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Glossary of Sustainable Investment Terms

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Glossary of Sustainable Investment Terms Glossary of Sustainable Investment Terms Active Ownership: Investors actively using their vot- businesses, quality affordable housing, and essential ing rights and/or directly engaging with company community services throughout the U.S. Four types management on ESG issues, as well as wider matters of institutions are included in the definition of a CDFI: of business strategy, to ensure the company’s inter- Community Development Banks, Community Devel- ests are aligned with their own. Active ownership opment Credit Unions, Community Development efforts can help reduce risk and enhance long-term Loan Funds (most of which are non-profit), and Com- shareowner value. munity Development Venture Capital Funds. Some, Best-in-Class but not all, CDFIs are certified by the CDFI Fund. Cer- : Focusing investments on companies tification is often necessary in order to receive sup- that have historically performed better than their port from the CDFI Fund, which is an agency of the peers within a particular industry or sector, based on U.S. Department of the Treasury. Community Invest- analysis of ESG factors. This typically involves positive ing/Community Impact Investing: Providing capital or negative screening. to communities that are underserved by traditional Bottom-Up Integration: This is the integration of ESG sources of investment. Community investing general- factors into security-specific fundamental analysis in ly provides credit, equity, and basic banking functions the context of security valuation and selection. Inves- to communities that would otherwise have no access. tors may apply bottom-up ESG techniques to inform Controversy: Collection of observation points reflect- their assessment of a particular company’s manage- ing the controversial behavior of a company regard- ment quality, growth prospects, and risk profile. ing Environment, Social, and Governance issues. Business Impact : Assesses the magnitude of the po- Corporate Engagement: Using shareholder pow- tential impact that an ESG issue may have on the fi- er to directly influence corporate behavior or deci- nancial performance of a company. sion-making. This includes actions such as communi- Carbon Neutrality: Carbon neutrality, or having a net cating with company management, filing shareholder zero carbon footprint, refers to achieving net zero car- proposals, and proxy voting. bon emissions by balancing a measured amount of car- Corporate Governance bon released with an equivalent amount sequestered : Procedures and processes or offset, or buying enough carbon credits to make up by which an organization is directed and controlled. the difference. It is used in the context of carbon di- The corporate governance structure specifies the dis- oxide-releasing processes associated with transporta- tribution of rights and responsibilities among the dif- tion, energy production, and industrial processes, such ferent participants in the organization and identifies as the production of carbon-neutral fuel. procedures for decision making. Clean Energy Corporate Social Responsibility (CSR): An approach : Energy from non-polluting sources, in- to business that takes into account economic, social, cluding solar, wind, and water. environmental, and ethical impacts for a variety of Clean Tech: An investment theme, rather than an in- reasons, including mitigating risk, decreasing costs, dustrial sector, that may include investments in ag- and improving brand image and competitiveness. riculture, energy, and manufacturing. It represents Corporate Sustainability Report (CSR): A report a range of products and services that either reduce produced by an organization to inform stakeholders or eliminate ecological impact, or require lower re- about its policies, programs, and performance re- source inputs. garding environmental, social, and economic issues. Climate Risks: Risks stemming from climate change Sustainability reports are usually voluntary and are that have the potential to affect companies, indus- sometimes independently audited and/or integrated tries, and whole economies. There are a range of busi- into financial reports. ness risks associated with climate change, including Disclosure: Assesses whether a company’s ESG re- regulatory developments, growing natural resource porting meets international best practices, including, scarcity, and potential reputational damage. for example, the ESG reporting standard and its veri- Community Development Financial Institutions fication, but also tax disclosure, board remuneration (CDFI): mission-driven financial institutions that cre- disclosure, or CDP participation. ate economic opportunity for individuals and small Divestment: Selling or disposing of shares or other ects taking place on the lands they own and should be assets in certain investments. This is currently most included in the conversation about its use. readily associated with divestment from companies Freshfields Report: Freshfields is an international involved in the extraction of fossil fuels. Active own- law firm based in London. The original report, A Le- ership investors often view divestment as a last resort. gal Framework for the Integration of Environmental, Double Bottom Line: Measurement of financial per- Social, and Governance Issues into Institutional In- formance in terms of financial profit or loss along vestment (2005), provided assurance to institution- with positive social impact. al investors that the consideration of ESG issues is Engagement firmly grounded within the bounds of fiduciary duty. : Regular and sustained discourse with This landmark report was followed by Fiduciary Re- a company or regulator and other central authori- sponsibility – Legal and Practical Aspects of Integrat- ties in order to seek long-term positive ESG-related ing Environmental, Social, and Governance Issues outcomes. into Institutional Investment (2009). The report pro- Environmental Justice: The fair treatment and inclu- vides a legal roadmap for fiduciaries looking for con- sion of all people, regardless of their race, color, na- crete steps to operationalize their commitment to tional origin or socio-economic stature. This inclusion responsible investment. is comprehensive of all issues, from development, Global Compact (United Nations Global Compact): A implementation, and enforcement of environmental corporate sustainability initiative asking companies to laws, regulations, and policies. align strategies and operations with universal princi- Environmental, Social, Governance (ESG) Investing: ples on human rights, labor practices, environmental Investment analysis that incorporates environmen- concerns, and anti-corruption, while taking actions tal, social, and governance factors into the invest- that advance societal goals. ment process. ESG terminology was developed and Green Investing: An investment philosophy that promulgated by the United Nations Principles for Re- considers the environmental impact of an underly- sponsible Investing (UNPRI). ing investment. ESG Integration: It is generally understood to mean Impact the incorporation of environmental, social, and gov- : Refers to the effects a company’s activities ernance factors within financial analysis and deci- may have on environment and/or society and to the sion-making for the purposes of enhancing invest- effects ESG issues may have on a company’s bottom ment performance. line, i.e. business impact. Ethical Investing Impact Investing: An investment philosophy that sup- : An investment philosophy guided ports companies working to provide significant socie- by moral values, ethical codes, or religious beliefs, tal or environmental benefit, and the impact is often generally associated with negative screening. considered more important than the financial return. Event: A series of incidents that refers to the same Incident controversial topic, tracked in one events indicator, for : A single observation point reflecting the con- example “labor relations” or “environmental impact of troversial behavior of a company regarding ESG issues. products.” An event assessment is based on the highest Key ESG Issue: Sector-specific areas of exposure that impact or risk score assigned to the related incidents. are most material from a sustainability impact and/or Exposure: Defines an area of potential impact a com- business impact perspective and hence define the key pany faces due to its business activities. Exposure to management areas for a company. key ESG issues is assessed at a sector level and is fur- Key Indicator: A sector-specific ESG indicator that one ther refined at the company level. would regard as most important to assess how well a Extra-Financial Factors: Factors beyond those includ- company manages areas of exposure as reflected by ed in traditional financial analysis. In particular, en- the identified key ESG issues. vironmental, social, and governance considerations Materiality: It is a fundamental principal of mandat- taken into account when evaluating the potential of ed disclosure in the United States. The concept of an investment. materiality recognizes that certain forms of ESG infor- Financial Materiality: Financially material is any fac- mation can be considered important to investors in tor that might have a present or future impact on an making investment decisions. organization’s value drivers or competitive position Microcredit: Small, typically low-interest loans to en- and thus on long-term shareholder value creation. trepreneurs who have little or no access to capital or Free, Prior
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