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SRI Capital Sustainable Investment Impact Governance Companies 11th EDITION REPORT ON US Sustainable, Responsible and Impact Investing Trends 2016 impact companies investment capital responsible SRI governance companies sustainable environmental social 2016 Report on US Sustainable, Responsible and Impact Investing Trends 3 Sponsors and Donors Donor Lead Sponsors Wallace Global Fund KKR www.wgf.org http://www.kkresg.com Visionary Sponsor MacArthur Foundation Bloomberg https://www.macfound.org www.bloomberg.com/bcause Neuberger Berman Benefactors http://www.nb.com/sri Calvert Investments http://www.calvert.com Saturna http://www.saturna.com/sustainable Candriam Investors Group www.candriam.com General Sponsors Bank of America JP Morgan Chase http://bankofamerica.com/environment https://www.jpmorganchase.com/corporate- About-JPMC/esg BlackRock https://www.blackrock.com TIAA https://www.tiaa.org/public/assetmanagement CBIS http://cbisonline.com Community Capital Management http://www.ccminvests.com ImpactUs www.impactusinfo.com Legg Mason Global Asset Management https://www.leggmason.com Morgan Stanley Institute for Sustainable Investing morganstanley.com/sustainable investing Sentinel Investments https://www.sentinelinvestments.com/ sustainable Trillium Asset Management http://www.trilliuminvest.com Walden Asset Management http://www.waldenassetmgmt.com 4 Report on US Sustainable, Responsible and Impact Investing Trends Reflections on Sustainable, Responsible and Impact Investing in 2016 The demand for sustainable and impact investing is growing— investors now consider environmental, social and governance (ESG) factors across $8.72 trillion of professionally managed assets, a 33 percent increase since 2014. Money managers and institutional investors are scrutinizing an array of concerns—including climate change, weapons production, human rights and corporate political spending and lobbying—across a broader span of assets than in 2014. A diverse group of investors is seeking to achieve positive impacts through such strategies as corporate engagement or investing with an emphasis on community, sustainability or the advancement of women. Client demand is one of the major drivers for money managers The market size of that introduce products that take ESG factors into account. sustainable, responsible Indeed, evidence of the growing interest in sustainable investing and impact investing is the recent launch of services that issue ratings for thousands of mutual funds and exchange traded funds on the ESG profiles in the United States of their portfolio companies. A number of organizations are also in 2016 is $8.72 assessing mutual funds and other investment firms on how they trillion, or one-fifth are voting their shares on ESG issues, and whether the voting of all investment policies are consistent with their professed ESG concerns. Meanwhile, a major policy win took place in October 2015, when under professional the US Department of Labor issued a bulletin that facilitates the management. ability of private sector employers to add SRI fund options to retirement plans. As the field grows, some growing pains are to be Through the US SIF Foundation expected. A continuing concern first identified in the survey process, money 2014 Trends report is the significant growth of ESG assets for which limited information is disclosed. managers and institutional Increasing numbers of money managers report that investors could select up they incorporate ESG factors, but do not disclose the to 32 criteria, divided specific criteria used (such as clean technology and labor issues). into environmental, social, governance and product-relat- As US SIF and the US SIF Foundation noted in our ed categories. They also had an 2016–2018 Strategic Plan, there is an opportunity to option to specify any additional enhance the rigor of the field. We aim to provide the education and research that will help bring new entrants ESG criteria they considered. Report on US Sustainable, Responsible and Impact Investing Trends 5 to the field, point practitioners and other stakeholders to best practices and provide a forum for professionals to engage and learn from one another. It is our hope that US Sustainable, Responsible and Impact Investing Trends 2016 provides our readers with an expansive understanding of sustainable, responsible and impact investing as it exists today and inspires you to join us in taking this important work forward. Please visit www.ussif.org for more information on our work. Sincerely, Lisa Woll, CEO US SIF and US SIF Foundation This report is provided only for informational purposes. It is drawn from surveying and sources believed reliable but may not be complete or accurate. It does not constitute investment advice. The lists and examples of investment managers and vehicles presented in this report should in no way be considered endorsements or investment solicitations. 6 Report on US Sustainable, Responsible and Impact Investing Trends Click on a title to jump to Table of Contents that section. List of Figures . .9 Acknowledgments. .11 Executive Summary. 12 I. Introduction. 17 • Motivations and Terminology. 19 • The Evolution of Sustainable, Responsible and Impact Investing. 19 • ESG Fund Ratings . .21 • Sustainable and Responsible Investing Strategies. .23 • Structure of This Report. 24 II. ESG Incorporation by Money Managers and Financial Institutions . 25 • Key Trends. 25 • Background. .25 • A Closer Look at Themes, Strategies and Motivations for Money Managers. .27 • ESG Incorporation by Types of Investment Vehicles. 34 • ESG Incorporation across Other Money Manager Strategies. .42 • Community Investing. 43 • The Growing Accessibility of Community Investing. .44 III. ESG Incorporation by Institutional Investors . 48 • Key Trends. 48 • Background. .49 • A Closer Look at Trends, Strategies and Motivations. .52 • ESG Incorporation by Type of Institution. .56 • ESG and the Insurance Industry. 59 • ERISA, Private Sector Plans and SRI Options. .63 IV. Investor Advocacy and Public Engagement . .67 • Key Trends. 67 • The Tools of Responsible Ownership. 68 • Proxy Voting Gains New Scrutiny. 70 • Public Policy. .71 • The Task Force on Climate-Related Financial Disclosure. .73 • The Institutions and Money Managers Involved in Investor Advocacy. 73 • Highlights from Recent Proxy Seasons. 75 V. Methodology . .87 VI. About the Publisher. .95 Endnotes . 97 Selected Bibliography . 101 Report on US Sustainable, Responsible and Impact Investing Trends 7 Additional SRI Resources .......................................................104 Appendices 1: Glossary of Environmental, Social and Governance (ESG) Criteria ......................107 2: Mutual and Exchange-Traded Funds Incorporating ESG Criteria. .109 3: Community Investing Institutions ................................................113 4: Money Managers Incorporating ESG Criteria .......................................119 5: Institutional Investors Incorporating ESG Criteria . ...................................121 6: Proponents of Shareholder Resolutions on ESG Issues 2014–2016 .....................124 8 Report on US Sustainable, Responsible and Impact Investing Trends List of Figures Executive Summary Fig A: Sustainable, Responsible and Impact Investing in the United States 1995–2016 .......12 Fig B: Investment Funds Incorporating ESG Factors 1995–2016 ........................14 Fig C: Sustainable and Responsible Investing Assets 2016 ............................15 I. Introduction Fig 1.0: Sustainable and Responsible Investing in the United States 2016 .................18 Fig 1.1: Sustainable and Responsible Investing in the United States 1995-2016 ............18 II. ESG Incorporation by Money Managers and Financial Institutions Fig 2.0: Sustainable and Responsible Investing Assets 2016 ...........................26 Fig 2.1: Money Manager Assets Incorporating ESG Criteria 2016 .......................27 Fig 2.2: ESG Categories Incorporated by Money Managers 2016 .......................27 Fig 2.3: Leading ESG Criteria, by Assets, for Money Managers 2016 .....................28 Fig 2.4: Leading Environmental Criteria for Money Managers 2016 ......................29 Fig 2.5: Leading Social Criteria for Money Managers 2016 .............................30 Fig 2.6: Leading Governance Criteria for Money Managers 2016 ........................31 Fig 2.7: Leading Product-Related Investing Criteria for Money Managers 2016 ............32 Fig 2.8: ESG Incorporation Strategies by Money Managers 2016 ........................33 Fig 2.9: Reasons Managers Report Incorporating ESG Factors 2016 .....................33 Fig 2.10: Frequency of ESG Criteria Incorporation in Investment Vehicles 2016 .............34 Fig 2.11: Types and Assets of Investment Vehicles Incorporating ESG Criteria 2016 .........34 Fig 2.12: Types and Assets of Investment Vehicles and Financial Institutions Incorporating ESG Criteria 2016 ..........................................35 Fig 2.13: ESG Funds 1995–2016 .................................................35 Fig 2.14: ESG Mutual Funds 2001–2016 ..........................................36 Fig 2.15: ESG Categories Incorporated by Mutual Funds 2016 .........................37 Fig 2.16: Leading ESG Criteria for Mutual Funds 2016 ................................37 Fig 2.17: Leading ESG Criteria for Exchange-Traded Funds 2016 .......................38 Fig 2.18: Alternative Investment Vehicles Incorporating ESG Criteria 2016 ................39 Fig 2.19: ESG Categories Incorporated by Alternative Investment Vehicles 2016 ...........39 Fig 2.20: Leading
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