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The Sustainability Yearbook 2015 the Sustainability Yearbook 2015 The Sustainability Yearbook 2015 The Sustainability Yearbook 2015 01/2015 RobecoSAM AG yearbook.robecosam.com 2014 Corporate Sustainability Assessment* 59 industries. 1,995 companies assessed. 93,333 documents processed. 1,418,298 data points collected. This is the Sustainability Yearbook 2015. * As of October 31, 2014 The Sustainability Yearbook 2015 • RobecoSAM • 3 4 • RobecoSAM • The Sustainability Yearbook 2015 Foreword Michael Baldinger Chief Executive Officer RobecoSAM Dear Reader, comes to corporate sustainability. In order to capture I am thrilled to kick off the 20th Anniversary of a complete picture of a company’s true value, investors RobecoSAM’s founding with the publication of the 2015 need quantitative sustainability data that is both com- edition of The Sustainability Yearbook. We have come parable and financially relevant. This is where integrated a long way since we first established a small office next reporting of financially material sustainability data to Lake Zurich with the vision of using the financial comes in. Our Head of Sustainability Application and markets to drive sustainable business practices. Back Operations Ida Ljungkvist offers an overview of the then, corporate sustainability was a vague concept that current corporate sustainability reporting landscape, and few companies and even fewer investors considered. examines the recent progress companies have made in But driven by the core belief that sustainable companies providing sustainability information in a language that are more successful, a generation of RobecoSAM pro- resonates with investors. fessionals has endeavored to convince companies and asset owners to embrace sustainability as a means of But once we have this information, what exactly do generating shareholder value. Twenty years later, this we do with it? How does it affect our understanding of conviction remains unchanged. a company’s long-term fair value? Through a series of company valuation examples, Christopher Greenwald, This year’s edition of The Sustainability Yearbook is the RobecoSAM’s Head of Sustainability Investing Research, culmination of two decades’ worth of rigorous research sheds light on how we incorporate the information and continuous dialogue with thousands of companies. from our Corporate Sustainability Assessment into our But there still seems to be a language barrier between financial models. companies and the investment community when it The Sustainability Yearbook 2015 • RobecoSAM • 5 Corporate taxation has increasingly become the Despite all the talk about Sustainability Investing, subject of public scrutiny as companies operating in few investors – in particular pension funds – are truly multiple countries have found ways to optimize their integrating sustainability into their investment strate- tax structures. However, corporate taxation structures gies. But clearly, there is strong public appetite for that are overly aggressive can pose direct and indirect sustainability investing: Last year, we asked over 1,200 financial risks to the companies themselves and pension fund beneficiaries in Switzerland whether they investors alike. With this in mind, RobecoSAM recently want their pension funds to integrate sustainability into introduced a new framework for assessing companies’ investment decisions. 72% of the respondents indicated awareness of their exposures to tax-related risks and the that they want their pension fund to incorporate finan- transparency of their tax reporting. Senior Sustainability cially relevant sustainability factors into investment Investing Analyst Matthias Müller highlights the pre- decisions, and 79% believe that sustainable investment liminary findings of our corporate taxation criterion. strategies lead to better-informed long-term investment decisions. Such responses only bolster our conviction As always, The Sustainability Yearbook also provides that Sustainability Investing is a business driver, and not an overview of the results of our annual Corporate merely a hygiene factor. Sustainability Assessment and highlights key trends shaping each of the 59 analyzed industries. The For this reason, we will continue to encourage companies top scoring company in each industry is named the to report on the positive financial impacts of their sustain- RobecoSAM Industry Leader, and companies listed ability initiatives, which will in turn help convince asset in the Yearbook are classified into three categories: owners, such as pension funds, to embrace Sustainability RobecoSAM Gold Class, RobecoSAM Silver Class and Investing. RobecoSAM Bronze Class. Now it is up to all of us to mobilize our capital, and put sustainability to work over the next 20 years and beyond. We will continue to encourage companies to report on the positive financial impacts of their sustainability initiatives, which will in turn help convince asset owners to embrace Sustainability Investing. 6 • RobecoSAM • The Sustainability Yearbook 2015 Table of contents FOREWORD 5 1. REPORTING REDEFINED: TRANSLATING THE SUSTAINABILITY 8 STORY INTO STRATEGIC CoMMUNICATION Ida Ljungkvist, Head of Sustainability Application and Operations 2. FrOM THEORY TO PRACTICE: INTEGRATING SUSTAINABILITY 15 INTO FINANCIAL VALUATION Christopher Greenwald, Head of Sustainability Investing Research 3. CoRPORATE TaX STRATEGY: A SUSTAINABILITY RISK FOR INVESTORS 24 Matthias Müller, Senior Sustainability Investing Analyst 4. SUSTAINABILITY LEADERS 2015 33 • RobecoSAM industry Leaders 2015 36 • industry PROFILES: 59 industries AT A GLANCE 41 CoMPANY OVERVIEW 101 The Sustainability Yearbook 2015 • RobecoSAM • 7 1. Reporting redefined: Translating the sustainability story into strategic communication 8 • RobecoSAM • The Sustainability Yearbook 2015 Over the last few years, a number of initiatives have encouraged a transition towards the standardization and integration of sustainability reporting into annual reports. Ida Ljungkvist, Head of Sustainability Application and Operations offers a “state of the nation” assessment of the current reporting landscape, how we got here, and how sustainability reporting trends are expected to evolve going forward. Ida Ljungkvist Head of Sustainability Application and Operations Background: the journey towards The movement towards financial materiality of sustain- standardization and integration has begun ability and integrated reporting is therefore key for both Some of the key concerns financial analysts have been investors and corporates: it creates tools for investors to raising when it comes to integrating sustainability systematically use extra-financial information in their information into their financial analysis is the lack of valuation of companies, and it ensures that companies transparency, financial relevance and comparability of are able to show a more complete picture of how they data. In order to systematically integrate sustainability are positioned to meet future challenges. or extra-financial factors into mainstream financial analysis, investors must have access to reliable Within the last few years, we have seen the beginning of information that can be used to compare peers and to the transition towards standardization and integration. determine which companies are in the best position Initiatives such as the International Integrated Reporting to meet the opportunities and challenges stemming Council (IIRC), Sustainability Accounting Standards from global megatrends. Not only is it important that Board (SASB) and the Global Reporting Initiative’s this information is available and comparable – it must new G4 guidelines all aim to make sustainability or also be presented to investors in a format that they extra-financial information available to investors in a understand and can relate to. transparent, comparable and accessible manner. Many of these recent developments focus on the concept of financial materiality of sustainability information: Integrated reporting creates tools for To what extent are companies able to define topics that investors to systematically use extra-financial are seen as financially important to their business? How well are they then able to integrate such factors into information in their valuation of companies, their conventional reporting? As part of its Corporate and it ensures that companies are able to Sustainability Assessment (CSA), RobecoSAM has been looking at how companies are adapting to these new show a more complete picture of how they are trends and requirements over the last few years. positioned to meet future challenges. The Sustainability Yearbook 2015 • RobecoSAM • 9 The RobecoSAM framework – material results highlighted in the following sections are issues as the “red thread” therefore based on both the companies that actively RobecoSAM’s CSA assesses the quality of companies’ participated in the CSA and those that were assessed sustainability reporting through two different criteria: based on publicly available information only. Environmental Reporting and Social Reporting. The main focus of the materiality reporting framework The first part of the materiality reporting framework (see Figure 1 below) is to evaluate the effectiveness considers whether companies have clearly explained of companies’ sustainability disclosures to their how they have defined the sustainability issues they claim are material to their company: what does the process for engaging stakeholders look like? Are Integrated reporting is important to both internal and external stakeholders involved in investors because
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