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Guide the Promotion of Socially Responsible Investment (SRI)

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Guide the Promotion of Socially Responsible Investment (SRI) Guide The Promotion of Socially Responsible Investment (SRI) by Financial Institutions Best practices in France and Abroad November 2009 Observatoire sur la Responsabilité Sociétale des Entreprises 7 impasse Léger 75017 Paris - France • Tel. +33 1 56 79 35 00 • Fax +33 1 56 79 35 03 Email : [email protected] • Website : www.orse.org The Promotion of Socially Responsible Investment (SRI) by Financial Institution Best practices in France and Abroad 1 Guide to the Promotion of SRI by Financial institutions Scope: The aim of this guide is: • to carry out a review of practices used to promote SRI in its strictest sense.As such, it does not deal with aspects related to the funding of the social economy (shared return funds, microfinance, micro-insurance and so on), • to produce a support document based on examples identified both in France, from among ORSE members and the AFG (the French Asset Management Association), and abroad thanks to the cooperation of the SIF (French Sustainable Investment Forum), • to list the main questions that finance professionals (banks, management firms, insurance companies) need to ask themselves when designing and marketing an SRI product. This guide is above all designed to be practical. It is mainly intended to raise awareness among the different players in the SRI chain within the financial institutions, i.e. managers, sales and marketing departments, distribution net- works and their partners. The basis of research: As is its usual practice, the ORSE proceeded as follows: • identification of the most advanced companies, • analysis of SRI offers and communication methods used by financial institutions (brochures, newsletters, questionnaires, websites, etc.), • consultation with CSR teams and SRI fund managers at the AFG, • consultation with the SIF to identify best practices abroad, • inclusion of research carried out by Novethic,Altédia IC and other stake-holders, • presentation of a summary document submitted to all members of the ORSE’s Finance Club, for validation. Note: words marked with an * are included in the section “SRI Key Words” at the end of the Guide. 2 Acknowledgements The quality of the ORSE’s work can be attributed to the high level of involvement of its members in the Finance Club and to experience-sharing with experts from very different backgrounds. We would like to take this opportunity to thank everyone who has contributed to the production of this guide, and in particular: • the members of the ORSE’s Finance Club, for giving us the benefit of their knowledge on the subject of Socially Responsible Investing, • the editorial team comprising: Michel Laviale, Chairman of the Finance Club Patricia Lavaud, Manager at the Finance Club, • the ORSE team for its careful proofreading. List of members of the ORSE’s Finance Club • Allianz • Caisse des Dépôts • Groupama AM • Aprionis • CNP Assurances • Groupe Macif • Association Française de la • Crédit Agricole • HSBC Gestion financière (AFG) • CAAM Group - IDEAM • La Banque Postale • AG2R La Mondiale • Crédit Coopératif • Macif Gestion • AXA • Dexia • Malakoff Médéric • Banque Neuflize OBC/Groupe • Dexia AM • Natixis ABN AMRO • FBF • Natixis AM • BNP Paribas • FFSA-AFA • Paris Europlace • BPCE • Groupama • Société Générale The ORSE’s Partners The AFG (the French Asset Management Association) represents French third-party asset management professionals. They manage €2,500 billion worth of assets (ranking 4th in the world), including over €1,300 billion under pooled management, for which they are ranked 2nd in the world and 1st in Europe.Very early on, the AFG decided to give full backing to the development of Socially Responsible financial management in France. Altedia Investment Consulting advises institutional investors, the big companies and asset managers as they reflect on financial asset management (second placed consulting firm in this client segment in France in 2008. As a pioneer in the search for socially responsible and sustainable management conditions,Altedia IC has developed a global database on this very theme. The SIF – French Social Investment Forum – is a multi-stakeholder association which endeavours to promote SRI and which brings together all the different parties involved - investors, management firms, brokers, extra-financial rating agencies, investors’ consultants, trade union and market organisations, along with academics and committed professionals.The French SIF is one of the founding members of Eurosif. www.frenchsif.org Novethic, a subsidiary of the Caisse des Dépôts, is a centre for research, information and expertise in corporate social and environmental responsibility and socially responsible investment. Its website, www.novethic.fr, is the expert media for sustainable development and provides a list of available funds. 3 Table of Contents Introduction Socially Responsible Investment (SRI), a change of direction SRI • A safe haven . p. 6 • The impact of the economic and financial crisis . p. 7 • A change for the better . p. 8 • Obstacles to be overcome . p. 8 SRI: Key facts . p. 9 The SRI reference framework: Legal Frameworks and Voluntary Initiatives • At world level . p.11 • At European level . p.12 • At national level . p.14 Section One I. How can investors be mobilised? . p. 16 I.1 Institutional investors: stakeholders with growing influence . p. 17 I.1.1 Offering tailor-made investment products . p. 18 I.1.2 Making it easier to compare offers . p. 21 I.1.3 Providing regular, transparent information on the universe and on the SRI offering . p. 22 I.2 The retail market: a paradox that needs to be overcome . p. 26 I.2.1 Developing an offer and strategy in line with retail investors' expectations . p. 26 I.2.1.1 Adapting the offering . p. 26 I.2.1.2 Educating clients about the SRI offering . p. 32 I.2.2 Improving transparency . p. 33 I.2.3 Informing and explaining . p. 36 I.2.4 Advising a client in his choices . p. 37 I.3 SRI Employee saving schemes: a specific approach . p. 39 I.3.1 Reassuring employees: the CIES and its label . p. 39 I.3.2 Using SRI advocates to persuade subscribers . p. 40 I.3.3 Setting the example . p. 41 4 Table of Contents Section Two II. How to mobilise players in the financial institutions: initiatives and best practices . p. 43 II.1 Developing close relationships with external organisations and experts . p. 43 II.1.1 Active participation in the “think tank” activities of market organisations . p. 43 II.1.2 Contributing to the work of international authorities . p. 44 II.1.3 Drawing on the expertise of independent external organisations: the role of steering committees ................... .p.44 II.1.3.1 Defining the Committee’s objectives and tasks . p. 44 II.1.3.2 Establishing the composition of the Committee . p. 45 II.2 Promoting the commitment at all levels of the company . p. 46 II.2.1 Putting management on the front line . p. 46 II.2.2 Facilitating synergies between SRI analysts and non-SRI managers within management firms . p. 47 II.2.2.1 Promoting the commitment at all levels of the company . p. 47 II.2.2.2 Providing financial analysts with the tools and methodologies developed by SRI managers . p. 48 II.2.2.3 Developing dedicated entities . p. 48 II.2.3 Bringing sales teams in the distribution networks up to standard . p. 49 II.2.3.1 Awareness-raising . p. 49 II.2.3.2 Training . p. 52 II.2.3.3 Providing sales teams with the right tools . p. 54 II.2.3.4 Setting up incentives for players based on results . p. 54 II.2.4 Helping to develop SRI training for professionals in the economic, management and financial sectors . p. 54 Conclusion:What future for SRI? . p. 55 Appendices List of appendices . p. 56 Bibliography To find out more . p. 68 Key words in SRI . p. 69 5 SRI, a change of direction Introduction In 2007, the ORSE published the first version of the 2. Diversification of the offer, with the take-off of bond “Guide to the Promotion of Socially Responsible and money market funds, as well as greater impact for Investment (SRI) by Financial Institutions”. Less than two thematic funds as clients’ expectations were better years after its publication, the time now seems right to integrated. update the guide. 3. Increasing influence of institutional investors with the There are two reasons for this: arrival of new stake-holders in the wake of the ERAFP • one reason is specific to the SRI market which has (French Public Service Additional Pension Scheme) undergone significant changes over recent times, and the FRR (French Pensions Reserve Fund), who acted as pioneers. At the end of 2008, assets under •the other reason is due to the economic and financial management held by these clients were worth €22.5 crisis, which has led to questions on the relevance of billion versus €17.7 billion in 2007 (a 54% rise) See sustainable finance and what role SRI can play in helping to Part I.1 of this guide. strengthen it. 4. An increase in SRI employee savings, going up from SRI, a safe haven €2.5 billion worth of assets under management to €3.3 billion (up 31%), representing 8% of all employee Over 2008, the SRI market in France was, according to a savings. survey published by Novethic in June 2009, marked by: See Part I.3 of this guide. 1. Continued growth in assets under management which 5. On the other hand, a fall in assets held by individual had reached around €30 billion at the end of 2008, investors (down 13%, from €4 billion worth of assets (i.e. up 37% versus end 2007) while, at the same time, under management, compared with €4.6 billion in 2007). the markets experienced a sharp fall and “traditional” See Part I.2 of this guide.
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