is analysed in a sector context.

- Annual income Not disclosed.

 Staff structure - Total staff: 29 - Number of full time analysts: 25 - Number of full time auditors: - - Subcontracting: 25

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012  Memberships AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (Sustainable Investment Forum) PRI (Principes Responsible Investment) Academics network, specify: The Sustainability Forum Zürich

 Professional partnerships INFRAS (Switzerland), Green Design Institute (Carnegie Mellon University, US) The Wuppertal Institute for Climate, Environment and Energy (Germany) WWF (Switzerland) Amis de la Terre (France)

 Partnerships with producing organisations of stock indexes Société Générale low carbon index calculated by S&P

 University Partnerships Institute of Ethics and Human Rights (Switzerland), Waterloo University (US), Polytechnic School of Zurich (Switzerland), Chair of Finance (Fribourg University)

Products and Services

 Description and theme of products and services Inrate provides solutions for the design of socially responsible investment (SRI) funds or for the integration of environmental, social and governance (ESG) issues into traditional investment and to prevent exposure to long-term risks linked to such issues. To do that, Inrate analyses and assesses the ecological and social responsiveness of companies, institutions and countries by investigating the way they integrate sustainability issues into their products and services, strategies and operations by using proprietary frameworks and methodologies developed over the past 20 years.

 Specialityies Our sustainability assessments  Identify leaders, followers and laggards by investigating the way companies integrate sustainability issues into products and services, strategies and operations.  Rigorous research process, subject to constant review, across 2600 global stocks and 200 governmental and non-governmental bonds.  Used for ESG “best-in-class” selections, positive screening and portfolio analysis by asset managers and financial analysts.

Our sustainability investment universes  Provide ready-made solutions e.g. “Inrate sustainability buy-lists” for positive global/thematic investing.  Integrate conventional ESG issues in all major global markets as well as thematic topics such as climate change, mobility and water.

Our climate change assessments  Enable investors to identify long term climate risks and opportunities. Our quantitative model envIMPACT® estimates GHG emissions over entire life cycle and integrates analysis of companies’ products.  Highlight companies with innovative environmental technologies and/or products.  Identify traditional companies with lower carbon intensity over the entire value chain than their peers.  Used as an overlay e.g. “best-in-class”, positive thematic investing, low carbon investment products, broker research, low carbon indices, and portfolio footprint analysis.

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012

Our portfolio analysis  Allow investors to monitor how their investments stand from a sustainability and climate change perspective (2600 global stocks).  Often used as entry point to sustainability. Also assesses manager performance against mandate guidelines and provides info for enhanced client reporting. Our company screening  Identify controversial products or practices and facilitate exclusion decisions while reducing both reputational and ethical risks.  Used mainly for negative screening and provides grounds for engagement with companies.

 Objective Inrate mission is to be an integral part of the global financial infrastructure by providing sustainability intelligence that allows capital markets to redirect investment flows toward a more sustainable economy.

 Approach Inrate has formally integrated the Product Assessment within the more traditional ESG Assessment to form a comprehensive Sustainability Assessment. The assessment of products and services of a company (Product Assessment) is a core element of the Inrate sustainability rating. We recognize that for assessing the sustainability of a company the environmental and social impacts have to be assessed over the whole value chain; the impacts from exhaustion of materials/resources (up-stream effects) and impacts of use phase and disposal/recycling (down-stream effects) are therefore taken into account.

The underlining principle of the Product Assessment is based on the concept of market failure and external effects. Market failure occurs when there is an inefficient allocation of goods and services in a market. Market failures are associated with non-competitive markets, externalities, public goods, asymmetric information etc. The existence of a market failure is often used as a justification for government intervention in a particular market.

We start from the hypothesis that an additional correction of market failure is possible and necessary by capital markets. Therefore we integrate external effects in the assessment by using the rationale of (social and environmental) external costs and benefits.

 Methodology We have developed and adapted our research approach for over 20 years. Our own internal work has been added to and improved upon through collaboration with our expert partners around the world. We use over 150 ESG metrics that are regularly reviewed for their accuracy and validity. Furthermore, the overall research process is supervised by an independent board of experts. This ensures that the end product is free from any bias and remains at the forefront of industry standards.

We have integrated ESG dimensions of sustainability into the research process. We focus on corporate policies, management actions as well as published facts and put particular weight on the design of processes and products & services. We recognize that sectors and companies have different risks and opportunities. So our research adopts a sector specific view while assessing whether a company can manage sustainability risks and take advantage of opportunities.

 Analyse process of informations The analysis process consists in:  The collection and review of company’s ESG data as well as the gathering of information from external sources  The analysis of impact of company’s products and the analysis of company’s ability and willingness to diminish or eliminate those impacts  Ratings are performed by sectors analysts and validated qualitatively  Testing and quality checks to ensure consistency and pertinence

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012

 Criteria: over 150 ESG criteria dealing with  Sources of information products’ Impact, environment, labour, Companies society and governance issues. Questionnaire: yes Rate of answer: not available Exclusionary criteria: defense, nuclear Average time to answer: not available energy, tobacco, alcohol, gambling, genetic Interviews: occasionally engineering, adult entertainment. Visits of sites: occasionally

Sector-specific criteria: yes Stakeholders: Trade-unions, NGOs Questionnaire: no  Verification Interviews: occasionally

Validation data with stakeholders: Public information: systematically Which: NGOs Databases: financial, social, environmental Trade-unions or thematic/sector databases Authorities  Rating review quarterly bi-annually annually

 Alert system : YES

 Research and rating Schedule Average time of analysis is 3-5 working days /1 analyst

 Financial performances Inrate regularly discusses with clients the performance of investment products that are built with Inrate company’s ratings. Additionally, Inrate enters into partnerships with universities to study the economic and financial performance of companies analysed.

 SRI stocks Indexes Inrate performs research for some sustainability or carbon indexes.

Client services

 Clients Inrate serve clients all over Europe by serving:  Established sustainability analytical teams  Mainstream buy-side research and sell-side research  Institutional and retail fund managers  Private wealth managers  Pension plans managing assets in-house  Insurance companies  Private and public pension funds  Fund consultants  Discretionary investment managers and advisors

 Access to analysts for clarification of results at any time Inrate provide clients with direct access to companies’ analysts. Each company report mentions the contact information of the analysts and the online client platform provides a contact form for email enquiries.

Guide to Sustainability Analysis Organisations 6 ORSE - March 2012  Information about changes in the analysis process Inrate considers important to inform clients about changes in the analysis process as this can have consequences on their investment process. As far as possible clients are informed early on changes and are invited to provide feedback on such changes.

 Information about changes in the company's rating It is important that clients get access to the most recent picture on companies. In order to do that Inrate has process in place to issue ratings’ updates on a monthly basis.

 Publication and confidentiality of results The ratings are systematically disclosed to rated companies as part of the feedback process. Depending on the service level, clients are made available with different degrees of details. Inrate does not consider its results as confidential but it balances the necessity of transparency with the protection of its intellectual property.

Guide to Sustainability Analysis Organisations 7 ORSE - March 2012 MSCI ESG RESEARCH Updated in March 2012

Activity: research, ratings and analysis of the environmental, social and governance-related business practices of issuers Legal status: listed company Address: One Chase Manhattan Plaza 44thFloor New York, NY 10005 United States Telephone: Americas Europe, EMEA Asia Pacific +1.212.804.5299 +44.20.7618.2510 +612.9033.9339 Fax: E-mail: [email protected] Website: www.msci.com/esg

Activities

 Products and services to investors  Universe: MSCI ACWI (MSCI World, approx Analysis/ rating 1.600 companies + MSCI EM, approx 750 Investment research and consulting companies) expanding to small and mid-caps, Information provision supra-nationals, non-listed issuers; 90 countries Stock indexes Benchmarks  Coverage Alert system Large-cap companies Portfolio screening Non-listed large companies Company profiles Small and mid-cap companies Proxy voting services Non-listed SMEs Sector and thematic research reports Investment projects Participation in the creation of ethical Local authorities stock indexes Countries

 Products and services to companies  Universe Analysis/ rating Sector and thematic research  Coverage Information provision Large-cap companies Consulting Non-listed large companies Certification Small and mid-cap companies Audit Non-listed SMEs Benchmarks Investment projects Training Local authorities Writing Sustainable Development Countries reports or other, specify: we do provide ratings and analysis or sector and thematic reports from our existing research to companies but this service is provided by a totally separate and independent company named ICS, a subsidiary of ISS (being a sister company, subsidiary of MSCI)

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012  Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other: we provide custom research services to our clients and have done or are undertaking the research for the “Access to Medicine Index”, the “Access to Nutrition index” etc. We also provide a Portfolio Analytics tool that allows asset owners and asset managers to monitor precisely the ESG exposure of their portfolios

Organisation background and structure

 History and experience: MSCI is a leading provider of investment decision support tools to around 5,800 clients worldwide, ranging from large pension plans to boutique hedge funds. We offer a range of products and services, including indices, portfolio risk and performance analytics, and governance tools - from a number of internationally recognized brands such as Barra, RiskMetrics and ISS. Located in 20 countries around the world, and with over 2,000 employees, MSCI is dedicated to supporting the increasingly complex needs of the investment community with groundbreaking new products, high quality data, superior distribution and dedicated client support. MSCI across all its business units serves over 2,400 institutional clients, including some of the world's most influential mutual funds as well as a broad range of investment managers, pension funds and hedge funds. MSCI clients include 42 of the top 50 mutual fund companies, 69 of the top 100 institutional investment managers and 19 of the top 25 US public pension funds.

MSCI acquired its ESG business in the merger with RiskMetrics which took place in June of 2010. While the merger is reasonably recent, the firms which comprise the new ESG unit at MSCI are among the oldest and best established in the industry. MSCI ESG Research encompasses industry pioneers Innovest and KLD. Innovest was founded in 1995 with the mission of integrating sustainability and finance by identifying non-traditional sources of risk and value potential for investors. Founded in 1988, KLD was the world’s first dedicated ESG research firm and the creator of the first ESG-screened benchmark index, which is now known as the MSCI KLD 400.

 Geographical implementation: MSCI Inc. has 21 offices in 16 countries. The ESG Research unit is represented in 13 offices in the following 9 countries: Australia, Belgium, Canada, France, Japan, Philippines, United States, the United Kingdom and recently China.

 Structure of capital: MSCI is a listed company on the New-York Stock Exchange and all information regarding its capital structure are to be found at www.msi.com

 Governance: - Board of Directors - Advisory Panel - Deontology - Annual income The Board of Directors of MSCI Inc. (the "Company") sets high standards for the Company's employees, officers and directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Company's business. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in these guidelines. These guidelines are subject to modification from time to time as the Board of

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012 Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations. Documents

Code of Ethics and Business Conduct

Corporate Governance Policies

Audit Committee Charter

Compensation Committee Charter

Nominating and Governance Committee Charter

Procedures for Submission of Ethical or Accounting Related Complaints More information can be found on www.msci.com or through contacting the Investor Relations: http://ir.msci.com/

 Staff structure - Total staff: 130+ within MSCI ESG Research (MSCI has more than 2,300 employees) - Number of full time analysts: 80+ - Number of full time auditors: 0 - Subcontracting : 0

 Memberships

AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (Sustainable Investment Forum): UK SIF, French SIF, US SIF, SIO (2011) and coming in 2012: VDBO, Spain SIF PRI (Principles for Responsible Investment) Academics network, specify: UN PRI Academic network

 Professional partnerships : we are active in WBCSD, GRI, UNEP-FI

 Partnerships with producing organisations of stock indexes: MSCI ESG Research is part of MSCI a leading index provider

 University Partnerships: MSCI ESG Research sells its products to university libraries and to academic researchers. There is no formal partnerships with specific universities.

Products and Services

MSCI ESG Research products cover the need of both equity and fixed income investors. Our universe of coverage is based on MSCI indices for the listed corporate : MSCI World Index as well as MSCI Emerging Market index are fully covered while MSCI IMI indices (for small and mid caps) is being covered in 2012 and 2013. The universe of coverage for the fixed income investors is based on the Barclays Global Aggregate Index of which we cover more than 90% by market capitalization.

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MSCI ESG Intangible Value Assessment

 Description and theme of products and services MSCI ESG Intangible Value Assessment (IVA) provides research, ratings and analysis of corporate management of environmental and social risk factors. Through an in-depth comparison against sector peers, MSCI ESG IVA can reveal ESG-driven investment risks or opportunities that may not be captured by conventional analyses.

 Speciality-ies  MSCI ESG IVA identifies ESG key issues that hold the greatest potential risk or opportunity for each industry sector.  MSCI ESG IVA scores and ranks company management of key issues relative to sector peers.  MSCI ESG IVA analysis also looks for any impact that these issues and risks may have on corporate financial performance.

 Objective IVA ratings and profiles are designed to complement conventional analysis of companies‟ financial performance, by providing an additional perspective based on sustainability factors. They attempt to gauge a company‟s positive or negative impact on the world, as well as the company‟s risk of internalizing that impact. When used in conjunction with conventional financial analysis and valuation methods, IVA allows clients to find hidden value in several ways: • Screen portfolios and trades for emerging and overlooked risks; • Due diligence for transactions; • Ensure compliance with socially responsible investment mandates; • Determine opportunities for positive engagement with management, further supported by our Proxy Research, Voting and Governance Exchange services;  Generate investment ideas based on top and bottom ratings and subscores

 Approach IVA research focuses on the key ESG issues affecting each industry. Where an ESG issue does not apply to an industry, it is not analyzed for those industries. Industry-specific key issues are selected from pool of environmental, social and governance key issues:

 Methodology Our key issue rating model is built around approximately 30 key environmental, social, and governance issues from which we select up to five key issues for each industry that we have identified as having potential material impact on companies‟ financial performance. For each key issue, we have developed a model that includes standardized elements allowing companies across multiple industries to be evaluated on the same scales for issues they commonly face; at the same time, the models are flexible with regards to tailoring performance metrics to capture the industry-specific nature of companies‟ ESG risks and opportunities.

 Analyse process of informations

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012  Criteria  Sources of information Companies Exclusionary criteria Questionnaire: No No Rate of answer: N/A Sector-specific criteria Average time to answer: Yes, the approach is key issue based and Interviews: Yes on a need-be basis the selection is sector specific. However the Visits of sites: No key issue approach is also trans-sectoral ie performance on a specific key issue can be Stakeholders: Trade-unions, NGOs compared for sectors where it is a key issue Questionnaire: No (e.g. water stress) Interviews: on a need be basis Access to database and alert systems  Verification Public information: Yes, mainly through Validation data with stakeholders: companies‟ website, annual reports, Which: NGOs environmental and social reports, securities Trade-unions filings, and web-crawling proprietary tools Authorities Databases: Government Data: U. S. Environmental Protection Agency (EPA), U.S. Occupational Safety and Health Administration (OSHA) mainly but other European and Japanese database are used too Other: CDP, Nexis, Thomson Financial, central bank data etc.

 Rating review quarterly bi-annually annually Company ratings are updated on an annual cycle when all companies in its industry are reviewed. Between annual updates, a company‟s rating may be reviewed on an exceptional basis

 Alert system Yes

 Research and rating Schedule

 Financial performances

 SRI stocks Indexes

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MS MSCI ESG Impact Monitor

 Description and theme of products and services MSCI ESG Impact Monitor helps investors monitor company performance relative to global ESG- related norms and conventions, such as the United Nations Global Compact. Impact Monitor provides users with detailed scorecards of the ESG Controversies and Management practices of over 2500 companies worldwide.

 Speciality-ies  Enables monitoring of corporate violations of global standards, including UN Global Compact  Supports screening of portfolios for positive and negative ESG factors  Delivered in an online, modular format  Can support implementation of UN PRI signatory guidelines

 Objective The ESG Impact Monitor is designed for those clients requiring timely, consistent and comprehensive assessments of controversies involving publicly traded companies and how their operations and/or products negatively impact (if at all) relevant stakeholders.

 Approach The evaluation framework used in ESG Impact Monitor is consistent with international norms represented in numerous, widely accepted, global conventions, including the UN Declaration of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the UN Global Compact.

 Methodology The controversies analyzed fall within the following five stakeholder categories: 1. Environment Controversies related to a firm‟s impact on the environment. Factors affecting this evaluation include whether a company is involved in controversies related to land use and biodiversity, toxic spills and releases, energy and climate change, water management, operational non- hazardous waste, environmental impact of products and service, and management of supply chain environmental impact. 2. Customers Controversies related to a firm‟s customers. Factors affecting this evaluation include whether a company is involved in controversies related to anticompetitive practices, marketing and advertising, product quality and safety, and customer relations. 3. Human Rights & Community Controversies related to a firm‟s impact on the communities in which it does business. Factors affecting this evaluation include whether a company is involved in controversies related to support for controversial regimes, freedom of expression and censorship, and other human rights abuses and adverse impact on a community. 4. Labor Rights & Supply Chain Controversies related to a firm‟s employee relations and supply chain. Factors affecting this evaluation include whether a company is involved in controversies related to labor- management relations, employee health & safety, collective bargaining & unions, discrimination and workforce diversity, and management of supply chain employee relations standards. 5. Governance Controversies related to a firm‟s governance practices. Factors affecting this evaluation include whether a company is involved in controversies related to bribery, fraud and governance structures.

Guide to Sustainability Analysis Organisations 7 ORSE - March 2012

 Analyse process of informations

The overall company assessment signals whether a company has a notable controversy related to a company‟s operations and/or products, and the severity of the social or environmental impact of the controversy. A company‟s overall score is determined by the lowest of five controversy pillar scores.

A company‟s overall score maps to the following color-coded flagging system:

Red: Indicates that a company is involved in one or more very severe controversies.

Yellow: Indicates that the company is involved in severe-to-moderate level controversies.

Green: Indicates that the company is not involved in any major controversies.

This color coded flagging system is operative at the pillar, indicator and case level as well.

Guide to Sustainability Analysis Organisations 8 ORSE - March 2012  Criteria  Sources of information Companies Exclusionary criteria Questionnaire: No No Rate of answer: N/A Sector-specific criteria Average time to answer: No Interviews: Rarely  Verification Visits of sites: No

Validation data with stakeholders: Stakeholders: Trade-unions, NGOs Which: NGOs Questionnaire: No Trade-unions Interviews: Access to database and alert Authorities systems

Public information: Yes, mainly through companies‟ website and web-crawling proprietary tools Databases: Regulatory agencies (SEC, FDA, FTC etc), US EPA, UK Environmental Agency Data, etc. Other: Nexis, NGO website, Industry associations

 Rating review quarterly bi-annually annually

 Alert system Yes. The level of alert is defined by the client and can be tailored to its needs and centres of interest  Research and rating Schedule On a monthly basis, the MSCI ESG Research team conducts searches of media, government and NGO sources for any new information regarding the environmental or social impact of the companies in our coverage universe. Any noteworthy developments are added to a company profile. These controversies can be new or they can be updates to existing concerns. In special circumstances regarding high profile and high impact controversies, MSCI will update a company assessment on a more frequent basis. On an annual basis, MSCI ESG Research‟s analyst team conducts a full review of a company‟s controversies and how it manages the most serious of those controversies. The annual update process includes a review of company regulatory filings, corporate sustainability reports, company websites, regulatory compliance data and NGO websites.

 Financial performances

 SRI stocks Indexes

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MSCI ESG Business Involvement Screening

 Description and theme of products and services MSCI ESG Business Involvement Screening Research enables institutional investors to manage environmental, social and governance (ESG) standards and restrictions reliably and efficiently. Managers, advisers and asset owners can access the screening research via ESG Manager to satisfy client investment guidelines, implement client mandates, and manage potential ESG portfolio risks.

 Speciality-ies  Screening for positive and negative ESG factors  Pre-trade notifications of potentially restricted securities  Post-trade review and audit capabilities  ESG data delivery directly to trading platforms, compliance and order management systems, including APL, Charles River, Latent-Zero, Sentinel, Advent-Moxy and Vestmark  Flexible scheduling: daily, weekly, monthly, quarterly, annually

 Objective  Portfolio screening for religious, ethical and other relevant social and environmental criteria  Compliance with ESG guidelines, such as the United Nations Principles for Responsible Investment (UN PRI)  Integration of client ESG investment and divestment mandates, such as sanctions on investments in Sudan and Iran, and on involvement with the production of land mines and cluster bombs

 Approach

 Methodology MSCI ESG Research has a group of analysts dedicated to covering the 17 business activities cited above. The analysts are divided into three teams, each being responsible for a set of business activities, and led by an experienced analyst. MSCI provides a profile of each company‟s specific business involvement. The company profile includes details on the company‟s tie to the activity, any related corporate actions in the last three fiscal years, and ownership information if the company has ties, through a subsidiary or parent company, to the business activity in question. MSCI‟s analysts also provide the percent of total revenue derived from the business activity in question (if applicable).

 Analyse process of informations

Guide to Sustainability Analysis Organisations 10 ORSE - March 2012

 Criteria  Sources of information MSCI ESG Research provides lists of Companies companies involved in the following 17 business Questionnaire: No activities: Rate of answer: N/A Average time to answer: Exclusionary criteria Interviews: Yes Visits of sites: No • Abortion Providers • Abortifacients Stakeholders: • Adult Entertainment • Proprietary web-crawling technology • Alcohol • Company websites • Animal Welfare • Company Annual Reports and regulatory • Cluster Bombs filing documents • Contraceptives • Media search services • Firearms • Business directories • Gambling • NGO reports and websites • Genetic Engineering • Government agencies and disclosure • Landmines • Financial data providers • Nuclear Power • Direct communication with company • Pork

• Predatory Lending and CRA Research • Stem Cells  Rating review • Tobacco quarterly • Weapons Producers bi-annually annually Updates are annual but there are monthly Sector-specific criteria maintenance of corporate actions and additions and deletions.  Verification  Alert system Validation data with stakeholders: Which: NGOs Trade-unions Authorities

 Research and rating Schedule On an annual basis, MSCI ESG Research analysts conduct a full review of all companies in the MSCI business activity universe. The annual update involves a review of company regulatory filings, annual reports, and company websites. For certain business activities MSCI surveys companies in order to confirm involvement and the nature of the involvement. In addition, MSCI will review related NGO websites, if relevant. An annual calendar is available online for our clients.

 Financial performances

 SRI stocks Indexes

Guide to Sustainability Analysis Organisations 11 ORSE - March 2012

MSCI ESG Sovereign Ratings  Description and theme of products and services MSCI ESG Sovereign Ratings identify a country‟s exposure to and management of environmental, social, and governance (ESG) risk factors and explain how these factors might impact the long- term sustainability of its economy. By providing a long-term view on sustainability the ratings aim to complement traditional sovereign debt analysis for analyzing a country‟s credit worthiness.

 Speciality-ies  Transparency and robustness of methodology - Risk exposure and management approach  Broad universe of coverage (90 countries ie ratings on 99% of the sovereign bonds issued)  Custom weights and time series available  Screening capabilities on values based criteria and controversies

 Objective MSCI‟s ESG Sovereign Ratings serve as a companion to, and extension of, traditional sovereign debt ratings used to analyze a country‟s long-term creditworthiness. Ultimately, a country‟s ability to meet its future debt obligations depends on how well it manages its human and natural resources – and how effectively it converts these resources into productive goods and services.

 Approach

MSCI ESG Sovereign Ratings reflects how countries‟ exposure to and management of environment, social, and governance risk factors will impact the long term sustainability of their economies.  Environment (E): We assess the extent to which countries‟ long term competitiveness is affected by their ability to protect, harness, and supplement their natural resources.  Social (S): We assess the extent to which countries‟ long term competitiveness is affected by their ability to develop a healthy, productive, and stable workforce and create a supportive economic environment.  Governance (G): We assess the extent to which countries‟ long term competitiveness is affected by their institutional capacity to support long term stability and functioning of its financial, judicial, and political systems.

 Methodology

Guide to Sustainability Analysis Organisations 12 ORSE - March 2012

 Criteria  Sources of information Companies Exclusionary criteria Questionnaire: No Yes Rate of answer: N/A Sector-specific criteria Average time to answer: No Interviews: No  Verification Visits of sites: No

Validation data with stakeholders: Stakeholders: selected NGOs Which: NGOs Questionnaire: No Trade-unions Interviews: Access to database and alert Authorities systems

Public information: Ye Databases: UN agencies, Other:  Rating review quarterly bi-annually annually

 Alert system No  Research and rating Schedule Annual update

 Financial performances

 SRI stocks Indexes

Guide to Sustainability Analysis Organisations 13 ORSE - March 2012

MSCI ESG Indices

 Description and theme of products and services With over 40 years of expertise in index construction and maintenance, MSCI ESG Indices aim to set new standards allowing clients to more effectively benchmark ESG investment performance, issue index-based ESG investment products, as well as to manage, measure and report on their ompliance with ESG mandates.

 Speciality-ies MSCI is the only major index provider with a separate in-house ESG research business unit. Advantages • Control over the quality and content of the underlying research • Alignment between the research and the indices • Methodological consistency between conventional and ESG indices Differentiation • Experience: The longest ESG index track record – dating from 1990 with the MSCI KLD 400 Social Index – combined with MSCI‟s 40 years of index experience • Options: A broad range ESG indices for different types of investors • Integrated Business Model: MSCI does not source ESG research from third-party research firms or asset managers

 Objective MSCI ESG Indices are designed to help clients incorporate environmental, social and governance (ESG) factors into their investment decisions.

 Approach The MSCI ESG Indices are grouped into the following main categories: MSCI ESG ‘Best-in-Class’ Indices represent the performance of the investment opportunity set („ESG beta‟) of companies with high ESG ratings relative to their sector peers. They cover both global developed and the US markets. The indices target the highest ESG-rated companies making up 50% of the adjusted market capitalization in each sector of the underlying index, subject to the limitation that only companies with an ESG rating of „B‟ or above are eligible for inclusion. They are reconstituted annually at the May Quarterly Index Review and rebalanced at the August, November and February Quarterly Index Reviews. MSCI ESG ‘Values based’ Indices represent the performance of the investment opportunity set of socially responsible companies with high ESG ratings. They avoid investments in companies involved in certain industries, such as tobacco, nuclear power or GMOs. They also include the investment opportunity set of companies compatible with religious beliefs, moral standards, or ethical views, while excluding companies that are inconsistent with these values-based criteria. MSCI ESG ‘Universal Owner’ Indices represent the performance of the investment opportunity set of companies that comply with global norms of corporate behavior. The indices exclude a limited number of companies that violate these norms, such as producers of controversial weapons or companies involved in serious human rights abuses. MSCI ESG ‘Environmental’ Indices represent the performance of the investment opportunity set of companies that reflect specific environmental themes, such as renewable energy or clean technology. They include developed and emerging market, large, mid and small cap companies that derive 50% or more of their revenues from products and services in one of five environmental themes: alternative energy, clean technology, sustainable water, green building and pollution prevention. Custom MSCI ESG Indices are calculated using ESG criteria specified by clients. These indices can include established or client-defined ESG investment universes such as single-country, regional or international for developed and/or emerging markets. Custom MSCI ESG Indices can include companies whose products and services focus on specific environmental themes or are compatible with certain values. They can also include companies with high ESG ratings relative to their sector peers, integrating ESG analysis into the index construction process.

Guide to Sustainability Analysis Organisations 14 ORSE - March 2012

 Methodology Follow Transparent, Rules-Based Methodologies: The MSCI ESG Indices are rules-based indices combining the MSCI Global Investable Market Indices and data from MSCI ESG Research. They follow the regular MSCI Index review schedule, treatment of corporate events and integrate all the MSCI security level data.

 Analyse process of informations

 SRI stocks Indexes

BEST-OF-CLASS VALUES-BASED MSCI WORLD ESG INDEX SOCIALLY RESPONSIBLE MSCI AUSTRALIA ESG INDEX MSCI WORLD SOCIALLY RESPONSIBLE INDEX MSCI CANADA ESG INDEX MSCI EUROPE & MIDDLE EAST SOCIALLY RESPONSIBLE INDEX MSCI EAFE ESG INDEX MSCI EUROPE SOCIALLY RESPONSIBLE INDEX MSCI EMU ESG INDEX MSCI NORTH AMERICA SOCIALLY RESPONSIBLE INDEX MSCI EUROPE & MIDDLE EAST ESG INDEX MSCI PACIFIC SOCIALLY RESPONSIBLE INDEX MSCI EUROPE ESG INDEX MSCI USA SOCIALLY RESPONSIBLE INDEX MSCI KLD 400 SOCIAL INDEX MSCI EUROPE ex UK ESG INDEX RELIGIOUS MSCI JAPAN ESG INDEX MSCI USA CATHOLIC VALUES INDEX MSCI KOKUSAI ESG INDEX UNIVERSAL OWNER MSCI NORTH AMERICA ESG INDEX MSCI ACWI ex CONTROVERSIAL WEAPONS MSCI PACIFIC ESG INDEX MSCI CANADA ex CONTROVERSIAL WEAPONS MSCI PACIFIC ex JAPAN ESG INDEX MSCI EM ex CONTROVERSIAL WEAPONS MSCI UK ESG INDEX MSCI EUROPE ex CONTROVERSIAL WEAPONS MSCI USA ESG INDEX MSCI JAPAN ex CONTROVERSIAL WEAPONS MSCI USA LARGE CAP ESG INDEX MSCI PACIFIC ex CONTROVERSIAL WEAPONS MSCI USA MID CAP ESG INDEX MSCI PACIFIC ex JP ex CONTROVERSIAL WEAPONS MSCI WORLD ex AU ESG INDEX MSCI USA ex CONTROVERSIAL WEAPONS MSCI WORLD ex UK ESG INDEX MSCI WORLD ex CONTROVERSIAL WEAPONS MSCI WORLD ex USA ESG INDEX ENVIRONMENTAL MSCI USA IMI ESG INDEX MSCI GLOBAL ENVIRONMENT INDEX MSCI USA SMALL CAP ESG INDEX MSCI GLOBAL ALTERNATIVE ENERGY INDEX MSCI USA SMID ESG INDEX MSCI GLOBAL CLEAN TECHNOLOGY INDEX MSCI USA BROAD ESG INDEX MSCI GLOBAL GREEN BUILDING INDEX MSCI GLOBAL POLLUTION PREVENTION INDEX MSCI USA ESG SELECT INDEX MSCI GLOBAL SUSTAINABLE WATER INDEX

 Research and rating Schedule Maintenance follows the regular MSCI Quarterly Index Review schedule. The indices are reconstituted annually at the May Quarterly Index Review and rebalanced at the August, November and February Quarterly Index Reviews

 Financial performances

Guide to Sustainability Analysis Organisations 15 ORSE - March 2012

Client services

 Clients : MSCI ESG research is not allowed to disclose its clients list; however we do have clients amongst the biggest asset managers and asset owners worldwide

 Access to analysts for clarification of results at any time Each client is attributed a dedicated consultant who is available to answer any question that may arise using our research; when questions are complex and require it the consultant organizes a conference call with the analyst

 Information about changes in the analysis process Clients are noticed in advance by a client notification of any change to the methodology, product output, delivery system etc.

 Information about changes in the company's rating Sector updates are published monthly on a rolling basis on our research platform fully respecting a 12-months update cycle making it easy for clients to predict which sectors are going to be updated on a specific month. Clients also receive a quarterly newsletter informing them about new research, webinars and other events organized by MSCI ESG Research as well as new product launches and sectors that have been updated during the quarter. Moreover, MSCI ESG Research has developed an alert system that is managed by the client himself. The client therefore decides by himself which should be the triggers for an alert to be sent to him be it from a content perspective (change of rating, upward, downward, any type, etc.) or from a universe perspective (restraining alerts to some companies sectors, countries, etc.). Eventually, all clients systematically receive a notification when a major event occurs like an off- cycle downgrade of an issuer.

 Publication and confidentiality of results All MSCI ESG Research ratings appear on our research platform ESG Manager and are available to our clients. MSCI ESG Research doesn't sign confidentiality clauses with companies: we neither solicit nor receive confidential information from companies we analyse.

Guide to Sustainability Analysis Organisations 16 ORSE - March 2012 OEKOM RESEARCH Updated in March 2012

Activity: Sustainability Rating Agency Legal status: Unlisted joint-stock company Address: Goethestr. 28, 80336 Munich, Germany Telephone: +49-89-544184-90 Fax: +49-89-544184-99 E-mail: [email protected] Website: www.oekom-research.com

Activities

Products and services to investors Universe: MSCI World, MSCI Emerging Analysis/ rating Markets, Stoxx 600, important national indices. Investment research and consulting For details see below (products & services). Information provision Stock indexes Coverage Benchmarks Large-cap companies Alert system Non-listed large companies Portfolio screening Small and mid-cap companies Company profiles Non-listed SMEs Proxy voting services Investment projects Sector and thematic research reports Local authorities Participation in the creation of ethical Countries stock indexes

Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Organisation background and structure

History and experience oekom research grew out of the environmental publishing house ökom, which was founded in 1989. oekom research's environmental research activity started in 1993. In 1999 the environmental research division was hived off from ökom GmbH and brought into the specially created company oekom research AG. In 1999, oekom research developed the Corporate Responsibility Rating, the

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 system it uses to produce environmental and ESG ratings for large and mid cap companies. In 2001, the rating agency developed the Country Rating and the Potentials Research to analyze small caps with a strong link to sustainability. In 2011, financial services companies and institutional investors revert to our sustainability research for the selection of securities for mutual funds, segregated accounts and asset management mandates. We provide research for assets totaling more than 90 billion euros. The strength of our team of 41 employees guarantees the quality of our research and enables us to provide our clients with an individual service.

Geographical implementation Historically, oekom research is situated in Munich, Germany. Since October 2011, a representative office is present in Paris.

Structure of capital oekom research AG’s shareholders consist primarily of private investors (holding approx. 90 per cent of shares) together with a small group of institutional investors, which includes an environmental foundation, a publishing company and two religious orders. In order to safeguard the independence of oekom research AG, none of the companies we evaluate nor any financial service provider, which is one of our clients, features among our shareholders. Furthermore, the overwhelming majority of our shares are distributed in the form of registered shares with restricted transferability. The managing board only approves transfers, which do not interfere with the independence of the company.

Governance

- Board of Directors The board of directors is composed of Matthias Bönning and Robert Haßler. The supervisory board gathers three members: Prof. Dr. Thomas Dyllick, (St. Gallen University), Caspar von Hauenschild, (Transparency International), Jacob Radloff (ökom GmbH, Munich).

- Advisory Panel oekom research has enlisted an advisory board, counting 11 people at the end of 2011. The members’ composition is available on its website.

- Deontology oekom research AG is committed to a wide set of principles, available in detail on its website. The principles cover oekom’s understanding of sustainability, a code of conduct, principles of sustainability rating, an independence policy, a confidentiality statement, a public disclosure policy, and a stakeholder policy. oekom is also committed to the AI CSRR standards.

Staff structure - Total staff: 41 - Number of full time analysts: 29 - Number of full time auditors: -- - Subcontracting: no

Memberships AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (Sustainable Investment Forum): Germany, UK, France PRI (Principes Responsible Investment) Academics network, specify:

Professional partnerships Corporate Responsibility Interface Center (CRIC), Forum Nachhaltige Geldanlagen (FNG - Association for SRI in the German speaking countries).

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012 Partnerships with producing organisations of stock indexes The Global Challenges Index, a sustainability Index, has been developed in cooperation between oekom research and the Hanover stock exchange.

University Partnerships oekom cooperates with the following universities and institutions in research and teaching projects: Center for Sustainability, Nyenrode Business Universiteit ; ESADE Barcelona ; European Centre for Corporate Engagement (ECCE), Maastricht University ; Globe Business College Munich ; Ludwigs- Maximilians-Universität München ; Reutlingen University ; Sustainable Business Institute (SBI), European Business School ; Technische Universität München ; University of Augsburg ; University of Hamburg ; University of Stuttgart ; University of New Brunswick, Canada; HEC Paris, France.

Products and Services

Description and theme of products and services The oekom team of analysts regularly evaluates around 3,100 companies. In the process, oekom provides complete coverage of international indices such as the Stoxx 600, the MSCI World and the MSCI Emerging Markets as well as numerous national indices such as, for example, the DAX family, the ATX, the SMI and the CAC40. The oekom Universe additionally comprises sustainability leaders outside these indices as well as small & mid caps drawn from sectors with links to sustainability (e.g. renewable energies, recycling, water treatment) and significant non-listed bond issuers. oekom also provides its clients with country sustainability ratings of over 50 countries.

Overview on oekom’s main products and services: oekom Responsible Investment Advisory: Support in developing an ESG investment strategy including best-in-class approach and exclusion criteria. oekom ESG Portfolio Check: Analysis of existing investments and/or products in terms of implementation of the ESG investment strategy. Universes: Compilation of investable universes (shares, mortgage bonds, government bonds) from the oekom Universe, based on customer specifications (best-in-class approach, exclusion criteria). oekom Client Portal: Access to all corporate / country rating reports. Internet-based database with various download and analysis options. oekom Responsibility Benchmarking & Information Tool (ORBIT): User-friendly online benchmarking application based on the oekom Corporate Rating and including: detailed ESG benchmarking on an indicator level, individual definition of peer groups, easy identification of company ESG strengths and weaknesses, overview on sector and universe performance per indicator. oekom Alert Services and oekom Studies: The latest news on changes in company and country ratings, plus studies on social and environmental issues such as genetic engineering and microfinance. oekom Engagement Compass: Support regarding the development and implementation of an active engagement strategy, including defining engagement targets, selecting target companies, comprehensively documenting shortcomings in their sustainability management systems, drafting written proposals and monitoring implementation of agreed measures. oekom Controversial Weapons Monitor: Comprehensive and up-to-date collection of data on around 200 companies from all parts of the world, for which there are reasonable grounds to suspect that they manufacture controversial weapons.

Speciality-ies

Objective oekom aims to provide its clients with as large as possible an universe of companies which are performing well in terms of sustainability and thereby to provide a comprehensive basis on which to organize sustainable capital investments and investment products.

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012 Approach From initial screening to a sustainable investment universe‚ oekom helps its clients to implement their individually tailored sustainability concept. Using the developed sustainability criteria, oekom conducts a preliminary analysis of the existing portfolios (initial screening) and advises its clients on the staged restructuring of their securities. For new portfolios, oekom provides an investment universe that contains the stocks and bonds that match precisely its client’s sustainability criteria. This universe will then provide the asset managers with a basis to assist them in the investment process.

Methodology The oekom Corporate Rating provides a detailed assessment of a company’s environmental, social and governance (ESG) performance. In order to be able to analyse comprehensively the diverse environmental and social challenges relating to the activities of companies, oekom has developed a pool of approximately 500 indicators. For each company, an average of 100 indicators are selected from this pool on an industry-specific basis so that a targeted evaluation of the problems specific to that company can be carried out. All criteria are individually weighted and evaluated and finally aggregated to yield an overall score. The results provide a ranking of the companies examined within an industry, from which the leaders in that industry are identified. The overall analysis is graded on a twelve-point scale from A+ (the company shows extraordinary performance) to D- (the company shows no or very little engagement). oekom research uses an absolute best-in-class approach. Only companies which meet predefined industry-specific minimum requirements are awarded the oekom Prime Status. By contrast, a relative best-in-class approach defines a certain percentage of all companies as best-in-class. The social and environmental impacts of industries differ. Therefore, the higher their negative environmental and social impacts are, the higher are the expectations regarding their sustainability management and the higher is likewise the minimum rating in order to achieve the oekom Prime Status.

Analyse process of informations

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012

Criteria Sources of information •Number of indicators in database > 500 Companies •Number of indicators used in the rating of a The process (as shown above) of information particular industry > 100 collection is as follows: after a new update of sectorwise criteria, the oekom research team Exclusionary criteria first proceeds to a thorough information Each company is checked against the search of publicly available company following exclusion criteria: information and of information from other • Abortion stakeholders. After that, a detailed feedback • Alcohol process is engaged with the company, based • Biocides on a first draft report provided by oekom, • Chlororganic Mass Products before completing the final rating report. • Embryonic Research • Gambling Stakeholders: Trade-unions, NGOs • GMOs Questionnaire: no Interviews: by telephone • Military

• Nuclear Power Public information: yes • Pornography Databases: yes • Tobacco • Animal Testing Rating review • Business Malpractice quarterly • Child Labor bi-annually • Controversial Environmental Practices annually • Human Rights Violations • Labor Rights Violations oekom has implemented a staged update process: Sector-specific criteria •Continuous integration of incidents such as The ratio of industry-specific indicators to controversies or mergers. general indicators is approximately 35 - 65 •When a new CSR report is published by a company, the information is integrated within 3 Verification months. •An annual update is carried out without Validation of data with stakeholders: company contact. Which: NGOs •Every two years, a thorough update including Trade-unions company contact is carried out. Authorities Alert system Oekom provides its customers with alerts when an important event occurs concerning companies within its rating universe. Research and rating Schedule See above

Financial performances From time to time, oekom publishes performance studies, like the one in cooperation with HVB in 2007 (http://oekom-research.com/index_en.php?content=studien).

SRI stocks Indexes oekom research participates as a research partner in various client specific SRI Indexes, as well as in the Global Challenges Index (GCX) of the stock exchanges of Hamburg and Hanover (Further information may be found at www.gcindex.com).

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012 Client services

Clients oekom is a partner of various asset managers and institutional investors. Please refer to our website for further details.

Access to analysts for clarification of results at any time Yes

Information about changes in the analysis process Yes

Information about changes in the company's rating Yes

Publication and confidentiality of results Main results of sector studies are published continuously via press releases. Each company receives its rating results free of charge.

Guide to Sustainability Analysis Organisations 6 ORSE - March 2012 Nom du document : Oekom Form 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\2 Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 09/11/2011 09:55:00 N° de révision : 12 Dernier enregistr. le : 02/03/2012 14:52:00 Dernier enregistrement par : rapports Temps total d'édition : 155 Minutes Dernière impression sur : 02/03/2012 16:20:00 Tel qu'à la dernière impression Nombre de pages : 6 Nombre de mots : 2 220 (approx.) Nombre de caractères : 12 210 (approx.)

SUSTAINABLE INVESTMENT RESEARCH INSTITUTE PTY LTD (SIRIS) Updated in March 2012

Activity: Research Organisation Legal status: Company Address: Level 9, 99 William Street, Melbourne Australia Telephone: 61 3 8621 2000 Fax: 61 3 8621 2001 Contact: E-mail: [email protected] Website: www.siris.com.au

Activities Products and services to investors Universe: ASX300+, NZSE50 +, Analysis/ rating MSCI World - Asia Developed and Emerging Investment research and consulting markets Information provision Stock indexes Coverage Benchmarks Large-cap companies Alert system Non-listed large companies Portfolio screening Small and mid-cap companies Company profiles Non-listed SMEs Proxy voting services Investment projects Sector and thematic research reports Local authorities Participation in the creation of ethical Countries stock indexes

Products and services to companies Universe Analysis/ rating Sector and thematic research Coverage Information provision Large-cap companies Consulting Non-listed large companies Certification Small and mid-cap companies Audit Non-listed SMEs Benchmarks Investment projects Training Local authorities Writing Sustainable Development Countries reports or other, specify: Other services Contribution to conferences Communication – Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Organisation background and structure

History and experience Created in 2000, The Sustainable Investment Research Institute (SIRIS) was established following a capital provided by institutional and private investors. SIRIS is a dedicated research group that provides corporate sustainability and governance research to investors, lenders and other providers of capital.

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012 SIRIS research focuses on analysing corporate social (including environmental) responsibility performance, risk and opportunity, and corporate governance and thus, each entity’s long term licence to operate successfully (sustainability).

Geographical implementation SIRIS is based in Melbourne, Australia

Structure of capital SIRIS is an independent, private, for-profit company owned by its staff and Board.

Governance

Board of directors: Mr Charles Macek, Independent Chairman, Dr Don Stammer, Non-executive Director and Mr Mark Bytheway. CEO, Executive Director. Director profiles may be viewed at the SIRIS website.

- Deontology: SIRIS defined compliance procedures to assure the transparency of its research process, to assure the confidentiality of information and data on the ongoing research process and to prevent conflicts of interest. SIRIS’ SRI research outcomes are subject to validation.

All aspects of the internal assessment process have been peer-reviewed. Following completion of the research process, SIRIS engages both specialist Alliance Groups to review profiling outcomes to confirm: - That relativities are appropriate and meaningful, i.e. rankings and ratings reflect meaningful and demonstrable differences in profile; - The optimality of the research and process; and - Review for bias and potential conflicts (of interest).

Annual income N/A

Staff structure - Total number staff: 11 - Number of full-time analysts: 6 - Number of part-time analysts: 3 SIRIS’ analyst responsibilities are allocated on both geographic and sector responsibility basis and also variously have client and product management and reporting responsibilities. - Subcontracting: No

Analysts’ experience Background* Previous experience* Experience on the job Financial: 30% Corporate: 20% 1 to 5 years: 70% Environmental: 70% Financial analysis: 30% 5 to 10 years: 30% Social: 10% NGOs: 10% Government & Academics: 55% * Some staff have a background and experience in more than one category.

Memberships : AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (RIAA – National Sustainable Investment Forum) PRI (Principes Responsible Investment) Academics network, specify:

SIRIS also participates in seminars and forums and advisory such as, Australian UNEP Advisory Committee, GRI and attendance at and presentation to various conferences such as TBLI, ASrIA, RIAA, NZ CSRI, Securities Institute of Australia, Minerals Council etc.

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012

Professional partnerships

SIRIS is a founding 25% shareholder in a Pan-Asian research initiative, Asian Sustainable Research Alliance LLC (ASRA). ASRA joins 3 Asian based ESG research providers and a US-based and market technology group.

ASRA brings together over 100 dedicated staff, Asian coverage of over 2,500 companies and a local presence in Australia, China, Indonesia, Malaysia, Korea and Singapore, as well as the United States.

ASRA is developing specialised Asian ESG research services and investment strategies. It has developed an online Asian ESG database and is developing a range of investment research products and strategies, including indices for local, regional and global investors.

ASRA enables SIRIS to participate in and offer a range of ESG services based on a unique Asian research network. ASRA specifically enables SIRIS to: market its services through the ASRA network; participate in and market the services and capabilities of ASRA partners; participate and market an extended Asian research coverage; and share resources and access experienced lower cost labour markets.

Other ASRA partners are, Ecofrontier, OWW Consulting, and Phoenix Global Capital.

University partnerships: Nil

Products and Services

Description and theme of products and services

SIRIS focuses on Pan Asian research coverage. In 2011, SIRIS covered approximately 1000 companies within its database, including all companies within the ASX300, NZSX50 and MSCI World Asia indices. This also included more than 550 profiles (large cap companies and sustainability ratings to 550 large-cap companies, approximately 30 non-listed large companies and to approximately 400 small and medium cap companies. In addition SIRIS provided research coverage of approximately 100 companies providing sustainable technologies, products and services, including Cleantech.

SIRIS products include: - Research – company profiles/data/ratings/rankings, thematic research, controversy monitoring - Corporate Governance – proxy voting research, data

Speciality-ies SIRIS is a specialist, Asian research group – i.e. we focus only on Asia and engage native Asian language speakers as part of our research process. As such, SIRIS seeks to provide clients with complete ESG research and engagement solutions.

As a consequence of our, cultural and analytical experience, native Asian speakers and regional location, SIRIS is increasingly being asked to participate and assist in engagement with Asian- based companies.

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012 Objective SIRIS provides investment research to wholesale and retail investors, lenders and other users of financial analytical data. This research focuses on analysing corporate social (including environmental) responsibility performance, including sustainability risk and opportunity analysis. SIRIS' research is designed to result in drawing social and environmental risks and opportunities roadmaps. SIRIS does not prepare a proprietary (SIRIS) rating. Client specific ratings are prepared based on client criteria and weightings utilising SIRIS’ PrSIM database.

Approach The SIRIS assessment process involves a focus on “global best practice”. Information provided to SIRIS is evaluated on the basis of comprehensiveness and quality and the extent to which it reflects a company’s commitment to these values. The comprehensiveness and availability of information reflects a commitment to transparency and accountability.

Methodology SIRIS applies an analytical model to conceptualise and enable assessment and of corporate sustainability. The result of this analysis is used to identify and assess opportunities and risks, and determine levels of transparency and accountability. The SIRIS model captures global best practice incorporating sustainability risk and opportunity measurement, reporting and management. SIRIS offers company profiling, Portfolio compliance services and Client specific rankings depending on client demand.

Analyse process of informations SIRIS’ research analytical process is set out diagrammatically in Appendix 1.

Criteria SIRIS applies ratings to client portfolios based on client specific criteria and instructions.

Sustainability Values The five key sustainability issues and values used by SIRIS in assessing sustainability are:

- Environmental Impacts and Aspects: Analysis of internal and external environmental aspects and resulting impacts from organisational operations and their management.

- Workplace Practices: Analysis of occupational health and safety and human resources.

- Product Quality and Stewardship: “Design for Environment” and “cradle to grave” life cycle assessment of the impacts of products and services, including quality issues are assessed as part of this value. Product sustainability profiling is also undertaken.

- Corporate Regulatory Compliance: Analysis of the role of regulation in organisational sustainability and the manner in which an organisation manages and responds to its particular regulatory compliance regime.

- Corporate Governance: Analysis of organisational commitment to transparency and accountability through the application of established ‘norms’ of best practice in corporate governance.

Sustainability Drivers The three key sustainability drivers used by SIRIS to measure performance are:

- Strategy and policy: highlighting and profiling strategic planning and management. - Systems and resources: highlighting and profiling a company’s capability and capacity to successfully implement corporate strategy. - Past performance: demonstration of commitment, foresight and vision as an indicator of corporate culture, as well as an organisation’s ability to confront and resolve issues.

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012 Criteria screening Sources of information Exclusionary criteria can be applied, but this Companies depends on client requirements including the Questionnaire: No longer number of type and level of criteria. SIRIS is SIRIS has developed a web-based- free to able to apply any combination of criteria and access which enables companies to levels within its core database. respond to specific prompts designed to highlight company risks and the Sector-specific criteria: SIRIS does utilise management thereof including respective sector-specific criteria and can apply a best-of- sustainability initiatives, processes and sector approach. However, again, this depends ambitions. SIRIS also offers to send on client requirements. company data profiles to each company Rate of answer: n/a Whilst some industry specific issues are Average time to answer: necessarily isolated and analysed, the SIRIS Interviews: frequently assessment process accounts for “nature and Visits of sites: occasional scale” of company operations. As a consequence, a company’s level of Stakeholders: Trade-unions, NGOs, commitment, resources and past performance Questionnaire: No and other indicators and metrics can be Interviews: systematically indexed on the basis of company size. This Public information: A wide range of media more effectively enables comparison of is systematically reviewed frequency companies and thus, ratings, against all others, depending on information source and rather than on an industry basis only. refresh timetable Databases: Regulatory, Financial and Media databases and specialised research engines (e.g.: PrSIM and SIRI Company)

Verification Rating review* SIRIS communicates all data and resultant quarterly analysis to the subject company for discussion bi-annually before rating: Yes, SIRIS makes all data annually available to companies under review. Validation data with stakeholders: Yes, * As negotiated with clients

Which: NGOs Alert system Trade-unions Authorities SIRIS maintains a two-part alert system; (i) a controversy monitoring service: which is conducted weekly and provides alerts based on client agreed concerns and thresholds (ii) Issue Alert Service: where information is received that alters a rating or is material. These are based on client agreed criteria.

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012 Research and rating Schedule Research and rating schedules are based around the following parameters; Company reporting timetables - with a Pan-Asian focus, across Asia, SIRIS’ research universe is reflects a range of reporting times. Client rating requirements - as research and ratings are client specific, ratings are updated based on client specified frequency Research analyst responsibilities

Thus, the annual research planning process is organised around the following; Company reporting dates Products (e.g. proxy voting advice) Analyst responsibilities

Financial performances SIRIS only tracks historic financial information e.g. balance sheet ratios and some P&L information e.g. total revenue, revenue by segment, NPAT, NP EBIT, EBITD and net cashflow.

SRI stocks Indexes No

Client services

Clients: Pension funds, investment funds, asset managers and global research providers in Australia and New Zealand (45%), Europe (40%), and US (5%).

Access to analysts for clarification of results at any time: Yes, analysts are responsible for discussion of research for their particular industry sector. Analysts are also assigned client management and reporting responsibilities.

Information about changes in the analysis process: Yes

Information about changes in the company's rating: Yes, Clients are informed via SIRIS’ Issue Alert service. SIRIS provides immediate notification of any rating change and the underlying reasons if required as part of contractual services.

Publication and confidentiality of results: SIRIS does not develop a generic rating or ranking per se, but rather develops client-specific outcomes, based on client requirements. In these circumstances, the rating outcomes belongs to the client and it is not for SIRIS to publish without the permission of the client.

Guide to Sustainability Analysis Organisations 6 ORSE - March 2012 Nom du document : SIRIS Form 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\3 Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 24/01/2012 10:28:00 N° de révision : 10 Dernier enregistr. le : 02/03/2012 14:55:00 Dernier enregistrement par : rapports Temps total d'édition : 16 Minutes Dernière impression sur : 02/03/2012 16:22:00 Tel qu'à la dernière impression Nombre de pages : 6 Nombre de mots : 2 337 (approx.) Nombre de caractères : 12 855 (approx.)

SUSTAINALYTICS Updated in March 2012

Activity: Responsible Investment Research firm Legal status: Company Address: Office in France: 27, Avenue de l’Opéra, 75001 Paris Telephone: +33 6 24 60 96 49 Fax: +31202050099 Contact: Antonio Celeste, Director of Institutional Relations, Paris E-mail: [email protected] Website: www.sustainalytics.com

Activities

Products and services to investors Universe: Analysis/ rating Coverage of major global indices (developed Investment research and consulting markets and emerging markets) Information provision Stock indexes Coverage Benchmarks Large-cap companies Alert system Non-listed large companies Portfolio screening Small and mid-cap companies Company profiles Non-listed SMEs Proxy voting services Investment projects Sector and thematic research reports Local authorities Participation in the creation of ethical Countries stock indexes

Products and services to companies ► Universe: Coverage of major global indices Analysis/ rating (developed markets and emerging markets) Sector and thematic research Information provision Coverage Consulting Large-cap companies Certification Non-listed large companies Audit Small and mid-cap companies Benchmarks Non-listed SMEs Training Investment projects Writing Sustainable Development Local authorities reports or other, specify: Countries

Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other:

Organisation background and structure

History and experience Sustainalytics has been active in responsible investment and traditional socially responsible investment markets for almost 20 years, with Dutch Sustainability Research (the Netherlands) and Jantzi Research (Canada) being the two oldest entities which merged in August 2009. Founded by

Guide to Sustainability Analysis Organisations 1 ORSE – February 2012 Michael Jantzi in 1992, Jantzi Research became a pioneer in the field of ESG research and the leading provider of research and services to responsible investors in Canada. In August 2009, the company merged with its Amsterdam-based research partner, Sustainalytics, to form a new global firm branded as Sustainalytics. Today, Sustainalytics is a leading global provider of environmental, social and governance (ESG) research and analysis for investors and financial institutions. We provide a global perspective, underpinned by nearly 20 years of local experience and expertise in the responsible investment market. Sustainalytics strives to continuously provide high-quality solutions and commits to remain responsive to the current and future needs of our clients. In 2010, Sustainalytics was voted Best ESG Research House by IPE/TBLI in 2010.

Geographical implementation Sustainalytics is headquartered in Amsterdam, has offices in Boston, Frankfurt, Madrid, Paris, Timisoara and Toronto; and has representatives in Brussels and Copenhagen.

Structure of capital Sustainalytics is owned by Triodos Bank, PGGM, ABN AMRO, renewal partners, Michael Jantzi and senior staff.

Governance

- Executive Team: Sustainalytics’ Executive Team includes Michael Jantzi (CEO), Bob Mann (COO), Diederik Timmer (Managing Director Europe), Hans-Ulrich Beck (Global Director, Research), Simon MacMahon (Global Director, Advisory Services) and Nynke Doorenbos (Global Director, Human Resources and Operations)

- Board members: Sustainalytics’ Board members are Else Bos (PGGM), Alan Broadbent (Avana Capital), Bas Ruter (Triodos), Glen Saunders (PRI) and Mike Musuraca (pension and corporate governance consultant)

- Deontology: Sustainalytics defined compliance procedures to assure the transparency of its research process, to assure the confidentiality of information and data and to prevent conflicts of interest. The company has developed and operates a quality management system (QMS) that covers all research activities. Furthermore, Sustainalytics is a member of the Association for Independent Corporate Sustainability and Responsibility Research (AI-CSRR).

- Annual income: N/A

Staff structure - Total staff: 90+ - Number of full time analysts: 50+ - Number of full time auditors: N/A - Subcontracting: N/A

Memberships AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIFs (Sustainable Investment Forum) in the US, Canada, Australasia, Belgium, France, UK, Eurosif, Netherlands, Germany, Spain, Denmark. PRI (Principes Responsible Investment) Academics network, specify:

Professional partnerships In 2011, Sustainalytics formed a strategic partnership with Sustinvest, Korea’s leading responsible investment research and consulting firm. Together, the two firms provide responsible investors in Korea with global environmental social and governance (ESG) analysis. The firms will also be exploring new products and services for the Korean market, including an ESG ranking of Korean companies that will be published in 2012.

Guide to Sustainability Analysis Organisations 2 ORSE – February 2012

Partnerships with producing organisations of stock indexes STOXX Limited launched the STOXX Global ESG Leaders Index family, an innovative series of ESG (environmental, social and governance) indices which is based on sustainability analysis provided by Sustainalytics. The new index family will set standards in terms of full transparency and comprehensiveness in the ESG indexing space.

University Partnerships Sustainalytics has established partnerships with several universities around the world, including Erasmus University and the University of Tilburg (NL), the Ivey School of Business of the University of Western Ontario and the Schulich School of Business (Canada).

Products and Services

Description and theme of products and services Sustainalytics is fully dedicated to providing ESG research and services for our clients, our service offering allows for a large degree of flexibility. Sustainalytics provides clients with (pro-)active support and encourages them to make full use of the knowledge of our senior staff, sector specialists and analysts.

Solutions for investors (research and analysis) ♦ Company Research (Global Platform) ♦ Country Research ♦ Industry Reports ♦ Thematic Research ♦ Indexes ♦ Global Compact Compliance Service ♦ Controversial Weapons Radar

Solutions for investors (advisory) ♦ Responsible Investment Policy Development ♦ PRI Advisory Service ♦ Engagement support ♦ Portfolio reviews, screening and compliance

Solutions for corporate (benchmarking and training) ♦ GRI Training courses ♦ Sustainability Industry Intelligence ♦ Sustainability Competitor Intelligence ♦ Sustainability Stakeholder Intelligence ♦ Sustainability Market Intelligence

Solutions for civil society ♦ Partnership, donor and sponsorship risk assessments

Speciality-ies Sustainalytics primarily provides ESG research to financial institutions such as banks, asset managers, mutual funds, and pension funds

Objective We help clients turn vast quantities of environmental, social and governance information into insightful, value-added analysis to enable more informed investment and business decisions.

Approach Sustainalytics has a wealth of experience in working together with a diverse set of clients and we fully understand the specific needs of institutional clients and investment issues around Environmental, Social and Governance (ESG) topics. Sustainalytics believes in a full service

Guide to Sustainability Analysis Organisations 3 ORSE – February 2012 approach: our wide range of products and services combined with a dedicated and experienced staff are essential parts of this full service concept. We believe the following aspects are representative of what Sustainalytics stands for:

♦ Independent and Completely Dedicated to Conducting Research We are an independent firm that conducts research and analysis on the sustainability performance of companies. We have no in-house portfolio or asset management activities.

♦ Experienced and Highly Educated Analysts In total, Sustainalytics has more than 50 in-house analysts conducting research. Our analysts are located in Amsterdam, Boston, Frankfurt, Madrid, Timisoara, and Toronto.

♦ Objectivity and Quality Sustainalytics has a stringent Quality Management System (QMS) that ensures clients receive research that is objective and meets the highest quality standards.

♦ Active Dialogue As part of the standard research process, we conduct an active dialogue with all companies we research. Sustainalytics has many years of experience in this field, and we have longstanding relationships with the relevant individuals at companies.

♦ Innovative and Client Focused Sustainalytics sees working with clients as a partnership, and has extensive experience in translating complex requirements into tailored and easy to use products and services.

Methodology Sustainalytics thoroughly evaluates and analyses companies on their ESG performance using targeted sector-specific ESG indicators. Our analysis is supported by a comprehensive set of data gathered through a variety of primary and secondary sources, and specialized third-party data providers. We apply a rigorous quality assurance process through which we engage with companies to verify facts and clarify information.

The Sustainalytics model incorporates between 60 and 100 indicators, weighted according to the industry in which they are operating. These include a broad range of core and industry-specific indicators that address sustainability policies, management systems and performance outcomes. The research process consists of: 1. Collection of company information; 2. Screening on controversies; 3. Dialogue with company; 4. Collecting stakeholder information; 5. Internal quality control; 6. Submitting draft profile to company for feedback; 7. Quality control.

Analyse process of informations

Guide to Sustainability Analysis Organisations 4 ORSE – February 2012

Criteria Sources of information Companies Exclusionary criteria News reports, NGO reports, company The following product indicators may be reports, legal documents, company included in the screening criteria used by our feedback: systematically clients: Rate of answer: rate higher in development Adult entertainment markets (50-75%), emerging markets Alcohol (bottom part of that range) Controversial Weapons Average time to answer: 4 weeks Firearms Interviews: occasionally Fur and Specialty Leather Visits of sites: occasionally Gambling Genetically Modified Organisms Stakeholders: Trade-unions, NGOs Military Contracting Questionnaire: occasionally Nuclear Power Generation Interviews: occasionally Nuclear Power Related Services Pesticides Public information: systematically Tobacco Databases: newspapers, newspaper databases (e.g. Factiva), social and Whether or not these criteria are used for environmental databases, financial exclusions depends on the clients’ screening databases (e.g. Capital IQ), government criteria. Sustainalytics tracks involvement in databases, specific search engines, etc. these areas in order to assist its clients in applying their criteria. Rating review quarterly Sector-specific criteria bi-annually Sustainalytics’ analytical framework and ESG annually metrics are based on a wide variety of international initiatives and frameworks, Alert system ranging from international standards for ESG- Yes. Sustainalytics offers the alert service to related management systems, initiatives such provide investors with a report that lays out as the Global Compact, international companies’ controversies and incidents. We conventions such as the ILO labour standards, collect and classify relevant information from certification schemes, and multi-stakeholder over 4.000 news sources on a monthly initiatives that have produced sector specific or basis. The alert service contains timely, thematic standards. relevant and sourced information. This Sustainalytics’ robust analytical framework means that our focus is on getting the news addresses a broad range of macro-level ESG issue to clients regularly, so that they can issues and trends that have a significant, and take it into account in their investment material, impact on each industry and processes. The information is identified company, creating both risks and opportunities based on relevance with Environmental, for investors. Social and Governance criteria set, and Sustainalytics makes use of an extensive classified into themes. research framework through a template of indicators, including some industry specific indicators and some generic indicators that are applied to each company in the given industry. Each template typically includes 70-90 indicators. The scores for each indicator are aggregated using a weighting matrix to produce scores at the topic and theme levels and for the company overall. The weights can be fully customised to clients’ needs and preferences.

Verification Companies have the opportunity to provide feedback on their profile. Validation data with stakeholders: Which: NGOs Trade-unions Authorities

Guide to Sustainability Analysis Organisations 5 ORSE – February 2012

Research and rating Schedule Average time of analysis by organization: 20 hours The rating process planning is organized by peer group.

Financial performances Sustainalytics does not track financial performance of companies.

SRI stocks Indexes The Jantzi Social Index was created in 2000 and gathers 60 companies from S&P/TSX composite index. The index is monitored constantly and undergoes a full review on a quarterly basis.

Client services

Clients ♦ Investors: pension funds, investment funds, asset managers, insurance companies ♦ Corporates: Listed and non-listed companies ♦ Civil society: NGOs, charities

Access to analysts for clarification of results at any time Yes. Clients are encouraged to have direct contact with our analysts for clarification, additional information or support for the implementation of ESG criteria in the investment process. Analysts support is considered part of our partnership with clients.

Information about changes in the analysis process Yes, Sustainalytics informs clients about process changes. In case of major changes, clients are consulted before these changes are implemented (case-by-case basis).

Information about changes in the company's rating Yes, clients receive a monthly alert report that emphasizes a company’s latest controversies or incidents.

Publication and confidentiality of results ♦ Company’s ratings are not disclosed publicly. ♦ Sustainalytics does not sign confidentiality clauses with companies.

Guide to Sustainability Analysis Organisations 6 ORSE – February 2012 Nom du document : Sustainalytics Form 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\3 Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 15/11/2011 15:45:00 N° de révision : 15 Dernier enregistr. le : 02/03/2012 14:52:00 Dernier enregistrement par : rapports Temps total d'édition : 23 Minutes Dernière impression sur : 02/03/2012 16:23:00 Tel qu'à la dernière impression Nombre de pages : 6 Nombre de mots : 2 370 (approx.) Nombre de caractères : 13 039 (approx.)

THE GOOD BANKERS CO., LTD Updated in March 2012

Activity: Investment advisory Legal status: Company Address: Asako Kyobashi Building 10th Floor, 1-6-13 Kyobashi, Chuo-ku, Tokyo 104-0031 - Japan Telephone: +81-3-3538-6231 Fax: +81-3-3538-6233 E-mail: [email protected] Website: www.goodbankers.co.jp

Activities

Other services Contribution to conferences Communication - Publication Stakeholder dialogue Contribution to sustainability reports Engagement / Dialogue with companies Other: Planning and developing SRI products and key indicators.

Organisation background and structure

History and experience The Good Bankers Co., Ltd. was established on 14th July 1998 by Ms. Mizue Tsukushi and her highly motivated female friends who wanted to apply their experiences in the financial services industry in solving the environmental and social problems. It was the first and only independent investment advisory company in Japan, fully devoted to social investment research, at the time of its foundation, and is still in the leading position in Japanese SRI Industry.

Guide to Sustainability Analysis Organisations 1 ORSE - March 2012

Geographical implementation Current main coverage is Japanese companies, and we are attempting to expand the research into other Asian areas.

Structure of capital Most of shares owned by President & CEO with the remaining shares held by individual supporters and a few business partners.

Governance

- Board of Directors: disclosed in the company brochure

- Advisory Panel: an advisory committee consists of with: Scientists, journalist, NPO, ex- government officials and retired business persons.

- Deontology: The Good Bankers’ Evaluation Committee comprises of President & CEO, Director and external advisors mentioned. The Good Bankers’ Evaluation Committee conducts quality control of all the research and ratings, including verification of data and sources of such data, assessment process, other factors not covered by research analysts, etc.

- Annual income: N/A

Staff structure - Total staff: 19 - Number of full time analysts: 5 (2 CFA status – Certified Financial Analyst) - Number of part-time analysts: 5 (2 CFA status – Certified Financial Analyst) - Number of full time auditors: 0 (Number of part-time auditors:1) CEO and Evaluation committee supervise the research department. 5 full time research analysts and 5 part-time research analysts cover both environmental and social research. - Subcontracting: None

Memberships

AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif National SIF (Sustainable Investment Forum) PRI (Principles Responsible Investment) Academics network, specify: The Good Bankers is also member of UNEP-FI, ASrIA, the NGO, Amnesty International, and so on.

Professional partnerships: None, in-house research

Partnerships with producing organisations of stock indexes: None

University Partnerships: The Good Bankers has built a global network of strategic alliances with many leading SRI research institutes, top-ranked universities, SRI financial institutions, technical experts and journalists in the world. Joint SRI research and joint marketing are implemented on a project-by-project basis. • University of Tokyo, Centre for Collaborative Research (Japan) • Ochanomizu University Life-World watch Center (Japan) • Kyoto University (Japan) • Aoyama Gakuin University (Japan) • Wuppertal Institute for Climate, Environment and Energy (Germany)

Guide to Sustainability Analysis Organisations 2 ORSE - March 2012

Products and Services

Until 2010, the Good Bankers analyzed approximately 1,030 companies.

Description and theme of products and services Plan and develop SRI products and research environmental and social performance of companies both in Japan and globally.

Main Products and services: Eco Fund – update grades ranking the companies’ environmental activities enabling fund managers to decide which the Eco Fund should invest in.

Family Friendly Fund – update grades ranking the companies’ human resource management enabling fund managers to decide which the Family Friendly Fund should invest in.

Speciality-ies First mover in developing SRI products in Asia Well-combined analysts team: best background mixture of financial, environmental and social fields Core competence of the team: capacity to evaluate intangible asset of the companies Gender, generation and geographical diversity of personnel (Tokyo, Paris, Sydney, Siem Reap) Independency: 83% of the share is owned by the management Collaboration with experts University partnership Global network (28 countries)

Objective The objective of the Good Bankers is to contribute to making our society a better and more sustainable one by using financial tools such as socially responsible investment (SRI).

Approach So the Good Bankers research is designed to result: - To plan and develop SRI products such as environmentally friendly funds, family-friendly funds; - To make environmental, social and other SRI research covering Japanese corporations; - To provide investment advisory services by offering environmental and SRI screening; - To promote the concept of SRI through lectures and publications; - To market overseas SRI products; - To provide incubator banking: help small companies find capital funding and develop marketing strategies.

Methodology The Good Bankers conducts the research according to each client’s specific needs and criteria. Typically it analyses the companies using its research process developed by itself, but the component of each criteria differ from a client to another.

Analyse process of informations From disclosed information: environmental reports, sustainability reports, website, annual reports, financial reports, etc. Additional information from companies: questionnaires, company visits, telephone interviews. From external experts: external advisors, academics, SRI community, etc.

Guide to Sustainability Analysis Organisations 3 ORSE - March 2012 Criteria Sources of information - Criteria (e.g. Environment) Companies - Eco-efficiency Questionnaire: systematically - Primary criteria (standards for investment Rate of answer: Approximately 50% and assessment) Average time to answer: no measured Management strategy Interviews: occasionally on the phone Organization and system Visits of sites: occasionally, to headquarters Environment-friendliness of products or factories

- Criteria (e.g. Social action) Stakeholders: Trade-unions, NGOs - strategic quality of social action Questionnaire: never - primary criteria (standards for investment Interviews: occasionally and assessment) Organization and structure Public information: Systematically Activities Databases: Various databases Communication Rating review Exclusionary criteria: Yes quarterly For some clients, the Good Bankers uses bi-annually following exclusion criteria: annually - Nuclear Power - Military Turnover Alert system - Genetic Eng. Company Monitoring - Burma Presence - Media review (daily) Sector-specific criteria: Yes - Response to incidents and accidents - Collection of new information and trends Verification - Interviews of external experts Communication of the results to the issuer for discussion before rating: No, there is no temporary profile sent back to the company for it to react before the final analysis. The Good Bankers does not provide official feedback but, when visiting the company, we feedbacks verbally regarding key issues.

Validation data with stakeholders: No Which: NGOs Trade-unions Authorities

Research and rating Schedule Average time of analysis by company: Not measured, up to the required grade of accuracy from clients.

Financial performances Positive correlation between our research rating, SRI score and financial performance was indicated in the academic research paper available on the website below (only in Japanese); http://www.fsa.go.jp/frtc/seika/discussion/2009/20090630.pdf

SRI stocks Indexes In April 2006, the Good Bankers gained research for Tokyo Stock Exchange, Inc. for its custom made SRI index.

Guide to Sustainability Analysis Organisations 4 ORSE - March 2012

Client services

Clients: Asset Manager - Pension fund – Research organization - From August 1999, the Good Bankers provides environmental research to the Nikko Asset Management Co., Ltd. for the Nikko Eco-fund, which was launched on 20 August 1999 as the first SRI product in Japan. - From October 1999, we provided environmental research to the Kogin-Daiichi Life Asset Management Co. for the Kogin-Daiichi Life Eco-fund, which was launched on 22 October 1999. - From December 2000, we provide environmental research to the Mutual Aid Association for Tokyo Metropolitan Teachers and Officials for the first tailor-made SRI fund in Japan. Another SRI fund was launched in March 2003 for this client’s pension account. - In January 2003, we concluded Research Partnership Agreement with the Ethical Investment Research Service (EIRIS) in U.K., under which we provided to EIRIS with a broad spectrum of SRI research for about 400 Japanese companies. - In May 2003, we concluded Research Provider Agreement with Zürcher Kantonalbank. - From January 2001, we provided SRI research to Ethibel (Belgium), an independent Belgian SRI Research organisation established in 1992. - From January 2004, we provided SRI research to SNS Asset Management (the Netherlands). An asset management branch of SNS Reaal Groep, and a pioneer in SRI investment in the Netherlands. SNS AM manages funds for a number of institutional clients including ASN Bank, the largest Dutch SRI bank. SNS Reaal Groep is the 6th largest financial group in the Netherlands. - From June 2004, we started research for Mitsubishi UFJ Asset Management Co., Ltd. for its first SRI fund, and in December 2004, Mitsubishi UFJ SRI Fund (Family Friendly Fund) started. - In April 2006, we gained research for Tokyo Stock Exchange, Inc. for its custom made SRI index. - From June 2006, we started research for Mitsubishi UFJ Trust & Banking for its pension clients. - In July 2007, we gained the research mandate from EU commission for environmental finance. - In May 2008, we discussed on the partnership Fund with UNESCO has started and the formal proposal was submitted to UNESCO HQ in Paris. - In April 2009, we made presentation on ESD (Education for Sustainable Development) Fund at the UNESCO World Conference on Education for Sustainable Development in Bonn. - In March 2010, we gained the consultancy mandate from Sparinvest, the independent asset management company in Denmark. - From June 2010, we started the research for the Rokinren Bank (Labor Bank).

Access to analysts for clarification of results at any time: Yes

Information about changes in the analysis process: Yes

Information about changes in the company's rating: Yes, the Good Bankers monitors all the companies in our research universe on a daily basis. In-depth research is conducted for all the companies in the universe once a year. Should any significant news be detected, such news are immediately reported to its clients, and also the Good Bankers reviews and modifies, if necessary, its rating, taking into consideration such a new factor.

Publication and confidentiality of results o The Good Bankers provides its rating information to its clients only as its clients want to keep them confidential. Its clients disclose portfolio holdings of retail funds, chosen using our rating information partly or on its entirety. No other audience is being supplied with the information. o The Good Bankers signs confidentiality clauses with clients.

Guide to Sustainability Analysis Organisations 5 ORSE - March 2012 Nom du document : The Good Bankers Form 2012 Répertoire : C:\Documents and Settings\Cath\Mes documents\orse\cecile\3 Attachments_2012_03_2 Modèle : C:\Documents and Settings\Cath\Application Data\Microsoft\Templates\Normal.dotm Titre : AVANZI SRI RESEARCH Sujet : Auteur : orse Mots clés : Commentaires : Date de création : 09/11/2011 11:15:00 N° de révision : 9 Dernier enregistr. le : 02/03/2012 09:42:00 Dernier enregistrement par : rapports Temps total d'édition : 15 Minutes Dernière impression sur : 02/03/2012 16:24:00 Tel qu'à la dernière impression Nombre de pages : 5 Nombre de mots : 2 050 (approx.) Nombre de caractères : 11 275 (approx.)

VIGEO Mise à jour en mars 2012

Activité : Agence de mesure de la responsabilité sociale des organisations Statut juridique : Entreprise SAS Adresse : Les Mercuriales – Tour du Levant 40 rue Jean Jaurès 93170 Bagnolet - France Téléphone : + 33 (0)1 55 82 32 40 Fax : + 33 (0)1 55 82 32 50 Contact : [email protected] Site Internet : www.vigeo.com

Activités  Produits et services pour les investisseurs  Univers : Entreprises cotées, non cotées, Analyse et notation collectivités locales, supranationales en Conseil et recherche en investissement Europe, Amérique du Nord et Asie Pacifique, Informations (revues de presse, etc…) pays souverains. Services d'alerte Indices boursiers  Couverture Benchmarks sectoriels Grandes entreprises cotées Screening de portefeuilles Grandes entreprises non cotées Services de résolution en AG Petites et moyennes entreprises cotées Etudes thématiques et sectorielles PME non cotées Participation à la création d’indices Projets d'investissement boursiers éthiques Collectivités locales Pays

 Produits et services pour les entreprises  Univers : Missions menées dans plus de Analyse et notation 30 pays Etudes thématiques et sectorielles Informations (revue de presse, etc...)  Couverture Conseil Grandes entreprises cotées Certification Grandes entreprises non-cotées Audit Petites et moyennes entreprises cotées Benchmarks sectoriels PME non-cotées Formation Projets d'investissement Rédaction de rapports Développement Collectivités locales durable ou autres, précisez : Rapports Pays Développement durable

Guide des organismes d’analyse sociétale 1 ORSE - Mars 2012

Informations sur l'organisme

 Présentation et historique Vigeo est une agence privée et indépendante de mesure de la responsabilité sociale des organisations, avec statut de Société de Anonyme Simplifiée au capital de 17.7 millions d’€. Nicole Notat, anciennement secrétaire générale de la CFDT, est la fondatrice et la Présidente de Vigeo.

Créée en Juillet 2002 en France, Vigeo s’est développée par croissance externe avec l’acquisition d’Arese (France) en 2002, de Stock at Stake (Belgique) en 2005 et d’Avanzi SRI Research (Italie) en 2006. Vigeo a créé une succursale au Maroc en 2004 et au Royaume-Uni en 2011.

Vigeo s’organise autour de deux départements distincts, Vigeo Rating et Vigeo Enterprise, dédiés respectivement à la notation extra-financière destinée aux investisseurs et à l’audit-conseil en responsabilité sociale destiné aux entreprises. Vigeo assure une séparation rigoureuse de ses deux activités par des équipes et des systèmes d’information distincts et des règles de confidentialité strictes.

 Implantation géographique Vigeo est présent en France (Bagnolet), en Belgique (Bruxelles), en Italie (Milan), au Maroc (Casablanca), au Japon (Tokyo) et au Royaume-Uni (Londres).

 Structure du capital Le capital de Vigeo est statutairement réparti en trois collèges :  Les Gestionnaires financiers et fonds de pensions, à hauteur de 46.5%, au sein duquel le groupe BPCE, actionnaire de référence, détient 34.7% du capital.  Les Organisations syndicales, personnes et entités reconnues pour leurs compétences RSE, à hauteur de 26.5%  Les Entreprises, à hauteur de 27%. Celles-ci ne peuvent, elles-mêmes ou par l’intermédiaire d’une personne qui les contrôle, détenir individuellement plus de 2% du capital.

 Gouvernance

Le Conseil d’administration est composé de 3 représentants de chaque collège d’actionnaires, aux côtés desquels siègent des personnalités indépendantes.

Le Conseil scientifique est composé de 4 experts et présidé par Aldo Cardoso. Il concourt à l’indépendance et au professionnalisme de la société, définit et assure le respect du code de déontologie et oriente scientifiquement la méthodologie de Vigeo.

La déontologie: Vigeo est doté de règles déontologiques et de valeurs qui s’incarnent dans ses pratiques professionnelles : - Professionnalisme des équipes, impartiales dans la construction des opinions. - Innovation permanente dans un environnement en constante évolution. - Engagement de professionnels qui partagent une même vision de leur métier. - Proximité et écoute de clients et de partenaires exigeants.

En 2010, l’activité a généré un revenu annuel de 8 millions d’Euros.

 Organisation - Effectif total : 105 salariés - Nombre d'analystes : 60 analystes - Nombre d'auditeurs : 21 auditeurs - Sous-traitance : -

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 Réseaux significatifs AI CSRR (Association for Independent Corporate Sustainability and Responsibility Research) Eurosif SIF nationaux (Sustainable Investment Forum) : FIR (France), UKSIF (Grande- Bretagne), BELSIF (Belgique), VBDO (Pays-Bas), SPAINSIF (Espagne), Forum per la Finanza Sostenibile (Italie) PRI (Principes de l’Investissement Responsable) Réseaux académiques,

 Partenariats professionnels Partenariat avec OWW-Consulting, agence de notation ESG basée à Kuala-Lumpur et Singapour, pour la notation d’entreprises de pays émergents. Partenariat commercial avec Novaster (Espagne), partenariat de recherche avec Morningstar (Italie). Nombreux partenariats pour la collecte de données alimentant la recherche.

 Partenariats avec les sociétés productrices d’indices boursiers Partenariat avec IEM Finance pour la production et la diffusion des indices ASPI et ESI.

 Partenariats universitaires Au cours des cinq dernières années Vigeo a collaboré avec 40 chercheurs provenant de 24 universités de 6 pays différents dans le cadre de 29 conventions de partenariat.

Parmi les plus actifs : - Patricia Crifot (Ecole Polytechnique) - Denis Dupré et Isabelle Girerd-Potin (CERAG) - Stéphane Trébucq (IAE Bordeaux) - Rémi Bazilier et Julien Vauday (Université Paris 1 Panthéon-Sorbonne) - Pierre Cholet et Alexis Cellier (Paris-Est IRG)

Produits et services

 1. Description des produits et services pour les investisseurs (VIGEO RATING):

Vigeo Rating propose aux investisseurs une gamme de produits et services les aidant à façonner et déployer leur démarche d’investisseur responsable :

o Notations ESG des entreprises, des organisations et des pays

 Base de notations Equitics® : analyses et opinions sur les entreprises cotées et les émetteurs obligataires et monétaires, rapports sectoriels, études thématiques, alertes en continu  Base de notations Sustainable Country Rating®: notation de plus de 160 Etats sur plus de 120 indicateurs de risque et performance ESG

o Services dédiés aux investisseurs

 Suivi de l’actualité ESG  Identification des producteurs d’armes controversées (mines anti-personnel, bombes à sous-munition, armes chimiques, biologiques et nucléaires)  Analyses de portefeuilles (évaluation de risques ESG du portefeuille, vérification de la conformité aux normes internationales ou aux critères éthiques)  Univers d’investissement sur-mesure ou issu de la méthodologie de Forum Ethibel  Service de certification et de labellisation de fonds (par notre partenaire Forum Ethibel)  Support aux activités d’engagement des investisseurs  Indices ESG Guide des organismes d’analyse sociétale 3 ORSE - Mars 2012

 Spécialités Nos services permettent l’intégration des risques environnementaux, sociaux et de gouvernance (« ESG ») dans les processus d’investissement.

Ils s’adressent tant à l’investissement classique « mainstream » qu’à l’investissement socialement responsable « ISR », quelle que soit la philosophie retenue (éthique, thématique, « best-in-class », engagement actionnarial).

 Objectif L’expertise de Vigeo Rating permet de : - Renforcer la sécurité et la rentabilité des placements à moyen et long terme - Enrichir l’analyse des risques et opportunités d’investissement - Contribuer aux objectifs d’un développement durable

 Approche L'analyse de Vigeo procède d'une approche de type "Show and prove me" consistant à solliciter de l'entreprise la production d'informations et d’indicateurs tangibles et documentés sur ses engagements et objectifs, leur déploiement et les résultats, ainsi que sur la tendance de ses performances au cours des dernières années.

La démarche opère du visible au tangible en appui sur la consultation systématique et le recueil direct d'informations auprès des parties prenantes.

Les notes attribuées traduisent le niveau d’engagement managérial et, par construction, permettent d’évaluer le niveau de maîtrise des risques de responsabilité sociale.

 Méthodologie Vigeo Rating note la performance des entreprises sur 38 enjeux ESG regroupés en six domaines (environnement, droits humains, ressources humaines, engagement sociétal, comportement sur les marchés et gouvernance d’entreprise) et analyse les risques réputationnels, humains, juridiques et opérationnels associés. Les critères d’analyse se réfèrent à un corpus d’objectifs universellement reconnus émanant d’organisations internationales (ONU, OIT, OCDE…).

Les enjeux sont contextualisés et pondérés en fonction des spécificités sectorielles. Puis, pour chaque enjeu, sont étudiés dans le détail les pratiques managériales des entreprises : la pertinence de leurs engagements, l’efficience de leur mise en uvre (moyens déployés, périmètre d’application) ; les résultats obtenus (indicateurs quantitatifs, controverses).

Nous nous appuyons sur une collecte multi-source de 300 indicateurs, avec une consultation systématique des entreprises et de leurs parties prenantes (ONG, syndicats,…).

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 Méthode d’analyse des informations

 Critères  Sources d'information Entreprises 38 critères d’évaluation, regroupés en 6 Consultation systématique des entreprises domaines : sous revue : pas de questionnaire standard mais questionnement ciblé, après collecte et Environnement traitement de l’information disponible Droits humains Taux de réponse : 70% Ressources humaines Temps moyen pour répondre : 3 à 4 semaines Engagement Sociétal Entretiens : systématiquement Relations clients-fournisseurs Visites de sites : occasionnellement Gouvernement d’entreprise Parties prenantes : ONG, Syndicats Critères d'exclusion Entretiens : régulièrement Information publique : collecte systématique Analyse de l’implication des entreprises dans par des moteurs de recherche spécialisés des activités controversées : jeux, tabac, alcool, nucléaire, armement (dont mines anti-  Révision personnel, bombes à sous munition, armes trimestrielle nucléaires, chimiques et biologiques), semestrielle produits chimiques dangereux, OGM, annuelle pornographie, traitements dégradants des animaux.  Système d'alerte Veille continue sur les entreprises assurée Approche sectorielle Oui grâce un outil informatique de pointe garantissant l’accès à de multiples sources  Vérification d’informations. Communication des résultats avant la notation : Oui

Validation des données avec les parties prenantes : Oui Lesquelles : ONG Syndicats Pouvoirs publics

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 Le calendrier de notation La notation d’une entreprise s’étale sur environ 6 semaines.

 Performances financières Vigeo postule que les risques environnementaux, sociaux et de gouvernance sont susceptibles d’influencer la performance économique et la valorisation boursière des entreprises.

 Indices boursiers ISR L’indice ASPI Eurozone® créé en juin 2001, comporte les 120 entreprises de la zone Euro les mieux notées selon la méthodologie Vigeo. La gamme des indices Ethibel lancée en janvier 1998 se compose de 3 indices ESI Global, ESI Europe, ESI Euro et comporte les entreprises les mieux notées selon la méthodologie Ethibel.

 2. Description des produits et services pour les entreprises, administrations et collectivités territoriales (VIGEO ENTERPRISE):

o Audit et benchmark des organisations o Accompagnement des équipes o Intégration de la RSE dans les opérations stratégiques

 Objectif  Etablir un diagnostic précis et détaillé et des recommandations opérationnelles  Impulser et déployer une démarche RSE globale ou ciblée : Identifier et maîtriser les facteurs de risques, mettre en place des plans d’actions  Optimiser les outils de pilotage et de reporting  Intégrer les critères RSE dans toutes les fonctions de l’entreprise (achat responsable, marketing, ressources humaines, relation investisseurs, …) et dans les opérations stratégiques (fusion acquisition, réponse à appel d’offre, …)

 Approche Les prestations sont réalisées « sur-mesure » selon les besoins de l’entreprise.

Quand le diagnostic conduit à une notation, elle est délivrée au terme d’une évaluation approfondie, conduite sur place et sur pièces, par des auditeurs experts en RSE.

Les démarches d’accompagnement ou d’intégration de la RSE dans les opérations stratégiques de l’entreprise s’appuient sur une définition de la RSE confirmée par la norme ISO 26000 : une démarche managériale, adossée aux textes internationaux, couvrant l’ensemble de l’activité de l’entreprise

 Domaines  Sources d'information Environnement Information entreprise Droits humains Information publique et confidentielle de Ressources humaines l’entreprise Engagement Sociétal Entretiens sur place : systématiquement Relations clients-fournisseurs Visites de sites: systématiquement (selon des Gouvernement d’entreprise règles d’échantillonnage définies)

Parties prenantes : ONG, Syndicats. Entretiens : systématiquement Information publique : collecte systématique par des moteurs de recherche spécialisés

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 Vérification La restitution des conclusions d’une évaluation se déroule en 3 étapes : présentation sur place d’un pré-rapport, phase contradictoire (15 jours environ) et rédaction du rapport final.

 Le calendrier de l’audit : durée moyenne d’une mission : 3 mois

Services aux clients

 Les clients o Plus de 100 clients dans le monde font confiance à Vigeo Rating : investisseurs institutionnels (fonds de pension, caisses de retraites, compagnies d’assurance), gérants d’actifs, banques, ONG. o Plus de 300 missions d’audit-conseil ont été réalisées par Vigeo Enterprise en France et dans 30 pays auprès d’entreprises (grandes entreprises et PME), de collectivités territoriales et administrations.

 Accès direct aux analystes : Oui

 Accès direct aux auditeurs-conseils : Oui

 Information sur les changements méthodologiques : Oui

 Information sur les changements de la notation de l'organisation : Les investisseurs sont avertis des changements de notation lors de la mise à jour complète de l’analyse et, entre deux révisions, par une procédure d'alerte lorsque la survenance d’un évènement significatif amène à modifier les notes.

 Publication et confidentialité des résultats :

Notations de VIGEO RATING o Ces notations, réalisées sur base d’information publique, sont la propriété intellectuelle de Vigeo. Elles sont diffusées aux investisseurs qui souscrivent aux services de recherche de Vigeo Rating. o Les scores obtenus sont communiqués à l’entreprise à l’issue du processus de notation.

Audits de VIGEO ENTERPRISE o Les résultats des audits sont la propriété de leurs commanditaires. Ils ne sont pas rendus publics par Vigeo. Cependant, si l’entreprise fait le choix de communiquer publiquement sur ses résultats, Vigeo fixe contractuellement des règles précises portant sur le contenu et la complétude de l’information communiquée. o Vigeo signe des clauses de confidentialité avec les entreprises que l'agence audite.

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Création : Imprimerie de la Caisse des Dépôts